<SEC-DOCUMENT>0001023512-18-000003.txt : 20181031
<SEC-HEADER>0001023512-18-000003.hdr.sgml : 20181031
<ACCEPTANCE-DATETIME>20181031153649
ACCESSION NUMBER:		0001023512-18-000003
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20180630
FILED AS OF DATE:		20181031
DATE AS OF CHANGE:		20181031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DRDGOLD LTD
		CENTRAL INDEX KEY:			0001023512
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35387
		FILM NUMBER:		181150114

	BUSINESS ADDRESS:	
		STREET 1:		45 EMPIRE ROAD
		STREET 2:		PARKTOWN
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			2193
		BUSINESS PHONE:		27113817800

	MAIL ADDRESS:	
		STREET 1:		PO BOX 390
		STREET 2:		MARAISBURG
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			1700

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DURBAN ROODEPOORT DEEP LTD
		DATE OF NAME CHANGE:	19960924
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>maindocument001.htm
<TEXT>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font style="position:relative;"><font style="height:2px;left:6px;position:absolute;top:-4px;width:900px;"><img height=2 src="maindocument001x0x0.gif" width=720></font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">UNITED STATES </font></b><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">SECURITIES AND
EXCHANGE COMMISSION</font></b></font></p>

<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">WASHINGTON, D.C. 20549</font></b></font></p>

<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">FORM 20-F</font></b></font></p>

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 <tr>
  <td valign=top width=5% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:center;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=95% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=5% style="height:4.0pt;padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></font></p>
  </td>
 <td valign=top width=95% style="height:4.0pt;padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">REGISTRATION STATEMENT PURSUANT TO
  SECTION&nbsp;12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:center;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">OR</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font></p>
  </td>
 <td valign=top width=95% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ANNUAL REPORT PURSUANT TO SECTION&nbsp;13
  OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:center;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">OR</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></font></p>
  </td>
 <td valign=top width=95% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">TRANSITION REPORT PURSUANT TO
  SECTION&nbsp;13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">OR</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></font></p>
  </td>
 <td valign=top width=95% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">SHELL COMPANY REPORT PURSUANT TO SECTION 13
  OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934</font></b></font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">For the fiscal year ended June 30, 2018</font></b></font></p>
  </td>
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<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Commission file number 0-28800</font></b></font></p>

<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD LIMITED</font></b></font></p>

<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">(Exact name of Registrant as specified in its
charter and translation of Registrant's name into English)</font></font></p>

<div align=center>

<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td colspan=3 valign=top width=100% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:center;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">REPUBLIC OF SOUTH AFRICA</font></b></font></p>
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">(Jurisdiction of incorporation or
  organization)</font></font></p>
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">1 Sixty Jan Smuts Building, 2nd Floor -
  North Tower, 160 Jan Smuts Avenue, Rosebank, 2196, South Africa</font></b></font></p>
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;(Address of principal executive offices)</font></font></p>
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Riaan Davel, Chief Financial Officer, Tel.
  no. +27 11&nbsp;470 2600, Email riaan.davel@drdgold.com</font></b></font></p>
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Francois Bouwer, Group Financial Accountant,
  Tel. no. +27 11&nbsp;470 2600, Email </font></b><b><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-decoration:none;">francois.bouwer@drdgold.com&nbsp;</font></b></font></p>
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">1 Sixty Jan Smuts Building, 2nd Floor -
  North Tower, 160 Jan Smuts Avenue, Rosebank, 2196, South Africa</font></b></font></p>
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">(Name, Telephone, Email and/or Facsimile
  number and Address of Company Contact Person)</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=32% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:center;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=32% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=36% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
</table>


</div>


<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Securities registered or to be registered
pursuant to Section&nbsp;12(b) of the Act</font></font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=50% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Title of each class:</font></u></b></font></p>
  </td>
 <td valign=top width=50% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Name of each exchange on which registered:</font></u></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Ordinary shares (traded in the form of
  American Depositary Shares, each American Depositary Share representing ten
  underlying ordinary shares.)</font></font></p>
  </td>
 <td valign=top width=50% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">The New York Stock Exchange, Inc.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Securities registered or to be registered
pursuant to Section&nbsp;12(g) of the Act </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">None&nbsp;</font></b></font></p>

<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Securities for which there is a reporting
obligation pursuant to Section&nbsp;15(d) of the Act </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">None&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Indicate the number of outstanding shares of
each of the issuer's classes of capital or common stock as of the close of the
period covered by the annual report. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of June&nbsp;30, 2018, the
Registrant had outstanding 431,429,767 ordinary shares, of no par value. </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&#160;&#160;
Yes&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; No&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">If this report is an annual report or
transition report, indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.&#160;&#160; Yes&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; No&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Indicate by check mark whether the registrant
(1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d)
of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or
for such shorter period that the registrant was required to file such reports),
and (2)&nbsp;has been subject to such filing requirements for the past
90&nbsp;days.&#160;&#160;&#160; &#160;&#160; Yes&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; No&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Indicate by check mark whether the registrant has submitted
electronically every Interactive Date File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (section 232-405 of this chapter) during
the preceding 12 months (or for such shorter period that the registrant was
required to submit such files)</font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">. Yes&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; &#160;&#160; No&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or
an emerging growth company. See definition of &#8220;large accelerated filer,&#8221;
&#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the
Exchange Act.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Large accelerated filer&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Accelerated
filer&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Non-accelerated filer&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Emerging growth company&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">If any emerging growth company that prepares
its financial statements in accordance with U.S. GAAP, indicate by check mark
if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act&#160; </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;The term &#8220;new or revised financial
accounting standard&#8221; refers to any update issued by the Financial Accounting
Standards Board to its Accounting Standards Codification after April 5, 2012.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Indicate by check mark which basis of
accounting the registrant has used to prepare the financial statements included
in this filing</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">U.S. GAAP</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; International Financial Reporting
Standards as issued by the IASB</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Other</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">If &#8220;Other&#8221; has been checked in response to
the previous question, indicate by check mark which financial statement item
the registrant has elected to follow.&#160;&#160; Item&nbsp;17&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Item&nbsp;18&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">If this is an annual report, indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2
of the Exchange Act).&#160;&#160; Yes&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9744;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; No&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#9745;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="height:2px;left:0px;margin-left:6px;margin-top:283px;position:absolute;width:900px;"><img height=2 src="maindocument001x0x1.gif" width=720></font><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>



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  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">TABLE OF CONTENTS</font></b></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Page</font></u></b></p>
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  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">PART I</font></b></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 1.</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
  AND ADVISERS </font></p>
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 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 2.</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">OFFER STATISTICS AND EXPECTED TIMETABLE </font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 3.</font></p>
  </td>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">KEY INFORMATION </font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3A.</font></p>
  </td>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Selected Financial Data </font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3B.</font></p>
  </td>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Capitalization And Indebtedness </font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3C.</font></p>
  </td>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Reasons For The Offer And Use Of Proceeds
  </font></p>
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 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3D.</font></p>
  </td>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Risk Factors </font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 4.</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">INFORMATION ON THE COMPANY </font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">20</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4A.</font></p>
  </td>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">History And Development Of The Company </font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">20</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4B.</font></p>
  </td>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Business Overview </font></p>
  </td>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">21</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4C.</font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Organizational Structure </font></p>
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  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">29</font></p>
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<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4D.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Property, Plant And Equipment </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">30</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM
  4A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">UNRESOLVED STAFF COMMENTS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">37</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 5.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">OPERATING AND FINANCIAL REVIEW AND
  PROSPECTS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">38</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating Results&#160; </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">38</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Liquidity And Capital Resources </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">49</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Research And Development, Patents And
  Licenses, Etc </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">50</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5D.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Trend Information </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">51</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5E.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Off-Balance Sheet Arrangements </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">51</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5F.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Tabular Disclosure Of Contractual
  Obligations </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">51</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5G.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Safe Harbor </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">51</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 6.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DIRECTORS, SENIOR MANAGEMENT AND
  EMPLOYEES </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">51</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Directors And Senior Management </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">51</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Compensation </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">53</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Board Practices </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">55</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6E.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Share Ownership </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">59</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 7.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">MAJOR SHAREHOLDERS AND RELATED PARTY
  TRANSACTIONS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">61</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Major Shareholders </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">61</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Related Party Transactions </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">62</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Interests Of Experts And Counsel </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">62</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 8.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">FINANCIAL INFORMATION </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">62</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">8A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Consolidated statements And Other
  Financial Information </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">62</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">8B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Significant Changes </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">62</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 9.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">THE OFFER AND LISTING </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">63</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Offer And Listing Details </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">63</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Plan Of Distribution </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Markets </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9D.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Selling Shareholders </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9E.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Dilution </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9F.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Expenses Of The Issue </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM
  10.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ADDITIONAL INFORMATION </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Share Capital </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Memorandum of Incorporation </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">64</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Material Contracts </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">67</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10D.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Exchange Controls </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">69</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10E.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Taxation </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">71</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10F.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividends And Paying Agents </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">74</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10G.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Statement By Experts </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">74</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10H.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Documents On Display </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">74</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10I.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Subsidiary Information </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">74</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM
  11.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">QUANTITATIVE AND QUALITATIVE DISCLOSURES
  ABOUT MARKET RISK </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">75</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM
  12.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DESCRIPTION OF SECURITIES OTHER THAN
  EQUITY SECURITIES </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">76</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Debt Securities </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">76</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Warrants and Rights </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">76</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Other Securities </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">76</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12D</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">American Depositary Shares </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">76</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>




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<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td colspan=3 nowrap width=100% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">TABLE OF CONTENTS</font></b></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td colspan=3 width=100% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">PART II</font></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 13.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DEFAULTS, DIVIDEND ARREARAGES AND
  DELINQUENCIES </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">77</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 14.</font></p>
  </td>
 <td width=79% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">MATERIAL MODIFICATIONS TO THE RIGHTS OF
  SECURITY HOLDERS AND USE OF PROCEEDS </font></p>
  </td>
 <td width=10% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">77</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 15.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">CONTROLS AND PROCEDURES </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">77</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 16A.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">AUDIT COMMITTEE FINANCIAL EXPERT </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">78</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 16B.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">CODE OF ETHICS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">78</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 16C.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">PRINCIPAL ACCOUNTANT FEES AND SERVICES </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">78</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 16D.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">EXEMPTIONS FROM THE LISTING STANDARDS FOR
  AUDIT COMMITTEES </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">79</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 16E.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">PURCHASES OF EQUITY SECURITIES BY THE
  ISSUER AND AFFILIATED PURCHASERS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">79</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 16F</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">CHANGE IN REGISTRANT'S CERTIFYING
  ACCOUNTANT </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">79</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 16G.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">CORPORATE GOVERNANCE </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">79</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 16H.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">MINE SAFETY DISCLOSURES </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">79</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td colspan=3 width=100% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">PART III</font></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 17.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">FINANCIAL STATEMENTS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">80</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 18.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">FINANCIAL STATEMENTS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">80</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ITEM 19.</font></p>
  </td>
 <td width=79% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">EXHIBITS </font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1</font></p>
  </td>
 </tr>
</table></div>










</div><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_4"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Preparation
of Financial Information </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">We
are a South African company and currently all our operations are located in
South Africa. Accordingly, our books of account are maintained in South African
Rand. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our financial
statements included in our corporate filings are prepared in accordance with
International Financial Reporting Standards (IFRS), as issued by the
International Accounting Standards Board (IASB) for the financial years ended
June 30, 2018, 2017 and 2016 included in this report</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. All references to &#8220;dollars&#8221; or &#8220;$&#8221; herein are to United States
Dollars and references to &#8220;rand&#8221; or &#8220;R&#8221; are to South African rands.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our consolidated financial
statements included in this Annual Report are prepared in accordance with IFRS
as issued by the IASB. All financial information, except as otherwise noted is
stated in accordance with IFRS as issued by the IASB.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face=Times,serif style="border:none;"><font face=Times,serif lang=EN-US style="font-size:9.0pt;line-height:normal;">We present our financial information in
rand, which is our presentation and reporting currency. Solely for your
convenience, this Annual Report contains translations of certain rand amounts
into dollars at specified rates. These rand amounts do not represent actual
dollar amounts, nor could they necessarily have been converted into dollars at
the rates indicated. Unless otherwise indicated, rand amounts have been
translated into dollars at the rate of R14.16 per $1.00, the noon buying rate
in New York City on September 28, 2018.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Times,serif style="border:none;"><font face=Times,serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
this Annual Report, we present certain non-IFRS financial measures such as the
financial items &#8220;cash operating costs per kilogram&#8221;, &#8220;all-in sustaining costs
per kilogram&#8221; and &#8220;all-in costs per kilogram&#8221; which have been determined using
industry guidelines promulgated by the World Gold Council, which we use to
determine costs associated with producing gold, cash generating capacities of
the mines and to monitor performance of our mining operations. An investor
should not consider these items in isolation or as alternatives to, operating
costs, profit/(loss) for the year or any other measure of financial performance
presented in accordance with IFRS or as an indicator of our performance. While
the World Gold Council has provided definitions for the calculation of cash
operating costs, the calculation of cash operating costs per kilogram, all-in
sustaining costs and all-in costs per kilogram may vary significantly among
gold mining companies, and these definitions by themselves do not necessarily
provide a basis for comparison with other gold mining companies. See Glossary
of Terms and Explanations and Item 5A. Operating Results &#8211; &#8220;Cash operating
costs, all-in sustaining costs and all-in costs&#8221; and &#8220;Reconciliation of cash operating
costs per kilogram, all-in sustaining costs per kilogram, all-in costs per
kilogram&#8221;. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD Limited</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">When
used in this Annual Report, the term the &#8220;Company&#8221; refers to DRDGOLD Limited
and the terms &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us&#8221; or &#8220;the Group&#8221; refer to the Company and its
subsidiaries, associates and joint ventures, as appropriate in the context. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Acquisition of WRTRP Assets from
Sibanye-Stillwater</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, we completed the acquisition of
the gold assets associated with Sibanye Gold Limited, trading as
Sibanye-Stillwater&#8217;s (&#8220;Sibanye-Stillwater&#8221;) West Rand Tailings Retreatment
Project (WRTRP), to be known going forward as Far West Gold Recoveries
Proprietary Limited (FWGR).&#160; This acquisition represents a significant increase
in our assets, which we expect will impact our results in future years.&#160; In
connection with the acquisition, we issued to Sibanye-Stillwater new shares
equal to 38.05% of outstanding shares, and granted Sibanye-Stillwater an option
to acquire up to a total of 50.1% of our shares for a period of 2 years from
the effective date of the acquisition at a 10% discount to the prevailing
market value (the &#8220;Sibanye-Stillwater option&#8221;). </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-decoration:none;">Special</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> Note Regarding Forward-Looking Statements</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">This
Annual Report contains certain &#8220;forward-looking&#8221; statements within the meaning
of Section 21E of the U.S. Securities Exchange Act of 1934, regarding </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">expected </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">future events or other </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">expected </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">future financial performance and information
relating to us that are based on the beliefs of our management, as well as
assumptions made by and information currently available to our management. Some
of these forward-looking statements include phrases such as &#8220;anticipates,&#8221;
&#8220;believes,&#8221; &#8220;could,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; or
&#8220;will continue,&#8221; or similar expressions or the negatives thereof or other
variations on these expressions, or similar terminology, or discussions of
strategy, plans or intentions, including</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> statements in connection with, or relating
to, among other things: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">our reserve calculations and underlying
assumptions;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the trend information discussed in Item 5D.-
Trend Information, including target gold production and cash operating costs;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">estimated
future throughput capacity and production;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">expected
trends in our gold production as well as the demand for and the price of gold; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">our
anticipated labor, electricity, water, crude oil and steel costs;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">our ability
to fund our operations in the next 12 months including our anticipated
commitments;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">estimated
production costs, cash operating costs</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">per
ounce, all-in sustaining costs per ounce and all-in costs per ounce;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">expectations
on future gold price, supply and pricing trends;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">expected
gold production and cash operating costs expected in fiscal year 2019; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">our
subsidiaries&#8217; prospects in litigation and disputes;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">statements
with respect to </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">WRTRP
assets acquired from Sibanye-Stillwater and the option granted to
Sibanye-Stillwater; </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">expected
effective gold mining tax rate.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

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<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Such statements reflect our
current views with respect to future events and are subject to risks,
uncertainties and assumptions. Many factors could cause our actual results,
performance or achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by such
forward-looking statements, including, among others: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">adverse changes or uncertainties in general economic conditions in
South Africa; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">regulatory developments adverse to us or difficulties in
maintaining necessary licenses or other governmental approvals;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">changes in our competitive position;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">changes </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">in, or </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">that affect our business strategy;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">adverse
changes in our gold production as well as the demand for and the price of gold;
</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">any major disruption in production at our key facilities; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">adverse changes in foreign exchange rates;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">adverse environmental changes;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">adverse changes in ore grades and recoveries, and to the quality
or quantity of reserves;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">unforeseen technical production issues, industrial accidents and
theft;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">anticipated capital expenditure on property, plant and equipment; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">future performance relating to the WRTRP assets and whether or not
the Sibanye-Stillwater option is exercised;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">various other factors, including those set forth in </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item 3D. Risk Factors. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For a discussion of such risks, see Item 3D. Risk
Factors. The risk factors described in Item 3D. could affect our future
results, causing these results to differ materially from those expressed in any
forward-looking statements. These factors are not necessarily all of the
important factors that could cause our results to differ materially from those
expressed in any forward-looking statements. Other unknown or unpredictable
factors could also have material adverse effects on future results.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investors are cautioned not to place undue reliance
on these forward&#8209;looking statements, which speak only as of the date
thereof. We do not undertake any obligation to update publicly or release any
revisions to these forward&#8209;looking statements to reflect events or
circumstances after the date of this Annual Report or to reflect the occurrence
of unanticipated events.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-decoration:none;">Special</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> Note Regarding Links to External, or Third-party Websites</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Links
to external, or third-party websites, are provided solely for convenience. We
take no responsibility whatsoever for any third-party information contained in
such third-party websites, and we specifically disclaim adoption or
incorporation by reference of such information into this report.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Imperial units of measure and metric
equivalents</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The table below sets forth units stated in this document, which
are measured in Imperial and Metric</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:14.4pt;">
  <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Metric</font></u></b></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Imperial</font></u></b></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Imperial</font></u></b></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Metric</font></u></b></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 metric tonne</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.10229 short tons</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 short ton</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.9072 metric tonnes</font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 kilogram</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.20458 pounds</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 pound</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.4536 kilograms</font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 gram</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.03215 troy ounces</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 troy ounce</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">31.10353 grams</font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 kilometer</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.62150 miles</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 mile</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.609 kilometers</font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 meter</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.28084 feet</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 foot</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.3048 meters</font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 liter</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.26420 gallons</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 gallon</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.785 liters</font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 hectare</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.47097 acres</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 acre</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.4047 hectares</font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 centimeter</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.39370 inches</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 inch</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.54 centimeters</font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 gram/tonne</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.0292 ounces/ton</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 ounce/ton</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">34.28 grams/tonnes</font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0 degree Celsius</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32 degrees Fahrenheit</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0 degrees Fahrenheit</font></p>
  </td>
 <td width=25% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">- 18 degrees Celsius</font></p>
  </td>
 </tr>
</table></div>




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 <td nowrap valign=bottom width=75% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
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 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=25% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=75% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=2 nowrap valign=bottom width=100% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The
  table below sets forth a glossary of terms used in this Annual Report:</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=25% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=75% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:33.75pt;">
  <td valign=top width=25% style="height:33.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Administration
  expenses and other costs excluding non-recurring items</font></p>
  </td>
 <td valign=top width=75% style="height:33.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Administration expenses and other costs
  excluding loss on disposal of property, plant and equipment and transaction
  costs.</font></p>
  </td>
 </tr>
<tr style="height:58.15pt;">
  <td valign=top width=25% style="height:58.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">All-in
  sustaining costs per kilogram </font></p>
  </td>
 <td valign=top width=75% style="height:58.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">All-in sustaining costs is a measure on
  which guidance is provided by the World Gold Council and include cash
  operating costs of production, plus movement in gold in process on a sales
  basis, corporate administration expenses and other (costs)/income, the
  accretion of rehabilitation costs and sustaining capital expenditure. Costs
  other than those listed above are excluded. All-in sustaining costs per
  kilogram are calculated by dividing total all-in sustaining costs by
  kilograms of gold produced. This is a non&#8209;IFRS financial measure and
  should not be considered a substitute measure of costs and expenses reported
  by us in accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:45.6pt;">
  <td valign=top width=25% style="height:45.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">All-in
  costs per kilogram </font></p>
  </td>
 <td valign=top width=75% style="height:45.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">All-in costs is a measure on which
  guidance is provided by the World Gold Council and include all-in sustaining
  costs, retrenchment costs, care and maintenance costs, ongoing rehabilitation
  expenditure, growth capital expenditure and capital recoupments. Costs other
  than those listed above are excluded. All-in costs per kilogram are
  calculated by dividing total all-in costs by kilograms of gold produced. This
  is a non&#8209;IFRS financial measure and should not be considered a
  substitute measure of costs and expenses reported by us in accordance with
  IFRS.</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td valign=top width=25% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Assaying
  </font></p>
  </td>
 <td valign=top width=75% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The chemical testing process of rock
  samples to determine mineral content.</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td valign=top width=25% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">$/oz </font></p>
  </td>
 <td valign=top width=75% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">US dollar per ounce.</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td valign=top width=25% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Called
  gold content </font></p>
  </td>
 <td valign=top width=75% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The theoretical gold content of material
  processed.</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td valign=top width=25% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Capital
  expenditure </font></p>
  </td>
 <td valign=top width=75% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Purchases of property, plant and
  equipment paid in cash.</font></p>
  </td>
 </tr>
<tr style="height:21.6pt;">
  <td valign=top width=25% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Care
  and maintenance </font></p>
  </td>
 <td valign=top width=75% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Costs to ensure that the Ore Reserves are
  open, serviceable and legally compliant after active mining activity at a
  shaft has ceased.</font></p>
  </td>
 </tr>
<tr style="height:33.75pt;">
  <td valign=top width=25% style="height:33.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Cash
  operating costs of production </font></p>
  </td>
 <td valign=top width=75% style="height:33.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Cash operating costs of production are
  operating costs less ongoing rehabilitation expenses, care and maintenance
  costs and net other operating costs/(income). This is a non&#8209;IFRS
  financial measure and should not be considered a substitute measure of costs
  and expenses reported by us in accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:37.5pt;">
  <td valign=top width=25% style="height:37.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Cash
  operating costs per kilogram </font></p>
  </td>
 <td valign=top width=75% style="height:37.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Cash operating costs are operating costs
  incurred directly in the production of gold and include labor costs,
  contractor and other related costs, inventory costs and electricity costs.
  Cash operating costs per kilogram are calculated by dividing cash operating
  costs by kilograms of gold produced. This is a non&#8209;IFRS financial
  measure and should not be considered a substitute measure of costs and
  expenses reported by us in accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td valign=top width=25% style="height:21.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Cut&#8209;off
  grade </font></p>
  </td>
 <td valign=top width=75% style="height:21.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The minimum in-situ grade of ore blocks
  for which the cash operating costs per ounce, excluding overhead costs, are
  equal to a projected gold price per ounce.</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=top width=25% style="height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">CIL
  Circuit</font></p>
  </td>
 <td valign=top width=75% style="height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Carbon-in-leach circuit.</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td valign=top width=25% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Depletion
  </font></p>
  </td>
 <td valign=top width=75% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The decrease in the quantity of ore in a
  deposit or property resulting from extraction or production.</font></p>
  </td>
 </tr>
<tr style="height:50.45pt;">
  <td valign=top width=25% style="height:50.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Deposition
  </font></p>
  </td>
 <td valign=top width=75% style="height:50.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Deposition is the geological process by
  which material is added to a landform or land mass. Fluids such as wind and
  water, as well as sediment flowing via gravity, transport previously eroded
  sediment, which, at the loss of enough kinetic energy in the fluid, is
  deposited, building up layers of sediment. Deposition occurs when the forces
  responsible for sediment transportation are no longer sufficient to overcome
  the forces of particle weight and friction, creating a resistance to motion. </font></p>
  </td>
 </tr>
<tr style="height:19.9pt;">
  <td valign=top width=25% style="height:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Dor&#233; </font></p>
  </td>
 <td valign=top width=75% style="height:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Unrefined gold and silver bullion bars
  consisting of approximately 90% precious metals which will be further refined
  to almost pure metal.</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td valign=top width=25% style="height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">EBITDA</font></p>
  </td>
 <td valign=top width=75% style="height:11.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Earnings before interest, tax,
  depreciation and amortisation.</font></p>
  </td>
 </tr>
<tr style="height:19.15pt;">
  <td valign=top width=25% style="height:19.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Grade </font></p>
  </td>
 <td valign=top width=75% style="height:19.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The amount of gold contained within
  auriferous material generally expressed in ounces per ton or grams per tonne
  of ore.</font></p>
  </td>
 </tr>
<tr style="height:21.75pt;">
  <td valign=top width=25% style="height:21.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Growth
  capital expenditure </font></p>
  </td>
 <td valign=top width=75% style="height:21.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Capital expenditures that are not
  sustaining capital expenditure. This is a non&#8209;IFRS financial measure
  and should not be considered a substitute measure of costs and expenses
  reported by us in accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td valign=top width=25% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">g/t </font></p>
  </td>
 <td valign=top width=75% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Grams per tonne.</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td valign=top width=25% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Metallurgical
  plant </font></p>
  </td>
 <td valign=top width=75% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">A processing plant (mill) erected to
  treat ore and extract the contained gold.</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td valign=top width=25% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Mine
  call factor </font></p>
  </td>
 <td valign=top width=75% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The gold content recovered expressed as a
  percentage of the called gold content.</font></p>
  </td>
 </tr>
<tr style="height:8.45pt;">
  <td valign=top width=25% style="height:8.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Mt </font></p>
  </td>
 <td valign=top width=75% style="height:8.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Million tons.</font></p>
  </td>
 </tr>
<tr style="height:21.6pt;">
  <td valign=top width=25% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Ore </font></p>
  </td>
 <td valign=top width=75% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">A mixture of valuable and worthless
  materials from which the extraction of at least one mineral is technically
  and economically viable.</font></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td valign=top width=25% style="height:21.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Other
  operating costs / (income)</font></p>
  </td>
 <td valign=top width=75% style="height:21.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Expenses incurred, and income generated
  in the course of operating activities, which are not directly attributable to
  production activities.</font></p>
  </td>
 </tr>
<tr style="height:22.15pt;">
  <td valign=top width=25% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Pay-limit
  </font></p>
  </td>
 <td valign=top width=75% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The minimum in-situ grade of ore blocks
  or sites for which cash operating costs, including all overhead costs, are
  equal to a projected gold price per ounce.</font></p>
  </td>
 </tr>
<tr style="height:18.6pt;">
  <td valign=top width=25% style="height:18.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Operating
  costs </font></p>
  </td>
 <td valign=top width=75% style="height:18.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Operating costs are cost of sales less
  depreciation, change in estimate of rehabilitation provision, movement in
  gold in process and retrenchment costs.</font></p>
  </td>
 </tr>
<tr style="height:45.75pt;">
  <td valign=top width=25% style="height:45.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Proven
  Ore Reserves </font></p>
  </td>
 <td valign=top width=75% style="height:45.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Reserves for which (a) the quantity is
  computed from dimensions revealed in outcrops, trenches, workings or drill
  holes; grade and/or quality are computed from the results of detailed
  sampling and (b) the sites for inspection, sampling and measurement are
  spaced so closely and the geologic character is so well defined that size,
  shape, depth, and mineral content of Ore Reserves are well established.</font></p>
  </td>
 </tr>
<tr style="height:40.9pt;">
  <td valign=top width=25% style="height:40.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Probable Ore Reserves </font></p>
  </td>
 <td valign=top width=75% style="height:40.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Reserves for which quantity and grade
  and/or quality are computed from information similar to that used for Proven
  Ore Reserves, but the sites for inspection, sampling, and measurement are farther
  apart or are otherwise less adequately spaced. The degree of assurance,
  although lower than that for Proven Ore Reserves, is high enough to assume
  continuity between points of observation.</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td valign=top width=25% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">oz/t </font></p>
  </td>
 <td valign=top width=75% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Ounces per ton.</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td valign=top width=25% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Refining
  </font></p>
  </td>
 <td valign=top width=75% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The final purification process of a metal
  or mineral.</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td valign=top width=25% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Rehabilitation
  </font></p>
  </td>
 <td valign=top width=75% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The process of restoring mined land to a
  condition approximating its original state.</font></p>
  </td>
 </tr>
<tr style="height:22.15pt;">
  <td valign=top width=25% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Reserves
  </font></p>
  </td>
 <td valign=top width=75% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">That part of a mineral deposit which
  could be economically and legally extracted or produced at the time of the reserve
  determination.</font></p>
  </td>
 </tr>
<tr style="height:22.15pt;">
  <td valign=top width=25% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Sediment</font></p>
  </td>
 <td valign=top width=75% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The deposition of solid fragmental
  material that originated from weathering of rocks and was transported from a
  source to a site of deposition.</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td valign=top width=25% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Slimes </font></p>
  </td>
 <td valign=top width=75% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The tailings discharged from a processing
  plant after the valuable minerals have been recovered.</font></p>
  </td>
 </tr>
<tr style="height:33.75pt;">
  <td valign=top width=25% style="height:33.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Sustaining
  capital expenditure </font></p>
  </td>
 <td valign=top width=75% style="height:33.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Sustaining capital expenditure are those
  capital expenditures that are necessary to maintain current gold production.
  This is a non&#8209;IFRS financial measure and should not be considered a substitute
  measure of costs and expenses reported by us in accordance with IFRS.</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td valign=top width=25% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">t&#8217;000 </font></p>
  </td>
 <td valign=top width=75% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Tonnes in thousands.</font></p>
  </td>
 </tr>
<tr style="height:20.45pt;">
  <td valign=top width=25% style="height:20.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Tailings
  </font></p>
  </td>
 <td valign=top width=75% style="height:20.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Finely ground rock from which valuable
  minerals have been extracted by milling, or any waste rock, slimes or residue
  derived from any mining operation or processing of any minerals.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=25% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Tailings
  dam </font></p>
  </td>
 <td valign=top width=75% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">A dam created from waste material of
  processed ore after the economically recoverable gold has been extracted.</font></p>
  </td>
 </tr>
<tr style="height:19.9pt;">
  <td valign=top width=25% style="height:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Tonnage/Tonne
  </font></p>
  </td>
 <td valign=top width=75% style="height:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Quantities where the metric tonne is an
  appropriate unit of measure. Typically used to measure reserves of
  gold&#8209;bearing material in&#8209;situ or quantities of ore and waste
  material mined, transported or milled.</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td valign=top width=25% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Tpm </font></p>
  </td>
 <td valign=top width=75% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Tonne per month.</font></p>
  </td>
 </tr>
<tr style="height:20.45pt;">
  <td valign=top width=25% style="height:20.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">Yield </font></p>
  </td>
 <td valign=top width=75% style="height:20.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.5pt;line-height:normal;">The amount of recovered gold from
  production generally expressed in ounces or grams per ton or tonne of ore.</font></p>
  </td>
 </tr>
</table></div>




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<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">PART I</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND
ADVISERS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name="_DV_M123"></a><a name="_DV_M34"></a><a name="_DV_M35"></a><a name="_DV_M36"></a><a name="_DV_M37"></a><a name="_DV_M38"></a><a name="_DV_M39"></a><a name="_DV_M40"></a><a name="_DV_M53"></a><a name="_DV_M54"></a><a name="_DV_M55"></a><a name="_DV_M56"></a><a name="_DV_M57"></a><a name="_DV_M58"></a><a name="_DV_M59"></a><a name="_DV_M60"></a><a name="_DV_M61"></a><a name="_DV_M62"></a><a name="_DV_M130"></a><a name="_DV_M131"></a><a name="_DV_M132"></a><a name="_DV_M133"></a><a name="_DV_M32"></a><a name="_DV_M33"></a><a name="_DV_M63"></a><a name="_DV_M89"></a><a name="_DV_M90"></a><a name="_DV_M107"></a><a name="_DV_M111"></a><a name="_DV_M112"></a><a name="_DV_M124"></a><a name="_DV_M125"></a><a name="_DV_M1288"></a><a name="_DV_M1289"></a><a name="_DV_M1292"></a><a name="_DV_M1293"></a><a name="_DV_M1294"></a><a name="_DV_M1295"></a><a name="_DV_M1296"></a><a name="_DV_M1297"></a><a name="_DV_M1298"></a><a name="_DV_M126"></a><a name="_DV_M127"></a><a name="_DV_M134"></a><a name="_DV_M135"></a><a name="_DV_M136"></a><a name="_DV_M137"></a><a name="_DV_M141"></a><a name="_DV_M143"></a><a name="_DV_M145"></a><a name="_DV_M146"></a><a name="_DV_M43"></a><a name="_DV_M44"></a><a name="_DV_M45"></a><a name="_DV_M46"></a><a name="_DV_M64"></a><a name="_DV_M65"></a><a name="_DV_M66"></a><a name="_DV_M67"></a><a name="_DV_M68"></a><a name="_DV_M69"></a><a name="_DV_M70"></a><a name="_DV_M72"></a><a name="_DV_M73"></a><a name="_DV_M74"></a><a name="_DV_M75"></a><a name="_DV_M76"></a><a name="_DV_M77"></a><a name="_DV_M78"></a><a name="_DV_M79"></a><a name="_DV_M80"></a><a name="_DV_M81"></a><a name="_DV_M82"></a><a name="_DV_M83"></a><a name="_DV_M84"></a><a name="_DV_M85"></a><a name="_DV_M86"></a><a name="_DV_M87"></a><a name="_DV_M91"></a><a name="_DV_M92"></a><a name="_DV_M93"></a><a name="_DV_M94"></a><a name="_DV_M95"></a><a name="_DV_M96"></a><a name="_DV_M97"></a><a name="_DV_M98"></a><a name="_DV_M100"></a><a name="_DV_M101"></a><a name="_DV_M102"></a><a name="_DV_M1"></a><a name="_DV_M2"></a><a name="_DV_M3"></a><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 3. KEY INFORMATION</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">3A. SELECTED
FINANCIAL DATA</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The
following selected consolidated financial data as at 30 June 2018 and 2017 and
for the years ended 30 June 2018, 2017 and 2016 are derived from our
consolidated financial statements set forth elsewhere in this Annual Report,
which have been prepared in accordance </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">with
IFRS, as issued by the IASB</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. These
consolidated financial statements have been audited by KPMG&nbsp;Inc.&#160; The
selected consolidated financial data as at June 30,&nbsp;2016, 2015 and 2014,
and for the years ended June 30, 2015 and 2014 is derived from audited
consolidated financial statements not appearing in this Annual Report which
have been prepared in accordance with </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRS,&nbsp;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> as issued by the IASB. The selected consolidated financial data set
forth below should be read in conjunction with Item 5. Operating and Financial
Review and Prospects and with the consolidated financial statements and the
notes thereto and the other financial information appearing elsewhere in this
Annual Report.</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_9"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=28% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=28% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=72% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Selected
  Consolidated Financial Data</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=28% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=72% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(in
  millions, except share, per share and ounce data)</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=28% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=28% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=6 width=72% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Year ended June 30,</font></u></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018<sup>1</sup></font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2015</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2014</font></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">$&#8217;m</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R'm</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R'm</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R'm</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R'm</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R'm</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit
  or loss Data</font></b></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue
  </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">175.9</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;490.4</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2,339.9</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2,433.1</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2,105.3</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1,809.4</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Results
  from operating activities </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.7</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">52.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(24.5)</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">119.6</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">94.9</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(12.6)</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit/(loss)
  for the year attributable to equity owners of the parent </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">13.7</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">61.9</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">67.8</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(45.8)</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 0cm 0cm 6.75pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 0cm 0cm 6.75pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Per
  Share Data</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Basic
  earnings/(loss) per share (cents) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.1</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14.7</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">17.4</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(12.0)</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Diluted
  earnings/(loss) per share (cents) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.1</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14.7</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">17.4</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(12.0)</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividends
  proposed per share for the year (ZAR cents) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">62.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.0</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividends
  proposed per American Depositary Shares for the year&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (USD cents) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.7</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">45.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.6</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Exchange
  rate (USD1:ZAR)</font><sup><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> 1</font></b></sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14.16</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">13.51</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">13.72</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">13.82</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10.42</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Intraday
  high (USD1:ZAR) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14.57</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14.75</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">16.87</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12.58</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">11.39</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Intraday
  low (USD1:ZAR) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">11.50</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12.42</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12.24</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10.50</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9.50</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Number
  of shares issued as at June 30 </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">431&nbsp;429&nbsp;767</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">431&nbsp;429&nbsp;767</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">431&nbsp;429&nbsp;767</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">431&nbsp;429&nbsp;767</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">430&nbsp;883&nbsp;767</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">385&nbsp;383&nbsp;767</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 0cm 0cm 6.75pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Statement
  of financial position data</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total
  assets </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">166.8</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;360.4</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2,287.4</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2,419.1</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2,503.0</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2,440.7</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Equity
  (Net assets) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">89.5</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;267.3</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1,302.4</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1,339.6</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1,529.9</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1,481.2</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ordinary
  share capital &#178;</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">295.1</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;177.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4,177.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4,177.2</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4,180.9</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4,088.5</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">September</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">August</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">July</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">May</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">April</font></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Exchange
  Rate Data</font></b></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Intraday
  high (USD1:ZAR) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">15.69</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">15.47</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">13.92</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14.00</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12.89</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12.53</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td width=28% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Intraday
  low (USD1:ZAR) </font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">13.99</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">13.16</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">13.07</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12.50</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12.17</font></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">11.78</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=28% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=28% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:66.0pt;">
  <td colspan=7 valign=bottom width=100% style="height:66.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">1</font></sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Translations into Dollars in this table
  are for the purpose of convenience only and are computed at the noon buying
  rate in New York City at September 28, 2018 of R14.16 per $1.00, or the
  annual average as noted. You should not view such translations as a
  representation that such amounts represent actual Dollar amounts. All other
  translations in this Annual Report are based on exchanges rates quoted by
  local financial service providers.&#160; This line item has been prepared in
  accordance with Item 3.A(3) of Form 20-F.</font></p>
  </td>
 </tr>
<tr style="height:36.0pt;">
  <td colspan=7 width=100% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">2</font></sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ordinary share capital as of June 30,
  2018 is stated after the deduction of R50.7 million (2017 and 2016: R50.7
  million) share capital relating to treasury shares held by the Group.</font></p>
  </td>
 </tr>
</table></div>




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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">3B. CAPITALIZATION AND INDEBTEDNESS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">3C. REASONS FOR THE OFFER AND USE OF PROCEEDS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">3D. RISK FACTORS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In conducting our business, we face many risks that
may interfere with our business objectives. Some of these risks relate to our
operational processes, while others relate to our business environment. It is
important to understand the nature of these risks and the impact they may have
on our business, financial condition and operating results. Some of these risks
are summarized below and have been organized into the following categories:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Risks related to our business and operations;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Risks related to the gold mining industry;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Risks related to doing business in South
Africa; and </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Risks related to ownership in our ordinary shares or American
Depositary Shares (ADSs).</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Risks related to our business and operations</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Changes in the rand market price for gold,
which in the past has fluctuated widely, and exchange rate fluctuations affect
the profitability of our operations and the cash flows generated by those
operations.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Due
to the marginal nature of our operations any sustained decline in the market
price of gold would adversely affect us, and any decline in the price of gold
below the cost of production could result in the closure of some or all of our
operations which would result in significant costs and expenditure, such as,
incurring retrenchment costs earlier than expected </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">which
could lead to a decline in profits, or losses</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. In
addition, as most of our production costs are in rands, while gold is sold in
dollars and then converted to rands, our results of operation and financial
condition have been and could be in the future materially affected by an
appreciation in the value of the rand. Accordingly, any sustained decline in
the price of gold and/or the strengthening of the South African rand against
the dollar would negatively and adversely affect our business, operating
results and financial condition.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We typically do not enter into forward contracts to
reduce our exposure to market fluctuations in the dollar gold price or the
exchange rate movements of the rand. We sell gold at spot prices based on the
afternoon London Bullion Market fixing price on the day of delivery. We sell
our foreign currency at the spot price in the market on the date of trade. If
the dollar gold price should fall and/or the rand should strengthen against the
dollar, this would adversely affect us, and we may experience losses, and if
these changes result in revenue below our cost of production and remain at such
levels for any sustained period, we may be forced to curtail or suspend some or
all our operations. We might not be able to recover any losses we may incur
during that period or maintain adequate gold reserves for future exploitation. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exchange rates are influenced by global economic
trends. In fiscal year 2018, the closing price of the rand against the dollar weakened
by 5%. In fiscal year 2017 the closing price of the rand against the dollar strengthened
by 11% compared to the prior year. In fiscal year 2016 the closing price of the
rand weakened against the dollar by 21% compared to the prior year. At
September 30, 2018 the rand traded at R14.14 = $1.00 (based on closing rates),
a 3% weakening of the rand against the Dollar from June 30, 2018. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A decrease in the dollar gold price and/or a
strengthening of the rand against the dollar would result in a decrease in our
profitability as was the case in fiscal year 2018. For all periods presented,
all of our production was from South Africa. If the rand was to appreciate
against the dollar for a continued time, our operations could experience a
reduction in cash flow and profitability and this </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">would
adversely affect our business, operating results and financial condition</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A failure to acquire new Ore Reserves could negatively affect our
future cash flow, results of operations and financial condition.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">New or ongoing exploration programs may not result in new mineral
producing operations that will sustain or increase our Ore Reserves. A failure
to acquire new Ore Reserves in sufficient quantities and quality to maintain or
grow the current level and quality of our reserves will negatively affect our
future cash flow, results of operations and financial condition. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In addition, if we are unable to identify Ore
Reserves that have reasonable prospects for economic extraction while
maintaining sufficient controls on production and other costs, this will have a
material effect on the future viability of our operations.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; O</font><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ur Ore Reserves (imperial) increased from 3.0&nbsp;million ounces at
June&nbsp;30,&nbsp;2017, to 3.3&nbsp;million ounces at June&nbsp;30,&nbsp;2018,
</font><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">mainly because of a drilling program and pre-feasibility study (&#8220;PFS&#8221;) that
commenced during September 2016 </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and continued into fiscal year </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2018</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">aimed at re-evaluating our surface gold
tailings</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> and specifically
performing drilling on the Rooikraal tailings deposition facility in fiscal
2018</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. The increase
was offset by depletion through ongoing mining activities. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; O</font><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ur Ore Reserves (imperial) increased from 1.8&nbsp;million ounces at
June&nbsp;30,&nbsp;2016, to 3.0&nbsp;million ounces at June&nbsp;30,&nbsp;2017,
</font><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">mainly because of a drilling program and PFS that commenced during
September 2016 aimed at re-evaluating our surface gold tailings. The increase
was offset by depletion through ongoing mining activities and other survey
adjustments. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our Ore Reserves (imperial)
decreased </font><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">from 1.9&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">million ounces at June 30, 2016, to
1.8&nbsp;million ounces at June&nbsp;30,&nbsp;2017, mainly because </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784002"></a><a name="_Hlk528784001"></a><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;">7</font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7</font></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784002;">&nbsp;</font><font style="mso-bookmark:_Hlk528784001;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">of depletion through ongoing mining activities. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">We may be unable to make desirable
acquisitions or to integrate successfully any businesses we acquire, including
the acquisition of WRTRP assets&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our future success may depend in part on the
acquisition of businesses or technologies intended to complement, enhance or
expand our current business or products or that might otherwise offer us growth
opportunities. The ability to complete such transactions may be hindered by a
number of factors, including potential difficulties in obtaining government
approvals. Our acquisitions, such as and including our acquisition of the WRTRP
assets from Sibanye-Stillwater effective from July 31, 2018, could fail to
achieve our financial or strategic objectives, disrupt our ongoing business and
adversely impact our results of operations. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any acquisition that we do
make would pose risks related to the integration of the new business or technology
with our business and organization. We cannot be certain that we will be able
to achieve the benefits we expect from a particular acquisition or investment.
Acquisitions may also strain our managerial and operational resources, as the
challenge of managing new operations may divert our management from day-to-day
operations of our existing business. Furthermore, we may have difficulty
integrating employees, business systems, and technology. The controls,
processes and procedures of acquired businesses may also not adequately ensure
compliance with laws and regulations and we may fail to identify compliance
issues or liabilities. Our business, financial condition and results of
operations may be materially and adversely affected if we fail to coordinate
our resources effectively to manage both our existing operations and any
businesses we acquire.&#160; Acquisitions can also result in unforeseen liabilities.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Moreover, our resources are
limited and our decision to pursue a transaction has opportunity costs;
accordingly, if we pursue a particular transaction, we may need to forgo the
prospect of entering into other transactions that could help us achieve our
financial or strategic objectives.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our large projects, most
notably the development of FWGR, are subject to schedule delays and cost
overruns, and we may face constraints in financing our existing projects or new
business opportunities, which could render our projects unviable or less
profitable than planned</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The development of our projects are capital
intensive processes carried out over long durations and requires us to commit
significant capital expenditure and allocate considerable management resources
in utilising our existing experience and know-how.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Projects like the development of FWGR is subject to
the risk of delays and cost overruns which are inherent in any large
construction project including, </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">inter alia</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">:&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; shortages or unforeseen increases in the cost of equipment,
labor and raw materials;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; unforeseen design and engineering problems;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; unforeseen construction problems;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; inadequate phasing of activities;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; labor disputes;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; inadequate workforce planning or productivity of workforce;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; inadequate change management practices;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; natural disasters and adverse weather conditions;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; failure or delay of third-party service providers; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160; changes to regulations, such as environmental regulations.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In addition, significant variations in the
assumptions we make in assessing the viability of our projects, including those
relating to commodity prices, exchange rates, interest rates, inflation rates
and discount rates may adversely affect the profitability or even the viability
of our projects.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As the development of FWGR is particularly material
to DRDGOLD, significant cost overruns or adverse changes in assumptions
affecting the viability of the project could have a material adverse effect on
our business, cash flows, financial condition and prospects. The uncertainty
and volatility in the market makes it more difficult to accurately evaluate the
project economics and increases the risk that the assumptions underlying our
assessment of the viability of the project may prove correct.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our operating cash flow and banking facilities may
be insufficient to meet our capital expenditure plans and requirements,
depending on the timing and cost of development of our existing projects and
any further projects we may pursue, as well as our operating performance and
the utilisation of our banking facilities. As a result, new sources of capital
may be needed to meet the funding requirements of these projects and to fund
ongoing business activities. Our ability to raise and service significant new
sources of capital will be a function of macroeconomic conditions, our credit
rating, our gearing and other risk metrics, the condition of the financial
markets, future gold prices, the prospects for our industry, our operational
performance and operating cash flow and debt position, among other factors.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event of unanticipated operating or
financial challenges, any dislocation in financial markets or new funding
limitations, our ability to pursue new business opportunities, invest in
existing and new projects, fund our ongoing business activities and pay
dividends, could be constrained, any of which could have a material adverse
effect on our business, operating results cash flows and financial condition.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784002"></a><a name="_Hlk528784001"></a><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;">8</font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">8</font></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784002;">&nbsp;</font><font style="mso-bookmark:_Hlk528784001;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We may not be able to meet our
cash requirements because of a number of factors, many of which are beyond our
control.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Management&#8217;s estimates on future cash flows are
subject to risks and uncertainties, such as the rand gold price, production
volumes, recovered grades and costs. If we are unable to meet our cash
requirements out of cash flows generated from our operations, we would need to
fund our cash requirements from financing and we cannot guarantee that any such
financing would be permitted under the terms of our existing financing
arrangements, or would be available on acceptable terms, or at all. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">If we do
not generate sufficient cash flows or have access to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">adequate financing, our ability to respond to changing business
and economic conditions, make future acquisitions, react to adverse operating
results, meet our debt service obligations and fund required capital
expenditures or meet our working capital requirements may be adversely
affected. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">We have incurred losses in the past and may
incur losses in the future</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We realized a profit of R6.5 million for fiscal
year 2018, R13.7 million for fiscal year 2017 and R61.9 million for fiscal year
2016. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our profits and cash flows of our operations are
directly exposed to the rand gold price and input costs as we do not generally
hedge. Such exposure and other factors could result in us incurring losses in
the future, which would have a material adverse effect on our business,
operating results and financial condition.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any interruption in gold production
at Ergo, currently our only mining operation generating cash flows, will have
an adverse effect on the Company.</font></i></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As at September 30, 2018, we have one mining
operation generating cash flows, namely Ergo. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ergo&#8217;s processing plants, pump stations and
the Brakpan/Withok Tailings Deposition Facility (&quot;Brakpan/Withok
TDF&quot;) are linked through pipeline infrastructure. The Ergo plant is
currently our major processing plant. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Ergo plant, pipeline infrastructure and the
Brakpan/Withok TDF are exposed to numerous risks, including operational down
time due to planned or unplanned maintenance, destruction of infrastructure,
spillages, higher than expected operating costs, or lower than expected
production as a result of decreases in extraction efficiencies due to
imbalances in the metallurgical process as well as inconsistent volume
throughput. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our operations are also exposed to severe weather
events that could interrupt production. It is believed that the long-term
upward trend in global temperature is directly correlated with the increase in
global severe weather events both in terms of magnitude and frequency. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="_Hlk494344672"></a>For example, fiscal
year 2015 brought a very strong El Nino event that is believed to be the cause
of drought conditions in South Africa. Municipalities where we operate put in
place water consumption restrictions with penalties if restrictions are not
adhered to. The drought ended in late calendar 2016 which resulted in the
relevant water restrictions being lifted<a name="_Hlk494344749"></a>, but future
droughts could result in similar restrictions.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Severe thunderstorms and high winds may also cause
damage to operation infrastructure that may in turn cause an interruption in
the production of gold.&#160; Although freeboard on the Brakpan/Withok TDF is
continually monitored to maintain acceptable levels, such monitoring may not
provide adequate warning if the facility is exposed to significant rainfall.
Such incidents and other weather events may damage the facility and cause the
interruption of deposition and gold production until the facility is repaired
or alternative deposition is brought on line.&#160;&#160;&#160;&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each of these </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">or other weather </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">conditions </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">or other interruptions
</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">could have a material adverse effect on our
business, operating results and financial condition.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Increased production costs could have an
adverse effect</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:.7pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">on our results of operations.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We may not be able to accurately predict and
contain further increases in our production costs. Production costs are
affected by, </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">inter alia</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">: &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;labor stability, productivity and increases in labor costs;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;increases in electricity and water prices;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;increases in crude oil and steel prices;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;unforeseen changes in ore grades and recoveries;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;unexpected changes in the quality or quantity of reserves;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;technical production issues;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;environmental and industrial accidents;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;gold theft;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;environmental factors; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;pollution. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="background:white;border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Our production costs consist mainly of
materials including reagents and steel, labor, electricity, specialized service
providers, water, fuels, lubricants and other oil and petroleum based products.
Production costs have in the past, and could in the future, increase at rates
in excess of our annual expected inflation rate and result in the restructuring
of these operations at substantial cost. </font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784002"></a><a name="_Hlk528784001"></a><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;">9</font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9</font></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784002;">&nbsp;</font><font style="mso-bookmark:_Hlk528784001;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="_Hlk527614927"></a><a name="_Hlk527614848"></a>On April 9, 2018, Ergo signed
a one year extension of the 2016/18 Wage Agreement with the Majority Unions for
an </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">average increase of 8.2% per annum across our workforce</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> with individual increases </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ranging
from 7-10% per annum</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. The next round of
wages and conditions of employment negotiations will commence in June 2019.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The 2016/18 Wage Agreement
does not include FWGR employees whose wage increases are currently being
negotiated</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our initiatives to reduce costs, such as reducing
our labor force, a reduction of the corporate overhead, negotiating lower price
increases for consumables and cost controls may not be successful or sufficient
to offset the increases affecting our operations and could adversely affect our
business, operating results and financial condition. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Flooding at our discontinued underground operations
may cause us to incur liabilities for environmental damage.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the rate of rise of water
is not controlled, water from</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> our abandoned underground mining areas</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> could potentially rise and come into contact
with naturally occurring underground water or decant into surrounding
underground</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> mining areas</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and
could ultimately also rise to surface. Progressive flooding of these </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">abandoned
underground mining areas</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and
surrounding underground</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> mining areas</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> could eventually cause the discharge of polluted water to the
surface and to local water sources.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Should underground water levels not reach a natural
subterranean equilibrium, and if underground water rises to the surface, we,
together with all other mining companies in those areas, may face claims
relating to environmental damage.&#160; These claims may have a material adverse
effect on our business, operating results and financial condition. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Our operations are subject to extensive
environmental regulations which could impose significant costs and liabilities.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our operations are subject to increasingly
extensive laws and regulations governing the protection of the environment
under various state, provincial and local laws, which regulate air and water
quality, hazardous waste management and environmental rehabilitation and
reclamation. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our mining and related activities have the potential to impact the
environment, including land, habitat, streams and environment near the mining
sites.</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Failure to comply with environmental
laws or delays in obtaining, or failures to obtain government permits and
approvals may adversely impact our operations. In addition, the regulatory
environment in which we operate could change in ways that could substantially
increase costs of compliance, resulting in a material adverse effect on our
profitability.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We have incurred, and expect to incur in the
future, expenditures to comply with these</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> environmental</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> laws and regulations. We have estimated our
aggregate group Provision for Environmental Rehabilitation at a net present
value of R553.4&nbsp;million which is included in our statement of financial
position as at June 30, 2018 (Refer to Item 18. &#8216;&#8216;Financial Statements - Note 10
&#8211; Provision for environmental rehabilitation&#8221;). However, the ultimate amount of
rehabilitation costs may in the future exceed the current estimates due to
factors beyond our control, such as changing legislation, higher than expected
cost increases, or unidentified rehabilitation costs. We fund these
environmental rehabilitation costs by making contributions over the life of the
mine to environmental trust funds or funds held in insurance instruments
established for our operations. If any of the operations are prematurely
closed, the rehabilitation funds may be insufficient to meet all the
rehabilitation obligations of those operations. The closure of mining
operations, without sufficient financial provision for the funding of
rehabilitation liabilities, or unacceptable damage to the environment,
including pollution or environmental degradation, may expose us and our
directors to prosecution, litigation and potentially significant liabilities. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Damage to tailings dams and
excessive maintenance and rehabilitation costs could result in lower production
and health, safety and environmental liabilities.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our tailings facilities are exposed to
numerous risks and events, the occurrence of which may result in the failure,
breach or damage of such a facility. These may include sabotage, failure by our
employees to adhere to the codes of practice and natural disasters such as
excessive rainfall and seismic events, any of which could force us to stop or
limit operations. In addition, the dams could overflow or a side wall could
collapse and the health and safety of our employees and communities living
around these dams could be jeopardized. In the event of damage to our tailings
facilities, our operations will be adversely affected and this in turn could
have a material adverse effect on our business, operating results and financial
condition. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Due to the nature of our business, our
operations face extensive health and safety risks.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Gold mining is exposed to numerous risks and
events, the occurrence of which may result in the death of, or personal injury,
to employees. According to section 54 of the Mine, Health and Safety Act of
1996, if an inspector believes that any occurrence, practice or condition at a
mine endangers or may endanger the health or safety of any person at the mine,
the inspector may give any instruction necessary to protect the health or
safety of persons at the mine. These instructions could include the suspension of
operations at the whole or part of the mine. Health and safety incidents could
lead to mine operations being halted and that will </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">increase our unit
production costs, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">which could have a
material adverse effect on our business, operating results and financial
condition.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784002"></a><a name="_Hlk528784001"></a><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;">10</font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10</font></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784002;">&nbsp;</font><font style="mso-bookmark:_Hlk528784001;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Events
may occur for which we are not insured which could affect our cash flows and
profitability.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Because of the nature of our
business, we may become subject to liability for pollution or other hazards against
which we are unable to insure</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> or are not insured</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, including those in respect of past mining activities. Our
existing property, business interruption and other insurance contains certain
exclusions and limitations on coverage. The insured value for property and loss
of profits due to business interruption </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">is R6.4 billion, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">with a total loss limit of R650 million for
the 2018 financial year. Business interruption is only covered from the time
the loss occurs and is subject to time and amount deductibles that vary between
categories. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Insurance coverage may not
cover the extent of claims brought against us, including claims for
environmental, industrial or pollution related accidents, for which coverage is
not available. If we are required to meet the costs of claims, which exceed our
insurance coverage, this could have a material adverse effect on our business,
operating results and financial condition. </font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">If we are unable to
attract and retain key personnel our business may be harmed.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The success of our business will depend, in large
part, upon the skills and efforts of a small group of management and technical
personnel including the positions of Chief Executive Officer and Chief
Financial Officer. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.05pt;line-height:normal;">In addition, we compete with mining and other companies on
a global basis to attract and retain key human resources at all levels with appropriate
technical skills and operating and managerial experience necessary to operate
the business.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Factors critical to retaining our present
staff and attracting additional highly qualified personnel include our ability
to provide these individuals with competitive compensation arrangements, and
other benefits. If we are not successful in retaining or attracting highly
qualified individuals in key management positions, our business may be harmed.
We do not maintain &#8220;key man&#8221; life insurance policies on any members of our
executive team. The loss of any of our key personnel could delay the execution
of our business plans, which may result in decreased production, increased
costs and decreased profitability. </font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Operational
risk associated with our flotation and fine-grind (FFG) project.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our flotation and fine-grind project<a name="_Hlk494345043"></a>, implemented in fiscal year 2014, is designed to
improve extraction efficiencies.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Production was temporarily suspended on April 2,
2014 due to unsatisfactory gold recoveries and low carbon absorption
efficiencies. The established Low Grade Section was brought back to steady
state and gold production stabilized during the last quarter of fiscal year
2014 and became fully operational in February 2015, treating the remainder </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">of the Ergo plant throughput through the FFG
from this date. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The flotation and fine-grind project remains
exposed to numerous risks associated with similar projects, including
operational down time due to unplanned maintenance, destruction of
infrastructure, spillages, higher than expected operating costs, or lower than
expected production which could have a material adverse effect on our business,
operating results and financial condition.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">A disruption in our information technology
systems, including incidents related to cyber security, could adversely affect
our business operations. </font></i></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">We rely on the accuracy, availability and
security of our information technology systems. Despite the measures that we
have implemented, including those related to cyber security, our systems could
be breached or damaged by computer viruses and systems attacks, natural or
man-made incidents, disasters or unauthorized physical or electronic access. </font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any system failure, accident
or security breach could result in business disruption, theft of our
intellectual property, trade secrets (including our proprietary technology),
unauthorized access to, or disclosure of, personnel or supplier information,
corruption of our data or of our systems, reputational damage or litigation. We
may also be required to incur significant cost to protect against or repair the
damage caused by these disruptions or security breaches in the future,
including, for example, rebuilding internal systems, implementing additional
threat protection measures, defending against litigation, responding to
regulatory inquiries or actions, paying damages, or taking other remedial steps
with respect to third parties. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; These threats are constantly
evolving, thereby increasing the difficulty of successfully defending against
them or implementing adequate preventative measures. While we seek to detect
and investigate all unauthorized attempts and attacks against our network, and
to prevent their recurrence where practicable through changes to our internal
processes and tools, we remain potentially vulnerable to additional known or
unknown threats. In some instances, we may be unaware of an incident or its
magnitude and effects. While we also seek to periodically review and assess our
cybersecurity policies and procedures to ensure their adequacy and
effectiveness, we cannot guarantee that we will not be susceptible to new and
emerging risks and attacks in the evolving landscape of cybersecurity threats.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In addition, from time to
time, we implement updates to our information technology systems and software,
which can disrupt or shutdown our information technology systems. Information
technology system disruptions, if not anticipated and appropriately mitigated,
could have a material adverse effect on our operations.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Risks related to the
gold mining industry </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A change in the dollar price
of gold, which in the past has fluctuated widely, is beyond our control.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Historically, the gold price has fluctuated
widely and is affected by numerous industry factors over which we have no
control including:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a
significant amount of above-ground gold in the world that is used for trading
by investors</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;the physical supply of gold from
world-wide production and scrap sales, and the purchase, sale or divestment by
central banks of their gold holdings;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;the demand for gold for investment
purposes, industrial and commercial use, and in the manufacturing of jewelry;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;speculative trading activities in gold; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;the overall level of forward sales by
other gold producers; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;the overall level and cost of production
of other gold producers; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;international or regional political and
economic events or trends; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;the strength of the dollar (the currency
in which gold prices generally are quoted) and of other currencies; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;financial market expectations regarding
the rate of inflation; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;interest rates; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-right:48.45pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">gold hedging and de-hedging by gold producers; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-right:48.45pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; &#160;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">actual or expected gold sales by central banks and the
International Monetary Fund.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During fiscal year 2018 the gold price reached a
high of U$1&nbsp;366 per ounce and a low of U$1&nbsp;204. Our profitability may
be negatively impacted by a decline in the gold price as we incur losses when
revenue from gold sales drops below the cost of production for an extended
period.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Economic conditions may
adversely affect the profitability of the Group&#8217;s operations.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The outlook for the global economy remains
uncertain. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Economic conditions remain volatile</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and the demand for resources is uncertain. The uncertainty in the
outlook of resources generally and of gold </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">may </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">result in tightened credit markets, reduced
liquidity and extreme volatility in fixed income, credit, currency and equity
markets. Such conditions may adversely affect the Group&#8217;s business. For
example, tightening credit conditions may make it more difficult for the Group
to obtain financing on commercially acceptable terms or make it more likely
that one or more of our key suppliers may become insolvent and lead to a supply
chain breakdown.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The exploration of mineral properties is
highly speculative in nature, involves substantial expenditures, and is frequently
unproductive.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exploration
is highly speculative in nature and requires substantial expenditure for
drilling, sampling and analysis of ore bodies to quantify the extent of the
gold reserve. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Many gold exploration
programs, including some of ours, do not result in the discovery of
mineralization and any mineralization discovered may not be of sufficient
quantity or quality to be mined profitably. If we discover a viable deposit, it
usually takes several years from the initial phases of exploration until
production is possible. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During this time, the economic feasibility of
production may change. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Moreover,
we rely on the evaluations of professional geologists, geophysicists, and
engineers for estimates in determining whether to commence or continue mining.
These estimates generally rely on scientific and economic assumptions, which in
some instances may not be correct, and could result in the expenditure of
substantial amounts of money on a deposit before it can be determined with any
degree of accuracy whether the deposit contains economically recoverable
mineralization. Uncertainties as to the metallurgical recovery of any gold
discovered may not warrant mining based on available technology.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our future growth and profitability will depend,
in part, on our ability to identify and acquire additional mineral rights, and
on the costs and results of our continued exploration and development programs.
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our business focuses mainly on the extraction of gold from tailings,
which is a volume driven exercise. Only significant deposits within proximity
of services and infrastructure that contain adequate gold content to justify
the significant capital investment associated with plant, reclamation and
deposition infrastructure are suitable for exploitation in terms of our model.
There is a limited supply of these deposits which may inhibit e<a name="_Hlk494345133"></a>xploration and developments, especially in a declining
gold price environment. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Because
of these uncertainties, we may not successfully acquire additional mineral rights,
or identify new Proven and Probable Ore Reserves in sufficient quantities to
justify commercial operations in any of our operations. The costs incurred on
exploration activities that do not identify commercially exploitable reserves
of gold are not likely to be recovered and therefore are likely to be impaired.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">There is uncertainty with our Ore Reserve estimates.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our
Ore Reserve figures described in this document are the best estimates of our
current management as of the dates stated and are reported in accordance with
the requirements of Industry Guide 7 of the SEC. These estimates may not
reflect actual reserves or future production. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784002"></a><a name="_Hlk528784001"></a><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;">12</font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12</font></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784002;">&nbsp;</font><font style="mso-bookmark:_Hlk528784001;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_16"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Should we encounter
mineralization or formations different from those predicted by past drilling,
sampling and similar examinations, reserve estimates may have to be adjusted
and mining plans may have to be altered in a way that might ultimately cause
our reserve estimates to decline. Moreover, if the rand price of gold declines,
or stabilizes at a price that is lower than recent levels, or if our labor,
water, steel, electricity and other production costs increase or recovery rates
decrease, it may become uneconomical to recover Ore Reserves, particularly
those containing relatively lower grades of mineralization. Under these
circumstances, we would be required to re-evaluate our Ore Reserves. Short-term
operating factors relating to the ability to reclaim our Ore Reserves, at the
required rate, such as an interruption or reduction in the supply of
electricity or a shortage of water may have the effect that we are unable to
achieve critical mass, which may render the recovery of Ore Reserve, or parts
of the Ore Reserve no longer feasible, which could negatively affect production
rate and costs and decrease our profitability during any given period. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Estimates of reserves are based on drilling
results and because unforeseen conditions may occur in these mine dumps that
may not have been identified by the drilling results, the actual results may
vary from the initial estimates. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">These factors have and could
result in reductions in our Ore Reserve estimates </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and as a result, our production</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, which could in turn adversely impact the total value of our
mining asset base and our business, operating results and financial condition.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold
mining is susceptible to numerous events that could have an adverse impact on a
gold mining business.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The business of gold mining is
exposed to numerous risks and events, the occurrence of which may</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> result in the death of or personal injury to employees, the loss
of mining and reclamation equipment, damage to or destruction of mineral
properties or production facilities, monetary losses, delays in production,
environmental damage, loss of the license to mine and potential legal claims.
The risks and events associated with the business of gold mining include: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">environmental hazards and pollution,
including dust generation, toxic chemicals, discharge of metals, pollutants,
radioactive materials and other hazardous material into the air and water;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">flooding, landslides, sinkhole formation,
ground subsidence, ground and surface water pollution and waterway
contamination;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a decrease in labor productivity due to labor
disruptions, work stoppages, disease, slowdowns or labor strikes;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">unexpected decline of ore grade;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">metallurgical conditions and gold recovery;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">failure of unproven or evolving technologies;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">mechanical failure or breakdowns and ageing
infrastructure;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">energy and electrical power supply
interruptions;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">availability of water;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">injuries to employees or fatalities resulting
from falls from heights and accidents relating to mobile machinery or
electrocution;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">activities of illegal or artisanal miners;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">material and equipment availability;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">legal and regulatory restrictions and changes
to such restrictions;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">social or community disputes or
interventions;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">accidents caused from the collapse of
tailings dams;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">pipeline failures and spillages;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">safety-related stoppages; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">corruption, fraud and theft</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">
including gold bullion theft.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The occurrence of any of these hazards could
delay production, increase production costs and may result in significant legal
claims.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Risks related to doing business in South
Africa </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Political or economic
instability in South Africa may reduce our production and profitability.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We are incorporated in South Africa and all our
operations are currently in South Africa. As a result, political and economic
risks relating to South Africa could have a significant effect on our
production and profitability. Large parts of the South African population are
unemployed and do not have access to adequate education, health care, housing
and other services, including water and electricity. Government policies aimed
at alleviating and redressing the disadvantages suffered by most citizens under
previous governments may increase our costs and reduce our profitability. In
recent years, South Africa has experienced high levels of crime. These problems
may impede fixed inward investment into South Africa and increase emigration of
skilled workers. As a result, we may have difficulties retaining qualified
employees. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Inflation can adversely affect us.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The inflation rate in South Africa is relatively high
compared to developed, industrialized countries. As of June&nbsp;2018, the
annual Consumer Price Inflation Index, or CPI, stood at 4.6% compared to 5.1%
in June 2017 and 6.3% in June 2016. Annual CPI was 4.9% as at September 30,
2018. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Higher inflation in South Africa would result in an increase in
our operational costs in rand, unless such inflation is accompanied by a
concurrent devaluation of the rand against the dollar or an increase in the
dollar price of gold. Significantly higher and sustained inflation in the
future, with a consequent increase in operational costs could have a material
adverse effect on our results of operations and our financial condition and
could result in operations being discontinued or reduced or rationalized, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">which could reduce our profitability.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"> &nbsp;</font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;The treatment of
occupational health diseases and the potential liabilities related to
occupational health diseases may have an adverse effect on the results of our
operations and our financial condition.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In January 2013, DRDGOLD, </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">East Rand
Proprietary Mines Limited (&#8220;ERPM&#8221;)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">
(&#8220;DRDGOLD Respondents&#8221;) and 23 other mining companies (&#8220;Other Respondents&#8221;)
(collectively referred to as &quot;Respondents&quot;) were served with a court
application issued in the High Court of South Africa (&#8220;Court&quot;) for a class
certification (&#8220;Certification Application&#8221;) on behalf of former mineworkers and
dependents of deceased mineworkers (&#8220;Applicants&#8221;). In the application the
Applicants allege that the Respondents conducted underground mining operations
in a negligent and complicit manner causing the former mineworkers to contract
occupational lung diseases. The Applicants have as yet not quantified the
amounts which they are demanding from the Respondents in damages.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In May, 2016 the Court granted an order for, </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">inter
alia,</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> (1) certification of two industry-wide classes: a silicosis class and
a tuberculosis class, both of which cover current and former underground
mineworkers who have contracted the respective diseases (or the dependants of
mineworkers who died of those diseases); and (2) that the common law be developed
to provide that in instances where a claimant claiming general damages passed
away, the claim for general damages will be transmitted to the estate of the
deceased claimant. This order did not represent a ruling on the merits of the
Application brought against the Respondents.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">An application for leave to appeal to the
Supreme Court of Appeal (&#8220;SCA&#8221;) was brought by each of the respondent mining
companies against the judgment of the Court, specifically on the allegations of
the certification and transmissibility of damages to the estate of a deceased
mineworker. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In June 2016, the Court granted leave to
appeal to the SCA against the transmissibility of damages but refused leave to
appeal in respect of the certification. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The DRDGOLD Respondents (together with each
of the Working Group companies) served a notice of appeal to petition the SCA
against the </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">order for </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">certification
and the transmissibility of damages. The SCA granted leave to appeal thereto on
both issues in September 2016. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The appeal to the SCA was set down for
hearing in March 2018 but was subsequently postponed by agreement between the
Applicants and the Respondent companies in light of progress made by the
Working Group described below. The SCA endorsed and upheld the postponement. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Respondent companies formed a Working
Group consisting of representatives from each company to consider and discuss
issues pertaining to the action. DRDGOLD withdrew from the Working Group in
January 2016.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The remaining members of the Working Group
have all raised accounting provisions during the calendar year 2017 due to
progress made by the Working Group towards a possible settlement with the
Applicants. In May 2018, the remaining members of the Working Group announced
that a mediated settlement agreement had been reached. The agreement is subject
to certain conditions, including the approval by the South African High Court
after which an effective date of the agreement will be set. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD is not a party to the Working Group&#8217;s
mediated settlement agreement and maintains the view that it is too early to
consider settlement of the matter, mainly for the following reasons: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; the Applicants have as yet not issued and
served a summons (claim) in the matter; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; there is no indication of the number of
potential claimants that may join the class action against the DRDGOLD
respondents;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-7.1pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226; many principles upon which legal
responsibility is founded, are required to be substantially developed by the
trial court (and possibly subsequent courts of appeal) to establish liability
on the bases alleged by the applicants.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In light of the above there is inadequate
information to determine if a sufficient legal and factual basis exists to
establish liability, and to quantify such potential liability.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Theft at our sites,
particularly of copper, may result in greater risks to employees or
interruptions in production.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Crime statistics in South Africa indicate an
increase in theft. This together with price increases for copper has resulted
in theft of copper cable. Our operations experience high incidents of copper
cable theft despite the implementation of security measures. In addition to the
general risk to employees&#8217; lives in an area where theft occurs, we may suffer
production losses and incur additional costs as a result of power interruptions
caused by cable theft and theft of bolts used for the pipeline</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Power stoppages or shortages
or increases in the cost of power could negatively affect our results and
financial condition.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our mining operations are dependent on
electrical power supplied by Eskom, South Africa&#8217;s state-owned utility company.
As a result of insufficient generating capacity, owing to poor maintenance and
lagging capital infrastructure investment, South Africa has faced significant
disruptions in electricity supply in the past and Eskom has warned that the
country could continue to face disruptions in electrical power supply in the
foreseeable future. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784002"></a><a name="_Hlk528784001"></a><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;">14</font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14</font></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784002;">&nbsp;</font><font style="mso-bookmark:_Hlk528784001;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Eskom is currently experiencing financial
difficulties which include, </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">inter alia</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, the chairman of the board citing
serious concerns around the power utility&#8217;s long-term viability and status as a
going concern as disclosed in its 2018 Integrated Report, a decrease in the
demand for its electricity from consumers and its growing outstanding debt owing
from local municipalities, who are both Eskom&#8217;s distribution agents and its
largest customer. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Accordingly, the security of f</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">uture power supply as well as the cost thereof, remains a risk and
may have major implications for our operational process, which may result in significant
production losses.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">While such power supply disruptions have not
had a material impact on our production </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">in recent years</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, the country&#8217;s current reserve capacity may
be insufficient and the risk of electricity stoppages is expected to continue
for the foreseeable future. Supply interruptions </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">because of this as
well as an aging and poorly maintained distribution grid </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">may pose a significant risk to the
operations.  </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">T</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">he group has
installed auxiliary emergency units at its plant to prevent the tripping of
thickeners and entered into a five year lease agreement for the supply of
temporary power generation equipment and services during fiscal year 2014 to
drive certain key installations associated with the disposal of tailings. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The group has a load-curtailment agreement in place
with Eskom in terms of which we reduce power consumption by between 10% and 20%
when the grid is under pressure, but Eskom maintains uninterrupted power supply
to the operations. This has enabled us to maintain continuous operations and
very little reduction in volume since its inception.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There is, however, no assurance that the measures
will be sufficient to completely mitigate the risk of power stoppages.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Electricity tariffs increased as follows: from
April 1, 2016 an average tariff increase of 9.4% and from April 1, 2017 an
average tariff increase of 2.2% and from April 1, 2018 an average tariff
increase of 5.2%. These increases have had an adverse effect on our production
costs and similar or higher future increases could have a material adverse
effect on our operating results and financial condition.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Possible scarcity of water may </font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">negatively affect our operations.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">South
Africa faces water shortages, wh</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ich may
lead to the revision of water usage strategies by several sectors in the South
African economy, including electricity generation and municipalities. This may
result in rationing or increased water costs in the future. Such changes would
adversely impact our surface retreatment operations, which use water to
transport the slimes or sand from reclaimed areas to the processing plant and
to the tailings facilities. In addition, as our gold plants and piping
infrastructure were designed to carry certain minimum throughputs, any reductions
in the volumes of available water may require us to adjust production at these
operations. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD invested R22 million in the construction
of a filtration plant at the Rondebult Waste Water Works (operated by the East
Rand Water Care Company) to treat sewage water to reduce the use of potable
water. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">This water is used both to reclaim and carry production materials
and also, ultimately, to irrigate rehabilitation vegetation at a significantly
lower cost than that of potable water. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The plant was commissioned in early fiscal year 2016 and has
capacity to provide Ergo with 10 Mega Litres (&#8220;Ml&#8221;) a day from the Rondebult
sewage treatment facility. However, due to the deterioration of the local
government authorities&#8217; infrastructure, the expected quantity of sewerage is
not reaching the treatment facility and as a result Ergo is not able to extract
the full design capacity of 10 Ml of water a day. It is not certain if and when
the flow of sewerage will be normalised.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD installed new gland service
infrastructure at the Ergo plant during October 2016 to allow for the use of
recycled process water for gland service requirements. This initiative has
resulted in the reduction of approximately 70Ml a month in potable water use.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Central Water Facility was commissioned
at a cost of R29.5 million during the last quarter of Fiscal year 2017 to store
and distribute water sourced from Rondebult waste water treatment works,
treated Acid Mine Drainage (&#8220;AMD&#8221;) water from Trans-Caledon Tunnel Authority
(&#8220;TCTA&#8221;) and recycled water from our Brakpan/Withok Tailings Deposition
Facility. The Centrally Located Water Facility is a closed circuit and allows
us to distribute water more efficiently throughout the operations.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As part of the Heads of agreement signed
between EMO, Ergo, ERPM and TCTA in December 2012, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ergo secured the right to purchase up to 30Ml of partially treated
AMD from TCTA at cost, in order to reduce Ergo&#8217;s reliance on potable water for
mining and processing purposes. AMD water entered our system for the first time
in fiscal year 2017.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">There is no assurance that these measures will be
sufficient to alleviate the water scarcity issues </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">we face</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784002"></a><a name="_Hlk528784001"></a><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;">15</font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">15</font></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784002;">&nbsp;</font><font style="mso-bookmark:_Hlk528784001;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Government Regulation</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Government policies in South
Africa may adversely impact our operations and profits.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The mining industry in South
Africa is extensively regulated through legislation and regulations issued
through the government&#8217;s administrative bodies. These involve directives in
respect of health and safety, the mining and exploration of minerals and
managing the impact of mining operations on the environment. A variety of
permits and authorities are required to mine lawfully, and the government
enforces its regulations through the various government departments. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The formulation or implementation of government policies may be
discretionary and unpredictable on certain issues, including changes in
conditions for the issuance of licenses insofar as social and labor plans are
concerned, transformation of the workplace, laws relating to mineral rights,
ownership of mining assets and the rights to prospect and mine, additional
taxes on the mining industry and in extreme cases, nationalization. A change in
regulatory or government policies could adversely affect our business. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mining royalties and other tax
reform could have an adverse effect on the business, operating results and
financial condition of our operations.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Mineral and Petroleum Resources Royalty Act,
No.28 of 2008 and the Mineral and Petroleum Resources Royalty Act
(Administration), No.29 of 2008</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> govern royalty rates for gold mining in
South Africa</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. These acts provide for the payment of a
royalty, calculated through a royalty rate formula (using rates of between 0.5%
and 5.0%) applied against gross revenue per year, payable half yearly with a
third and final payment thereafter. The royalty is tax deductible and the cost
after tax amounts to a rate of between 0.33% and 3.3% at the prevailing
marginal tax rates applicable to the taxed entity. The royalty is payable on
old unconverted mining rights and new converted mining rights. Based on a legal
opinion the Company obtained, mine dumps created before the enactment of the </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Mineral and Petroleum Resources Development Act (&#8220;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">MPRDA&#8221;) fall outside the ambit of this royalty and
consequently the Company does not pay any royalty on any dumps created prior to
the MPRDA. Introduction of further revenue based royalties or any adverse
future tax reforms could have an adverse effect on our business, operating
results and financial condition.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Failure to comply with the requirements of the
Broad Based Socio-Economic Empowerment Charter could have an adverse effect on
our business, operating results and financial condition of our operations.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Broad Based Socio&#8209;Economic Empowerment
Charter for the South African Mining Industry (&#8220;Mining Charter&#8221;) (effective
from 20014) established certain numerical goals and timeframes to transform
equity participation in the mining industry in South Africa. The goals set by
the Mining Charter include that each mining company must achieve 15% ownership
by historically disadvantaged South Africans, or HDSA, of its South African
mining assets within five years and 26% ownership within ten years, in each
case, from May&nbsp;1,&nbsp;2004. This is to be achieved by, among other
methods, the sale of assets to historically disadvantaged persons on a willing
seller/willing buyer basis at market value. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In September 2010, the Department of Mineral
Resources (&#8220;DMR&#8221;) released amendments to the Mining Charter. The intention
behind the amendments to the Mining Charter was to clarify certain ambiguities
and uncertainties which existed under the Mining Charter and to provide more
specific targets. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">It was this latter Mining Charter which the DMR applied to
assess compliance with socio-economic transformation objectives</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. The goals set by the amendments to the
Mining Charter include: minimum 26% HDSA ownership by March 2015; procurement
of a minimum 40% of capital goods, 50% of consumer goods and 70% of services
from Black Economic Empowerment, or BEE, entities by March 2015; minimum 40%
HDSA representation at each of executive management level, senior management
level, middle management level, junior management level and core and critical
skills levels; minimum 3% investment of annual payroll in skills training;
investment in community development; and attaining an occupancy rate of one
person per room in on-site accommodation.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">There is now a new Mining Charter in place,
which was gazetted in September 2018, and supersedes all previous iterations
thereof.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; For detailed discussion, see Item 4B.
Business Overview &#8211; Governmental regulations and their effect on our business
&#8211;&#160; The Broad Based Socio-Economic Empowerment Charter. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Government policies in South Africa may
adversely impact our operations and profits related to financial provisioning
for rehabilitation. </font></i></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=CIDFont+F7 style="border:none;"><font face=CIDFont+F7 lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An amendment to the MPRDA was first proposed in
2013. The amendment bill, if implemented, would have had a material adverse
impact on the Group's estimated financial provisions for environmental
remediation and management due to the proposed inclusion of historic and old
mine dumps in the definition of &#8220;residue stockpiles&#8221; as well as the extension
of the liability for rehabilitation beyond the issuance of a closure
certificate and the requirement to maintain financial provision for closed
sites for a period of 20 years after a site is closed. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The MPRDA Amendment
Bill was withdrawn in August 2018 by the Minister of Mineral Resources, citing,
amongst other things, the adequacy of the current MPRDA to deal with all
regulatory matter pertaining to the mining and petroleum industries.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; New Financial Provisioning Regulations (&#8220;FPR&#8221;) were
published on November 20, 2015 under the National Environmental Management Act,
107 of 1998 (&#8220;NEMA&#8221;) and became effective from the date of publication thereof.
Proposed amendments to the FPRs were published for public comment GNR 1228 GG
41236 of November 10, 2017 (&#8220;Draft Regulations&#8221;), which seek to address some
challenges relating to the implementation thereof. Under these FRPs to be
implemented by the DMR, existing environmental rehabilitation trust funds may
only be used for post closure activities and may no longer be utilised for
their intended purpose of concurrent and final rehabilitation and closure.
Further amendments were made to the FPR on September 21, 2018, which extends
the period of compliance with the FPR to February 19, 2020. This is likely to
affect the amount of funds set aside for financial provision for rehabilitation
of the mine. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">See discussion in 4.B. Business Overview &#8211; Governmental
regulations and their effect on our business &#8211; Financial Provision for
Rehabilitation.</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=CIDFont+F1 style="border:none;"><font face=CIDFont+F1 lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The implementation of carbon or other climate
change related taxes might have a direct or indirect negative cost impact on
our operations.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Climate change is a global problem that requires
both a concentrated international response and national efforts to reduce
greenhouse gas, or GHG, emissions. The United Nations Framework Convention on
Climate Change is the main global response to climate change. The associated
Kyoto Protocol is an international agreement that classifies countries by their
level of industrialization and commits certain countries to GHG emission
reduction targets. Although South Africa is not one of these countries
identified, it ranked among the top 20 countries measured by absolute carbon
dioxide emissions. During the 2009 Copenhagen climate change negotiations,
South Africa voluntarily announced that it would act to reduce domestic GHG emissions
by 34% by 2020 and 42% by 2025, subject to the availability of adequate
financial, technological and other support. The two main economic policy
instruments available for setting a price on carbon and curbing GHG emissions
are carbon taxation and emissions trading schemes. In a discussion paper on
carbon taxation by the National Treasury of the South African Government
released in June 2013 different methods of carbon taxation were discussed. The
implementation of these carbon taxes has been postponed pending consideration
by the South African Parliament. Should these taxes be implemented, they might
have a direct or indirect cost impact on our operations which could have an
adverse effect on our business, operating results and financial condition.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Ring-fencing of unredeemed
capital expenditure for South African mining tax purposes could have an adverse
effect on the business, operating results and financial condition of our operations.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Income Tax Act No 58 of 1962, or the ITA,
contains certain ring-fencing provisions in section 36 specifically relating to
different mines regarding the deduction of certain capital expenditure and the
carry over to subsequent years. After the restructuring of the surface
operations, effective July 1, 2012, Ergo is treated as one taxpaying operation
pursuant to the relevant ring-fencing legislation. It is expected that FWGR
will also be treated as one taxpaying operation pursuant to the relevant
ring-fencing legislation. In the event that we are unsuccessful in confirming
our position or should the South African Receiver of Revenue have a different
interpretation of section 36 of the ITA, it could have an adverse effect on our
business, operating results and financial condition.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Assessment of unredeemed capital expenditure by
the South African Receiver of Revenue could have an adverse effect on the
business, operating results and financial condition of our operations.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Capital expenditure is assessed by the South
African Receiver of Revenue when it is redeemed against taxable mining income
rather than when it is incurred. A different interpretation by the South
African Receiver of Revenue could have an adverse effect on our business,
operating results and financial condition.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Since our South African labor
force has substantial trade union participation, we face the risk of disruption
from labor disputes and new South African labor laws.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Labor costs constituted 19% of our production costs
for fiscal year 2018 (2017: 17% and 2016: 18%). As of June&nbsp;30,&nbsp;2018,
our Ergo operations provided full-time employment for 862 employees while our
main service providers deployed an additional 1&nbsp;426 employees to our
operations, of whom approximately 91% are members of trade unions or employee
associations. We have entered into various agreements regulating wages and
working conditions at our mines. Unreasonable wage demands could increase
production costs to levels where our operations are no longer profitable. This
could lead to accelerated mine closures and labor disruptions. We are also
susceptible to strikes by workers from time to time, which result in
disruptions to our mining operations.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In recent years, labor laws in South Africa have
changed in ways that significantly affect our operations. In particular, laws
that provide for mandatory compensation in the event of termination of
employment for operational reasons and that impose large monetary penalties for
non-compliance with the administrative and reporting requirements of
affirmative action policies could result in significant costs to us. In
addition, future South African legislation and regulations relating to labor
may further increase our costs or alter our relationship with our employees.
Labor cost increases could have an adverse effect on our business, operating
results and financial condition. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Labor unrest could affect production.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During August and September 2012, a number of
illegal strikes at several mining companies in South Africa and events related
to these strikes resulted in 45 people being killed. Between February and June
2014, the platinum industry had a wage strike that lasted for five months. To
bring the strike to an end, above inflation wage increases and changes to
working conditions were agreed to. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We use a third party service provider for the
management of our reclamation sites as well as the Deposition facility at
Brakpan/Withok TDF. Any labor unrest or other significant issue at this third
party service provider may impact the operation of this facility.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Such events at our operations or </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">at our
reclamation sites</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> could have an
adverse effect on our business, operating results and financial condition.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font></p>

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&nbsp;</font>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784002"></a><a name="_Hlk528784001"></a><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;">17</font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">17</font></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784002;">&nbsp;</font><font style="mso-bookmark:_Hlk528784001;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our financial flexibility could be materially
constrained by South African currency restrictions.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">South African law provides for exchange control regulations, which
restrict the export of capital from the Common Monetary Area, including South
Africa. The Exchange Control Department of the South African Reserve Bank, or
SARB, is responsible for the administration of exchange control regulations. In
particular, South African companies:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:34.0pt;text-align:justify;text-indent:-17.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">are generally not permitted to export capital from South Africa or
to hold foreign currency without the approval of the SARB;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:34.0pt;text-align:justify;text-indent:-17.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">are generally required to repatriate, to South Africa, profits of
foreign operations; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:34.0pt;text-align:justify;text-indent:-17.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">are limited in their ability to utilize profits of one foreign
business to finance operations of a different foreign business.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">While the South African
Government has relaxed exchange controls in recent years, it is difficult to
predict whether such relaxation of controls will continue in the future. For
further information see Item 10D. Exchange Controls.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We
could be adversely affected by violations of the U.S. Foreign Corrupt Practices
Act and similar anti-bribery laws outside of the United States. </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The U.S. Foreign Corrupt Practices Act, or the
FCPA, and similar anti-bribery laws in other jurisdictions generally prohibit companies
and their intermediaries from making improper payments to government officials
or other persons for the purpose of obtaining or retaining business. Recent
years have seen a substantial increase in anti-bribery law enforcement
activity, with more frequent and aggressive investigations and enforcement
proceedings by both the U.S. Department of Justice and the SEC, increased
enforcement activity by non- U.S. regulators, and increases in criminal and
civil proceedings brought against companies and individuals. Our policies
mandate compliance with the FCPA and other applicable anti-bribery laws. Our
internal control policies and procedures may not protect us from reckless or
criminal acts committed by our employees, the employees of any of our
businesses, or third party intermediaries. In the event that we believe or have
reason to believe that our employees or agents have or may have violated
applicable anti-corruption laws, including the FCPA, we would investigate or
have outside counsel investigate the relevant facts and circumstances, which
can be expensive and require significant time and attention from senior
management. Violations of these laws may result in criminal or civil sanctions,
inability to do business with existing or future business partners (either as a
result of express prohibitions or to avoid the appearance of impropriety),
injunctions against future conduct, profit disgorgements, disqualifications
from directly or indirectly engaging in certain types of businesses, the loss of
business permits, reputational harm or other restrictions which could disrupt
our business and have a material adverse effect on our business, financial
condition, results of operations or liquidity. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We face risks with respect to compliance with the
FCPA and similar anti-bribery laws through our acquisition of new companies and
the due diligence we perform in connection with an acquisition may not be
sufficient to enable us fully to assess an acquired company&#8217;s historic
compliance with applicable regulations. Furthermore, our post-acquisition
integration efforts may not be adequate to ensure our system of internal
controls and procedures are fully adopted and adhered to by acquired entities,
resulting in increased risks of non-compliance with applicable anti-bribery
laws. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Risks
related to ownership of our ordinary shares or ADSs </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It may not be possible for you to effect service of
legal process, enforce judgments of courts outside of South Africa or bring
actions based on securities laws of jurisdictions other than South Africa
against us or against members of our board.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our Company, certain members of our board of directors and
executive officers are residents of South Africa. All our assets are located
outside the United States and a major portion with respect to the assets of
members of our board of directors and executive officers are either wholly or
substantially located outside the United States. As a result, it may not be
possible for you to effect service of legal process, within the United States
or elsewhere including in South Africa, upon most of our directors or officers,
including matters arising under United States federal securities laws or
applicable United States state securities laws. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Moreover, it may not be possible for you to enforce against us or
the members of our board of directors and executive officers&#8217; judgments
obtained in courts outside South Africa, including the United States, based on
the civil liability provisions of the securities laws of those countries,
including those of the United States. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">A
foreign judgment is not directly enforceable in South Africa, but constitutes a
cause of action which will be enforced by South African courts provided that: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the court which pronounced the judgment had
jurisdiction to entertain the case according to the principles recognized by
South African law with reference to the jurisdiction of foreign courts; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the judgment is final and conclusive (that
is, it cannot be altered by the court which pronounced it); </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the judgment has not lapsed; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the recognition and enforcement of the
judgment by South African courts would not be contrary to public policy,
including observance of the rules of natural justice which require that no
award is enforceable unless the defendant was duly served with documents
initiating proceedings, that he was given a fair opportunity to be heard and
that he enjoyed the right to be legally represented in a free and fair trial
before an impartial tribunal; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the judgment was not obtained by fraudulent
means; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the judgment does not involve the enforcement
of a penal or revenue law; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the enforcement of the judgment is not
otherwise precluded by the provisions of the Protection of Business Act, 1978
(as amended), of South Africa.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It is the policy of South African courts to award
compensation for the loss or damage sustained by the person to whom the
compensation is awarded. Although the award of punitive damages is generally
unknown to the South African legal system that does not mean that such awards </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784002"></a><a name="_Hlk528784001"></a><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;">18</font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">18</font></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784002;">&nbsp;</font><font style="mso-bookmark:_Hlk528784001;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">are necessarily contrary to public policy. Whether a
judgment was contrary to public policy depends on the facts of each case.
Exorbitant, unconscionable, or excessive awards will generally be contrary to
public policy. South African courts cannot enter into the merits of a foreign
judgment and cannot act as a court of appeal or review over the foreign court.
South African courts will usually implement their own procedural laws and,
where an action based on an international contract is brought before a South
African court, the capacity of the parties to the contract will usually be
determined in accordance with South African law. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It is doubtful whether an original action based on
United States federal securities laws may be brought before South African
courts. A plaintiff who is not resident in South Africa may be required to
provide security for costs in the event of proceedings being initiated in South
Africa. Furthermore, the Rules of the High Court of South Africa require that
documents executed outside South Africa must be authenticated for use in South
African courts. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">It may not be possible therefore for an
investor to seek to impose liability on us in a South African court arising
from a violation of United States federal securities laws.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividend withholding tax will reduce the amount of dividends
received by beneficial owners.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">On April 1, 2012, the South African
Government replaced Secondary Tax on Companies (then 10%) with a 15% withholding
tax on dividends and other distributions payable to shareholders. The dividend
withholding tax rate was increased to 20%, effective from February 22, 2017.&#160;
The withholding tax reduces the amount of dividends or other distributions
received by our shareholders. Any further increases in such tax will further
reduce net dividends received by our shareholders. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Your rights as a shareholder are governed by South African law,
which differs in material respects from the rights of shareholders under the
laws of other jurisdictions.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our Company is a public limited liability company incorporated
under the laws of the Republic of South Africa. The rights of holders of our
ordinary shares, and therefore many of the rights of our ADS holders, are
governed by our memorandum of incorporation and by South African law. These
rights differ in material respects from the rights of shareholders in companies
incorporated elsewhere, such as in the United States. In particular, South
African law significantly limits the circumstances under which shareholders of
South African companies may institute litigation on behalf of a company.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Control by principal shareholders could adversely affect our other
shareholders.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">On July 31, 2018, 265 million ordinary shares were issued to
Sibanye-Stillwater as settlement of the purchase consideration for the
acquisition of the WRTRP Assets. As part of this acquisition,
Sibanye-Stillwater was granted an option to subscribe for further shares to
achieve a 50.1% shareholding at a 10% discount to the prevailing market value
for a period of 2 years from the effective date of the acquisition. As a
result, Sibanye-Stillwater currently beneficially owns approximately 38.05% of
our outstanding ordinary shares and voting power and this may increase to
50.1%. Sibanye-Stillwater therefore has the ability to control, or exert a
significant influence over, our board of directors, and will continue to have significant
influence over our affairs for the foreseeable future, including with respect
to the election of directors, the consummation of significant corporate
transactions, such as an amendment of our constitution, a&#160; merger or other sale
of our company or our assets, and all matters requiring shareholder approval.
In certain circumstances, Sibanye-Stillwater&#8217;s interests as a principal
shareholder may conflict with the interests of our other shareholders and
Sibanye-Stillwater&#8217;s ability to exercise control, or exert significant
influence, over us may have the effect of causing, delaying, or preventing
changes or transactions that our other shareholders may or may not deem to be
in their best interests. In addition, any sale or expected sale of some or all the
shares held by Sibanye-Stillwater could have an adverse impact on our stock
price.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Sales of large volumes of our ordinary shares or ADSs or the
perception that these sales may occur, could adversely affect the prevailing
market price of such securities.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The market price of our ordinary shares or ADSs could fall if
substantial amounts of ordinary shares or ADSs are sold by our stockholders, or
there is the perception in the marketplace that such sales could occur. Current
holders of our ordinary shares or ADSs may decide to sell them at any time.
Sales of our ordinary shares or ADSs, if substantial, or the perception that
any such substantial sales may occur, could exert downward pressure on the
prevailing market prices for our ordinary shares or ADSs, causing their market
prices to decline. Trading activity of hedge funds and the ability to borrow
script in the market place will increase trading volumes and may place our
share price under pressure.</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM
4. INFORMATION ON THE COMPANY</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4A. HISTORY AND
DEVELOPMENT OF THE COMPANY</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Introduction</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; DRDGOLD Limited, or DRDGOLD, is a South African
domiciled company that holds assets engaged in surface gold tailings
retreatment in South Africa including exploration, extraction, processing and
smelting. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We are a public limited liability company,
incorporated on February&nbsp;16, 1895, as Durban Roodepoort Deep, Limited. On
December 3, 2004, the company changed its name from Durban Roodepoort Deep
Limited to DRDGOLD Limited. Our operations have focused on South Africa's West
Witwatersrand Basin, which has been a gold producing region for over
120&nbsp;years. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our shares and/or related instruments trade on the
JSE, New York Stock Exchange, the Over The Counter, or OTC, market in Berlin
and Stuttgart and the Regulated Unofficial Market on the Frankfurt Stock
Exchange. The Company&#8217;s shares were delisted from the March&#233; Libre Paris
effective May 30, 2018.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our registered office and business address is 1
Sixty Jan Smuts Building, 2nd Floor - North Tower, 160 Jan Smuts Avenue,
Rosebank, 2196, South Africa. The postal address is P.O.&nbsp;Box 390,
Maraisburg, 1700, South Africa. Our telephone number is
(+27&nbsp;11)&nbsp;470-2600 and our facsimile number is (+27&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">86) 524-3061</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. We are
registered under the South African Companies Act 71, 2008 under registration
number 1895/000926/06. For our ADSs, the Bank of New York Mellon, at 101
Barclay Street, New York, NY 10286, United States, has been appointed as agent.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All of our operations are conducted in South
Africa.</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our
operations primarily consist of Ergo. It also includes the historic Crown operations
(which were restructured into Ergo during fiscal year 2012 and have
substantially been rehabilitated as at the end of fiscal year 2018) as well as ERPM
which is currently under care and maintenance.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, we completed the
acquisition of certain gold surface processing assets and tailing storage
facilities that include Driefontein 3 and 5, Kloof 1, Venterspost North and
South, Libanon, Driefontein 4, Driefontein 2 plant, Driefontein 3 plant, WRTRP
pilot plant, and land required for the future development of a central
processing plant, regional tailings storage facility and return water dam
(together, the &#8220;WRTRP Assets&#8221;) associated with Sibanye-Stillwater&#8217;s WRTRP, to
be known going forward as FWGR.&#160; This acquisition represents a significant
increase in our assets, which will impact our results in future years.&#160; In
connection with the acquisition, we issued to Sibanye-Stillwater new shares
equal to 38.05% of outstanding shares and granted Sibanye-Stillwater an option
to acquire up to a total of 50.1% of our shares </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">for a period of 2 years from the effective date of the acquisition
at a 10% discount to the prevailing market value</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">. For more information regarding this acquisition please see our
Form 6-K, dated November 22, 2017 &quot;Proposed Transaction to acquire the
WRTRP assets from Sibanye-Stillwater, waiver of mandatory offer and cautionary announcement&quot;,
incorporated by reference herein and Item 10C. Material Contracts. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For a detailed description of the
assets acquired </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">see
Item 4D. Property, Plant and Equipment.</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ergo </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Ergo was formed in June 2007. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo is the surface tailings retreatment operation consisting of what
was historically the Crown Gold Recoveries Proprietary Limited (Crown), East
Rand Proprietary Mines Limited's (ERPM) Cason Dump operation and the ErgoGold
business units which are now collectively referred to as Ergo. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">On July 1, 2012, Ergo acquired the mining assets
and certain liabilities of Crown and all the surface assets and liabilities of
ERPM as part of the restructuring of our surface operations. Also as part of
this restructuring, Ergo acquired DRDGOLD's 35% interest in ErgoGold. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The flotation and fine-grind project, commissioned
during fiscal year 2014, is designed to improve extraction efficiencies which
are derived from the separation of gold contained within the sulfides of the
tailings material by subjecting the treated material to a flotation circuit,
further regrinding and a leach circuit.&#160; </font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The refurbishment of the remaining five
carbon-in-leach tanks was completed during September 2015 to increase volume
capacity by approximately 0.3Mtpm to a total of 2.1Mtpm.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Capital expenditure is mainly financed through cash
resources and operational cash flows while financing for significant growth
projects may be obtained through specific financing arrangements if required.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Brakpan/Withok TDF expansion</font></i></b></font></p>

<p style="background:white;border:none;margin-left:0cm;margin-right:0cm;text-align:justify;text-indent:36.0pt;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ergo has the
technology to fine-grind gold-bearing material to achieve recovery efficiencies
previously outside the reach of typical metallurgical processing. Although we
pump processing material from as far as 60km away, most of our tailings mine
residue recovery sites are based in the vicinity of Ergo, including our surface
and pipeline infrastructure. This is a key focus of DRDGOLD&#8217;s operations. We have
typically processed 1.8Mt of material through the Ergo plant every month. In
order to extend the life of our Ergo operation, it is necessary to increase
residue tailings deposition capacity at our Brakpan/Withok TDF. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">A legal review of the
existing authorizations was undertaken for increasing the deposition capacity
of the Brakpan/Withok TDF. The results indicated that most of the current
authorizations are sufficient, however certain documentation would need to be
amended. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">We
expect this </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">could increase the potential deposition capacity by approximately
800Mt, and thus, our life of mine from 12 years to more than 20 years. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">For further information on other
capital investments, divestures, capital expenditure and capital commitments,
see Item 4D. Property, Plant and Equipment, and Item 5B. Liquidity and Capital
Resources.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ERPM</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ERPM, which consists of an underground mine which
has been under care and maintenance since fiscal year 2009, and ERPM Extension
1 and 2 exploration tenements, were acquired in October,&nbsp;2002. Underground
mining at ERPM was halted in October 2008. On July 1, 2012, ERPM sold its
surface mining assets and its 65% interest in ErgoGold to Ergo in exchange for
shares in Ergo as part of the restructuring of our surface operations. </font></font></p>

<p style="background:white;border:none;margin-left:0cm;margin-right:0cm;text-align:justify;text-indent:36.0pt;"><a name="_Hlk525213836"></a><font style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In line with the Group&#8217;s strategy to exit underground mining
operations, ERPM entered into an agreement to sell certain of the underground
mining and prospecting rights held by ERPM including the related liabilities
during the financial year ended 30 June 2014 subject to conditions, including
regulatory approvals. </font></font></p>

<p style="background:white;border:none;margin-left:0cm;margin-right:0cm;text-align:justify;text-indent:36.0pt;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The last </font></font><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">outstanding
regulatory approval, being the approval under Section 11 of the Mineral and
Petroleum Resource Development Act was not fulfilled by the purchaser.
Management decided not to provide any further extension to the purchaser and
accordingly the agreement in respect of the disposal of these underground
mining and prospecting rights, including the related liabilities, lapsed. </font></font></p>

<p style="background:white;border:none;margin-left:0cm;margin-right:0cm;text-align:justify;text-indent:36.0pt;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The R2 million breakage
fee, equal to the transaction costs incurred, plus R0.8 million interest
accrued thereon was paid to ERPM on September 5, 2018.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Crown </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Crown was</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">
acquired on September 14, 1998. Crown exploited various surface sources, including
sand and slime tailings deposited as part of previous mining operations. On
July 1, 2012, Crown sold its mining assets, mining and prospecting rights and
certain liabilities to Ergo in exchange for shares in Ergo as part of the
restructuring of our surface operations. Due to the depletion of ore reserves
in the western Witwatersrand, we took the decision at the end of fiscal year
2016 that in fiscal year 2017 we would complete the recovery of material from a
number of Crown reclamation sites and to close the Crown plant. This plant
operated as a pump/milling station feeding the metallurgical plants until March
2017 when it ceased all operations.</font></font></p>

<p style="background:white;border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4B. BUSINESS OVERVIEW</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We are a South African company </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">that holds assets engaged in surface gold
tailings retreatment including exploration, extraction, processing and smelting</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. Our surface tailings retreatment operations,
including the requisite infrastructure and metallurgical processing plants, are
located in South Africa. Our operating footprint is unique in that it involves
some of the largest concentration of gold tailings deposits in the world,
situated within the city boundaries of Johannesburg and its suburbs.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The success of DRDGOLD&#8217;s long-term goal to extract as
much gold as possible from its assets depends, to a large extent, on how
effectively it continues to manage its capitals. DRDGOLD uses sustainable development
to direct its strategic thinking. We seek sustainable benefits in respect to
financial, manufactured, natural, social and human capitals, each of which is
essential to our operations.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We also aim to align and overlap the interests of
each of these capitals in such a manner that an investment in any one
translates into value-added increases in as many of the others as possible. We
therefore seek to achieve an enduring and harmonious alignment between them,
and we pursue these criteria in the feasibility analysis of each investment.
The board intends to explore the opportunities made possible by technology,
which means further investment in research and development (&#8220;R&amp;D&#8221;) to
improve gold recoveries even further over the long term.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, we completed the
acquisition of the gold assets associated with Sibanye-Stillwater&#8217;s WRTRP, to
be known going forward as FWGR.&#160; This acquisition represents a significant
increase in our assets. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During the fiscal years presented in this Annual
Report, all of our operations took place in one geographic region, namely South
Africa.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784002"></a><a name="_Hlk528784001"></a><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;">21</font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">21</font></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784002;">&nbsp;</font><font style="mso-bookmark:_Hlk528784001;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Description of Our
Mining Business</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Surface tailings retreatment</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Surface tailings retreatment involves the
extraction of gold from old mine dumps,</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">comprising
the waste material from earlier underground gold mining activities. This is done
by reprocessing sand dumps and slimes dams along the reefs that stretch from
east to west just to the south of Johannesburg&#8217;s central business district
(CBD). Sand dumps are the result of the less efficient stamp-milling process
employed in earlier times. They consist of coarse-grained particles which
generally contain higher quantities of gold. Sand dumps are reclaimed
mechanically using front end loaders that load sand onto conveyor belts. The
sand is fed onto a screen where water is added to wash the sand into a sump,
from where it is pumped to the plant. Most sand dumps have already been
retreated using more efficient milling methods. Lower grade slimes dams were
the product of the &#8220;tube and ball mill&#8221; recovery process. This material has
become economically more viable to process owing to improved treatment methods.
The material from the slimes dams is broken down using monitor guns that spray
jets of high pressure water at the target area. The resulting slurry is then
pumped to a treatment plant for processing.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Exploration</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exploration activities are
focused on the extension of existing ore reserves and identification of new ore
reserves both at existing sites and at undeveloped sites. Once a potential site
has been identified, exploration is extended and intensified in order to enable
clearer definition of the site and the portions with the potential to be mined.
Geological techniques are constantly refined to improve the economic viability
of exploration and exploitation. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Our Metallurgical Plants and Processes</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A detailed review of the metallurgical plants and
processes is provided under Item 4D. Property, Plant and Equipment.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Gold Market</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The gold market is relatively liquid compared to
other commodity markets, with the price of gold quoted in dollars. Physical
demand for gold is primarily for manufacturing purposes, and gold is traded on
a world-wide basis. Refined gold has a variety of uses, including jewelry,
electronics, dentistry, decorations, medals and official coins. In addition,
central banks, financial institutions and private individuals buy, sell and
hold gold bullion as an investment and as a store of value (due to the tendency
of gold to retain its value in relative terms against basic goods and in times
of inflation and monetary crises).</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The use of gold as a store of value and the
large quantities of gold held for this purpose in relation to annual mine
production have meant that historically the potential total supply of gold has
been far greater than demand. Thus, while current supply and demand play some
part in determining the price of gold, this does not occur to the same extent
as in the case of other commodities. Instead, the gold price has from time to
time been significantly affected by macro-economic factors such as expectations
of inflation, interest rates, exchange rates, changes in reserve policy by
central banks and global or regional political and economic crises. In times of
inflation and currency devaluation gold is often seen as a safe haven, leading
to increased purchases of gold and support for its price.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The average gold spot price increased by 3%
from $1&nbsp;257 per ounce to $1&nbsp;297 per ounce </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">during fiscal year
2018 </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">after having increased by 8% from $1&nbsp;167</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">$1&nbsp;257</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> during the fiscal
year</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> 2017 and having decreased by 5% from $1&nbsp;224</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">$1&nbsp;167</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> during the fiscal
year</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> 2016. The average gold price received by us
for fiscal year 2018 decreased by 3% to R534&nbsp;344 per kilogram compared to
the previous year at R548&nbsp;268 per kilogram.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Looking ahead we believe that the global
economic environment, including escalating sovereign and personal levels of
debt, economic volatility and the oversupply of foreign currency, will again
make gold attractive to investors. The supply of gold has shrunk and is likely
to shrink even more due to the significantly reduced capital expenditure and
development occurring in the sector.&#160; We believe that this, coupled with global
economic uncertainty, is likely to provide significant support to the gold
price in the long term. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All of our revenue is generated in South Africa. Our total revenue
for year ended June 30, 2018 amounted to R2&nbsp;490.4 million (2017: R2&nbsp;339.9
million and 2016: R2&nbsp;433.1 million).</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All gold we produce is sold on our behalf by Rand
Refinery Proprietary Limited (Rand Refinery) in accordance with a refining
agreement entered into in October&nbsp;2001 and updated in July 2018. The gold
bars which we produce consist of approximately 85% gold, 7-8% silver and the
balance comprises copper and other common elements. The gold bars are sent to Rand
Refinery for assaying and final refining where the gold is purified to 99.9%
and cast into troy ounce bars of varying weights. Rand Refinery then sells the
gold on the same day as delivery, for the London afternoon fixed dollar price,
with the dollar proceeds remitted to us within two days. In exchange for this
service we pay Rand Refinery a variable refining fee plus fixed marketing, loan
and administration fees. We own 11% (fiscal year </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">:
11%) of Rand Refinery.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ore Reserves </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore Reserve estimates in this Annual Report are reported in
accordance with the requirements of the SEC&#8217;s Industry Guide 7. Accordingly, as
of the date of reporting, all ore reserves are planned to be mined under the
life of mine plan within the period of our existing rights to mine, or within
the time period of assured renewal periods of our rights to mine. In addition,
as of the date of this report, all ore reserves are covered by required permits
and governmental approvals. See Item 4D. Property, Plant and Equipment for a
description of the rights in relation to each mine. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In South Africa, we are legally required to publicly report Ore
Reserves and Mineral Resources in compliance with the South African Code for
the Reporting of Exploration Results, Mineral Resources and Mineral Reserves,
or SAMREC Code. The SEC&#8217;s Industry Guide 7 does not recognize Mineral
Resources. Accordingly, we do not include estimates of Mineral Resources in
this Annual Report.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore Reserve calculations are subject to a review conducted in
accordance with SEC Industry Guide 7. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ore
Reserve tons, grade and content are quoted as delivered to the gold plant.
There are two types of methods available to select ore for mining. The first is
pay-limit, which includes cash operating costs, including overhead costs, to
calculate the pay-limit grade. The second is the cut-off grade which includes
cash operating costs, excluding fixed overhead costs, to calculate the cut-off
grade, resulting in a lower figure than the full pay-limit grade. The cut-off
grade is based upon direct costs from the mining plan, taking into consideration
production levels, production efficiencies and the expected costs. We use the
pay-limit to determine which areas to mine as an overhead inclusive amount that
is indicative of the break-even position. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The pay-limit approach is based on the minimum
in-situ grade of reclamation sites, for which the production costs, which
includes all overhead costs, including head office charges, are equal to a
three-year historical average gold price per ounce for that year. This
calculation also considers the previous three years&#8217; mining and milling
efficiencies, which includes metallurgical and other mining factors and the
production plan for the next twelve months. Only areas above the pay-limit
grade are considered for mining. The pay-limit grade is higher than the cut-off
grade, because this includes overhead costs, which indicates the break-even
position of the operation. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; When delineating the economic limits to the ore
bodies, we adhere to the following guidelines: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:54.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The potential ore to be mined is well defined
by an externally verified and approved geological model; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:54.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The potential ore, which is legally allowed
to be mined, is also confined by the mine's lease boundaries; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:54.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">A business plan is prepared to mine the
potential ore. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our Ore Reserves figures are estimates, which may
not reflect actual ore reserves or future production. These figures are
prepared in accordance with industry practice, converting mineral deposits to
an Ore Reserve through the preparation of a mining plan. The Ore Reserve
estimates contained herein inherently include a degree of uncertainty and
depend to some extent on statistical inferences. Ore reserve estimates require
revisions based on actual production experience or new information. Should we
encounter mineralization or formations different from those predicted by past
drilling, sampling and similar examinations, ore reserve estimates may have to
be adjusted and mining plans may have to be altered in a way that might
adversely affect our operations. Moreover, if the price of gold declines, or
stabilizes at a price that is lower than recent levels, or if our production
costs increase or recovery rates decrease, it may become uneconomical to
recover Ore Reserves containing relatively lower grades of mineralization. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our
Ore Reserves are prepared using three year average rand gold prices. We prepare
business plans using the forecast rand gold price at the time of the ore
reserve determination. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold prices and exchange rates used for Ore Reserves and for our
business plan are outlined in the following table.</font></font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

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 <tr style="height:10.9pt;">
  <td width=22% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=26% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></u></b></p>
  </td>
 <td colspan=2 width=26% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></u></b></p>
  </td>
 <td colspan=2 width=26% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></u></b></p>
  </td>
 </tr>
<tr style="height:36.0pt;">
  <td width=22% style="height:36.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=13% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Three-year average </font></u></p>
  </td>
 <td width=13% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Prevailing gold price</font></u></p>
  </td>
 <td width=13% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Three-year average gold price</font></u></p>
  </td>
 <td width=13% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Prevailing gold price</font></u></p>
  </td>
 <td width=13% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Three-year average gold price</font></u></p>
  </td>
 <td width=13% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Prevailing gold price</font></u></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=22% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Reserve gold price &#8211;$/oz</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;240</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;328</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1,216</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1,280</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1,228</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1,293</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=22% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Reserve gold price &#8211;R/kg</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">543&nbsp;327</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">550&nbsp;411</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">514,785</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">565,000</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">475,268</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">591,697</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=22% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Exchange rate &#8211;R/$</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">13.63</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12.90</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">13.17</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">13.73</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12.03</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14.23</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=22% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">O</font><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ur Ore Reserves (imperial) increased from 2.99&nbsp;million ounces at June
30,&nbsp;2017, to 3.28&nbsp;million ounces at June 30,&nbsp;2018, </font><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">mainly
because of a drilling program and pre-feasibility study (&#8220;PFS&#8221;) that commenced
during September 2016 and continued into fiscal year 2018, aimed at
re-evaluating our surface gold tailings, and specifically due to drilling
performed on the Rooikraal tailings deposition facility in fiscal 2018. The
increase was offset by depletion through ongoing mining activities. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The life of mine for Ergo based on proven and probable ore
reserves under Industry Guide 7 of the SEC as at June 30, 2018, was 12 years
and the life of mine as at June 30, 2017, 12 years</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>



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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784002"></a><a name="_Hlk528784001"></a><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;">23</font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">23</font></font></font></font><font style="mso-bookmark:_Hlk528784001;"><font style="mso-bookmark:_Hlk528784002;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784002;">&nbsp;</font><font style="mso-bookmark:_Hlk528784001;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan no-line-numbers;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:.7pt;">&nbsp;</font></p>


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<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td colspan=13 nowrap width=100% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD's Ore Reserves as of
  June 30, 2018 and 2017 are set forth in the tables below.</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=16% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore
  Reserves: Imperial</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=16% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">At June 30, 2018</font></b></p>
  </td>
 <td colspan=6 width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">At June 30, 2017</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=16% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Proven Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Probable Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Proven Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Probable Ore Reserves</font></b></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td width=16% style="height:24.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Tons &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Grade &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Gold Content </font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Tons &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Grade &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Gold Content </font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Tons &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Grade &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Gold Content </font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Tons &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Grade &nbsp;</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;Gold Content </font></b></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td width=16% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(mill) &nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(oz/ton) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;('000 ozs) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(mill) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(oz/ton) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;('000 ozs) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(mill) &nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(oz/ton) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;('000 ozs) </font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(mill) &nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;(oz/ton) &nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;('000 ozs) </font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=16% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo<sup>1</sup></font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Surface </font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">74.988</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">663</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">291&nbsp;198</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;617</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">99.691</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">881</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">230.136</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;110</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total<sup>1</sup></font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">74.988</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">663</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">291&nbsp;198</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;617</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">99.691</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">881</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">230.136</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.01</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;110</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=3 nowrap valign=bottom width=30% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore
  reserves: Metric</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=16% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">At June 30, 2018</font></b></p>
  </td>
 <td colspan=6 width=42% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">At June 30, 2017</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=16% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Proven Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Probable Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Proven Ore Reserves</font></b></p>
  </td>
 <td colspan=3 width=21% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Probable Ore Reserves</font></b></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td width=16% style="height:24.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Tonnes</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Grade</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold Content</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Tonnes</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Grade</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold Content</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Tonnes</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Grade</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold Content</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Tonnes</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Grade</font></b></p>
  </td>
 <td width=7% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold Content</font></b></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td width=16% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(mill)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(g/tonne)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(tonnes)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(mill)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(g/tonne)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(tonnes)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(mill)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(g/tonne)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(tonnes)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(mill)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(g/tonne)</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(tonnes)</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo<sup>1</sup></font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Surface </font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">68.03</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.303</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">20.590</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">264.17</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.308</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">81.300</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">90.44</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.303</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">27.414</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">208.782</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.314</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">65.621</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total<sup>1</sup></font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">68.03</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.303</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">20.590</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">264.17</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.308</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">81.300</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">90.44</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.303</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">27.414</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">208.782</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.314</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">65.621</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=16% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;border-bottom:solid black 1.0pt;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
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<tr style="height:15.0pt;">
  <td nowrap width=16% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=7% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:24.6pt;">
  <td colspan=13 width=100% style="height:24.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1</font></sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> The Ore Reserves listed in the above
  table are estimates of what can be legally and economically recovered from
  operations, and, as stated, are estimates of tons delivered to the plant. </font></p>
  </td>
 </tr>
</table></div>










<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name="_Hlk495562896_0"></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:right;"><font style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;"></font></font><font style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;">24</font></font><font style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;"></font></font></font><font style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#548DD4 face="Times New Roman,serif" style="border:none;"><font color=#548DD4 face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The
measurement and classification of our Proven and Probable Ore Reserves are
sensitive to an extent to the fluctuation of the rand gold price. If we had
used different rand gold prices than the three-year average prices at the time
of ore reserve determination, as of June 30, 2018 and 2017 respectively, we
would not have had significantly different ore reserves as of those dates.
Using the same methodology and assumptions as were used to estimate Ore
Reserves but with different rand gold prices as detailed below, our Ore
Reserves as of June 30, 2018 and 2017 would be as follows:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:28.9pt;">
  <td valign=bottom width=34% style="height:28.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Year ended June 30, 2018</font></b></p>
  </td>
 <td valign=bottom width=17% style="height:28.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Three-year average gold price</font></u></b></p>
  </td>
 <td valign=bottom width=17% style="height:28.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Prevailing price</font></u></b></p>
  </td>
 <td valign=bottom width=16% style="height:28.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10% Below prevailing price</font></u></b></p>
  </td>
 <td valign=bottom width=16% style="height:28.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10% Above prevailing price</font></u></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=34% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Rand gold price per kilogram </font></p>
  </td>
 <td width=17% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">543&nbsp;527</font></p>
  </td>
 <td width=17% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">550&nbsp;411</font></p>
  </td>
 <td width=16% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">495&nbsp;370</font></p>
  </td>
 <td width=16% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">605&nbsp;452</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td width=34% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Dollar gold price per ounce </font></p>
  </td>
 <td width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;240</font></p>
  </td>
 <td width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;328</font></p>
  </td>
 <td width=16% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;195</font></p>
  </td>
 <td width=16% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;461</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td width=34% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore Reserves (million ounces)</font></p>
  </td>
 <td width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.28</font></p>
  </td>
 <td width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.28</font></p>
  </td>
 <td width=16% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.28</font></p>
  </td>
 <td width=16% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.28</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=34% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.75pt;">
  <td valign=bottom width=34% style="height:24.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Year ended June 30, 2017</font></b></p>
  </td>
 <td valign=bottom width=17% style="height:24.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Three-year average gold price</font></u></b></p>
  </td>
 <td valign=bottom width=17% style="height:24.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Prevailing price</font></u></b></p>
  </td>
 <td valign=bottom width=16% style="height:24.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10% Below prevailing price</font></u></b></p>
  </td>
 <td valign=bottom width=16% style="height:24.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10% Above prevailing price</font></u></b></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td width=34% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Rand gold price per kilogram </font></p>
  </td>
 <td width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">514&nbsp;785</font></p>
  </td>
 <td width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">565&nbsp;000</font></p>
  </td>
 <td width=16% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">508&nbsp;500</font></p>
  </td>
 <td width=16% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">621&nbsp;500</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td width=34% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Dollar gold price per ounce </font></p>
  </td>
 <td width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;216</font></p>
  </td>
 <td width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;280</font></p>
  </td>
 <td width=16% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;152</font></p>
  </td>
 <td width=16% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;408</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td width=34% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore Reserves (million ounces)</font></p>
  </td>
 <td width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.0</font></p>
  </td>
 <td width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.0</font></p>
  </td>
 <td width=16% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.9</font></p>
  </td>
 <td width=16% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.0</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.9pt;">
  <td nowrap valign=bottom width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=90% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  approximate mining recovery factors for the 2018 ore reserves shown in the
  above table are as follows:</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=10% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Metallurgical </font></u></b></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Mine Call Factor</font></u></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">recovery factory</font></u></b></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(%)</font></u></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(%)</font></u></b></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap width=10% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo </font></p>
  </td>
 <td nowrap width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">100</font></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">48</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=10% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=90% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  approximate mining recovery factors for the 2017 ore reserves shown in the above
  table are as follows:</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=10% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Metallurgical </font></u></b></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Mine Call Factor</font></u></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">recovery factory</font></u></b></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(%)</font></u></b></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(%)</font></u></b></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap width=10% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo </font></p>
  </td>
 <td nowrap width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">95</font></p>
  </td>
 <td nowrap width=17% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">47.4</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=16% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:14.4pt;">
  <td nowrap valign=bottom width=10% style="height:14.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=90% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  following table shows the average drill/sample spacing (rounded to the
  nearest foot), as at June 30, 2018 and 2017, for </font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td colspan=4 nowrap width=100% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">each
  category of Ore Reserves at our mines calculated based on a three year
  average dollar price of gold.</font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td nowrap valign=bottom width=10% style="height:14.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:14.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=29% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Proven</font></b></p>
  </td>
 <td width=31% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Probable</font></b></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td nowrap width=10% style="height:14.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=30% style="height:14.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=29% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Reserves</font></u></b></p>
  </td>
 <td width=31% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Reserves</font></u></b></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td nowrap width=10% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo </font></p>
  </td>
 <td nowrap width=30% style="height:14.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=29% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">328 ft. by 328 ft.</font></p>
  </td>
 <td nowrap width=31% style="height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">328 ft. by 328 ft.</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.15pt;">
  <td nowrap valign=bottom width=10% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=90% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  pay-limit grades based on the three year average dollar price for gold
  amounting to R543,527 and costs used to determine </font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td colspan=4 nowrap width=100% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">reserves
  as of June 30,&nbsp;2018, are as follows:</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=10% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=31% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Costs used to determine pay-</font></u></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap width=10% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=30% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=29% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Pay-limit grade (g/t)</font></u></b></p>
  </td>
 <td nowrap width=31% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">limit grade (R/t)</font></u></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap width=10% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo </font></p>
  </td>
 <td nowrap width=30% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=29% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.224</font></p>
  </td>
 <td nowrap width=31% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">58.41</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=10% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=10% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=90% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  pay-limit grades based on the three year average dollar price for gold
  amounting to R514,785 and costs used to determine </font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td colspan=4 nowrap width=100% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">reserves
  as of June 30,&nbsp;2017, are as follows:</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=10% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=31% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Costs used to determine pay-</font></u></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap width=10% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=29% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Pay-limit grade (g/t)</font></u></b></p>
  </td>
 <td nowrap width=31% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">limit grade (R/t)</font></u></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=10% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=29% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.284</font></p>
  </td>
 <td nowrap width=31% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">65.95</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=10% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=29% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=31% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=10% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=90% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We
  apply the pay-limit approach to the mineralized material database of our
  business in order to determine the tonnage and </font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td colspan=4 nowrap width=100% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">grade
  available for mining. </font></p>
  </td>
 </tr>
</table></div>




<DIV bclFooter>


<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">25</font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_29"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Governmental regulations and their effects on
our business</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Common Law Mineral Rights and Statutory
Mining Rights</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior to the introduction of
the Minerals and Petroleum Resources Development Act, or MPRDA in 2002,
ownership in mineral rights in South Africa could be acquired through the common
law or by statute. With effect from May 1, 2004, all minerals have been placed
under the custodianship of the South African government under the provisions of
the MPRDA and old order proprietary rights were required to be converted to new
order rights of use within certain prescribed periods, as dealt with in more
detail below. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Conversion of Rights under the Mineral and Petroleum Resources
Development Act, 2002</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Existing old order rights were required to be
converted into new order rights in order to ensure exclusive access to the
mineral for which rights existed at the time of the enactment of the MPRDA. In
respect of used old order mining rights, the DMR is obliged to convert the
rights if the applicant complies with certain statutory criteria. These include
the submission of a mining works program, demonstrable technical and financial
capability to give effect to the program, provision for environmental
management and rehabilitation, and compliance with certain black economic
empowerment criteria and a social and labor plan. These applications had to be
submitted within five years after the promulgation of the MPRDA on
May&nbsp;1,&nbsp;2004. Similar procedures apply where we hold prospecting
rights and a prospecting permit and conduct prospecting operations. Under the
MPRDA mining rights are not perpetual, but endure for a fixed period, namely a
maximum period of thirty years, after which they may be renewed for a further
period of thirty years. Prospecting rights are limited to five years, with one
further period of renewal of three years. Applications for conversion of our
old order rights were submitted to the DMR within the requisite time periods.
As at September 30, 2018, all of our Ergo operation&#8217;s old order mining rights
have been converted into new order rights under the terms of the MPRDA.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Broad Based Socio-Economic Empowerment Charter</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In order to promote broad based participation in
mining revenue, the MPRDA provides for a Mining Charter to be developed by the
Minister within six months of commencement of the MPRDA beginning May 1, 2004.
The Mining Charter was initially published in August 2004 and was subsequently
amended in September 2010. Its objectives include: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">increased direct and indirect ownership of
mining entities by qualifying parties as defined in the Mining Charter;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">expansion of opportunities for persons
disadvantaged by unfair discrimination under the previous political
dispensation; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">expansion of the skills base of such persons,
the promotion of employment and advancement of the social and economic welfare
of mining communities; and </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">promotion of beneficiation. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Mining Charter sets certain goals on
equity participation (amount of equity participation and time frames) by
historically disadvantaged South Africans of South African mining assets. It
recommends that these are achieved by, among other methods, disposal of assets
by mining companies to historically disadvantaged persons on a willing seller,
willing buyer basis at fair market value. The goals set by the Mining Charter
require each mining company to achieve 15&nbsp;percent ownership by
historically disadvantaged South Africans of its South African mining assets
within five years and 26&nbsp;percent ownership by May 1, 2014. It also sets
out guidelines and goals in respect of employment equity at management level
with a view to achieving 40&nbsp;percent participation by historically
disadvantaged persons in management and ten percent participation by women in
the mining industry, each within five years from May 1, 2004. Compliance with
these objectives is measured on the weighted average &#8220;scorecard&#8221; approach in
accordance with a scorecard which was first published around August 2010. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;The Mining Charter and the related scorecard are
not legally binding and, instead, simply state a public policy. However, the
DMR places significant emphasis on the compliance therewith. The Mining Charter
and scorecard, have a decisive effect on administrative action taken under the
MPRDA. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">recognition of the Mining Charter&#8217;s objectives of transforming the
mining industry by increasing the number of black people in the industry to
reflect the country&#8217;s population demographics, to empower and enable them to
meaningfully participate in and sustain the growth of the economy, thereby
advancing equal opportunity and equitable income distribution, we</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> have achieved our commitment to ownership
compliance with the MPRDA through our existing black economic empowerment
structure with Khumo Gold and the DRDSA Empowerment Trust. Our black economic
empowerment partners, Khumo Gold and the DRDSA Empowerment Trust, hold 4% and
2%, respectively, in DRDGOLD Limited. (See Item 4C. Organizational Structure). </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The mining industry in South Africa is extensively
regulated through legislation and regulations issued by government&#8217;s
administrative bodies. These involve directives with respect to health and
safety, mining and exploration of minerals, and managing the impact of mining
operations on the environment. A change in regulatory or government policies
could adversely affect our business.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On September 27, 2018 the Broad-Based
Socio-Economic Empowerment Charter for the Mining and Minerals Industry, 2018
(&#8220;Mining Charter 2018&#8221;) was published in Government Gazette No. 41934 of
Government Notice No. 639 on September 27, 2018 superseding and replacing all
previous charters, including the Reviewed Broad-Based Black Economic
Empowerment Charter for the South African Mining and Minerals Industry, 2016
(&#8220;Mining Charter III&#8221;).</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;">26</font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">26</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mining Charter 2018 requires
an enduring 30% BEE interest in respect of new mining rights. It also has
extensive provisions in respect of HDP representation at board and management,
as well provisions relating to local procurement of goods and services. The
procurement target of the total spend on services from South African companies
has been pegged at 80% (up from 70% in Mining Charter III) and 60% of the
aggregate spend thereof must be apportioned to BEE entrepreneurs. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Key provisions of Mining Charter 2018, which are
welcomed by the industry are:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The conditional acceptance of
the continued consequences of previous compliance of the BEE ownership
threshold of 26% in respect of existing mining rights;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Of the 30% HDP ownership
component, qualifying employees and communities are each to hold a 5% carried
interest (as opposed to a free carry interest as per Mining Charter III)&#160; the
cost of which may be recovered by the mining right holder from the development
of the asset. The community interest in turn may be offset by way of an equity
equivalent;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Removal of the so-called 1% of EBITDA trickle
dividend provided for in Mining Charter III; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The removal of provisions requiring community and
employee representation at board level.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Elements of Mining Charter 2018 which we consider unfortunate, and
which will be the topic of ongoing discussion with the DMR,&#160; are: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that the continuing consequences of HDP ownership
are not recognized for transfers of mining rights; and </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that a top up of HDP ownership back to 30% is
required for the renewal of existing rights.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; DRDGOLD is a member for the Minerals Council who
has noted a material improvement on Mining Charter 2018, but still expresses
concern on its ability to promote growth and attract investment. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Minerals Council provided, on behalf of its
members, its preliminary response on October 3, 2018 and welcomed the
publication of the Mining Charter and indirectly that it broadly supports its
purpose and content. The Minerals Council noted that the Mining Charter is the
product of substantial engagement between key stakeholders and is a compromise
that reflects different difficult choices that have been made. This Mining
Charter provides a better balance between the mutually reinforcing concepts of
promoting competitiveness and transformation. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mine Health and Safety Regulation</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The South African Mine Health and Safety Act, 1996
(as amended), or the Mine Health and Safety Act, came into effect in
January&nbsp;1997. The principal object of the Mine Health and Safety Act is to
improve health and safety at South African mines and, to this end, imposes
various duties on us at our mines and grants the authorities broad powers to,
among other things, close unsafe mines and order corrective action relating to
health </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and safety matters. In the event of any future accidents at any of
our mines, regulatory authorities could take steps which could increase our
costs and/or reduce our production capacity. The </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Act was amended in </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2009 and
the amendments to the Act dealt with </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">inter alia</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> the stoppage of
production and increase punitive measures including increased financial fines
and legal liability of mine management. Some of the more important new
provisions in the 2009 amendment bill are the insertion of a new section 50(7A)
that obliges an inspector to impose a prohibition on the further functioning of
a site where a person&#8217;s death, serious injury or illness to a person or a
health threatening occurrence has occurred; a new section 86A(1) creating a new
offence for any person who contravenes or fails to comply with the provisions
of the Mine Health and Safety Act thereby causing a person&#8217;s death or serious
injury or illness to a person. Subsection (3) further provides that (a) the
&#8220;fact that the person issued instructions prohibiting the performance or an
omission is not in itself sufficient proof that all reasonable steps were taken
to prevent the performance or omission&#8221;; and that (b) &#8220;the defense of ignorance
or mistake by any person accused cannot be permitted&#8221;; or that (c) &#8220;the defense
that the death of a person, injury, illness or endangerment was caused by the
performance or an omission of any individual within the employ of the employer
may not be admitted&#8221;; a new section 86A(2) creating an offence of vicarious
liability for the employer where a Chief Executive Officer, manager, agent or
employee of the employer committed an offence and the employer either connived
at or permitted the performance or an omission by the Chief Executive Officer,
manager, agent or employee concerned; or did not take all reasonable steps to
prevent the performance or an omission. The maximum fines have also been
increased. Any owner convicted in terms of section 86 or 86A may be sentenced
to &#8220;withdrawal or suspension of the permit&#8221; or to a fine of R3 million or a
period of imprisonment not exceeding five years or to both such fine and
imprisonment, while the maximum fine for other offences and for administrative
fines have all been increased, with the highest being R1 million.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Under the South African Compensation for
Occupational Injuries and Diseases Act, 1993 (as amended), or COID Act,
employers are required to contribute to a fund specifically created for the
purpose of compensating employees or their dependents for disability or death
arising in the course of their work. Employees who are incapacitated in the
course of their work have no claim for compensation directly from the employer
and must claim compensation from the COID Act fund. Employees are entitled to
compensation without having to prove that the injury or disease was caused by
negligence on the part of the employer, although if negligence is involved,
increased compensation may be payable by this fund. The COID Act relieves
employers of the prospect of costly damages, but does not relieve employers
from liability for negligent acts caused to third parties outside the scope of
employment. In fiscal year 2018, we contributed approximately R3.7 million
under the COID Act (2017: R3.6 million and 2016: R3.4 million) to a
multi-employer industry fund administered by Rand Mutual Assurance Limited.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Under the Occupational Diseases in Mines and Works
Act, 1973 (as amended), or the Occupational Diseases Act, the multi-employer
fund pays compensation to employees of mines performing &#8220;risk work,&#8221; usually in
circumstances where the employee is exposed to dust, gases, vapors, chemical
substances or other working conditions which are potentially harmful, or if the
employee contracts a &#8220;compensatable disease,&#8221; which includes pneumoconiosis,
tuberculosis, or a permanent obstruction of the airways. No employee is
entitled to benefits under the Occupational Diseases Act for any disease for
which compensation has been received or is still to be received under the COID
Act. These payment requirements are based on a combination of the employee
costs and claims made during the fiscal year.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Uranium and radon are often
encountered during the ordinary course of gold mining operations in South
Africa, and present potential risks for radiation exposure of workers at those
operations and the public to radiation in the nearby vicinity. We monitor our
uranium and radon emissions for compliance with all local laws and regulations
pertaining to uranium and radon management and under the current legislative
exposure limits prescribed for workers and the public, under the Nuclear Energy
Act, 1999 (as amended) and Regulations from the National Nuclear Regulator. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Environmental Regulation</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Managing the impact of mining on the
environment is extensively regulated by statute in South Africa. Recent
statutory enactments set compliance standards both generally, in the case of
the National Environmental Management Act, and in respect of specific areas of
environment impact, as in the case of the Air Quality Act 2004, the National
Water Act (managing effluent), and the Nuclear Regulator Act 1999. Liability
for environmental damage is also extended beyond the corporate veil to impose
personal liability on managers and directors of mining corporations that are
found to have violated applicable laws.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The impact on the environment by mining
operations is extensively regulated by the MPRDA. The MPRDA has onerous
provisions for personal liability of directors of companies whose mining
operations have an unacceptable impact on the environment.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mining companies are also required to
demonstrate both the technical and financial ability to sustain an ongoing
environmental management program, or EMP, and achieve ultimate rehabilitation,
the particulars of which are to be incorporated in an EMP. This program is required
to be submitted and approved by the DMR as a prerequisite for the issue of a
new order mining right. Various funding mechanisms are in place, including
trust funds, guarantees and concurrent rehabilitation budgets, to fund the
rehabilitation liability.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:12.0pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The MPRDA imposes specific, ongoing
environmental monitoring and financial reporting obligations on the holders of
mining rights.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We believe that our environmental risks have been
addressed in EMPs which have been submitted to the DMR for approval.
Additionally, key environmental issues have been prioritized and are being
addressed through active management input and support as well as progress
measured in terms of activity schedules and timescales determined for each
activity. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our existing reporting and controls framework is
consistent with the additional reporting and assessment requirements of the
MPRDA. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Amendment Bill to the MPRDA</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On March 6, 2014 the South African Parliament
approved an Amendment Bill to the MPRDA. The Bill will come into effect once
signed by the President of the Republic of South Africa. Some of the more
important changes introduced by the Bill is to allow the holder of a Mining
Right to also mine &#8220;associated minerals&#8221; not specifically included in the
Mining Right; it addresses anti-competitive conduct by requiring the Minister
of Minerals to refuse an application for exploration rights if it will cause a
&#8220;concentration of rights&#8221; as defined in the Bill; historic and old mine dumps
are to be included in the definition of &#8220;residue stockpiles&#8221; and certain
rehabilitation obligations are created in respect of the discarded mines to
which they pertain; and liability for rehabilitation will extend beyond the
issuance of a closure certificate and financial provision for closed sites will
be required to be maintained for a period of 20 years after a site is closed.
Should the amendment bill to the MPRDA be enacted in its currently proposed form,
the latter three amendments referred to above may have a fundamental impact on
the Group's estimated environmental provisions.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Bill was finally withdrawn by the
Minister of Mineral Resources on 22 August 2018, citing, amongst other things,
that there were no inherent inhibitions from the subsistence of the MPRDA in
current form</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Provision for Rehabilitation</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We are required to make financial provision for the
cost of mine closure and post-closure rehabilitation, including monitoring once
the mining operations cease. We fund these environmental rehabilitation costs
by irrevocable contributions to environmental trust funds that function under
the authority of trustees that have been appointed by, and who owe a statutory
duty of trust to the Master of the High Court of South Africa. The funds held
in these trusts are invested primarily in interest bearing debt securities. As
of June 30, 2018, we held a total of R118.0 million (2017: R110.5 million) in
trust, the balance held in each fund being R107.5 million (2017: R100.6
million) for Ergo and R10.5&nbsp;million (2017: R9.9&nbsp;million) for ERPM.
Trustee meetings are held as required and quarterly reports on the financial
status of the funds, are submitted to our board of directors. If any of the
operations are prematurely closed, the rehabilitation funds may be insufficient
to meet all the rehabilitation obligations of those operations. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whereas the old Minerals Act allowed for the
establishment of a fully funded rehabilitation fund over the operational life
of mine, the MPRDA assumes a fully compliant fund at any given time. Insurance
instruments may also be utilized to make up the shortfall in available cash
funds subject to the DMR&#8217;s consent. The Company has subsequently made use of
approved insurance products for a portion of its rehabilitation liabilities. As
of June 30, 2018, we held a total of R126.0 million (2017: R117.2 million) in
funds held in insurance instruments. As at June 30, 2018 guarantees amounting
to R427.3 million (2017: R427.3 million) were issued to the DMR.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The provision for environmental rehabilitation for
the group was R553.4 million at June 30, 2018, compared to R531.7 million at June
30, 2017. The provision for environmental rehabilitation for the group at June
30, 2016 consisted of R522.9 million included in provision for environmental
rehabilitation as well as R15.6 million included in liabilities classified as
held for sale.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;">28</font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">28</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; New Financial Provisioning
Regulations (&#8220;FPR&#8221;) were promulgated on November 20, 2015 under the National
Environmental Management Act, 107 of 1998 (&#8220;NEMA&#8221;) </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">by the Department of
Environmental Affairs (&#8220;DEA&#8221;)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.
Proposed amendments to the FPRs were published for public comment GNR 1228 GG
41236 of 10 November 2017 (&#8220;Draft Regulations&#8221;), which seek to address some
challenges relating to the implementation thereof. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Under the FRPs to be implemented by the DMR,
existing environmental rehabilitation trust funds, of which DRDGOLD has R118.0
million, may be used only for post closure activities and may no longer be
utilized for their intended purpose of concurrent and final rehabilitation on
closure. As a result, new provisions will have to be made for these activities.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Further amendments to the FPR, 2015 (&#8220;Proposed
Amendments&#8221;) were published on Friday, 21 September 2018, which extends the
compliance therewith to 19 February 2020. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Proposed Amendments, in their current form and
which are still subject to the approval of the DMR and Treasury, allow under
certain circumstances for the withdrawal against financial provision (which is
currently not contemplated in the FPR, 2015). It is therefore uncertain whether
these provisions relating to withdrawal will remain in their current form, or
at all, in the draft which the DEA is aiming to publish for comment in November
2018.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Regulation 5(4) of the Proposed Amendments states
that the determination of financial provision must be undertaken by a
specialist, which according to the definitions listed in the Proposed
Amendments is an &#8220;independent person&#8221;. Regulation 10 of the Proposed Amendments
further requires the annual review and re-assessment of financial provision by
an independent specialist, which in terms of Regulation 11 of the Proposed
Amendments must also be audited by an independent auditor. The Proposed
Amendments do not require that the annual review and re-assessment of financial
provision be audited by a financial auditor.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4C. ORGANIZATIONAL STRUCTURE</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The following chart shows our principal subsidiaries as of
September 30,&nbsp;2018. All of our subsidiaries are incorporated in South
Africa. Our voting interest in each of our subsidiaries are equal to our
ownership interests. We hold the majority of the investments directly or
indirectly as indicated below. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">During fiscal year 2018, we completed a
reorganization of some of our subsidiaries to simplify our group structure. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Refer to Exhibit 8.1 for a list of our
significant subsidiaries. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><img align=left height=1 src="maindocument001x31x0.jpg" width=309></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4D. PROPERTY, PLANT AND EQUIPMENT</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Description of Significant Subsidiaries'
Properties and Mining Operations, September 2018</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">FWGR</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Overview</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, we acquired surface
gold processing assets and tailing storage facilities that include Driefontein
3 and 5, Kloof 1, Venterspost North and South, Libanon, Driefontein 4,
Driefontein 2 plant, Driefontein 3 plant, WRTRP pilot plant, and land for the
development of a central processing plant, regional tailings storage facility
and return water dam (together, the &#8220;WRTRP Assets&#8221;) associated with
Sibanye-Stillwater&#8217;s WRTRP, to be known going forward as FWGR.&#160; This
acquisition represents a significant increase in our assets, which will impact
our results in future years.&#160; In connection with the acquisition, we issued to
Sibanye-Stillwater new shares equal to 38.05% of outstanding shares and granted
Sibanye-Stillwater an option to acquire up to a total of 50.1% of our shares </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">for a period of 2 years from the effective
date of the acquisition at a 10% discount to the prevailing market value</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">. For more information regarding this acquisition
refer to our Form 6-K, dated November 22, 2017 &quot;Proposed Transaction to
acquire the WRTRP assets from Sibanye-Stillwater, waiver of mandatory offer and
cautionary announcement&quot;, incorporated by reference herein and Item 10C.
Material Contracts. We acquired the following assets as a result of the
acquisition:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Asset</font></b></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Description</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Additional tailings dams</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Movable surface tailings dams which form part of
  the gold assets of the WRTRP Assets and which include Driefontein Dumps 3 and
  5, Kloof 1, Venterspost North and South and Libanon Dump.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">DP2 Plant</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The Driefontein 2 Plant which is located on
  Portion 6 of Farm Blyvooruitzicht No 116 Registration Division I.Q. and
  Remainder of Portion 1 of the Farm Driefontein No 113, Registration Division
  I.Q., Gauteng Province. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The DP2 Plant processes surface rock dumps (&#8220;</font><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">SRD</font></b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#8221;)
  material, which is delivered by rail and truck. Throughput is achieved
  through two Semi-Autogenous Grinding (&#8220;</font><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">SAG</font></b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#8221;) mills and a ball milling
  circuit, cyanide leaching and a Cleaning-in-place (&#8220;</font><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">CIP</font></b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#8221;) plant. A
  Carbon-in-leach circuit was commissioned in 2014 at DP2 Plant to improve
  recoveries by replacing the aging CIP circuit.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">DP3 Plant</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The Driefontein 3 Plant which is located on
  Portion 6 of Farm Blyvooruitzicht No 116, Registration Division I.Q., Gauteng
  Province.</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The DP3 Plant
  was originally designed as a uranium plant, but was </font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">c</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">onverted to process
  low-grade surface rock in 1998. Similar to DP2 Plant, SRD ore is delivered by
  rail and truck. This plant has four SAG mills followed by cyanide leaching
  and a CIP circuit.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Driefontein 4</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The current active tailings deposition facility
  which forms part of the gold assets of the WRTRP Assets.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Pilot Plant</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The moveable LogiProc pilot plant established to
  test the processes, techniques and assumptions made in the definitive level
  design of the full scale retreatment of dumps as part of the WRTRP Assets and
  located at Driefontein 1 Plant.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Plan and Materials</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Any and all drawings, plans, studies (including
  feasibility studies of a geological or geotechnical nature), surveys, reports
  (including sampling and assaying reports), maps (including geophysical,</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">geological
  and/or drill maps), statements, schedules and other data in whatever form of
  a financial, technical, labour, marketing,</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">administrative, accounting
  or other matters pertaining to the WRTRP Assets.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Transferring Land</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The land upon which:</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:8.7pt;text-align:justify;text-indent:-8.7pt;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;the proposed
  Central Processing Plant (&#8220;</font><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">CPP</font></b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#8221;) will be located&nbsp;after the
  subdivision of the Farm Rietfontein No 347</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Registration Division I.Q.
  Portion 35 and 73, Gauteng</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Province;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">and</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:8.7pt;text-align:justify;text-indent:-8.7pt;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;the Regional
  Tailing Storage Facility and Return Water Dam will &nbsp;be located and which
  is proposed to form part of the WRTRP&nbsp;Assets.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Active Tailings Dams</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The Driefontein 1 and 2, Kloof 2 and Leeudoorn
  currently active tailings dams will also be transferred,</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">for no
  additional consideration, once they have been decommissioned by
  Sibanye-Stillwater.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Licences to Operate</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">All the licences, permits, permissions, management
  plans and reports, as well as amendments, variations or modifications thereof
  from time to time necessary for Sibanye-Stillwater to operate the WRTRP
  Assets lawfully.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">Access Rights</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:left;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=78% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The grant of access to DRDGOLD of the:</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:8.7pt;text-align:justify;text-indent:-8.7pt;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;Driefontein 10
  shaft;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:8.7pt;text-align:justify;text-indent:-8.7pt;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;Kloof 10 shaft
  located in the Kloof mining area that is subject to the Kloof Mining Right,
  for the purpose of pumping and &nbsp;supplying, at the cost of WRTRP, the
  required quantities of water, as licenced, for the WRTRP Assets;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:8.7pt;text-align:justify;text-indent:-8.7pt;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;rights,
  servitudes and agreements for installation, supply and distribution and
  maintenance of power supply; existing and proposed pipeline routes;
  servitudes; wayleaves and surface right permits; and</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#010202 face="Times New Roman,serif" style="border:none;"><b><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&#183;</font></b></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;&nbsp;Driefontein</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;"> &nbsp;</font></font><font color=#010202 face="Times New Roman,serif" style="border:none;"><font color=#010202 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">1 Gold Plant
  for the purpose of accessing the Pilot Plant.</font></font></p>
  </td>
 </tr>
</table></div>




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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Overview</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We
own 100% of Ergo. Ergo is a surface tailings retreatment operation operating </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">across central and east Johannesburg</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In order to improve synergies, effect cost savings
and establish a simpler group structure, DRDGOLD restructured the Group&#8217;s
surface operations (Crown, </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ERPM&#8217;s Cason Dump surface operation and </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ErgoGold) into Ergo with effect from July 1, 2012.
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ERPM&#8217;s Cason Dump surface tailings retreatment operation was depleted in
the first half of fiscal year 2015. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">At June
30, 2018, Ergo employed 862 full-time employees. In addition, specialist
service providers deployed a further 1&nbsp;426 employees to our operations
bringing the total number of in-house and outsourced employees to 2&nbsp;288
(at June 30, 2017: </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">2,215; </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">at June 30, 2016: </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">2,484)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Properties</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Ergo plant is located approximately 43 miles
(70 kilometers) east of the Johannesburg&#8217;s central business district in the
province of Gauteng on land owned by Ergo. Access to the Ergo plant is via the
Ergo Road on the N17 Johannesburg-Springs motorway. As of June 30, 2018, and
September 2018, no encumbrances exist on Ergo's property.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Crown operation is situated on the outskirts of
Johannesburg, South Africa and consists of three separate locations, City Deep,
Crown Mines and Knights. The entire mining footprint consists of the mining
rights of City Deep, Consolidated Main Reef &amp; Estates, Crown Mines (&#8220;3Cs&#8221;)
and Knights. Crown&#8217;s mining rights have been converted to new order rights
under the MPRDA and the mining rights in respect of the 3Cs and Knights were
registered at the Mineral and Petroleum Titles Registration Office in January
2014. Following the restructuring of the company into a single surface
retreatment business unit, these mining rights were transferred to Ergo in
March 2014.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Crown Mines operation was located on the West
Wits line within the Central Goldfield of the Witwatersrand Basin,
approximately 6 miles (10 kilometers) west of the Johannesburg central business
district in the province of Gauteng. Access is via Xavier Road on the M1
Johannesburg-Kimberley-Bloemfontein highway. However, over a period of more
than 30 years our ore reserves in the western Witwatersrand had become
depleted. We therefore took a decision at the end of fiscal year 2016 that in
fiscal year 2017 we would complete the recovery of material from a number of
Crown reclamation sites and to close the Crown plant. This plant operated as a
pump/milling station feeding the metallurgical plants until March 2017 when it
ceased all operations. By the end of fiscal year 2018, most of the Crown sites
had been cleared and the rehabilitation of the Crown plant site, has
substantially been completed.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The City Deep operation is located on the West Wits
line within the Central Goldfields of the Witwatersrand Basin, approximately 3
miles (5 kilometers) south-east of the Johannesburg central business district
in the province of Gauteng. Access is via the Heidelberg Road on the M2
Johannesburg-Germiston motorway. The City Deep plant continues to operate as a
pump/milling station feeding the metallurgical plants.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Knights operation is located at Stanley and
Knights Road Germiston off the R29 Main Reef Road. The Knights plant continues
to operate as a metallurgical plant.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td colspan=2 nowrap valign=bottom width=100% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">History
  of Ergo</font></b></p>
  </td>
 </tr>
<tr style="height:22.9pt;">
  <td valign=top width=11% style="height:22.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2005</font></b></p>
  </td>
 <td valign=top width=89% style="height:22.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Anglo American Corporation commissioned
  the Ergo plant in Brakpan in 1977. The operation became part of AngloGold
  Ashanti in 1998 and was closed by that company in 2005.</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td rowspan=3 valign=top width=11% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2007</font></b></p>
  </td>
 <td valign=top width=89% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo was founded by EMO (owned by DRDGOLD
  at the time) and Mintails SA as a joint venture.</font></p>
  </td>
 </tr>
<tr style="height:22.15pt;">
  <td valign=top width=89% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">On August 6, 2007, the joint venture
  parties entered into an agreement with AngloGold Ashanti - pursuant to which
  it acquired the remaining assets of the Ergo plant for a consideration of
  R42.8&nbsp;million.</font></p>
  </td>
 </tr>
<tr style="height:23.45pt;">
  <td valign=top width=89% style="height:23.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Additional agreements were concluded with
  AngloGold Ashanti on November 14, 2007 for the acquisition by Ergo of
  additional tailings properties and the Brakpan/Withok TDF for a consideration
  of R45.0 million.</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td rowspan=2 valign=top width=11% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2008</font></b></p>
  </td>
 <td valign=top width=89% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo Phase 1 was launched comprising the
  refurbishment and recomissioning of the Ergo plant&#8217;s first CIL circuit and
  the retreatment of the Elsburg and Benoni tailings complexes.</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td valign=top width=89% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD acquired Mintails SA&#8217;s stake in
  ErgoGold for R277.0 million.</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td rowspan=2 valign=top width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2009</font></b></p>
  </td>
 <td valign=top width=89% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo Phase 1 commissioning continued;
  first feeder line to the Ergo Plant from Elsburg tailings complex came into
  operation.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=89% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo Phase 2 exploration drilling for
  gold, uranium and acid completed.</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td rowspan=2 valign=top width=11% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2010</font></b></p>
  </td>
 <td valign=top width=89% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD acquired control of Ergo through
  the acquisition of Mintails SA&#8217;s 50% in Ergo for R82.1&nbsp;million.</font></p>
  </td>
 </tr>
<tr style="height:22.15pt;">
  <td valign=top width=89% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo Phase 1 production ramp-up nears
  completion with the installation of the second Elsburg tailings complex
  feeder line to the Ergo plant. Construction of the Crown/Ergo pipeline
  commenced.</font></p>
  </td>
 </tr>
<tr style="height:22.15pt;">
  <td valign=top width=11% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2011</font></b></p>
  </td>
 <td valign=top width=89% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Construction of the Crown/Ergo pipeline
  continued and the second CIL circuit of the Ergo plant was refurbished as
  part of the Crown/Ergo pipeline project.</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td valign=top width=11% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2012</font></b></p>
  </td>
 <td valign=top width=89% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The construction of the Crown/Ergo
  pipeline and second CIL circuit of the Ergo plant was completed.</font></p>
  </td>
 </tr>
<tr style="height:34.15pt;">
  <td valign=top width=11% style="height:34.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2013</font></b></p>
  </td>
 <td valign=top width=89% style="height:34.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">To improve synergies, effect cost savings
  and implement a simpler group structure DRDGOLD restructured the Group&#8217;s
  surface operations into Ergo on July 1, 2012, which consisted of Crown, the
  surface operations of ERPM and ErgoGold. Construction and commissioning of
  the Ergo flotation/fine-grind plant (FFG) was completed in late December
  2013.</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td rowspan=2 valign=top width=11% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2014</font></b></p>
  </td>
 <td valign=top width=89% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The FFG was suspended in April 2014 after
  metallurgical efficiencies declined. Test-work recommenced in August.</font></p>
  </td>
 </tr>
<tr style="height:23.45pt;">
  <td valign=top width=89% style="height:23.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A prospecting right in respect of surface
  tailings dumps on various portions of the Farm Grootvlei and a portion of the
  Farm Geduld was registered on May 12, 2014 for a period of 5 years ending on
  April 21, 2019. </font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td rowspan=2 valign=top width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2015</font></b></p>
  </td>
 <td valign=top width=89% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The FFG became fully operational in
  February 2015.</font></p>
  </td>
 </tr>
<tr style="height:21.6pt;">
  <td valign=top width=89% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ministerial consent in terms of section
  11 of the MPRDA for the restructuring of the Group&#8217;s surface operations into
  Ergo were obtained.</font></p>
  </td>
 </tr>
<tr style="height:21.6pt;">
  <td valign=top width=11% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 <td valign=top width=89% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A legal review of the existing
  authorisations was undertaken for increasing the deposition capacity of the
  Brakpan/Withok TDF. The results indicated that most of the current
  authorisations are sufficient, however certain documentation will need to be
  amended.</font></p>
  </td>
 </tr>
</table></div>




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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;">31</font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">31</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_35"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.15pt;">
  <td nowrap valign=bottom width=11% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=89% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 nowrap valign=bottom width=100% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">History
  of Crown (consolidated into Ergo on July 1, 2012)</font></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td valign=top width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1979-2012</font></b></p>
  </td>
 <td valign=top width=89% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Crown was an operating mine</font></p>
  </td>
 </tr>
<tr style="height:21.6pt;">
  <td valign=top width=11% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2013</font></b></p>
  </td>
 <td valign=top width=89% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">On July 1, 2012, Crown sold its mining
  assets, mining and prospecting rights and certain liabilities to Ergo in
  exchange for shares in Ergo.</font></p>
  </td>
 </tr>
<tr style="height:21.6pt;">
  <td valign=top width=11% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2015</font></b></p>
  </td>
 <td valign=top width=89% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ministerial consent in terms of section
  11(2) of the MPRDA to cede the converted mining rights of Crown to Ergo was
  obtained and in August 2015 the converted mining rights were registered.</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td valign=top width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td valign=top width=89% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Crown plant ceased all operations in
  March 2017 and final rehabilitation of the site commenced.</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td valign=top width=11% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=89% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mining and Processing </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo undertakes the retreatment of surface tailings.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Material processed by Ergo is sourced from primary surface sources
namely, sand and slime. The surface sources have generally undergone a complex
depositional history resulting in grade variations associated with improvements
in plant recovery over the period the material was deposited. Archive material
is a secondary source of gold bearing material. This material is generally made
up of old gold metallurgical plant sites. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our
two gold producing metallurgical plants, Ergo and Knights have an installed
capacity to treat approximately 25 million tons of material per year based on
92% availability</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> and are fully operational</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">All of the plants have
undergone various modifications during recent years resulting in significant
changes to the processing circuits. The City Deep plant continues to operate as
a pump/milling station feeding the metallurgical plants. The Crown plant
operated as a pump/milling station feeding the metallurgical plants until March
2017 when it ceased all operations.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Ergo&#8217;s assets include: access to tailings deposited
across the western, central and eastern Witwatersrand; a 50km pipeline; and
tailings deposition facilities including the significant Brakpan/Withok TDF.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
feed stock is made up of sand and slime which are reclaimed separately. Sand is
reclaimed using mechanical front-end loaders, re-pulped with water and pumped
to the plant. Slime is reclaimed using high pressure water monitoring guns also
known as hydraulic reclamation. The re-pulped slime is pumped to the plant and
the reclaimed material is treated using screens, cyclones, ball mills as well
as floatation and fine grind, or FFG, and Carbon-in-Leach, or CIL, technology
to extract the gold.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Set
forth below is a description of each of our plants:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ergo Plant:</font></b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;
Commissioned by Anglo American Corporation in 1977, became part of AngloGold
Ashanti in 1998 from which it was acquired for a consideration of
R42.8&nbsp;million in 2007. The remaining five CIL tanks were refurbished
during fiscal year 2015 to increase capacity to treat up to 25.2Mt per year.
The Ergo FFG project is designed to assist in liberating the gold particles
currently encapsulated in the sulphides and to achieve a targeted improvement
in gold recovery efficiencies of between 16% and 20%. This circuit commenced a
three month test phase during August 2014 after it was temporarily suspended in
April 2014 following a decline in metallurgical efficiencies. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">By February 2015 </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the FFG
was returned to full operation. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Knights
Plant:</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; Commissioned in 1988, this
surface/underground plant comprises a circuit including screening, primary
cycloning, milling in closed circuit with hydrocyclones, thickening, oxygen
preconditioning, CIL, elution, electro-winning and smelting to dor&#233;. The
Knights plant, although historically part of the Crown operation, is located
further east and considerably closer to the Brakpan TDF. Due to the location of
the Knights plant it is able to access the Brakpan TDF to deposit waste. The
Knights plant has an installed capacity to treat an estimated 3.6Mt per year.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Crown
Plant:</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; Commissioned in 1982, this
surface/underground plant comprises a circuit including screening, primary
cycloning, open circuit milling, thickening, oxygen preconditioning, CIP and
CIL, elution, zinc precipitation followed by calcining and smelting to dor&#233;. In
June 2012, the gold extraction portion of the Crown plant was discontinued. It
continued to screen, mill and thicken material before being pumped to the Ergo
plant for the final extraction of gold up to March 2017 when all operations
were ceased at this plant. The rehabilitation of the Crown plant site has
substantially been completed by the end of fiscal year 2018.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; City
Deep Plant:</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; Commissioned in 1987, this
surface/underground plant comprises a circuit including screening, primary,
secondary and tertiary cycloning in closed circuit milling, thickening, oxygen
preconditioning, CIL, elution and zinc precipitation followed by calcining and
smelting to dor&#233;. Retreatment continued at the City Deep Plant until the plant
was decommissioned in August 2013 to operate as a milling and pump station and
is currently pumping material to the Ergo Plant for the final extraction of
gold.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;">32</font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As of June 30, 2018, the net book value of Ergo&#8217;s mining assets
was R1&nbsp;410.7 million (2017: R1,484.0 million).</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name="_Hlk493687943"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Capital Expenditure</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">For a discussion of capital expenditures in
fiscal years 2016, 2017 and 2018, see &quot;Item 5.A. Operating and Financial
Review and Prospects&#8212;Capital expenditure&quot;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Currently there are no material plans to construct
or further expand Ergo&#8217;s facilities other than optimising and maintaining
existing facilities.</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Capital expenditure is financed through cash
resources and operational cash flows while financing for significant growth
projects may be obtained through specific financing arrangements if required.
For a summary of capital expenditure, see Item 5A. Operating Results.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Exploration and Development</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exploration and development activity at Ergo
involves the drilling of surface dumps and evaluating the potential gold
bearing surface material.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Bliss-Light style="border:none;"><font face=Bliss-Light lang=EN-US style="font-size:8.5pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Environmental and Closure Aspects</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Municipal infrastructure as well as commercial and
residential developments have encroached towards the Ergo operation. The major
environmental risks are associated with dust from various reclamation sites,
and effective management of relocated process material on certain tailings
dams. The impact of windblown dust on the surrounding environment and community
is addressed through a scientific monitoring and evaluation process, with
active input from Professor H. Annagran from the </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cape Peninsula University of Technology </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">and appropriate community involvement.
Environmental management programs, addressing a wide range of environmental
issues, have been prepared by specialist environmental consultants, which are
audited annually. Water pollution is controlled by means of a comprehensive
system of return water dams which allow for used water to be recycled for use in
Ergo&#8217;s metallurgical plants. Overflows of return water dams may, depending on
their location, pollute surrounding streams and wetlands. Ergo has an ongoing
monitoring program to ensure that its water balances (in its reticulation
system, on its tailings and its return water dams) are maintained at levels
that are sensitive to the capacity of return water dams.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dust pollution is controlled through an active
environmental management program for the residue disposal sites and chemical
and organic dust suppression on recovery sites. Short-term dust control is
accomplished through ridge ploughing the top surface of dormant tailings dams.
Additionally, environmentally friendly dust suppressants are applied. Dust
fall-out is monitored through an extensive dust monitoring network monthly, and
is utilized as a management measure to ensure the effectiveness of mitigation
measures employed. In the long-term, dust suppression and water pollution is
managed through a program of progressive vegetation of the tailings followed by
the application of lime, to reduce the natural acidic conditions, and
fertilizer to assist in the growth of vegetation planted on the tailings dam.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A program of environmental restoration that
provides for the rehabilitation of areas affected by mining operations during
the life of the mine is in place. The surface reclamation process at Ergo has
several environmental merits as it removes potential pollution sources and
opens up land for development. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Environmental management and compliance is
further assisted by the in&#8211;house developed electronic monitoring system
(Compliance Management Tool) that incorporates all existing Environmental
Impact Assessments (&#8220;EIAs&#8221;), EMPs, Mining Right Conversions, Performance
Assessments and Social and Labor Plans (&#8220;SLPs&#8221;) associated with each mining
right. The existing and most recent studies are used to supplement the
management components with regards to the mining right boundaries and its
required compliance parameters. The individual management items are integrated
to provide a holistic overview of the state of each of the mining right areas.
Spatial data pertaining to the mining right boundaries is stored onto a central
database and is utilized to create a live map which illustrates the mining
right area and various environmental monitoring systems. This map depicts the
mining right boundaries, roads, rails, mine dumps, plants, rivers, pipeline
routes, servitudes, way leaves, municipal services and other spatial data relevant
to our mining operations.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">While the ultimate amount of rehabilitation
costs to be incurred is uncertain, we have estimated that the total cost for
Ergo, in current monetary terms as at June 30, 2018 is approximately R535.9
million. As at June 30, 2018, a total of R107.5 million is held in the Ergo
Rehabilitation Trust Fund, previously called the Crown Rehabilitation Trust
Fund, which is an irrevocable trust, managed by specific responsible people who
we nominated and who are appointed as trustees by the Master of the High Court
of South Africa. In addition, a total of R47.8 million is held in insurance
instruments.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ore Reserves </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As at June 30, 2018, our Proven and Probable Ore
Reserves of Ergo was 3.3 million ounces. As at June 30, 2017 Proven and
Probable Ore Reserves was 3.0 million ounces. A Mineral Resource competent
person is appointed at each operation to review our Ore Reserve calculations
for accuracy. For Ergo, Mr.&nbsp;Gary Viljoen is the designated competent
person in terms of the SAMREC Code responsible for the compilation and
reporting of ore reserves. Ore reserves were independently reviewed by Red Bush
Geoservices Proprietary Limited (Red Bush) for compliance with the SAMREC Code,
the National Instrument 43-101 and the United States Securities and Exchange
Commission (SEC) Industry Guide 7.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">&nbsp;</font></b></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;">33</font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Production</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For fiscal year 2018, we achieved an increase in
production from&#160; 137&nbsp;114 ounces to&#160; 150&nbsp;423 ounces </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">mainly due to the average yield that increased from
0.171g/t to 0.193g/t. <a name="_Hlk525725043"></a>This was </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">mainly a consequence of</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> (i)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> not having treated material from the Crown
sites during fiscal year 2018 compared to fiscal year 2017 during which material
from various Crown sites was treated until the said Crown sites were closed, as
well as (ii) processing higher grade material reclaimed from the 5A9 and 4L30
dumps through the Knights Plant.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Volume
throughput decreased during fiscal year 2018 to 24.3Mt compared to 25.0Mt in
fiscal year 2017.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash operating costs in fiscal year 2018 was down
$4 per ounce from $1,122 in fiscal year 2017 to $1,118 per ounce mainly due to
the increased production. </font></font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:29.25pt;">
  <td nowrap width=5% style="height:29.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=top width=95% style="height:29.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The following table details certain
  production and financial results of the Group (consisting of the production
  results of Ergo) for the past three fiscal years.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=53% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></u></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></u></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Production
  (imperial)</font></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore milled ('000 tons) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">24&nbsp;281</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">24&nbsp;958</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">24&nbsp;842</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Recovered grade (oz/ton) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.006</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.005</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.005</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold produced (ounces) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">150&nbsp;423</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">137&nbsp;114</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">143&nbsp;457</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Results of Operations</font></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; Revenue (R million)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;490.4</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;339.9</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;433.1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; Cost of sales (R million)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;347.7</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;307.9</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;236.8</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; Cash operating cost (R million)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;159.7</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;087.9</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;991.2</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; Cash operating costs (R/kilogram)<sup>(1)</sup></font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">458&nbsp;866</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">489&nbsp;549</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">446&nbsp;153</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; All-in sustaining costs (R/kilogram)<sup>
  (1)</sup></font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">505&nbsp;622</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">530&nbsp;930</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">499&nbsp;425</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; All-in cost (R/kilogram)<sup> (1)</sup></font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">524&nbsp;651</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">552&nbsp;243</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">512&nbsp;353</font></p>
  </td>
 </tr>
<tr style="height:57.0pt;">
  <td colspan=5 width=100% style="height:57.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><sub><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">(1) Cash operating cost, cash operating
  costs per kilogram, all-in sustaining costs per kilogram and all-in costs per
  kilogram are financial measures of performance that we use to determine cash
  generating capacities of the mines and to monitor performance of our mining
  operations. These are all non IFRS measures. For a reconciliation of these
  measure see Item 5A.: &#8220;Operating Results - Reconciliation of cash cost per
  kilogram, all-in sustaining costs per kilogram and all-in costs per
  kilogram.&#8221;</font></sub></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">See
Item 5A. Operating Results &#8211; Capital expenditure for a discussion on capital
expenditure.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ERPM</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Overview </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As at June 30, 2018 DRDGOLD owns 100% of ERPM. ERPM
consists of an underground section that was halted in October 2008. At June 30,
2018, ERPM had no employees. The financial results and assets and liabilities
of these halted underground operations are included in &#8216;Corporate office and
other reconciling items&#8217; in the financial statements for segmental reporting
purposes for all three years presented</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Property </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-right:1.7pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ERPM is situated on the Central Rand Goldfield located within and
near the northern margin of the Witwatersrand Basin in the town of Boksburg, 20
miles (32 kilometers) east of Johannesburg on land owned by ERPM. Access is via
Jet Park Road on the N12 Boksburg-Benoni highway. Historically underground
mining and recovery operations comprised relatively shallow remnant pillar
mining in the central area and conventional longwall mining in the
south-eastern area. Surface reclamation operations including the treatment of
sand from the Cason Dump, was conducted through the Knights metallurgical
plant, tailings deposition facilities and associated facilities. Until
underground mining was halted in October 2008, the mine exploited the
conglomeratic South Reef, Main Reef Leader and Main Reef in the central area
and the Composite Reef in the south-eastern area. ERPM operates under mining
license ML5/1997 in respect of statutory mining and mineral rights. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As of June 30, </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, and September 30, </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, no
encumbrances exist on ERPM's property.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">At June 30, 2018, the net book
value of ERPM&#8217;s mining assets was zero due to the transfer of ERPM&#8217;s related
surface mining assets to Ergo as part of the restructuring which took place on
July 1, 2012.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;">34</font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.9pt;">
  <td valign=top width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">History</font></b></p>
  </td>
 <td nowrap valign=bottom width=89% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=11% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1895-2007</font></b></p>
  </td>
 <td width=89% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ERPM was an operating underground gold
  mine</font></p>
  </td>
 </tr>
<tr style="height:48.75pt;">
  <td valign=top width=11% style="height:48.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2008</font></b></p>
  </td>
 <td valign=top width=89% style="height:48.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">On October 23, 2008, ERPM announced the
  suspension of drilling and blasting operations underground, following the
  cessation of pumping of underground water at the South West Vertical shaft on
  October 6, 2008 for safety reasons following the deaths of two employees. On
  November 19, 2008, we announced our intention to place on care and
  maintenance the underground operations of ERPM, and to proceed with a
  consultation process in terms of Section 189A of the Labor Relations Act to
  determine the future of the mine&#8217;s 1,700 employees.</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:22.9pt;">
  <td valign=top width=11% style="height:22.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2013</font></b></p>
  </td>
 <td valign=top width=89% style="height:22.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">On July 1, 2012, ERPM sold all its
  surface mining assets (excluding its 50% interest in Ergo) and its 65%
  interest in ErgoGold to Ergo in exchange for shares in Ergo.</font></p>
  </td>
 </tr>
<tr style="height:34.9pt;">
  <td valign=top width=11% style="height:34.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2014</font></b></p>
  </td>
 <td valign=top width=89% style="height:34.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During July 2014 EMO and ERPM entered
  into an agreement with ERPM South Africa Holding Proprietary Limited, the
  nominee of Australian based Walcott Capital for the disposal of certain of
  the underground mining and prospecting rights held by ERPM including the
  related environmental liabilities. This agreement is subject to a number of
  suspensive conditions including regulatory consent and permission which had
  not been fulfilled at the date of this report.</font></p>
  </td>
 </tr>
<tr style="height:22.15pt;">
  <td valign=top width=11% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2015</font></b></p>
  </td>
 <td valign=top width=89% style="height:22.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ministerial consent in terms of section
  11(2) of the MPRDA to cede the converted mining rights of ERPM&#8217;s surface
  operations to Ergo was obtained and in August 2015 the converted mining
  rights were registered.</font></p>
  </td>
 </tr>
<tr style="height:21.6pt;">
  <td valign=top width=11% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td valign=top width=89% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Management concluded the restructure of
  payment terms in support of the timely conclusion of the disposal of certain
  underground assets<sup> &nbsp;</sup></font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td valign=top width=11% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td valign=top width=89% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The contract to dispose of certain of the
  underground mining and prospecting rights, including the related liabilities,
  lapsed on 31 March 2018.</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Mining and Processing</font></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ERPM&#8217;s underground gold mine is under care and
maintenance and has not produced any gold since fiscal year 2009. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Exploration and Development</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ERPM has a prospecting right covering an area of
1,252ha (3,094 acres) of the adjacent Sallies mine, referred to as ERPM
Extension 1. The regional geology of the area indicates that there will be a
strike change due to faulting associated with an East-West trending sinistral
tear fault. In order to confirm the anticipated change in the geological
structure and hence payshoot orientation, it is envisaged that prospecting
would take place through development situated 50m in the footwall. Owing to
high induced stress experienced at depth, there will be concurrent over-stoping
(that is stoping taking place concurrently with development) on the reef plane
for safety reasons. Prior to this prospecting right in respect of ERPM Ext. 1
lapsing, an application for a mining right in respect of the same prospecting
footprint was made in terms of the provisions of the MPRDA. The said mining
right was approved and granted and the registration thereof took place in March
2012. The mining right will expire in January 2042.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An additional application to extend ERPM&#8217;s existing
prospecting right eastwards into the Rooikraal/Withok area, incorporating the
southern section of the old Van Dyk mining lease area and a small portion of
Sallies, was granted by the DMR in fiscal year 2007. Known as ERPM Extension 2,
the additional area is 5,500ha (13,590&nbsp;acres). This prospecting right was
initially granted for a period of 4 years and expired in March 2011. An application
for renewal thereof was made in terms of the provisions of the MPRDA. The
renewal of the prospecting right was initially refused by the DMR, but after an
appeal was lodged with the Legal Services Directorate of the DMR, the renewal
of the prospecting right was granted in November 2014. These rights, ERPM Ext 1
and ERPM Ext 2, both formed part of the sale transaction with Walcott Capital
that has since lapsed.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Environmental and Closure Aspects</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There is a regular ingress of water into the
underground workings of ERPM, which was contained by continuous pumping from
the underground section. Studies on the estimates of the probable rate of rise
of water have been inconsistent, with certain theories suggesting that the
underground water might reach a natural subterranean equilibrium, whilst other
theories maintain that the water could decant or surface. A program is in place
to routinely monitor the rise in water level in the various underground
compartments and there has been a substantial increase in the subsurface water
levels. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The government has appointed Trans-Caledon Tunnel
Authority (TCTA) to construct a partial treatment plant (neutralisation plant)
to prevent the ground water being contaminated. TCTA completed the construction
of the neutralisation plant for the Central Basin and commenced treatment
during July 2014. As part of the Heads of agreement signed in December 2012
between EMO, Ergo, ERPM and TCTA, sludge emanating from this plant is
co-disposed onto the Brakpan/Withok TDF. Partially treated water is then
discharged by TCTA into the Elsburg Spruit. This agreement includes the
granting of access to the underground water basin through one of ERPM shafts
and the rental of a site onto which it constructed its neutralisation plant. In
exchange, Ergo and its associate companies including ERPM have a set-off
against any future directives to make any contribution toward costs or capital
of up to R250 million. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Through this agreement, Ergo also secured the
right to purchase up to 30 ML of partially treated AMD from TCTA at cost, in
order to reduce Ergo&#8217;s reliance on potable water for mining and processing
purposes. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; While the ultimate amount of rehabilitation costs
to be incurred in the future is uncertain, we have estimated that as at June
30, 2018 the present discounted value of the total cost of rehabilitation for
ERPM is approximately R17.6 million (2017: R16.8 million. A total of R10.5 million
(2017: R9.9 million) is held in the Ergo Rehabilitation Trust Fund (previously
called the Crown Rehabilitation Trust Fund) for the benefit of ERPM and R73.7 million
(2017: R68.2 million) is held in insurance instruments and is available for the
settlement of these rehabilitation costs. The Ergo Rehabilitation Trust Fund is
an irrevocable trust, managed by specific responsible people who we nominated
and who are appointed as trustees by </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the Master of the
High Court of South Africa. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ongoing Legal Proceedings</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ekurhuleni Metropolitan Municipality (&#8220;Municipality&#8221;) Electricity
Tariff Dispute</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Main Application</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Integral to
Ergo&#8217;s gold extraction operation is its metallurgical plant at Brakpan (&#8220;Ergo
Plant&#8221;) located within the municipal boundaries of the Municipality.&#160; In order
to operate the Ergo Plant and conduct its business operations, Ergo requires a
reliable and steady feed of electricity which it draws from Eskom&#8217;s Ergo
Central Substation. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:17.85pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Over the
past several years the Municipality has charged Ergo for such electricity, at
the Megaflex tariff, which is the rate at which Eskom charges its large power
users plus an additional surcharge.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:17.85pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Pursuant
to its own investigations, and after having sought legal advice on the matter,
Ergo determined that not only is it supplied by Eskom, not the Municipality,
but also that the surcharges levied were inconsistent with the provisions of
the Local Government: Municipal Systems Act (&#8220;Systems Act&#8221;), which sets down
clear and strict parameters in this regard. Ergo subsequently challenged the
Municipality, Eskom and the National Energy Regulator of South Africa (&#8220;NERSA&#8221;)
for declaratory relief. Included in the application are the Minister of Energy
Affairs, the Minister of Co-operative Governance &amp; Traditional Affairs and
the South African Local Government Association, the latter 4 (four) respondents
against whom Ergo does not seek any relief and who have not opposed the
application.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:17.85pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo
seeks the following relief: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:35.85pt;text-align:justify;text-indent:-18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">1.&#160;&#160;&#160;&#160; declaring that it is not supplied electricity by the
Municipality and that the Municipality is not authorised to levy a surcharge of
40% (&#8220;the D-tariff&#8221;) to the rate which Eskom ordinarily charges Ergo on its
Megaflex rate (&#8220;Eskom tariff&#8221;);&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:35.85pt;text-align:justify;text-indent:-18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2.&#160;&#160;&#160;&#160; declaring that the Municipality is in breach of its
temporary Distribution Licence (issued by NERSA) by purporting to supply
electricity to Ergo at the Ergo Plant;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:35.85pt;text-align:justify;text-indent:-18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">3.&#160;&#160;&#160;&#160; declaring that neither the Municipality nor Eskom may
lawfully insist that only the Municipality may supply electricity to Ergo at
the Ergo Plant;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:17.85pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">4.&#160;&#160;&#160;&#160; declaring
that Eskom presently supplies electricity to Ergo at the Ergo Plant; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:17.85pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5.&#160;&#160;&#160;&#160; directing
Eskom to conclude a consumer agreement with Ergo for the supply of electricity
at the Ergo Plant at Eskom&#8217;s Megaflex tariff.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:17.85pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Ergo,
also instituted a counterclaim against the Municipality for the recovery of the
surcharges which were erroneously paid to the Municipality in the </font><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">bona fide</font></i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">
belief that they were due and payable prior to the Main Application of
approximately R43 million (these surcharges were expensed for accounting
purposes). </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:17.85pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Consequently,
and pending the final determination of the Main Application by the High Court,
Ergo stopped paying the surcharges to the Municipality, paying and expensing only
the Eskom tariff and depositing the difference comprising the D-tariff into its
attorneys&#8217; trust account as security in favour of the Municipality in the event
that the court rules against Ergo. These surcharges were not expensed but
recognised under cash and cash equivalents as restricted cash (refer to Item
18. &#8216;&#8216;Financial Statements &#8211; Note 12&#8221;).</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:17.85pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Main Application has been set down for
hearing on 5 December 2018. Based on the probability of outflows, no liability
for any surcharges claimed by the Municipality has been recognised.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Urgent Application</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In May 2015, the Municipality threatened to,
through an interruption to the Eskom supply grid, cause the supply of electricity
to the Ergo Central Substation to be terminated.&#160; Ergo successfully interdicted
the Municipality, pending the determination of the Main Application.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Municipality sought leave to appeal the
interdict, which application was rejected by the High Court. The Municipality
then successfully petitioned the Supreme Court of Appeal (&#8220;SCA&#8221;) in
Bloemfontein for leave to appeal thereto.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ergo subsequently, and ultimately, petitioned
the Constitutional Court in Braamfontein, Johannesburg in December 2017 for
leave to appeal thereto against the latter judgment of the full bench of the
SCA, which found in favour of the Municipality. In January 2018, the
Constitutional Court rejected and refused to hear Ergo&#8217;s petition for a further
appeal.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">This ruling enabled the Municipality to avail
itself of the credit control measures provided for in the Systems Act by
terminating the supply of electricity to Ergo, unless it paid the surcharges
levied in their entirety and which were retained in Ergo&#8217;s attorneys&#8217; trust
account over to the Municipality. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">On the date of the Constitutional Court
ruling, the money held in Ergo&#8217;s attorney&#8217;s trust account amounted to
approximately R126 million. In February 2018, Ergo paid R25.2 million (including
VAT) from the trust account to the Municipality, under protest and without
prejudice and/or admission of liability (</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">refer to
Item 18. &#8216;&#8216;Financial Statements &#8211; Note 24.2&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">). This amount was the difference between the surcharge of 11%
(&#8220;the J-tariff&#8221;) over the Eskom tariff which was introduced during the course
of 2017 &#8220;</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">for bulk supplies at medium and high voltage situated in a position
designated by the Municipality as close-coupled to the Eskom grid</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8221;. The
J-tariff, which Ergo still deems to be irregular and disproportionate in
accordance with the provisions of the Systems Act, is significantly lower than
the previously imposed &#8220;D-tariff&#8221;. The balance, following the payments of the
R25.2 million, remains in the trust account of Ergo&#8217;s attorneys of record.
Subsequently, Ergo pays monthly to the </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;">36</font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Municipality,
the amount calculated at the lower J-tariff in respect of its electricity
consumption, under protest and without prejudice and/or admission of liability
(</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">refer to Item 18. &#8216;&#8216;Financial Statements &#8211;
Note 24.2&#8221;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">). </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ergo&#8217;s legal team is confident about the
prospects of success in the Main Application on the basis that the Municipality
does not supply electricity to Ergo or in any manner add value to Eskom&#8217;s
supply of electricity to Ergo. Ergo is furthermore, in terms of the Main
Application, in addition to its contention that the Municipality does not
supply electricity to it and not licensed to supply it, challenging the
imposition of both the J-tariff and D-tariff on the grounds that they are, </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">inter
alia, ultra vires</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and beyond the scope of the Municipality&#8217;s Electricity
By-Laws, the Systems Acts as well as the Credit Control and Debt Collection
By-Laws. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Main Application has been set down for
hearing on 5 December 2018. Based on management&#8217;s assessment of the probability
of outflows, no liability for any surcharges claimed by the Municipality has
been recognised.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Silicosis Litigation</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In January 2013, DRDGOLD, ERPM (&#8220;DRDGOLD Respondents&#8221;)
and 23 other mining companies (&#8220;Other Respondents&#8221;) (collectively referred to
as &quot;Respondents&quot;) were served with a court application issued in the
High Court of South Africa (&#8220;Court&quot;) for a class certification
(&#8220;Certification Application&#8221;) on behalf of former mineworkers and dependents of
deceased mineworkers (&#8220;Applicants&#8221;). In the application the Applicants allege
that the Respondents conducted underground mining operations in a negligent and
complicit manner causing the former mineworkers to contract occupational lung
diseases. The Applicants have as yet not quantified the amounts which they are
demanding from the Respondents in damages.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In May 2016, the Court granted an order for, </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">inter
alia</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, (1) certification of two industry-wide classes: a silicosis class and
a tuberculosis class, both of which cover current and former underground
mineworkers who have contracted the respective diseases (or the dependants of
mineworkers who died of those diseases); and (2) that the common law be
developed to provide that in instances where a claimant claiming general
damages passed away, the claim for general damages will be transmitted to the
estate of the deceased claimant. This order did not represent a ruling on the
merits of the Application brought against the Respondents.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">An application for leave to appeal to the Supreme
Court of Appeal (&#8220;SCA&#8221;) was brought by each of the respondent mining companies
against the order of the Court, specifically on the allegations of the
certification and transmissibility of damages to the estate of a deceased
mineworker. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In June 2016, the Court granted leave to appeal to the
SCA against the transmissibility of damages but refused leave to appeal in
respect of the certification. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The DRDGOLD Respondents (together with each of the
Working Group companies) served a notice of appeal to petition the SCA against
the certification and the transmissibility of damages. The SCA granted leave to
appeal thereto on both issues in September 2016. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The appeal to the SCA was set down for hearing in
March 2018 but was subsequently postponed indefinitely by agreement between the
Applicants and the Respondent companies in the light of progress made by the
Working Group as described below. The SCA endorsed and upheld the postponement.
</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Respondent companies formed a Working Group
consisting of representatives from each company to consider and discuss issues
pertaining to the action. DRDGOLD withdrew from the Working Group in January
2016.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The remaining members of the Working Group have all
raised accounting provisions during the 2017 calendar year due to progress made
by the Working Group towards a settlement with the Applicants. In May 2018, the
remaining members of the Working Group announced that a mediated settlement
agreement had been reached. The agreement is subject to certain suspensive
conditions, including the approval by the South African High Court after which
an effective date of the agreement will be set. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD is not a party to the Working Group&#8217;s mediated
settlement agreement and maintains the view that it is too early to consider
settlement of the matter, mainly for the following reasons: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; the Applicants have as yet not issued and served a summons
(claim) in the matter; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; there is no indication of the number of potential claimants that
may join the class action against the DRDGOLD respondents;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; many principles upon which legal responsibility may be founded,
are required to be substantially developed by the trial court (and possibly
subsequent courts of appeal) to establish liability on the bases alleged by the
applicants.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In light of the above there is inadequate information
to determine if a sufficient legal and factual basis exists to establish
liability, and to quantify such potential liability.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;4A. UNRESOLVED STAFF COMMENTS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">None. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;">37</font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_41"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The following Operating and Financial Review and Prospects section
is intended to help the reader understand the factors that have affected the
Company's financial condition and results of operations for the historical
period covered by the financial statements and management's assessment of
factors and trends which are anticipated to have a material effect on the
Company's financial condition and results in future periods. This section is
provided as a supplement to, and should be read in conjunction with, our
audited financial statements and the other financial information contained
elsewhere in this Annual Report. Our financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS) as issued by
the International Accounting Standards Board (IASB). Our discussion contains
forward looking information based on current expectations that involve risks
and uncertainties, such as our plans, objectives and intentions. Our actual
results may differ from those indicated in such forward looking statements.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5A. OPERATING RESULTS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Business overview</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We are a South African gold mining company engaged in </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">surface gold tailings retreatment</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, including exploration, extraction, processing and
smelting. All our surface tailings retreatment operations, including the
requisite infrastructure and metallurgical processing plants, are located in
South Africa. Our operating footprint is unique, in that it involves some of
the largest concentration of gold tailings deposits in the world, situated
within the city boundaries of Johannesburg and its suburbs.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The success of DRDGOLD&#8217;s long-term goal to extract as
much gold as possible from its assets depends, to a large extent, on how
effectively it continues to manage its resources.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD&#8217;s strategic thinking is informed by principles
of sustainable development. Our goal is to optimally exploit our entire
resource over the long term, thereby seeking sustainable benefits in respect to
the following capitals, each of which is essential to our operation &#8211;
financial, manufactured, natural, human and social capital.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We also aim to align and overlap the interests of each
of these capitals in such a manner that an investment in any one translates
into value-add in as many of the others as possible. We therefore seek to
achieve an enduring and harmonious alignment between them, and we pursue these
criteria in the feasibility analysis of each investment.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our profit for fiscal 2018 decreased despite an increase
in gold produced of 10%. This was due to,</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> inter alia</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, the following:</font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the average rand gold price received having
decreased by 3%; </font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the expense related to the increase in the
LTI scheme liability amounted to R17.2 million during fiscal 2018 compared to
to R10.0 million during fiscal 2017;</font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a net income tax charge of R25.9 million compared
to a net income tax benefit of R50.4 million during fiscal 2017 which includes
a deferred tax rate adjustment of R12.8 million;</font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">non-recurring transactions costs on the
acquisition of the WRTRP assets from Sibanye-Stillwater of R9.0 million; and</font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">profit for fiscal year 2018 did not include
any profit on disposal of property, plant and equipment</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The profit in fiscal year 2017 decreased versus the
prior year largely due to a 4% decrease in gold produced. The average rand gold
price received remained flat at R548,268. </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The lower gold production was due to a lower average yield as the
throughput volumes were consistent with fiscal year 2016. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The profit for fiscal year 2017 also includes
a profit on disposal of property, plant and equipment of R12.9 million and a
net income tax benefit of R50.4 million which mainly consist of a deferred tax
rate adjustment of R37.5 million.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The profit in fiscal year 2016 includes a reversal
of an accrual of R22.7 million and a profit on disposal of property, plant and
equipment of R10.5 million.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, we completed the
acquisition of the gold assets associated with Sibanye-Stillwater&#8217;s WRTRP, to
be known going forward as FWGR.&#160; This acquisition represents a significant
increase in our assets, which will impact our results in future years.&#160; In
connection with the acquisition, we issued to Sibanye-Stillwater new shares
equal to 38.05% of outstanding shares, and granted Sibanye-Stillwater an option
to acquire up to a total of 50.1% of our shares </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">for a period of 2 years from the effective date of the acquisition
at a 10% discount to the prevailing market value</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Key drivers of our operating results and principal factors
affecting our operating results </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The principal uncertainties and variables facing our
business and, therefore, the key drivers of our operating results are:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font color=black face=Symbol style="border:none;"><font color=black face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The price of gold, which fluctuates both in terms of
dollars and rands;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font color=black face=Symbol style="border:none;"><font color=black face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Our production tonnages and gold content thereof,
impacting on the amount of gold we produce at our operations;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font color=black face=Symbol style="border:none;"><font color=black face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Our cost of producing gold, including the effects of
mining efficiencies; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font color=black face=Symbol style="border:none;"><font color=black face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">General economic factors, such as exchange rate
fluctuations and inflation, and factors affecting mining operations in South
Africa.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<font color=black face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Gold price </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Our revenues are derived primarily from the sale of gold produced
at our surface tailings retreatment operations. As a result, our operating
results are directly related to the price of gold, which can fluctuate widely
and is affected by numerous factors beyond our control, including industrial
and jewelry demand, expectations with respect to the rate of inflation, the
strength of the U.S. dollar (the currency in which the price of gold is
generally quoted) and of other currencies, interest rates, actual or expected
gold sales by central banks, forward sales by producers, global or regional
political or economic events, and production and cost levels in major
gold-producing regions such as South Africa. In addition, the price of gold is
often subject to rapid short-term changes because of speculative activities.
The demand for and supply of gold affects gold prices, but not necessarily in
the same manner that supply and demand affect the prices of other commodities.
The supply of gold consists of a combination of new production from mining and
existing stocks of bullion and fabricated gold held by governments, public and
private financial institutions, industrial organizations and private
individuals. As a general rule we sell the gold produced at market prices to
obtain the maximum benefit from prevailing gold prices and we generally do not
hedge against changes in gold prices. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">However, during periods of medium-term
borrowings being incurred to fund specific growth projects that may introduce
some liquidity risk, we may enter into facilities to establish some price
protection to mitigate this liquidity risk (refer to </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Item 11. Quantitative and
Qualitative Disclosures About Market Risk &#8211; General)</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">. </font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">On September 3, 2018, Ergo Mining Proprietary Limited
entered into a zero cost collar, with respect to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-other;">50,000 ounces of gold, spread equally over nine months commencing
September 2018.&#160; The collar has a floor of R 565,000/kg and a ceiling of just
under R609,000/kg and will be settled in cash at the end of each month</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The following table indicates data relating to the
dollar gold spot prices for the 2018 and 2017 fiscal years:</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=18% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018 fiscal year </font></b></p>
  </td>
 <td width=18% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017 fiscal year </font></b></p>
  </td>
 <td width=18% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Change</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=18% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">$ per ounce</font></b></p>
  </td>
 <td width=18% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">$ per ounce</font></b></p>
  </td>
 <td width=18% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Closing gold spot price on June 30,</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;252</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;241</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Lowest gold spot price during the fiscal
  year </font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;204</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;128</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Highest gold spot price during the fiscal
  year </font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;366</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;366</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Average gold spot price for the fiscal
  year </font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;297</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;257</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td nowrap valign=bottom width=46% style="height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=18% style="height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=18% style="height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=18% style="height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=18% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017 fiscal year </font></b></p>
  </td>
 <td width=18% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016 fiscal year </font></b></p>
  </td>
 <td width=18% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Change</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=18% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">$ per ounce</font></b></p>
  </td>
 <td width=18% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">$ per ounce</font></b></p>
  </td>
 <td width=18% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">%</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Closing gold spot price on June 30,</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;241</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;322</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(6)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Lowest gold spot price during the fiscal
  year </font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;128</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;051</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Highest gold spot price during the fiscal
  year </font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;366</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;324</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=46% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Average gold spot price for the fiscal
  year </font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;257</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;167</font></p>
  </td>
 <td width=18% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">8</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our production has been sourced from South Africa, and
as a result, the impact of movements in relevant exchange rates is significant
to our operating results. </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The average gold price in rand (based on average spot
prices for the year) </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">increased</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> by </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1% </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">from R</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">16&nbsp;939</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce in </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> to R</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">17&nbsp;094</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce in </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, and </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">decreased </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">by </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3%</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> to R</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">16&nbsp;662</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> per ounce in </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">An increase/(decrease) of 10% in the rand gold price
throughout fiscal year 2018 would have increased/(decreased) revenue by
approximately R249.0 million (2017: R234.0 million). </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold production </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In fiscal year 2018, we achieved an increase in gold
produced to &#160;150&nbsp;423 ounces (produced from 24.3 million tonnes milled at
an average yield of 0.193g/t) from &#160;137&nbsp;114 ounces in fiscal year 2017
(produced from 25.0 million tonnes milled at an average yield of 0.171g/t). This
was </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">mainly due to (i) not treating material from
the Crown sites that were closed during 2017 at a higher cost as well as (ii)
treating higher grade material reclaimed from the 5A9 and 4L30 dumps through the
Knights Plant during fiscal year 2018.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In fiscal year 2017, gold produced decrease to &#160;137&nbsp;114
ounces (produced from 25.0 million tonnes milled at an average yield of 0.171g/t)
from &#160;143&nbsp;457 ounces in fiscal year 2016 (produced from 24.8 million
tonnes milled at an average yield of 0.180g/t). The decrease in total gold
produced is mainly due to t</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">he lower average yield
achieved. The decrease in yield</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> was </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">due to the reclaimed material from the Crown
sites in the western Witwatersrand that were closed during fiscal year 2017 that
required higher volumes of water to treat. As a result, the treatment system
contained more water than material, leading to lower densities and with no
capacity for augmentation with material from our other operating sites.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:lightgrey;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash operating costs is a </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">non-IFRS financial measure of performance
that is </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">reported to</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> the group&#8217;s chief operating
decision maker (CODM) and </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">is used to monitor performance </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8211; refer
to</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Item 18. &#8216;&#8216;Financial Statements - Note 21
&#8211; Operating Segments&#8221;.</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> For a reconciliation of this measure see Item
5A.: &#8220;Reconciliation of cash cost per kilogram, all-in sustaining costs per
kilogram and all-in costs per kilogram&#8221;. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash operating costs include consumables, labor,
specialized service providers, electricity and other related costs incurred in
the </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>


<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;">39</font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_43"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">production of gold. Consumables, water and
electricity, labor, specialized service providers and other costs are the
largest components of cash operating costs. The breakdown of cash operating
costs into these costs are described in Item 5A.: &#8220;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Comparison
of financial performance for the fiscal year ended June 30, 2018 with fiscal
year ended June 30, 2017&#8221;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">General economic factors</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All our operations are located in South Africa. We are
exposed to a number of factors, which could affect our profitability, such as
exchange rate fluctuations, inflation and other risks relating to South Africa.
In conducting mining operations, we recognize the inherent risks and
uncertainties of the industry, and the wasting nature of the assets.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Effect of exchange rate fluctuations</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">For the fiscal years 2018, 2017 and 2016, all of our
revenues were generated from South African operations, all of our operating
costs were denominated in rand and we derived all of our revenues in dollars
before being translated to rands. As the price of gold is denominated in
dollars which is then translated into rands, the appreciation of the dollar
against the rand increases our profitability, whereas the depreciation of the
dollar against the rand reduces our profitability. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In fiscal year 2018 the Rand gold price received decreased
by 3% compared to fiscal year 2017 due to the combined impact of the average
Dollar gold price which increased</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> by </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4%</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and the average exchange rate of the rand against the
dollar that strengthened by 5%.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In fiscal year 2017 the Rand gold price received remained
flat compared to fiscal year 2016 reflecting the combined impact of the average
Dollar gold price which increased</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> by </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">8%</font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">and the average exchange rate of the rand against the
dollar which strengthened by 6%.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In line with our long-term strategy of being an
unhedged gold producer, we generally do not enter into forward gold sales
contracts to reduce our exposure to market fluctuations in the Dollar gold
price or the exchange rate movements. If revenue from gold sales falls for a
substantial period below our cost of production at our operations, we could
determine that it is not economically feasible to continue commercial
production at any or all of our plants or to continue the development of some
or all of our projects. However, during periods when medium-term debt is
incurred to fund growth projects and hence introduce liquidity risk to the
Group, we may mitigate this liquidity risk by entering into facilities to
achieve price protection (refer </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Item 11. Quantitative and Qualitative Disclosures
About Market Risk &#8211; General)</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Effect
of inflation and exchange rates</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In the past, our operations have been materially adversely
affected by inflation. If there is a significant increase in inflation in South
Africa, our costs will increase and if such a cost increase is not offset by an
increase in the rand price of gold, this will negatively affect our operating
results.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The movements in the rand/dollar exchange rate, based upon average
rates during the periods presented, and the local annual inflation rate for the
periods presented, as measured by the South African Consumer Price Index, or
CPI, are set out in the table below:</font></font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=63% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=37% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Fiscal year ended</font></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td rowspan=2 width=63% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Year
  ended June 30,</font></i></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td width=12% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td width=13% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(%)</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(%)</font></b></p>
  </td>
 <td width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(%)</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=63% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The average rand/dollar exchange rate
  (strengthened)/weakened by </font></p>
  </td>
 <td width=12% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(5)</font></p>
  </td>
 <td width=12% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(6)</font></p>
  </td>
 <td width=13% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">27</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=63% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">CPI (inflation rate) </font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.6</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.1</font></p>
  </td>
 <td width=13% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6.3</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Recent developments</font></b></font></p>

<p style="background:white;border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Revised Mineral Reserves</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD began a drilling program and pre-feasibility study (PFS)
in September 2016 aimed at re-evaluating its surface gold tailings. The PFS
focused on tailings on the East Rand, to the east of the Ergo plant, with the
aim of adding these to the Mineral Reserve base. Mineral Reserves </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">as measured under the SAMREC
code</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> increased by 10% from 3.0Moz (299.2Mt @ 0.31g/t Au) in fiscal 2017
to 3.3Moz (332.2Mt @ 0.31g/t Au) in fiscal 2018 due to additional drilling
performed on the Rooikraal tailings deposition facility.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Key financial
and operating indicators</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The table below presents the key performance
measurement data for the past three fiscal years: The financial results for the
years ended June 30, 2018, 2017 and 2016 below are stated in accordance with
IFRS as issued by the IASB. The table also includes the key performance
measures for our business and its profitability, which are revenue, gold
production, gold prices, operating costs, cash operating costs per kilogram,
all-in sustaining costs per kilogram and all-in costs per kilogram, capital
expenditure (additions to property, plant and equipment) and Ore Reserves. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=58% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating data</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=3 width=42% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Year ended June 30,</font></b></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td width=58% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue (R'm)</font></p>
  </td>
 <td width=14% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;490.4</font></p>
  </td>
 <td width=14% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;339.9</font></p>
  </td>
 <td width=14% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;433.1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold production (ounces) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">150&nbsp;423</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">137&nbsp;114</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">143&nbsp;457</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold production (kilograms) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;679</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;265</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;462</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold sold (ounces) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">149&nbsp;604</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">137&nbsp;221</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">143&nbsp;232</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold sold (kilograms) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;653</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;268</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;455</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Average spot gold price (R/kilogram) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">535&nbsp;696</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">549&nbsp;582</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">544&nbsp;608</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Average gold price received (R/kilogram) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">534&nbsp;344</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">548&nbsp;268</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">546&nbsp;142</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost of sales (R'm)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;347.7</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;307.9</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;236.8</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating costs (R'm)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;207.1</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;109.3</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;030.2</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs (R'm)<sup> (1) </sup></font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;159.7</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;087.9</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;991.2</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs (R/kilogram)<sup>
  (1)</sup> </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">458&nbsp;866</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">489&nbsp;549</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">446&nbsp;153</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All-in sustaining costs (R/kilogram)<sup>
  (1)</sup> </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">505&nbsp;622</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">530&nbsp;930</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">499&nbsp;425</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All-in costs (R/kilogram)<sup> (1)</sup> </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">524&nbsp;651</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">552&nbsp;243</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">512&nbsp;353</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions to property, plant and
  equipment (R'm)</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">126.1</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">116.3</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">100.0</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore Reserves (ounces) </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3&nbsp;280&nbsp;000</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;990&nbsp;000</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;840&nbsp;000</font></p>
  </td>
 </tr>
<tr style="height:34.5pt;">
  <td colspan=4 width=100% style="height:34.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(1) Cash operating costs, cash operating
  costs per kilogram, all-in sustaining costs, all-in sustaining costs per
  kilogram and all-in costs and all-in costs per kilogram are non-IFRS
  financial measures of performance that we use to monitor performance. A
  reconciliation of these measures to cash operating costs, are included in
  Item 5A.: &#8220;Operating Results - Reconciliation of cash cost per kilogram,
  all-in sustaining costs per kilogram and all-in costs per kilogram.&#8221;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Revenue</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue increased by 6% to R2&nbsp;490.4 million in fiscal year
2018 from R2&nbsp;339.9 million in fiscal year 2017 mainly due to a </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">9% increase in gold sold from 4&nbsp;268 kilograms
in fiscal 2017 to 4&nbsp;653 kilograms in fiscal 2018 despite the average rand
gold price received having decreased by 3% to R534&nbsp;344 per kilogram.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue decreased by 4% to R2&nbsp;339.9 million in fiscal year
2017 from R2&nbsp;433.1 million in fiscal year 2016 mainly due to a </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">4% decrease in gold sold from 4&nbsp;455 kilograms
in fiscal 2016 to 4&nbsp;268 kilograms in fiscal 2017. The average rand gold
price received having remained flat </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">in fiscal year 2017 </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">compared to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">fiscal year 2016</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Refer to Item 5A:. &#8220;Operating
results: Key drivers of our operating results and principal factors affecting
our operating results&#8221; for a discussion regarding the impact of the gold price
received and the production levels on revenue. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore Reserves</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"> <font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">As at June 30, 2018, our Ore Reserves </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(imperial) </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">were
estimated at 3.3 million ounces, as compared to 3.0 million ounces at June
30,&nbsp;2017, representing a 9.7% increase. The increase was mainly because of
a drilling program and PFS that commenced during September 2016 aimed at
re-evaluating our surface gold tailings. The drilling program continued in
fiscal year 2018. The increase was offset by depletion through ongoing mining
activities and other survey adjustments.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our Ore Reserves (imperial) increased </font><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">from 1.8&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">million
ounces at </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June 30,</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;2016, to
3.0&nbsp;million ounces at </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June 30,</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;2017.
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The increase was mainly because of a drilling program and PFS that
commenced during September 2016. The increase was offset by depletion through
ongoing mining activities and other survey adjustments</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our Ore Reserves (imperial)
decreased </font><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">from 1.9&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">million ounces at </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June
30,</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;2015, to 1.8&nbsp;million ounces at
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June 30,</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;2016, mainly because of
depletion through ongoing mining activities.</font></font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap width=28% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap width=72% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Year ended June 30,</font></u></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=28% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p>
  </td>
 <td colspan=2 nowrap width=24% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></u></b></p>
  </td>
 <td colspan=2 width=24% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></u></b></p>
  </td>
 <td colspan=2 nowrap width=24% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ore Reserves</font></b></p>
  </td>
 <td nowrap width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ounces</font></u></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Kilograms</font></u></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ounces</font></u></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Kilograms</font></u></b></p>
  </td>
 <td nowrap width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ounces</font></u></b></p>
  </td>
 <td nowrap width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Kilograms</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=28% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></p>
  </td>
 <td nowrap width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8216;000</font></u></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8216;000</font></u></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8216;000</font></u></b></p>
  </td>
 <td nowrap width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo </font></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3&nbsp;280</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">105&nbsp;454</font></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;990</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">93&nbsp;035</font></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;840</font></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">57&nbsp;235</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total Ore Reserves</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3&nbsp;280</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">105&nbsp;454</font></b></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;990</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">93&nbsp;035</font></b></p>
  </td>
 <td nowrap width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;840</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">57&nbsp;235</font></b></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Capital expenditure </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During fiscal year 2018, capital expenditure was R125.9&nbsp;million,
compared to R110.6&nbsp;million in fiscal year 2017, an increase of </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">41</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_45"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R15.3 million. Capital expenditure increased primarily as
a result of R41.3 million spent on the installation of two ball mills at Ergo
in order to process higher grade sand at better margins (these mills were reclaimed
from the now decommissioned Crown plant), R24.3 million spent on the ramp-up of
reclamation from the 4L50 slimes dam, which is the southern portion of the
Elsburg Tailings Complex, bordering Boksburg and Germiston; R14.4 million spent
on conversion of the Ergo plant&#8217;s electro-winning circuit to zinc precipitation
and EBDA also spent R17.8 million on building a new lodge to support training
services rendered.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During fiscal year 2017, capital expenditure was R110.6&nbsp;million,
compared to R99.8&nbsp;million in fiscal year 2016, an increase of R10.8
million. Capital expenditure increased primarily as a result of
R31.9&nbsp;million spent on bringing new Reclamation Site 4L37 </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">on line, being one of three new reclamation sites that were
commissioned during fiscal year 2017 to replace the various Crown sites that
were closed</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, R29.5 million spent on the </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Centralised
Water Facility to reduce the use of potable water and reduce the associated
cost of water</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, R13.4 million spent on various exploration and grade
verification projects and the balance was spent on various other capital items.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Critical
accounting policies that require significant judgment</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The preparation of the
consolidated financial statements requires management to make accounting
assumptions, estimates and judgements that affect the application of the
Group's accounting policies and reported amounts of assets and liabilities,
income and expenses. By their nature, judgments are subject to an inherent
degree of uncertainty. Accounting assumptions, estimates and judgements are
reviewed on an ongoing basis. Revisions to reported amounts are recognized in
the period in which the revision is made and in any future periods affected.
Actual results may differ from these estimates.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Management believes the
following critical accounting policies involve the more significant assumptions
and estimates used in the preparation of our consolidated financial statements
and could potentially impact our financial results and future financial
performance:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Depreciation of property, plant and equipment</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Impairment of property, plant and equipment</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Future environmental rehabilitation costs </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Income tax </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Long-term receivable</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Management believes the
following critical accounting policies involve the more significant judgements
used in the preparation of our consolidated financial statements and could potentially
impact our financial results and future financial performance:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Assets and liabilities classified as held for
sale</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Long-term receivable</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Contingent liabilities</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Management has discussed the development
and selection of each of these critical accounting policies with the Board of
Directors and the Audit and Risk Committee, both of which have approved and
reviewed the disclosure of these policies. This discussion and analysis should
be read in conjunction with the consolidated financial statements and related
notes included in Item 18. &#8220;Financial statements&#8221;.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Depreciation of property, plant and equipment</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation of mining
property and development (including mineral rights) and mine plant facilities
are calculated using the units of production method which is based on the life
of mine</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The group&#8217;s life of mine is
primarily based on proved and probable ore reserves and may include some
resources. It reflects the estimated quantities of economically recoverable
gold that can be recovered from reclamation sites based on the gold price
prevailing at the end of the financial year. Changes in the life of mine will
impact depreciation on a prospective basis. The life of mine is prepared using
a methodology that takes account of current information to assess the
economically recoverable gold from specific reclamation sites and includes the
consideration of historical experience. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Other
assets are depreciated using the straight-line method over the expected life of
these assets. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Impairment of property, plant and equipment</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The carrying amounts of property, plant and equipment
are reviewed at each reporting date to determine whether there is any
indication of impairment. If any such indication exists, the asset's
recoverable amount is estimated. The recoverable amount of an asset or
cash-generating unit is the greater of its value in use and its fair value less
costs to sell. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to
the asset. For the purpose of impairment testing, assets are grouped together
into the smallest group of assets which generates cash inflows from continuing
use that is largely independent of the cash inflows of other assets or groups
of assets, or the cash-generating unit. Each metallurgical plant or combination
of plants that, together with its deposition facility, is capable of operating
independently is considered to be a cash-generating unit. An impairment loss is
recognized directly against the carrying amount of the asset whenever the
carrying amount of an asset, or its cash generating unit, exceeds its
recoverable amount. Impairment losses are recognized in profit or loss. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Management considers such factors as the
market capitalization of the group, mineral reserves and resource estimates,
production estimates, spot and future gold prices, foreign currency exchange
rates, discount rates, estimates of costs to produce and future capital
expenditure in determining the recoverable amount.</font></font></p>

</div><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_46"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Future environmental rehabilitation costs</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Provisions for environmental rehabilitation are
provided at the present value of the costs expected to be incurred in the
future to settle the obligation based on current prices. The unwinding of the
obligation is included in profit or loss. Estimated future costs of
environmental rehabilitation are reviewed regularly and adjusted as
appropriate. Changes in estimates are capitalized or reversed against the
related asset but taken to profit or loss if there is no related asset left.
Gains or losses from the expected disposal of assets are not taken into account
when determining the provision.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Estimates of future environmental rehabilitation
costs are based on the Group&#8217;s environmental management plans which are
developed in accordance with regulatory requirements, the life-of-mine plan and
the planned method of rehabilitation which is influenced by developments in
trends and technology.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Income tax</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Deferred tax is recognized in respect of temporary
differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for tax purposes.&#160; The
deferred tax liability is calculated by applying a forecast weighted average
tax rate that is based on a prescribed formula. The calculation of the forecast
weighted average tax rate requires the use of assumptions and estimates and are
inherently uncertain and could change materially over time. These assumptions and
estimates include the expected future profitability and timing of the reversal
of the temporary differences. Due to the forecast weighted average tax rate
being based on a prescribed formula that increase the effective tax rate with
an increase in forecast future profitability, and vice versa, the tax rate can
vary significantly year on year and can move contrary to current period
financial performance.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Assets classified as held for sale</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The assessment of whether </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">an asset is classified
as held for sale depends on whether the</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> disposal is highly probable and require the exercise of
significant judgement and estimates of the outcome of future events that are
not wholly within the control of the Group.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Long-term receivable</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our long-term receivable include payments
made under protest and is a non-derivative financial asset.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The assessment to define the accounting policy and
subsequent classification of the long-term receivable requires the exercise of
significant judgement of the outcome of future events that are not wholly under
the control of the Group. The judicial proceedings that impact on the long-term
receivable are inherently complex legal issues that are subject to
uncertainties and complexities and are subject to interpretation.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The fair value determination of the long-terms
receivable is determined using assumptions and estimates that are inherently
uncertain and can change materially over time. These assumptions and estimates
include estimating the timing of concluding on the main application, the
ultimate settlement terms, the discount rate applied and the credit risk
assessment for impairment purposes.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The long-term receivable is a non-derivative financial
asset categorised as loans and receivables. The asset is initially measured at
fair value and any difference between the face value of payments made and the
fair value of the long-term receivable on initial recognition are recognised in
profit or loss as a finance expense. Subsequent to initial recognition, the
long-term receivable is measured at amortised cost using the effective interest
method less any impairment losses. Unwinding of the carrying value is accounted
for as finance income.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Contingent liabilities</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The assessment of the impact of contingent
liabilities require the exercise of significant judgement and estimates of the
outcome of future events that are not wholly within the control of the Group.
Litigation and other judicial proceedings inherently entail complex legal
issues that are subject to uncertainties and complexities and are subject to
interpretation.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Comparison
of financial performance for the fiscal year ended June 30, 2018 with fiscal
year ended June 30, 2017</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The following table illustrates the year-on-year change in revenue
for fiscal year 2018 in comparison to fiscal year 2017:</font></font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap rowspan=3 width=19% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R
  million</font></i></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p>
  </td>
 <td rowspan=3 width=23% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Impact of change in amount of gold sold</font></b></p>
  </td>
 <td rowspan=3 width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Impact of change in gold price</font></b></p>
  </td>
 <td rowspan=3 width=22% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change</font></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">revenue</font></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">revenue</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=19% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo </font></p>
  </td>
 <td nowrap width=12% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;339.9</font></p>
  </td>
 <td nowrap width=23% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">211.1</font></p>
  </td>
 <td nowrap width=12% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(60.6)</font></p>
  </td>
 <td nowrap width=22% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">150.5</font></p>
  </td>
 <td nowrap width=12% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;490.4</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue increased by R150.5&nbsp;million, or 6%, to R2&nbsp;490.4&nbsp;million
during fiscal year 2018. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">This was mainly due
to a 9% increase in gold sold, reflecting a 10% increase in gold production. The
impact of the 9% increase in gold sold was offset in part by the average rand
gold price received which decreased by 3% to R534&nbsp;344 per kilogram.</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost of sales</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cost of sales amounted to R2&nbsp;347.7 million,
consisting mainly of operating costs of R2&nbsp;207.1 million, depreciation of
R</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">168.0</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> million and a positive movement in
both change in estimate of environmental rehabilitation of <a name="_Hlk524962172"></a>R2.9 million and gold in process of <a name="_Hlk524962194"></a>R24.5 million. These are discussed as follows: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating costs</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Operating costs were <a name="_Hlk524962211"></a>R2&nbsp;207.1
million compared to <a name="_Hlk524962229"></a>R2&nbsp;109.3 million for
fiscal year 2017. The increase was mainly due to inflationary increases.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation charges were <a name="_Hlk524962251"></a>R168.0
million for fiscal year 2018 compared to <a name="_Hlk524962266"></a>R179.8 million
for fiscal year 2017. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><a name="_Hlk525283454"></a><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Retrenchment costs</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="_Hlk524962296"></a>No retrenchment costs were incurred in fiscal year 2018 compared
to R23.0 million incurred in fiscal year 2017 due to retrenchments related to
the closure of the various Crown sites which was completed in fiscal year 2017.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in estimate of environmental rehabilitation</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">As of June 30, 2018, we estimate our total rehabilitation
provision, being the discounted estimate of future costs, to be <a name="_Hlk524962347"></a>R553.4</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;million
as compared to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R531.7</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;million at
June 30, 2017. A </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">change in estimate of
environmental rehabilitation of R2.9 million was recognized due to minor
changes in the planned rehabilitation activities </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">of June 30, 2018
compared to fiscal year 2017</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A total of <a name="_Hlk524962392"></a>R118.0&nbsp;million was
invested in our various environmental trust funds as at the end of fiscal year 2018,
as compared to R110.5&nbsp;million at the end of fiscal year 2017. The increase
is attributable to <a name="_Hlk524962413"></a>R7.5 million interest received
on these funds during fiscal year 2018. A total of <a name="_Hlk524962429"></a>R126.0&nbsp;million
(2017: R117.2&nbsp;million) is invested in </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">funds
held in insurance instruments to secure </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">financial guarantees provided to
the DMR through an insurance cell captive company, the Guardrisk Cell Captive. The
increase is attributable to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">R8.8&nbsp;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">
million interest received on these funds during fiscal year 2018. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As at June 30, 2018 guarantees amounting to <a name="_Hlk524962465"></a>R427.3 million were issued to the DMR (2017: R427.3
million). </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The shortfall between the invested funds and the estimated
provisions is expected to be financed by ongoing contributions to the Guardrisk
Cell Captive, over the remaining production life of the respective mining
operations and, at the time of mine closure, the proceeds on the disposal of
remaining assets and gold from plant clean-up.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Movements in gold in process</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement in gold in process in fiscal year 2018 amounted to a benefit
of R<a name="_Hlk524962506"></a>24.5 million mainly due to an increase in the
volume of gold in the plant as at June 30, 2018 compared to June 30, 2017.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration expenses and general costs</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration expenses and general costs increased by R21.3&nbsp;million
from R69.4&nbsp;million in fiscal year 2017 to <a name="_Hlk524962564"></a>R90.7&nbsp;million
in fiscal year 2018. In fiscal year 2018 administration expenses and general
costs included R9.0 million related to transaction costs incurred on the
acquisition of the WRTRP assets from Sibanye-Stillwater, long-term incentives
of R17.2 million, legal costs amounting to R2.8 million and a loss on disposal
of fixed assets of R0.6 million. <a name="_Hlk524963831"></a>In fiscal year 2017,
administration expenses and general costs included long-term incentives of
R10.0 million and legal costs amounting to R6.1 million.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance income</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance income decreased from R<a name="_Hlk524962617"></a>40.0&nbsp;million
in fiscal year 2017 to R38.8&nbsp;million in fiscal year 2018<a name="_Hlk524964194"></a>, mainly due to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">lower
average cash balances during the year</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance expenses</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance expenses increased from R<a name="_Hlk524962670"></a>52.2
million in fiscal year 2017 to R58.4&nbsp;million in fiscal year 2018<a name="_Hlk524964178"></a>, mainly attributable to the increase in the unwinding of
the provision for environmental rehabilitation and a fair value adjustment on
the initial recognition of the long-term receivable of R8.8 million.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax amounted to a charge of R<a name="_Hlk524962693"></a>25.9&nbsp;million
for fiscal year 2018 (tax benefit amounting to R50.4&nbsp;million for fiscal
year 2017) and consisted of current tax of <a name="_Hlk524963148"></a>R6.4&nbsp;million,
mostly relating to non-mining income, and a deferred tax charge for fiscal year
2018 of R<a name="_Hlk524963170"></a>19.5 million, mostly relating to mining
income.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">44</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The tax charge resulted from our profit before tax in fiscal year
2018 as well as a charge of R12.8 million relating to the forecast weighted
average deferred tax rate that increased from 18.6% in fiscal year 2017 to 20.3%
in fiscal year 2018 because of an increase in forecast profitability of Ergo.
The increase in the effective tax rate resulted in an increase in the deferred
tax liability and the associated tax charge.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Comparison
of financial performance for the fiscal year ended June 30, 2017 with fiscal
year ended June 30, 2016</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The
following table illustrates the year-on-year change in revenue for fiscal year 2017
in comparison with fiscal year 2016</font></font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap rowspan=3 width=19% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R
  million</font></i></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p>
  </td>
 <td rowspan=3 width=22% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Impact of change in amount of gold sold</font></b></p>
  </td>
 <td rowspan=3 width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Impact of change in gold price</font></b></p>
  </td>
 <td rowspan=3 width=22% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change</font></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">revenue</font></b></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">revenue</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 <td width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=19% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo </font></p>
  </td>
 <td width=12% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;433.1</font></p>
  </td>
 <td nowrap width=22% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(102.3)</font></p>
  </td>
 <td nowrap width=13% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9.1</font></p>
  </td>
 <td nowrap width=22% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(93.2)</font></p>
  </td>
 <td width=12% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;339.9</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue decreased by R93.2&nbsp;million, or 4%, to R2&nbsp;339.9&nbsp;million
during for fiscal year 2017. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">This was mainly
due to a 4% decrease in gold sold reflecting a 4% decrease in gold produced. The
average rand gold price received amounting to R548&nbsp;268 per kilogram remained
flat compared to fiscal year 2016.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost of sales</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cost of sales amounted to R2&nbsp;307.9 million,
consisting mainly of operating costs of R2&nbsp;109.3 million, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">retrenchment costs of R23.0&nbsp;million,</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">
depreciation of R</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">179.8&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> million, change in
estimate of environmental rehabilitation R0.6 million and a positive movement
in gold in process R4.8 million. These are discussed as follows: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating costs</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Operating costs were R2&nbsp;109.3 million compared
to R2&nbsp;030.2 million for fiscal year 2016. The increase was mainly due to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">to the 5% increase in throughput, as well as general inflationary
increases, relatively high costs associated with the Crown clean-up and
increased trucking of sand material to the City Deep plant</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation charges were R179.8 million for fiscal year 2017
compared to R180.2 million for fiscal year 2016. Depreciation remained flat due
to the increase in depreciation resulting from the clean-up and closure of the
various Crown sites being offset by the net decrease in depreciation resulting
from the increase in the expected units-of-production in Ergo&#8217;s life of mine
that became effective on January 1, 2017.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Retrenchment costs</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a name="_Hlk524962296_0"></a>Retrenchment costs were R23.0&nbsp;million in fiscal
year 2017 compared to nil in fiscal year 2016. These costs were incurred due to
closure of the various Crown sites.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Movements in provision for environmental rehabilitation</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">As of June 30, 2017, we estimate our total rehabilitation
provision, being the discounted estimate of future costs, to be R531.7</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;million as compared to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R522.9</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;million at June 30, 2016. Refer to Item 18.
&#8216;&#8216;Financial Statements - Note 10 &#8211; Provision for environmental rehabilitation
and Note 23 &#8211; Assets and Liabilities classified as held for sale&#8217;&#8217; of the
consolidated financial statements for a discussion of the increase in the
provision for environmental rehabilitation in fiscal year </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A total of R110.5&nbsp;million was invested in our various
environmental trust funds as at the end of fiscal year 2017, as compared to R93.8&nbsp;million
as of the end of fiscal year 2016. The increase is attributable to R6.8 million
interest received on these funds during fiscal year 2017. A total of R117.2&nbsp;million
(2016: R108.3&nbsp;million) is invested in </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">funds
held in insurance instruments to secure </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">financial guarantees provided to
the DMR through an insurance cell captive company, the Guardrisk Cell Captive. <a name="_Hlk524962952"></a>The increase is attributable to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">R8.9&nbsp;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> million interest received on these funds during fiscal year 2017.
</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As at June 30, </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017,&nbsp;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> guarantees amounting to R427.3 million were
issued to the DMR </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(2016</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">: R427.3
million). </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The shortfall between the invested funds and the estimated
provisions is expected to be financed by ongoing contributions to the Guardrisk
Cell Captive, over the remaining production life of the mining operations and,
at the time of mine closure, the proceeds on the disposal of remaining assets
and gold from plant clean-up.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Movements in gold in process</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement in gold in process in fiscal year 2017 amounted to a benefit
of R4.8 million mainly due to a increase in the volume of gold in the plant as
at June 30, 2017 compared to June 30, 2016.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration expenses and general costs</font></i></b></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">45</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_49"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The administration expenses and general costs decreased by R17.8&nbsp;million,
from R87.2&nbsp;million in fiscal year 2016 to R69.4&nbsp;million in fiscal
year 2017. <a name="_Hlk524963831_0"></a>In fiscal year 2017 administration
expenses and general costs included long term incentives of R10.0 million (2016:
R 29.9 million). These costs decreased mainly due to this decrease in the
share-based payment expense as well as implementation of various cost cutting
initiatives at the corporate office.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance income</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance income increased from R36.8&nbsp;million in fiscal year 2016
to R40.0&nbsp;million in fiscal year 2017. The increase was mainly due to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">higher average cash balances during the year</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance expenses</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance expenses increased from R<a name="_Hlk524962670_0"></a>47.6
million in fiscal year 2016 to R52.2&nbsp;million in fiscal year 2017, mainly
attributable to the increase in the unwinding of the provision for environmental
rehabilitation.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax amounted to a benefit of R<a name="_Hlk524962693_0"></a>50.4&nbsp;million
for fiscal year 2017 (tax charge amounting to R46.9&nbsp;million for fiscal
year 2016) and consisted of current tax of <a name="_Hlk524963148_0"></a>R1.9&nbsp;million,
mostly relating to non-mining income, and a deferred tax benefit for fiscal
year 2017 of R<a name="_Hlk524963170_0"></a>53.4 million, mostly relating to
mining income.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-other;">The tax benefit resulted from
a loss before tax as well as a benefit of R37.5 million relating to the
forecast weighted average deferred tax rate that decreased from 23.1% in fiscal
year 2016 to 18.6% in fiscal year 2017 because of a decrease in forecast
profitability of Ergo. The decrease in the effective tax rate resulted in a
decrease in the deferred tax liability and the associated tax benefit.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash operating costs, cash operating costs per kilogram, all-in
sustaining costs and all-in costs per kilogram</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs per kilogram, all-in sustaining costs per
kilogram and all-in costs per kilogram are non-IFRS financial measures that
should not be considered by investors in isolation or as alternatives to cost
of sales, net profit/(loss) attributable to equity owners of the parent,
profit/(loss) before tax and other items or any other measure of financial
performance presented in accordance with IFRS or as an indicator of our
performance. While the World Gold Council provided guidance for the calculation
of cash operating costs, cash operating costs per kilogram, all-in sustaining
costs and all-in costs per kilogram may vary significantly among gold mining
companies, and these definitions by themselves do not necessarily provide a
basis for comparison with other gold mining companies. However, we believe that
these measures are useful indicators to investors and our management of an
individual mine's performance and of the performance of our operations as a
whole as they provide: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:39.7pt;text-align:justify;text-indent:-19.85pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">an indication of a mine&#8217;s profitability and efficiency; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:39.7pt;text-align:justify;text-indent:-19.85pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">the trend in costs;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:39.7pt;text-align:justify;text-indent:-19.85pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">a measure of margin per kilogram, by comparison of the cash
operating costs per kilogram to the price of gold; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:39.7pt;text-align:justify;text-indent:-19.85pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">a benchmark of performance to allow for comparison against other
mines and mining companies. </font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">For fiscal year 2018, cash operating costs per kilogram decreased by
6% to R458&nbsp;866 per kilogram from R 489&nbsp;549 per kilogram in fiscal
year 2017. All-in sustaining costs per kilogram decreased to R505&nbsp;622 per
kilogram from R 530&nbsp;930 per kilogram in fiscal year 2017. All-in costs per
kilogram decreased to R524&nbsp;651 per kilogram of gold from R 552&nbsp;243
per kilogram of gold in fiscal year 2017. </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The decrease in cash
operating costs per kilogram, all-in sustaining costs per kilogram</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">all-in costs per
kilogram</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> was</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> mainly due to the
increase in gold production and completion of the rehabilitation of the Crown
footprint.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">For
fiscal year 2017, cash operating costs per kilogram increased by 10% to R
489&nbsp;549 per kilogram compared to R 446&nbsp;153 per kilogram in fiscal
year 2016. </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">This was</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> mainly due to
lower gold production resulting from the clean-up of the Crown sites that
caused a decrease in the average yield. The increase in the all-in sustaining
costs per kilogram to R 530&nbsp;930 per kilogram from R 499&nbsp;425 per
kilogram in fiscal year 2016 was mainly due to the increase in cash operating
costs, with reduced charges resulting from movement in gold in process,
movement in provision for environmental rehabilitation and corporate costs
mitigating the overall increase. The total all-in costs per kilogram increased
to R 552&nbsp;243 per kilogram of gold from R 512&nbsp;353 per kilogram of gold
in fiscal year 2016 due to the above increase in the all-in sustaining cost, as
well as increased retrenchment costs and growth capital expenditure.</font></font></p>

</div><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_50"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:38.25pt;">
  <td nowrap valign=bottom width=58% style="height:38.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:38.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:38.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></p>
  </td>
 <td valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:38.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
  </td>
 </tr>
<tr style="height:38.25pt;">
  <td width=58% style="height:38.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Reconciliation
  of cash operating costs, cash operating costs per kilogram, all-in sustaining
  costs, all-in sustaining costs per kilogram, all-in costs and all-in costs
  per kilogram</font></i></b></p>
  </td>
 <td valign=bottom width=14% style="border:none;height:38.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=14% style="border:none;height:38.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=14% style="border:none;height:38.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost
  of sales</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;347.7</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;307.9</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;236.8</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation
  </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(168.0)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(179.8)</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(180.2)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Retrenchment
  costs </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(23.0)</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Change
  in estimate of environmental rehabilitation </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2.9</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(0.6)</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(19.3)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement
  in gold in process </font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">24.5</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">4.8</font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(7.1)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating
  costs </font></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;207.1</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;109.3</font></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;030.2</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ongoing
  rehabilitation expenditure </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(26.7)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(22.4)</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(27.8)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Care
  and maintenance costs </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(8.2)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(7.1)</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(10.5)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Other
  operating income/(costs) </font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(12.5)</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">8.1</font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(0.7)</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=58% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash
  operating costs<sup> (1)</sup>&#160; </font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;159.7</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;087.9</font></p>
  </td>
 <td nowrap width=14% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">1&nbsp;991.2</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement
  in gold in process </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(24.5)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(4.8)</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">7.1</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration
  expenses and other costs excluding non-recurring items<sup> (1)</sup></font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">81.1</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">69.4</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">87.2</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Other
  operating (income)/costs </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">12.5</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(8.1)</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">0.7</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Change
  in estimate of environmental rehabilitation </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(2.9)</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">0.6</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">19.3</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Unwinding
  of rehabilitation provision </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">45.6</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">46.5</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">43.0</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Sustaining
  capital expenditure<sup> (1)</sup></font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">81.3</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">72.9</font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">80.5</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=58% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All-in
  sustaining costs <sup>(1)</sup></font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;352.8</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;264.4</font></p>
  </td>
 <td nowrap width=14% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;229.0</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Retrenchment
  costs </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">23.0</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Care
  and maintenance costs </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">8.1</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">7.1</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">10.5</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ongoing
  rehabilitation expenditure </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">26.7</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">22.4</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">27.8</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Capital
  recoupment </font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(5.0)</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(0.2)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Transaction
  costs incurred related to the acquisition of FWGR</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">9.0</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Growth
  capital expenditure<sup> (1)</sup></font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">44.7</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">43.4</font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">19.5</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap width=58% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All-in
  costs<sup> (1)</sup></font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;441.3</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;355.3</font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:double black 2.25pt;height:15.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2&nbsp;286.6</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold
  produced (kilograms) </font></p>
  </td>
 <td width=14% style="border:none;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">4&nbsp;679</font></b></p>
  </td>
 <td width=14% style="border:none;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">4&nbsp;265</font></p>
  </td>
 <td width=14% style="border:none;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">4&nbsp;462</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash
  operating costs per kilogram (R per kilogram) </font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">458&nbsp;866</font></b></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">489&nbsp;549</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">446&nbsp;153</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All-in
  sustaining costs per kilogram (R per kilogram) </font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">505&nbsp;622</font></b></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">530&nbsp;930</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">499&nbsp;425</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All-in
  costs per kilogram (R per kilogram) </font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">524&nbsp;651</font></b></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">552&nbsp;243</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">512&nbsp;353</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Reconciliation
  of sustaining capital expenditure and growth capital expenditure </font></i></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total
  capital expenditure/additions to property, plant and equipment</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">126.1</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">116.3</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">100.0</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Growth
  capital expenditure<sup> (1)</sup></font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">44.7</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">43.4</font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">19.5</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Sustaining
  capital expenditure<sup> (1)</sup></font></p>
  </td>
 <td width=14% style="border:none;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">81.3</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">72.9</font></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">80.5</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Reconciliation
  of growth administration expenses and administration expenses</font></i></b></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration
  expenses and other costs</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">90.7</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">69.4</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">87.2</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Loss
  on disposal of property, plant and equipment</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">0.6</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Transaction
  costs incurred related to the acquisition of FWGR</font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">9.0</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap width=58% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration
  expenses and other costs excluding non-recurring items<sup> (1)</sup></font></p>
  </td>
 <td width=14% style="border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">81.1</font></b></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">69.4</font></p>
  </td>
 <td nowrap width=14% style="border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">87.2</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap width=58% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=14% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap width=58% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><sup><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(1)</font></b></sup><sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">See Glossary of Terms for
  definitions.</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>




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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">47</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_51"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs are
linked directly to the level of throughput of a specific fiscal year. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The following table illustrates the year-on-year change in
cash operating costs for fiscal year 2018 in comparison with fiscal year 2017</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:25.15pt;">
  <td nowrap rowspan=2 width=18% style="height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R million</font></i></b></p>
  </td>
 <td width=17% style="height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=16% style="border:none;border-bottom:solid black 1.0pt;height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Impact of change in throughput</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=17% style="border:none;border-bottom:solid black 1.0pt;height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Impact of change in costs</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=16% style="border:none;border-bottom:solid black 1.0pt;height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change</font></b></p>
  </td>
 <td width=16% style="height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs</font></b></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td width=17% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td width=16% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=18% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo </font></p>
  </td>
 <td width=17% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;087.9</font></p>
  </td>
 <td nowrap width=16% style="border:none;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(56.6)</font></p>
  </td>
 <td nowrap width=17% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">128.4</font></p>
  </td>
 <td nowrap width=16% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">71.8</font></p>
  </td>
 <td width=16% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;159.7</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Cash operating costs in
fiscal year 2018 increased by 3% to R2&nbsp;159.7 million compared to cash
operating costs of R 2&nbsp;087.9 million in fiscal year 2017. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:12.0pt;">The below inflationary increases resulted from savings attributed
to having substantially completed the rehabilitation of the Crown footprint in
fiscal year 2017, as well as the centralised water management plant being in
operation for the full fiscal year 2018</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following table illustrates the year-on-year
change in cash operating costs for fiscal year 2017 in comparison with fiscal
year 2016:</font></font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:25.15pt;">
  <td nowrap rowspan=2 width=18% style="height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R million</font></i></b></p>
  </td>
 <td width=17% style="height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=17% style="border:none;border-bottom:solid black 1.0pt;height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Impact of change in throughput</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=16% style="border:none;border-bottom:solid black 1.0pt;height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Impact of change in costs</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=16% style="border:none;border-bottom:solid black 1.0pt;height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Net change</font></b></p>
  </td>
 <td width=16% style="height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs</font></b></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td width=17% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 <td width=16% style="border:none;border-bottom:solid black 1.0pt;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap width=18% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo </font></p>
  </td>
 <td nowrap width=17% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;991.2</font></p>
  </td>
 <td nowrap width=17% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9.3</font></p>
  </td>
 <td nowrap width=16% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">87.4</font></p>
  </td>
 <td nowrap width=16% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">96.7</font></p>
  </td>
 <td nowrap width=16% style="border:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;087.9</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Cash operating costs in
fiscal year 2017 increased by 5% to R 2&nbsp;087.9 million compared to cash
operating costs of R 1&nbsp;991.2 million in fiscal year 2016 </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:12.0pt;">due to the 5% increase in throughput, as well as general
inflationary increases, relatively high costs associated with the Crown
clean-up and increased trucking of sand material to the City Deep plant</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td colspan=4 nowrap width=100% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  following table lists the major components of cash operating costs for each
  of the fiscal years set forth below: </font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=60% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=60% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=3 width=40% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Years ended June 30,</font></u></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=60% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Costs</font></u></b></p>
  </td>
 <td width=14% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></u></b></p>
  </td>
 <td width=13% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></u></b></p>
  </td>
 <td width=13% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=60% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Consumables </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">36%</font></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">38%</font></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">36%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=60% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Electricity and water </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">19%</font></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">20%</font></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">20%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=60% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Labor </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">19%</font></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">17%</font></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">18%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=60% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Specialized service providers </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">15%</font></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14%</font></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=60% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Other costs </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10%</font></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">11%</font></p>
  </td>
 <td width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12%</font></p>
  </td>
 </tr>
</table></div>




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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">48</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">5B. LIQUIDITY AND
CAPITAL RESOURCES</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Cash flows from operating activities</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash generated from operating activities amounted
to R233.8&nbsp;million for fiscal year 2018 (fiscal year 2017: R51.6&nbsp;million
and fiscal year 2016: R415.9 million). </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash generated from operating activities increased
during fiscal year 2018 due mostly </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">to a </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">9% increase in gold sold despite the average rand
gold price received having decreased by 3% to R534&nbsp;344 per kilogram. as
well as the net working capital movements that resulted in an inflow in cash of
R14.6 million in fiscal year 2018 compared to a outflow in cash of R117.8
million in fiscal year 2017.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash generated from operating activities decreased
during fiscal year 2017 due mostly </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">to a </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">4% decrease in gold sold with the average rand
gold price received of gold sold remained flat as well as the net working
capital movements that resulted in an outflow of cash of R117.8 million in
fiscal year 2017 compared to a inflow in cash of R81.9 million in fiscal year
2016. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash generated from operating activities increased
during fiscal year 2016 due mostly to a 21% increase in the average rand gold
price received, despite a 5% decrease in gold sold, as well as the net working
capital movements. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Cash flows from investing activities</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Net cash utilized by investing activities amounted
to R140.4&nbsp;million in fiscal year 2018 compared to R96.7&nbsp;million in
fiscal year 2017 and R107.2&nbsp;million in fiscal year 2016. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In fiscal year 2018, net cash utilized by
investing activities mainly consisted of R125.9 million in additions to
property, plant and equipment and R21.5 million spent on environmental
rehabilitation payments. These outflows were reduced by R7.0 million proceeds
on the disposal of property, plant and equipment. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions to property, plant and equipment</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> in fiscal year 2018 were predominantly on:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:justify;text-indent:-18.0pt;"><font face="Courier New" style="border:none;"><font face="Courier New" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#9744; </font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R41.3 million spent on the installation of two ball mills at Ergo
in order to process higher grade sand at better margins (these mills were
reclaimed from the company&#8217;s now decommissioned Crown plant), </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:justify;text-indent:-18.0pt;"><font face="Courier New" style="border:none;"><font face="Courier New" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#9744; </font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R24.3 million spent on the ramp-up of reclamation from the 4L50
slimes dam, which is the southern portion of the Elsburg Tailings Complex,
bordering Boksburg and Germiston;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:justify;text-indent:-18.0pt;"><font face="Courier New" style="border:none;"><font face="Courier New" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#9744; </font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R14.4 million spent on conversion of the Ergo plant&#8217;s
electro-winning circuit to zinc precipitation; and </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:justify;text-indent:-18.0pt;"><font face="Courier New" style="border:none;"><font face="Courier New" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#9744; </font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R17.8 million on building a new lodge to support training services
rendered by EBDA. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In fiscal year 2017, net cash utilized by
investing activities consisted mainly of R110.6 million in additions to
property, plant and equipment and R11.6 million spent on environmental
rehabilitation payments. These outflows were reduced by R20.5 million proceeds
on the disposal of property, plant and equipment.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions to property, plant and equipment </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">in fiscal year 2017 </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">were predominantly on Ore Reserve
development, new infrastructure and new mining equipment at our operations.
Significant capital projects for Ergo during fiscal year 2017 included:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:justify;text-indent:-18.0pt;"><font face="Courier New" style="border:none;"><font face="Courier New" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#9744; </font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R31.9 million on Reclamation Site 4L37;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:justify;text-indent:-18.0pt;"><font face="Courier New" style="border:none;"><font face="Courier New" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#9744; </font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R29.5 million on the centralized water facility;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:justify;text-indent:-18.0pt;"><font face="Courier New" style="border:none;"><font face="Courier New" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#9744; </font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R13.4 million on various exploration and grade verification
projects; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:justify;text-indent:-18.0pt;"><font face="Courier New" style="border:none;"><font face="Courier New" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &#9744; </font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R42.1 million on various other capital items.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">In fiscal year 2016, net cash utilized by
investing activities consisted mainly of R99.8 million in additions to
property, plant and equipment, R10.6 million spent on environmental
rehabilitation payments. These outflows were reduced by R7.0 million proceeds
on the disposal of property, plant and equipment.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions to property, plant and equipment</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> in fiscal year 2016 were predominantly to create </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">increased
flexibility and volume capacity</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, new
infrastructure and new mining equipment at our operations. Significant capital
projects for Ergo during fiscal year 2016 included:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:justify;text-indent:-18.0pt;"><font face="Courier New" style="border:none;"><font face="Courier New" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &#9744; </font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R40.2 million spent on</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;"> bringing the 4L2 reclamation
site on line;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:justify;text-indent:-18.0pt;"><font face="Courier New" style="border:none;"><font face="Courier New" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &#9744; </font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;">R13 million on phase II of the refurbishment of the No 3 tailings
thickener; and</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:left;text-indent:-18.0pt;"><font color=black face="Courier New" style="border:none;"><font color=black face="Courier New" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> &#9744; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">R46.6 million was spent on various </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">other
capital items.</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> &nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-align:left;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Cash flows from financing
activities</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Net cash outflow from</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> financing activities was R45.0&nbsp;million
in fiscal year 2018 compared to R53.0&nbsp;million in fiscal year 2017 and R281.1&nbsp;million
in fiscal year 2016. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">During fiscal year 2018, the net cash outflow
consisted mostly of a dividend payment of R42.2 million.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">During fiscal year 2017, the net cash outflow
consisted mostly of a dividend payment of R50.6 million.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">During fiscal year 2016, the net cash outflow
consisted mostly of a dividend payment of R252.9 million, R22.5 million
repayments of the Domestic Medium Term Note Program and R6.5 million related to
the acquisition of treasury shares in the market.</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Cash and cash equivalents</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash and cash equivalents as at June 30, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2018 amounted to R 302.1 million compared to
R253.7 million at the end of fiscal year 2017 and R351.8 million at the end of
fiscal year 2016. Substantially all of our cash and cash equivalent balances
were denominated in South African rand.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash and cash equivalents as at June 30, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2018 includes restricted cash </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">in the form
of cash held in escrow amounting to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">R114.2</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> million at
the end of fiscal year </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2018</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> compared
to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">R92.7</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> million at the end of
fiscal year </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2017</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> and </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">R47.7</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> million at the end of fiscal year </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2016</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> related to an electricity tariff dispute with Ekurhuleni
(refer to Item 4D. Ongoing legal proceedings). Restricted cash also includes guarantees
</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">of R17.2 million compared to R16.1 million at
the end of fiscal year </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2017 and R15.2
million at the end of fiscal year 2016.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; At September 30, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">2018</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">, our cash and cash
equivalents were R244.7&nbsp;million.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Borrowings and funding</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our available external sources of capital
include </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">an overdraft facility of R100 million. Subsequent to year end,
this overdraft facility was incorporated into a </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R300 million Revolving Credit Facility described </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">in Item 10C. Material
Contracts &#8211; ZAR 300 million Revolving Credit Facility.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Anticipated funding requirements and sources</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Existing operations</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our cash and cash equivalents are set out above
under &#8220;Cash and cash equivalents&#8221;. Our management believes that existing cash
resources, net cash generated from operations and the availability of
negotiated funding facilities will be sufficient to meet the anticipated
commitments of our existing operations for fiscal year 2019. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; West Rand Tailings Retreatment Project</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, we completed the acquisition of
the gold assets associated with Sibanye-Stillwater&#8217;s WRTRP, to be known going
forward as FWGR.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We have already embarked on the first phase of its
planned two-phase development. We secured a R300 million Revolving Credit Facility
from ABSA Bank Limited (acting through its Corporate and Investment Banking
division) to fund the anticipated capital expenditure required for phase 1. </font></font><font color=black style="border:none;"><font color=black face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A description of the
Revolving Credit Facility is set forth below.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Phase 1 involves the upgrading of the Driefontein 2
plant to process tailings from the Driefontein 5 dump at a rate of between 400
000 and 600 000tpm and depositing the residue on the Driefontein 4 tailings
dam. First production is expected in the first quarter of calendar 2019.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our estimated working capital, capital expenditure
and other funding commitments, as well as our sources of liquidity, for both
the existing operations as well as the development of FWGR would be adversely
affected if: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.85pt;text-align:justify;text-indent:-19.85pt;"><font color=black face=Symbol style="border:none;"><font color=black face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">our operations fail to generate forecasted net cash
flows from operations;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.85pt;text-align:justify;text-indent:-19.85pt;"><font color=black face=Symbol style="border:none;"><font color=black face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">there is an adverse variation in the price of gold or
foreign currency exchange rates in relation to the US dollar, particularly with
respect to the rand; or</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.85pt;text-align:justify;text-indent:-19.85pt;"><font color=black face=Symbol style="border:none;"><font color=black face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">our operating results or financial condition are
adversely affected by the uncertainties and variables facing our business
discussed under Item 5A. Operating Results or the risk factors described in Item
3D. Risk Factors.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In such circumstances, we could have insufficient
capital to meet our current obligations in the normal course of business, which
would have an adverse impact on our financial position and our ability to
continue operating as a going concern. We would need to reassess our
operations, consider further restructuring and/or obtain additional debt or
equity funding. There can be no assurance that we will obtain this additional
or any other funding on acceptable terms or at all.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">5C. RESEARCH AND DEVELOPMENT, PATENTS AND
LICENSES, ETC.</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD
has a dedicated team that looks at ways and means of improving recoveries.
While the team remains active with an ongoing focus on improving extraction
efficiencies, the projects undertaken during the year ended June 30, 2018 were
focused on optimizing the existing facilities rather than implementing new
technologies to improve extraction efficiencies. We have no registered patents
or licenses. </font></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">5D. TREND INFORMATION</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">For the fiscal year 2019, we are planning
gold production from our Ergo operations of 148,000 to 154,000 ounces at cash
operating costs of approximately R490,000 per kilogram. Our ability to meet the
full year&#8217;s production target could be impacted by, among other factors, lower
grades and failure to achieve the targets set at Ergo. We are also subject to
cost pressures in the event of above inflation increases in labor, electricity
and water; crude oil and steel costs. Unforeseen changes in ore grades and
recoveries, unexpected changes in the quality or quantity of reserves and
resource, technical production issues, environmental and industrial accidents,
gold theft, environmental factors and pollution could adversely impact the
production, sales and cash operating costs for fiscal year 2019.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our acquisition of WRTRP assets from
Sibanye-Stillwater will impact our results going forward, but we remain subject
to risks associated with acquired assets (refer Item 3D. Risk Factors&#8212;Risks
related to our business and operations). We may be unable to make desirable
acquisitions or to integrate successfully any businesses we acquire. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Refer to </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Item 5A.: &#8220;Key drivers
of our operating results and principal factors affecting our operating results&#8221;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> for a discussion of the trend in the US Dollar
gold price as well as the exchange rate impacting our business.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">5E. OFF-BALANCE SHEET ARRANGEMENTS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Company does not engage in off-balance sheet financing
activities, and does not have any off-balance sheet debt obligations, unconsolidated
special purposes entities or unconsolidated affiliates.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:9.6pt;">
  <td colspan=6 nowrap width=100% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">5F.
  TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</font></i></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=46% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=4 width=43% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Estimated and actual payments
  due by period</font></u></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td rowspan=2 width=46% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td rowspan=2 width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></u></b></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Less than </font></u></b></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Between </font></u></b></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Between</font></u></b></p>
  </td>
 <td rowspan=2 width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">More than 5 years</font></u></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 year</font></u></b></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1-3 years</font></u></b></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3-5 years</font></u></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=46% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R m</font></u></b></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R m</font></u></b></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R m</font></u></b></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R m</font></u></b></p>
  </td>
 <td width=10% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R m</font></u></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=46% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Provision for environmental
  rehabilitation <sup>(2)</sup> </font></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">553.4</font></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">56.2</font></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">106.5</font></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">85.6</font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">305.1</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td width=46% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance leases </font></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14.7</font></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.5</font></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">11.2</font></p>
  </td>
 <td width=11% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td width=10% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=46% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Trade and other payables </font></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">303.3</font></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">303.3</font></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td width=10% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=46% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Purchase obligations &#8211; contracted capital
  expenditure <sup>(1)</sup> </font></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32.7</font></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32.7</font></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td width=11% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td width=10% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=46% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Other contractual obligations </font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6.7</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.8</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.9</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=46% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total contractual cash obligations</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">910.8</font></b></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">398.5</font></b></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">121.6</font></b></p>
  </td>
 <td width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">85.6</font></b></p>
  </td>
 <td width=10% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">305.1</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=46% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td colspan=6 nowrap valign=top width=100% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(1)</font></sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;"> Represents planned capital
  expenditure for which contractual obligations exist.</font></p>
  </td>
 </tr>
<tr style="height:51.6pt;">
  <td colspan=6 valign=top width=100% style="height:51.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">(2)</font></sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;"> Gold mining companies are subject to
  extensive environmental regulations in the various jurisdictions in which
  they operate. These regulations establish certain conditions on the conduct
  of our operations. Pursuant to environmental regulations, we are also obliged
  to close our operations and reclaim and rehabilitate the lands upon which we
  have conducted our mining and gold recovery operations. The estimated closure
  costs at existing operating mines and mines in various stages of closure are
  reflected in this table. For more information on environmental rehabilitation
  obligations, see Item 4D. &#8220;Property, Plant and Equipment&#8221; and Note 10 -
  &#8220;Provision for environmental rehabilitation&#8221; under Item 18. &#8220;Financial
  Statements&quot;.</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="background:yellow;border:none;display:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">5G.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SAFE HARBOR</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">See
Special Note Regarding Forward-Looking Statements.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">6A. DIRECTORS AND
SENIOR MANAGEMENT </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Directors and Executive Officers</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our board of directors may consist of not less than
four and not more than twenty directors. As of June&nbsp;30, 2018, our board
consisted of seven directors. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In accordance with JSE listing requirements and our
Memorandum of Incorporation, or MOI, one third of the directors comprising the
board of directors, on a rotating basis, are subject to re-election at each
annual general shareholders&#8217; meeting. Additionally, all directors are subject
to election at the first annual general meeting following their appointment.
Retiring directors normally make themselves available for re-election.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In accordance with the provisions of the agreement
for the acquisition of the WRTRP Assets, a director nominated by Sibanye</font></font><font face="Cambria Math,serif" style="border:none;"><font face="Cambria Math,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#8209;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Stillwater,
will be appointed as a non-executive director of the Board subject to the terms
of DRDGOLD&#8217;s MOI and shareholders&#8217; approval.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The address of each of our Executive Directors and
Non-Executive Directors is the address of our principal executive offices.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Executive Directors</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:12.6pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Dani&#235;l Johannes
Pretorius (51)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Chief Executive Officer. Ni&#235;l Pretorius has two decades of
experience in the mining industry. He was appointed Chief Executive Officer
designate of DRDGOLD on August 21, 2008 and Chief Executive Officer on January
1, 2009. Having joined the company on May 1, 2003 as legal advisor, he was
promoted to Group Legal Counsel on September 1, 2004 and General Manager:
Corporate Services on April 1, 2005. Ni&#235;l was appointed Chief Executive Officer
of Ergo Mining Operations Proprietary Limited (formerly DRDGOLD SA) on July 1,
2006 and became Managing Director thereof on April 1, 2008.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Adriaan Jacobus Davel (42)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Chief Financial Officer. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Riaan Davel joined DRDGOLD in January 2015. Before joining
DRDGOLD, he gained 17 years&#8217; experience in the professional services industry,
the majority obtained in the mining industry in Africa. As part of gaining that
experience, Riaan provided assurance and advisory services, including support
and training on IFRS to clients and teams across the African continent. He has
spent seven years at KPMG as an audit partner, performing, </font><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">inter alia</font></i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">,
audits of listed companies in the mining industry, including SEC registrants.
Riaan has also gained experience as an IFRS technical partner and represented
the South African Institute of Chartered Accountants on the International
Accounting Standards Board&#8217;s project on extractive activities from 2003 to
2010. Riaan has served on committees that compile/update the South African
codes for reporting and valuation of mineral reserves and resources.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Non-Executive Directors</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Geoffrey Charles Campbell (57).</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Geoffrey Campbell was appointed a Non-executive
Director in 2002, a senior independent non-executive director in December 2003 and
Non-executive Chairman in October 2005. A qualified geologist, he has worked on
gold mines in Wales and Canada. He spent 15 years as a stockbroker before
becoming a fund manager, managing the Merrill Lynch Investment Managers Gold
and General Fund, one of the largest gold mining investment funds. He was also
research director for Merrill Lynch Investment Managers. Geoffrey is a director
of Oxford Abstracts Limited.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; James Turk (71).</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">James Turk was appointed Non-executive Director in October 2004
and in 2011 met the JSE Listing Requirements to become an independent director.
He is a founder and director of Goldmoney Inc., which is traded on the Toronto Stock
Exchange. Goldmoney.com is an online provider of physical gold, silver,
platinum and palladium bullion to buyers worldwide and operator of a digital
gold currency payment system. Since graduating from George Washington University
in 1969, he has specialised in international banking, finance and investments.
Having begun his career with the Chase Manhattan Bank (now JP Morgan Chase), in
1980 James joined the private investment and trading company of a prominent
precious metals trader. He moved to the United Arab Emirates in 1983 to become
manager of the Commodity Department of the Abu Dhabi Investment Authority, that
country&#8217;s sovereign wealth fund. Since resigning in 1987, James has written
frequently on money and banking. He is the founder of Lend &amp; Borrow Trust
Co. Ltd. a UK-based online peer-to-peer lending platform.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Edmund Abel Jeneker (56)</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">Edmund Jeneker was appointed Non-executive Director in November
2007 and Lead Independent Non-executive Director in August 2017. He has more
than 30 years&#8217; experience as an executive in banking, business strategy,
advisory and management at Grant Thornton South Africa Proprietary Limited,
Swiss Re Corporate Solutions Advisors South Africa Proprietary Limited, the
World Bank Competitiveness Fund and Deloitte South Africa. More recently, he
completed almost 14 years at Absa Bank and Barclays Africa Group, where he was
managing executive and served as director on the boards of several subsidiaries
in the Barclays Africa Group. Edmund is active in community social upliftment
and served as a member of the Provincial Development Commission of the Western
Cape Provincial Government. He currently serves on the Advisory Board of the
Institute of Directors Southern Africa, Investment Committee of BADISA and The
Cape Philharmonic Orchestra. He is a Chartered Director.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Johan Andries
Holtzhausen</font></i></font><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> (72)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Johan Holtzhausen was
appointed independent Non-executive Director in on April 25, 2014. He has more
than 42 years&#8217; experience in the accounting profession, having served as a
senior partner at KPMG Services Proprietary Limited, and held the highest
Generally Accepted Accounting Principles (United States), Generally Accepted
Auditing Standards and Sarbanes-Oxley Act accreditation required to service
clients listed on stock exchanges in the United States. His clients included
major corporations listed in South Africa, Canada, the United Kingdom,
Australia and the United States. Johan currently serves as a voluntary
independent director and chairman of the Audit and Risk Committee of the
Tourism Enterprise Partnership. He also chairs the Audit and Risk Committee of
Tshipi &#233; Ntle Manganese Mining Proprietary Limited. He is a Non-executive Director
of Caledonia Mining Corporation Plc, a Canadian corporation listed in the
United States, Canada and the United Kingdom, and he chairs its Audit and Risk
Committee.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Toko
Victoria Buyiswa Nomalanga Mnyango</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> (53). Toko Mnyango was appointed
independent Non-executive Director on December 1, 2016. Toko began her career
as a prosecutor for the KaNgwane homeland, before becoming a legal advisor for
the Eastern Cape Development Corporation. She has held directorships on company
boards including Gijima, EOH Mthombo Proprietary Limited, AllPay Eastern Cape
Proprietary Limited, a subsidiary of ABSA Limited, and the Ryk Neethling
Foundation. She currently holds the position of CEO of Vitom Technologies
Proprietary Limited and Vitom Brands Communication Proprietary Limited.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Senior Management</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Wilhelm Jacobus Schoeman (44) </font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">(Dip Analytical Chemistry, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">BTech Analytical Chemistry). Jaco Schoeman
joined DRDGOLD in 2011 as Executive Officer: Business Development to focus on
expanding the Group&#8217;s surface retreatment business and extracting maximum value
from existing resources. In July 2014, he was appointed Operations Director:
Ergo Mining Operations Proprietary Limited.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Henry Gouws (49)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> Managing Director: Ergo. Henry Gouws has 29
years&#8217; experience in the mining industry. He graduated from Technikon
Witwatersrand and obtained a National Diploma in Extraction Metallurgy in 1990
and a National Higher Diploma in Extraction Metallurgy in 1991. He completed a
Management Development Program in 2003 through Unisa School of Business
Leadership and an Executive Development Programme in 2012 through the
University of Stellenbosch Business School. He was appointed Operations Manager
of Crown in January 2006 and General Manager in July 2006. He was appointed to
his current position in October 1, 2011.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Mark Burrell (56)</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Financial Director: Ergo. Mark Burrell holds a BComm Accounting
degree and has completed a Management Development Programme (MDP) and has 19
years&#8217; experience in the mining sector. He joined DRDGOLD in 2004 on a
consulting basis and later that year, was appointed as Financial Manager of the
Blyvooruitzicht operation. He was appointed as Financial Director of Ergo in January
2012. Mark serves as an alternate director to Charles Symons on the Board of
Rand Refinery Proprietary Limited.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Charles Methley Symons (64</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">) (BCom, MBL, Dip Extractive Metallurgy). </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Charles Symons started his career in the
mining industry in February 1977 and joined Crown Gold Recoveries Proprietary
Limited in January 1986. He joined DRDGOLD as General Manager in 1995 and was
appointed Executive Officer: Surface Operations on January 1, 2008 before he
became Executive Officer: Operations on May 11, 2010. On October 1, 2011, he
was appointed Chief Operating Officer. Following restructuring of senior
management in July 2014, Charles assumed the role of Chairman of the Oversight
Committee: Ergo Mining Operations Proprietary Limited. He was appointed
director of Ergo Mining Operations Proprietary Limited in August 2014. Charles&#8217;
fixed term contract concluded on July 31, 2016, but he remains in a
non-executive oversight role, which role terminates on December 25, 2018.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Reneiloe Masemene (37)</font></i></font><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></i></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">(LLB, LLM). Reneiloe
Masemene, a qualified attorney, joined DRDGOLD in January 2009 as a legal
advisor. She was appointed to the position of Senior Legal Advisor in October
2011 and Prescribed Officer of Ergo Mining Proprietary Limited in June 2012.
She was appointed to the position of Group Legal Counsel in August 2014 and
Company Secretary in March 2016. Reneiloe has significant experience in all
areas of mining law, as well as in the corporate, commercial, contractual,
employment and litigious aspects related to mining</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">There are no family relationships between any
of our non-executive directors, executive directors or members of the group
executive and senior management. There are no arrangements or understandings
between any of our directors or executive officers and any other person by
which any of our directors or executive officers has been so elected or
appointed. Furthermore, none of the non-executive directors, executive
directors, group executive and senior management members or other key
management personnel are elected or appointed under any undertaking by,
arrangement or understanding with any major shareholder, customer, supplier or
otherwise</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">6B. COMPENSATION</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our
MOI provide that the directors' fees should be determined from time to time in
a general meeting or by a quorum of Non-Executive Directors. The total amount
of directors' remuneration paid and or accrued for the year ended June 30, 2018
was R21.4 million. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Non-Executive Directors received the following fees
for fiscal year 2018:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Base fee as Non-Executive Chairman of R1,388,518
per annum;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Base fee as Lead Independent Non-Executive
Director of R640,261 per annum;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Base fee as Non-Executive Directors of R617,119
per annum;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Annual fee for Audit and Risk Committee
Chairman of R30,856 (excluding fee received as a committee member);</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Annual fee for Audit and Risk Committee
member of R30,856;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Annual fee for the chairman of Remuneration
and Nominations Committee and Social and Ethics Committee of R23,142 (excluding
fee received as a committee member);</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Annual fee for members of Remuneration
Committee and Social and Ethics Committee of R23,142 each;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Daily fee of R23,142; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Hourly rate of R3,086;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Half-day fee for participating by telephone
in special board meetings of R11,571; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Chairman of the board, Lead Independent Non-Executive
Director and other Non-Executive Directors to receive committee fees.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>



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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=9% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=91% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  following table sets forth the compensation for our directors and prescribed
  officers for the year ended June 30, 2018</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=9% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:38.25pt;">
  <td nowrap valign=bottom width=9% style="border:none;border-right:solid #F9B200 1.0pt;height:38.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td rowspan=2 valign=bottom width=23% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:38.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Directors
  / Prescribed Officer </font></b></p>
  </td>
 <td valign=bottom width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:38.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total remuneration paid during the year</font></b></p>
  </td>
 <td valign=bottom width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:38.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Short Term Incentives related to this
  cycle</font></b></p>
  </td>
 <td valign=bottom width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:38.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Long term Incentives paid during this
  cycle</font></b></p>
  </td>
 <td valign=bottom width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:38.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total remuneration related to this cycle</font></b></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td nowrap valign=bottom width=9% style="border:none;border-right:solid #F9B200 1.0pt;height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R'000</font></b></p>
  </td>
 <td nowrap width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R'000</font></b></p>
  </td>
 <td nowrap width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R'000</font></b></p>
  </td>
 <td nowrap width=17% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R'000</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Executive
  directors</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">D J
  Pretorius</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6&nbsp;104</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;697</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10&nbsp;801</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A J
  Davel</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3&nbsp;429</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;639</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">250</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6&nbsp;318</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9&nbsp;533</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7&nbsp;336</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">250</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">17&nbsp;119</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-executive
  directors</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">G C
  Campbell</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;446</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;446</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">J Turk</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">655</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">655</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">E A
  Jeneker</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">805</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">805</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">J
  Holtzhausen</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">718</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">718</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">T B V
  N Mnyango</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">651</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">651</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;275</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;275</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Prescribed
  officers (1)</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">W J
  Schoeman</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3&nbsp;308</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;013</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">250</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5&nbsp;571</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R
  Masemene</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;402</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">808</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">124</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3&nbsp;334</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5&nbsp;710</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;821</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">374</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">8&nbsp;905</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;border-bottom:double #F9B200 2.25pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:double #F9B200 2.25pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">19&nbsp;518</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:double #F9B200 2.25pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">10&nbsp;157</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:double #F9B200 2.25pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">624</font></b></p>
  </td>
 <td nowrap width=17% style="background:#D9D9D9;border:none;border-bottom:double #F9B200 2.25pt;height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">30&nbsp;299</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=9% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=23% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap width=17% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:62.25pt;">
  <td colspan=6 valign=top width=100% style="height:62.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(1)</font></sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> The Companies Act, 2008 (Act 71 of
  2008), under section 30, requires the remuneration of prescribed officers, as
  defined in regulation 38 of Company Regulations 2008, to be disclosed with
  that of directors of the company. A person is a prescribed officer if they
  have general executive authority over the company, general responsibility for
  the financial management or management of legal affairs, general managerial
  authority over the operations of the company or directly or indirectly
  exercise or significantly influence the exercise of control over the general
  management and administration of the whole or a significant portion of the
  business and activities of the company.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=9% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=9% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 width=91% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">See
  also Item 6E. Share Ownership for details of share options held by directors.</font></p>
  </td>
 </tr>
</table></div>










<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Compensation of key management</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Refer to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item 18. &#8216;&#8216;Financial
Statements &#8211; Note 18.2 &#8211; Related party transactions&#8217;&#8217; for the total
compensation paid to key management (including executive and non-executive
directors as well as prescribed officers).</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Short term incentives in respect of Executive Directors are paid
based upon performance against predetermined key performance indicators. Should
an Executive Director meet all the targets set in terms of such predetermined
key performance indicators, he will be entitled to a short term incentive of up
to 100% of his remuneration package, depending on his particular agreement.
Should an Executive Director not meet all the targets set in terms of the
predetermined key performance indicators, he will be entitled to a lesser bonus
as determined at the discretion of the Remuneration Committee.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">54</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Service Agreements</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Service contracts negotiated with each executive and non-executive
director incorporate their terms and conditions of employment and are approved
by our Remuneration Committee. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Company&#8217;s current executive directors, Mr. D.J. Pretorius and
Mr. A.J. Davel, entered into agreements of employment with us, on January 1,
2009 and January 1, 2015, respectively. These agreements regulated the
employment relationship with Messrs. D.J. Pretorius and A.J. Davel during the
year ended June 30, 2018.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">On July 1, 2015 Mr. D.J. Pretorius entered into a new agreement of
employment for a period of 3 years and thereafter it continues indefinitely
until terminated by either party on not less than three months&#8217; written notice.
Under the employment agreement effective up to June 30, 2018 Mr. D.J. Pretorius
receives from us a guaranteed remuneration package of R5.5 million per annum.
Mr.&nbsp;D.J. Pretorius was eligible under his employment agreement, for an
incentive bonus of up to 100% of his annual remuneration package in respect of
one bonus cycle per annum over the duration of his appointment, on condition
that DRDGOLD achieves certain key performance indicators. In addition, he is
eligible to participate in the long term incentive scheme and was awarded
2,323,009 phantom shares during November 2015. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Mr. A.J. Davel entered into an employment agreement effective from
January 1, 2015 for a period of 3 years and thereafter it continues
indefinitely until terminated by either party on not less than three months&#8217;
prior written notice. Mr. A.J. Davel receives from us a guaranteed remuneration
package of R3.1 million per annum. Mr.&nbsp;A.J. Davel is eligible under his
employment agreement, for a short term incentive of up to 100% of his annual
remuneration package in respect of one bonus cycle per annum over the duration
of his appointment, on condition that DRDGOLD achieves certain key performance
indicators. He is eligible to participate in the long term incentive scheme. He
was issued 205,207 phantom shares under the long term incentive scheme on his
joining DRDGOLD and 1,305,033 phantom shares during November 2015.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Messrs. G.C. Campbell and E.A. Jeneker each have
service agreements which run for fixed periods until October 31, 2019. Mr. J
Turk has a service agreement which runs until October 31, 2018. Mr. J.A
Holtzhausen has a service agreement which runs for a fixed period until April
25, 2018. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Mrs. TVBN Mnyango</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> has a service
agreement which runs for a fixed period until November 30, 2018. After
expiration of the initial two year periods, the agreements continue
indefinitely until terminated by either party on not less than three months&#8217;
prior written notice.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Company does not administer any pension,
retirement or other similar scheme in which the directors receive a benefit.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each service agreement with our directors provides
for the provision of benefits to the director where the agreement is terminated
by us in the case of our executive officers, except where terminated as a
result of certain action on the part of the director, upon the director
reaching a certain age, or by the director upon the occurrence of a change of
control. A termination of a director's employment upon the occurrence of a
change of control is referred to as an &#8220;eligible termination.&#8221; Upon an eligible
termination, the director is entitled to receive a payment equal to at least
one year's salary or fees, but not more than three years' salary for Executive
Directors or two years&#8217; fees for Non-Executive Directors, depending on the
period of time that the director has been employed. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">6C. BOARD PRACTICES</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Board of Directors</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">As at
September 30, 2018, the board of directors comprises two Executive Directors
(Mr.&nbsp;D.J.&nbsp;Pretorius and Mr.&nbsp;A.J. Davel), and five Non-Executive
Directors (Messrs. G.C.&nbsp;Campbell, J.&nbsp;Turk, E.A.&nbsp;Jeneker, J.A.
Holtzhausen and Mrs. TVBN Mnyango). The Non-Executive Directors are independent
under the New York Stock Exchange, or NYSE, requirements (as affirmatively
determined by the Board of Directors) and the South African King IV Report.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In accordance with the King IV Report on corporate governance, as
encompassed in the JSE Listings Requirements, and in accordance with the United
Kingdom Combined Code, the responsibilities of Chairman and Chief Executive
Officer are separate. Mr. G.C. Campbell is the Non-Executive Chairman, Mr. D.J.
Pretorius is the Chief Executive Officer and Mr. A.J Davel is the Chief
Financial Officer. The board has established a Remuneration and Nominations
committee, and it is our policy for details of a prospective candidate to be
distributed to all directors for formal consideration at a full meeting of the
board. A prospective candidate would be invited to attend a meeting and be
interviewed before any decision is taken. In compliance with the NYSE rules a
majority of independent directors will select or recommend director nominees.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The board&#8217;s main roles are to create value for shareholders, to
provide leadership of the Company, to approve the Company&#8217;s strategic
objectives and to ensure that the necessary financial and other resources are
made available to management to enable them to meet those objectives. The board
retains full and effective control over the Company, meeting on a quarterly
basis with additional ad hoc meetings being arranged when necessary, to review
strategy and planning and operational and financial performance. The board
further authorizes acquisitions and disposals, major capital expenditure,
stakeholder communication and other material matters reserved for its
consideration and decision under its terms of reference. The board also
approves the annual budgets for the various operational units.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The board is responsible for monitoring the activities of
executive management within the company and ensuring that decisions on material
matters are referred to the board. The board approves all the terms of
reference for the various subcommittees of the board, including special
committees tasked to deal with specific issues. Only the executive directors
are involved with the day-to-day management of the Company.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">55</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">To assist new directors, an induction program has been established
by the Company, which includes background materials, meetings with senior
management, presentations by the Company&#8217;s advisors and site visits. The
directors are assessed annually, both individually and as a board, as part of
an evaluation process, which is driven by an independent consultant. In
addition, the Remuneration and Nominations Committees formally evaluate the
executive directors on an annual basis, based on objective criteria.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All directors, in accordance with the Company&#8217;s MOI, are subject
to retirement by rotation and re-election by shareholders. In addition, all
directors are subject to election by shareholders at the first annual general
meeting following their appointment by directors. The appointment of new
directors is approved by the board as a whole. The names of the directors
submitted for re-election are accompanied by sufficient biographical details in
the notice of the forthcoming annual general meeting to enable shareholders to
make an informed decision in respect of their re-election.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All directors have access to the advice and services of the
Company Secretary, who is responsible to the board for ensuring compliance with
procedures and regulations of a statutory nature. Directors are entitled to
seek independent professional advice concerning the affairs of the Company at
the Company&#8217;s expense, should they believe that course of action would be in
the best interest of the Company.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Board meetings are held quarterly in South Africa and abroad. The
structure and timing of the Company&#8217;s board meetings, which are scheduled over
two days, allows adequate time for the Non-Executive Directors to interact
without the presence of the Executive Directors. The board meetings include the
meeting of the Audit and Risk Committee, Remuneration and Nominations Committee
and Social and Ethics Committee which act as subcommittees to the board. Each
subcommittee is chaired by one of the Independent Non-Executive Directors, each
of which provides a formal report back to the board. Each subcommittee meets
for approximately half a day. Certain senior members of staff are invited to
attend the subcommittee meetings.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The board sets the standards and values of the Company and much of
this has been embodied in the Company&#8217;s Code of Conduct, which is available on
our website at www.drdgold.com. The Code of Conduct applies to all directors,
officers and employees, including the principal executive, financial and
accounting officers, in accordance with Section 406 of the US Sarbanes-Oxley
Act of 2002, the related US securities laws and the NYSE rules. The Code
contains provisions for employees to report violations of Company policy or any
applicable law, rule or regulation, including US securities laws.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A description of the significant ways in which our corporate
governance practices differ from practices followed by U.S. companies listed on
the NYSE can be found in Item 16G. Corporate Governance.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Directors' Terms of Service</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following table shows the date of appointment,
expiration of term and number of years of service with us of each of the
directors as at June 30, 2018: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:36.0pt;">
  <td width=32% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Director</font></u></b></p>
  </td>
 <td width=32% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Title</font></u></b></p>
  </td>
 <td width=12% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Year
  first </font></b><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">appointed&nbsp;</font></u></b></p>
  </td>
 <td width=12% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Term of current </font></b><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">office&nbsp;</font></u></b></p>
  </td>
 <td width=12% style="height:36.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Unexpired term of </font></b><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">current&nbsp;</font></u></b><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> </font></b><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">office&nbsp;</font></u></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">D.J. Pretorius</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Chief
  Executive Officer</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2008</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">* 12 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A.J. Davel</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Chief
  Financial Officer</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2015</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">* 12 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">G.C. Campbell</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-Executive
  Director</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2002</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">16 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">E.A. Jeneker</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-Executive
  Director</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2007</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">16 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">J. Turk</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-Executive
  Director</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2004</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1 year</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">J. Holtzhausen</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-Executive
  Director</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2014</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">22 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">T.V.B.N. Mnyango</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-Executive
  Director</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2 years</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5 months</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td colspan=5 valign=top width=100% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">*
  Renewal of the term of office was deferred to the October 2018 board meeting
  at which the contracts of D.J. Pretorius and A.J. Davel were extended to June
  30, 2019.</font></sup></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=32% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=32% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Executive Committee</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As at June 30, 2018, the Executive Committee
consisted of Mr. D.J. Pretorius (Chairman), Mr. A.J. Davel, Mr. W.J. Schoeman
and Ms. R. Masemene.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Executive Committee meets on a weekly
basis to review current operations, develop strategy and policy proposals for
consideration by the board of directors. Members of the Executive Committee,
who are unable to attend the meetings in person, are able to participate via
teleconference facilities, to allow participation in the discussion and
conclusions reached. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Board Committees</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The board has established a number of standing committees to
enable it to properly discharge its duties and responsibilities and to
effectively fulfill its decision-making process. Each committee acts within
written terms of reference which have been approved by the board and under which
specific functions of the board are delegated. The terms of reference for all
committees can be obtained by application to the Company Secretary at the
Company&#8217;s registered office. Each committee has defined purposes, membership
requirements, duties and reporting procedures. Minutes of the meetings of these
committees are circulated to the members of the committees and made available
to the board. </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Remuneration of Non-Executive Directors
for their services on the committees concerned is determined by the board. The
committees are subject to regular evaluation by the board with respect to their
performance and effectiveness. The following information reflects the
composition and activities of these committees.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Committees of the Board of Directors</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Remuneration and Nominations Committee</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As at June 30, 2018 the </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Remuneration and Nominations Committee</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> consisted of </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">G C Campbell (Chairman: nominations), E A Jeneker
(Chairman: remuneration), J A Holtzhausen and J Turk. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In August 2014, the Remuneration Committee and the Nominations
Committee were combined into the Remuneration and Nominations Committee. The
committee meets on an </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ad hoc</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> basis. All members of this committee are
independent NEDs. It is chaired by the board chairman when matters relating to
nominations are discussed and by an independent NED when matters relating to
remuneration are discussed.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The primary remuneration role of the committee is to execute the
following functions:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ensure the establishment of a formal process
for the appointment of directors;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensure that inexperienced directors are
developed through a mentorship programme;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensure that directors receive regular
briefings on changes in risks, laws and the appropriate contribution;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">drive an annual process to evaluate the
board, board committees and individual directors; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensure that formal succession plans for the
board, chief executive officer and senior management appointments are developed
and implemented.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The committee has an obligation to offer competitive packages that
will attract and retain executives of the highest caliber and encourage and
reward superior performance. Industry surveys are provided for comparative
purposes, and to assist the</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">committee
in the formulation of remuneration policies that are market related.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The key nominations responsibilities of the committee include the
following:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">make recommendations to the board on the
appointment of new directors;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">make recommendations on the composition of
the board and the balance between executive and NEDs appointed to</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the board;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">review board structure, size and composition
on a regular basis;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">make recommendations on directors eligible to
retire by rotation; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">apply the principles of good corporate
governance and best practice in respect of nominations matters.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Audit and Risk Committee</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In August 2014, the board combined the Audit Committee and the
Risk Committee to form the Audit and Risk Committee.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As at June 30, 2018 the </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Audit and Risk Committee</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">
consisted of </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">J A Holtzhausen (Chairman), J Turk and E A Jeneker.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All members of the Audit and Risk Committee are independent
according to the definition set out in the NYSE Rules. See Item 16G. Corporate
Governance. The committee&#8217;s charter deals with all the aspects relating to its
functioning.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Audit and Risk Committee charter was revised in April 2017 and sets out the
committee&#8217;s terms of reference.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Responsibilities
include:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">External auditors, audit process and
financial reporting;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Internal audit;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">integrated reporting and assurance model;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">oversee the development and annual review of
a policy and plan for risk management;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensure that risk management assessments are
performed on a continuous basis;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensure that reporting on risk management
assessment is complete, timely, accurate and accessible;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensure that frameworks and methodologies are
implemented to increase the possibility of anticipating unpredictable risks;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:2.0cm;text-align:justify;text-indent:-21.25pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ensure that continuous risk monitoring by
management takes place.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Audit and Risk Committee meets each quarter with the external
auditors, the company&#8217;s manager: risk and internal audit, and the CFO. The
committee reviews the audit plans of the internal auditors to ascertain the
extent to which the scope of the audits can be relied upon to detect weaknesses
in internal controls. It also reviews the annual and interim financial
statements prior to their approval by the board.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The committee is responsible for making recommendations to
appoint, reappoint or remove the external auditors, and the designated external
audit partner as well as determining their remuneration and terms of
engagement. In accordance with its policy, the committee preapproves all audit
and non-audit services provided by the external auditors. KPMG Inc. was
reappointed by shareholders at the </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2017&nbsp;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">
AGM to perform DRDGOLD&#8217;s external audit function.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">57</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The internal audit function is performed in-house, with the assistance
of Pro-Optima Audit Services Proprietary Limited. Internal audits are performed
at all DRDGOLD operating units and are aimed at reviewing, evaluating and
improving the effectiveness of risk management, internal controls and corporate
governance processes.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Significant deficiencies, material weaknesses, instances of
non-compliance and exposure to high risk and development needs are brought to
the attention of operational management for resolution. The committee members
have access to all the records of the internal audit team.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD&#8217;s internal and external auditors have unrestricted access
to the chairman of the Audit and Risk Committee and, where necessary, to the
chairman of the board and the CEO. All significant findings arising from audit
procedures are brought to the attention of the committee and, if necessary, to
the board.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Section 404 of SOx stipulates that management is required to
assess the effectiveness of the internal controls surrounding the financial
reporting process. The results of this assessment are reported in the form of a
management attestation report that is filed with the SEC as part of the Form 20-F.
Additionally, DRDGOLD&#8217;s external auditors are required to express an opinion on
the effectiveness of internal controls over financial reporting, which is also
contained in the Company&#8217;s Form 20-F.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">An important aspect of risk management is the transfer of risk to
third parties to protect the company from disaster. DRDGOLD&#8217;s major assets and
potential business interruption and liability claims are therefore covered by
the group insurance policy, which encompasses all the operations. Most of these
policies are held through insurance companies operating in the United Kingdom,
Europe and South Africa. The various risk-management initiatives undertaken
within the group as well as the strategy to reduce costs without compromising
cover have been successful and resulted in substantial insurance cost savings
for the Group.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Social and Ethics Committee</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-right:3.3pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">As at June 30, </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2018</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, the
Social and Ethics Committee consisted of Mr. E.A. Jeneker (Chairman), Mr. D.J.
Pretorius and Mrs. TVBN Mnyango. </font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The Social and Ethics Committee was established to enable DRDGOLD
to achieve the triple bottom line recommended by local guidance on best
practice in corporate governance and to reach the empowerment goals to which the
Company is committed. Its terms of reference were approved by the board in
April 2017 and its objectives are to:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">promote transformation within the Company and
economic empowerment of previously disadvantaged communities, particularly
within the areas where the company conducts business;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">strive towards achieving equality at all
levels of the company, as required by the South African constitution and other
legislation, taking into account the demographics of the country; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">conduct business in a manner that is
conducive to the attainment of internationally acceptable environmental and
sustainability standards.</font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The following terms of reference were approved by the board to
enable the committee to function effectively. These are to make recommendations
to the board:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">to monitor the company&#8217;s activities with
regard to the 10 principles set out in the United Nations Global Compact
Principles and the OECD recommendations regarding Corruption, the Employment
Equity Act and the Broad Based Black Economic Empowerment Act;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">records of sponsorship, donations and
charitable giving;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the environment, health and public safety,
including the impact of the company&#8217;s activities and of its products or
services; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">labour and employment</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">review and recommend the company&#8217;s code of
ethics;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">review and recommend any corporate
citizenship policies;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">review significant cases of employee
conflicts of interests, misconduct or fraud, or any other unethical activity by
employees or the Company</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">6D. EMPLOYEES</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Employees</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The
total number of employees at June 30, 2018, of &#160;2&nbsp;304 comprises &#160;1&nbsp;426
specialized service providers and &#160;878 employees who are directly employed by
us and our subsidiary companies. As of September 30, 2018, we had 2,463 employees
(including 1,424 contract employees). The increase in the number of employees
was due to the addition of 172 employees resulting from the acquisition of the
WRTRP Assets effective on July 31, 2018. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All of our employees are based at our operations
that operate exclusively in South Africa.</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">58</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Labor
Relations</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As at June 30, 2018, approximately
91% of our South African employees are members of trade unions or employee
associations. South Africa's labor relations environment remains a platform for
social reform. The National Union of Mineworkers, or NUM, one of the main South
African mining industry unions, is influential in the tripartite alliance
between the ruling African National Congress, the Congress of South African
Trade Unions, or COSATU, and the South African Communist Party as it is the
biggest affiliate of COSATU. The relationship between management and labor
unions remains cordial. The organized labor coordinating forum meets regularly
to discuss matters pertinent to both parties.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On April 9, 2018, Ergo signed
a one year extension of the 2016/18 Wage Agreement with the Majority Unions for
a wage increase </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">ranging from 7-10% per annum depending on worker job
category, averaging 8.2% per annum across our workforce</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. The next round of wages and conditions of employment
negotiations will commence in June 2019.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company places a great emphasis on its
Corporate Social Responsibility by staying actively involved in appropriate
projects that give effect to the ideals of the Mining Charter and good
corporate governance. During the last 5 calendar years (2013-2017) the Company
has spent in excess of R62 million in fulfilling its Social &amp; Labour Plan
which is a statutory requirement of the Mineral &amp; Petroleum Resources
Development Act.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We recognize the need for transformation and have
put systems and structures in place to address this at both management and
board level.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Safety statistics</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Due to the importance of our
labor force, we continuously strive to create a safe and healthy working
environment. The following are our 2018 overall safety statistics for our
operations:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(Per million man hours)</font></i></b></p>
  </td>
 <td colspan=2 width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Year ended June 30,</font></u></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=72% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></u></b></p>
  </td>
 <td width=14% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Lost time injury frequency rate (LTIFR)<sup>
  (1)</sup> </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.92</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.91</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Reportable incidence<sup>(1)</sup> <sup>&#160;&nbsp;</sup>&#160;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.55</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.53</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Fatalities </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td width=72% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td colspan=3 width=100% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">(1)
  Calculated as follows: actual number of instances divided by the total number
  of man hours worked multiplied by one million.</font></sup></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">6E. SHARE OWNERSHIP</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><em><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;font-style:normal;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></em><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">To the best of our knowledge, we believe that
our ordinary shares held by executive officers, in aggregate, do not exceed one
percent of the Company&#8217;s issued ordinary share capital. For details of share
ownership of directors and prescribed officers see Item 7A. Major Shareholders.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As of June 30, 2018, directors and prescribed
officers do not hold any options to purchase ordinary shares.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><em><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;font-style:normal;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Closed
periods apply to share trading by directors and other employees, whenever
certain employees of the Company become or could potentially become aware of
material price sensitive information, such as information relating to an
acquisition, bi-annual results etc., which is not in the public domain. When
these employees have access to this information an embargo is placed on share
trading for those individuals concerned. The embargo need not involve the
entire Company in the case of an acquisition and may only apply to the board of
directors, executive committee, and the financial and new business teams, but
in the case of interim and year-end results the closed-period is group-wide.</font></font></em></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD Phantom Share Scheme (before amendment)</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The phantom share scheme is operated as an incentive tool for our
executive directors, excluding the CEO, and senior employees whose skills and
experience are recognized as being essential to the Company&#8217;s performance. The
scheme is cash settled. In terms of the phantom share scheme rules, 50% of the
phantom shares granted will be valued based on the Group meeting certain
pre-determined performance criteria and the remaining 50% to defined retention
periods. The maximum incentive pay-out per annum to any single employee may not
exceed 75% of that employee&#8217;s gross remuneration package. The participants in
the scheme are fully taxed at their marginal rate on any gains realized on the
exercise of their phantom shares.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The phantom share granted has a zero strike price, however the
number of phantom shares granted by the Remuneration Committee is determined by
the price in respect of each share which is the subject of the phantom share, the
volume weighted average price of a share on the JSE for the seven days on which
the JSE is open for trading, preceding the day on which the employee is granted
a phantom share. The allocation date will be the date when the directors
approve allocation of the phantom shares. Each phantom share remains in force
until the date of vesting, subject to the terms of the scheme rules. Phantom
shares granted under the phantom share scheme vest primarily according the
following schedule over a maximum of a three year period:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">59</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=35% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Percentage vested in each
  period grant:</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=34% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Period
  after the original date of grant</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=35% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=34% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">of the
  option:</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=35% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Performance
  criteria</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Retention
  criteria</font></p>
  </td>
 <td nowrap valign=bottom width=34% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=35% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">33%</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0%</font></p>
  </td>
 <td nowrap valign=bottom width=34% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">one
  year</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=35% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">33%</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">50%</font></p>
  </td>
 <td nowrap valign=bottom width=34% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">two
  years</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=35% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">33%</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">50%</font></p>
  </td>
 <td nowrap valign=bottom width=34% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">three
  years</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The phantom shares granted before the November 2015 amendment
described below were not affected by the said amendment and continued to vest
under the original terms of the grant. The last tranche of these phantom shares
vested and were paid during fiscal year 2018.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD Phantom Share Scheme (Amended November 2015)</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During fiscal year 2017, DRDGOLD&#8217;s REMCO approved a revised
long-term incentive scheme. On November 4, 2015, REMCO approved an allocation
of 20,527,978 phantom shares which is driven by share price performance and
individual performance, and is based on phantom share allocations. The vesting
of any shares allocated is staggered over a five-year period commencing in the
third year after the allocation is granted in line with King recommendations.
The objectives of the revised scheme are to drive the longer-term strategies of
DRDGOLD, to align participants&#8217; interests with shareholders&#8217; interest, to
incentivise and motivate participants, to attract and retain scarce human
resources and to reward superior performance by the Company and participants.
REMCO has the authority to amend in part or in its entirety or withdraw the
long-term incentive scheme at any time.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">No phantom shares were granted during fiscal year 2018 or 2017. 20&nbsp;527&nbsp;978
phantom shares were granted during fiscal year 2016. 20&nbsp;189&nbsp;467
phantom shares were outstanding on June&nbsp;30,&nbsp;2018 (2017:
21&nbsp;144&nbsp;534). </font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&nbsp;</font></p>

<h1 style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;">&nbsp;</h1>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">60</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<h1 style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:12.0pt;">ITEM&nbsp;7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS </font></b></font></h1>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">7A. MAJOR SHAREHOLDERS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As of September 30, 2018, our issued capital consisted of: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">696,429,767</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> ordinary shares of no par value; and </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">5,000,000 cumulative preference shares. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To our knowledge, as of 30 June 2018, we were not
directly or indirectly owned or controlled by another corporation or any person
or foreign government.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 31, 2018, 265 million ordinary shares were
issued to Sibanye-Stillwater as settlement of the purchase consideration for
the acquisition of the WRTRP Assets. As part of this acquisition, Sibanye-Stillwater
was granted an option to subscribe for further shares to achieve a 50.1%
shareholding for a period of 2 years from the effective date of the acquisition
at a 10% discount to the prevailing market value.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Other than the above there are no arrangements, the operation of
which may at a subsequent date result in a change in control of us. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Based on information available to us, as of
September 30, 2018:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">there were 5,758 record holders of our
ordinary shares in South Africa, who held 461,189,130 or approximately 66.2% of
our ordinary shares;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">there was one record holder of our cumulative
preference shares in South Africa, who held 5,000,000 ordinary shares or 100%
of our cumulative preference shares;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">there were 22 US record holders of our
ordinary shares, who held approximately 20,070,838 ordinary shares or
approximately 2.88% of our ordinary shares excluding those shares held as part
of our ADR program; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">there were 720 registered holders of our ADRs
in the United States, who held approximately 216,938,320 shares (21,693,832
ADRs) or approximately 31.2% of our ordinary shares. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following table sets forth information
regarding the beneficial ownership of our ordinary shares as of September 30,
2018, by: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">each of our directors and prescribed
officers; and </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:49.65pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">any person whom the directors are aware of as
at September 30, 2018 who is interested directly or indirectly in 1% or more of
our ordinary shares. There was significant change in the percentage ownership
of the major shareholders over the preceding three years.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:14.45pt;">
  <td valign=top width=72% style="height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=28% style="height:14.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Shares Beneficially owned</font></u></b></p>
  </td>
 </tr>
<tr style="height:45.6pt;">
  <td width=72% style="height:45.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Holder</font></u></b></p>
  </td>
 <td width=14% style="height:45.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Number</font></u></b></p>
  </td>
 <td width=14% style="height:45.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Percent of outstanding ordinary
  shares</font></u></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=72% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Directors/prescribed officers</font></u></b></p>
  </td>
 <td width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">D.J. Pretorius </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">690&nbsp;188</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">*</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">A.J. Davel</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">100&nbsp;000</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">*</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">J. Turk </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">243,000</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">*</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">G.C. Campbell </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">200,000</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">*</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td width=72% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></u></b></p>
  </td>
 <td width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Sibanye-Stillwater</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">265&nbsp;000&nbsp;000</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">38.05%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ruffer, LLP</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">49&nbsp;894&nbsp;680</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7.16%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Van Eck Associates Corporation</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32&nbsp;521&nbsp;120</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.67%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Khumo Gold SPV Proprietary Limited</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">16&nbsp;326&nbsp;007</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.34%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Renaissance Technologies, LLC</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12&nbsp;101&nbsp;130</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.74%</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=72% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap width=72% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">*&#160;&#160;&#160;&#160;
  Indicates share ownership of less than 1% of our outstanding ordinary shares.
  </font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As of September 30, 2018, we are not aware of anyone owning 5% or
more of our ordinary shares other than described above. No shareholder has
voting rights which differ from the voting rights of any other shareholder. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">61</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Cumulative Preference
Shares</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Randgold and Exploration Company Limited, or
Randgold, owns 5,000,000 (100%) of our cumulative preference shares. Randgold's
registered address is Suite 25, Katherine &amp; West Building, Corner of
Katherine and West Streets, Sandown, Sandton, 2196. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The holders of cumulative preference shares do not
have voting rights unless any preference dividend is in arrears for more than
six months. The terms of issue of the cumulative preference shares are that
they carry the right, in priority to the Company's ordinary shares, to receive
a dividend equal to 3% of the gross future revenue generated by the exploitation
or the disposal of the Argonaut mineral rights acquired from Randgold in
September&nbsp;1997. Additionally, holders of cumulative preference shares may
vote on resolutions which adversely affect their interests and on the disposal
of all, or substantially all, of our assets or mineral rights. There is
currently no active trading market for our cumulative preference shares.
Holders of cumulative preference shares will only obtain their potential voting
rights once the Argonaut Project becomes an operational gold mine, and
dividends accrue to them. The prospecting rights have since expired and the
Argonaut Project terminated. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The development of the project
is not expected to materialise and therefore no dividend is expected to be
paid.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">7B. RELATED PARTY TRANSACTIONS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Remuneration paid
to key management is disclosed in </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Item
18. &#8216;&#8216;Financial Statements - Note 18.2 &#8211; Key management personnel
remuneration&#8217;&#8217;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">7C. INTERESTS OF EXPERTS AND COUNSEL</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;page-break-after:avoid;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 8. FINANCIAL INFORMATION</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">8A. CONSOLIDATED STATEMENTS AND OTHER
FINANCIAL INFORMATION</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">1.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Please refer to Item 18. Financial Statements.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">2.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Please refer to Item 18. Financial
Statements.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">3.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Please refer to Item 18. Financial Statements.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">4.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The last year of audited financial statements
is not older than 15 months.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">5.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">6.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">7.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">See under Item 4D. Property, plant and
equipment&#8212;Ongoing Legal Proceedings.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">8.</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Please see Item 10B. Memorandum of
Incorporation.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">8B. SIGNIFICANT CHANGES</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:13.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font color=#231F20 face="Times New Roman,serif" style="border:none;"><font color=#231F20 face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:13.0pt;">Significant
changes that have occurred since June 30, 2018, the date of the last audited
financial statements included in this Annual Report, are discussed in the
relevant notes to the financial statements under Item 18. Financial Statements.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&nbsp;</font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">62</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 9. THE OFFER AND LISTING</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9A. OFFER AND LISTING DETAILS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The following tables set forth, for the periods indicated, the
high and low market sales prices and average daily trading volumes of our
ordinary shares on the JSE and ADSs on the New York Stock Exchange. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.6pt;">
  <td rowspan=3 valign=top width=28% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Price Per</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Price Per</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Average Daily</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ordinary Share</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ADS</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Trading</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R</font></u></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></u></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Volume</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td rowspan=2 width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Year Ended</font></u></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">High</font></u></b></p>
  </td>
 <td valign=bottom width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">High</font></u></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Low</font></u></b></p>
  </td>
 <td valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ordinary</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ADSs</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Low</font></u></b></p>
  </td>
 <td valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Share</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June 30, 2014</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6.64</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.45</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6.47</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.39</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">709&nbsp;433</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">117&nbsp;380</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June 30, 2015</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.03</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.79</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.65</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.35</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">510&nbsp;455</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">149&nbsp;298</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June 30, 2016</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9.49</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.49</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6.05</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.10</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;378&nbsp;955</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">273&nbsp;317</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td width=28% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June 30, 2017</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12.62</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.70</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9.10</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.84</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;145&nbsp;751</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">513&nbsp;707</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June 30, 2018</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.52</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.69</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.11</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.23</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">392&nbsp;848</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">98&nbsp;559</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.15pt;">
  <td nowrap valign=bottom width=28% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td rowspan=3 valign=top width=28% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Price Per</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Price Per</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Average Daily</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ordinary Share</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ADS</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Trading</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R</font></u></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></u></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Volume</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td rowspan=2 width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Quarter Ended</font></u></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">High</font></u></b></p>
  </td>
 <td valign=bottom width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">High</font></u></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Low</font></u></b></p>
  </td>
 <td valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ordinary</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ADSs</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Low</font></u></b></p>
  </td>
 <td valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Share</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 July &#8211; September 2016</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">12.62</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6.50</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">9.10</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.74</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;343&nbsp;395</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">685&nbsp;864</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Q2 October &#8211; December 2016</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7.51</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.25</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.61</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.70</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;194&nbsp;444</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">583&nbsp;354</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Q3 January &#8211; March 2017</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">8.96</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.76</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">6.67</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.59</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;406&nbsp;611</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">412&nbsp;828</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td width=28% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Q4 April &#8211; June 2017</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7.14</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.70</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.23</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.84</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">610&nbsp;710</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">368&nbsp;449</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td width=28% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td width=28% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 July &#8211; September 2017</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.44</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.90</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.11</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.91</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">458&nbsp;841</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">160&nbsp;321</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td width=28% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Q2 October &#8211; December 2017</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.52</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.59</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.00</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.90</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">393&nbsp;487</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">86&nbsp;269</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td width=28% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Q3 January &#8211; March 2018</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.20</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.00</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.38</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.65</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">388&nbsp;638</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">74&nbsp;887</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td width=28% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Q4 April &#8211; June 2018</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.10</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.69</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.23</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.23</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">329&nbsp;352</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">72&nbsp;421</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Q1 July &#8211; September 2018</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.75</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.66</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.68</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.76</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">207&nbsp;279</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">97&nbsp;516</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.15pt;">
  <td nowrap valign=bottom width=28% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td rowspan=3 valign=top width=28% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Price Per</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Price Per</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Average Daily</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ordinary Share</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ADS</font></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Trading</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R</font></u></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">$</font></u></b></p>
  </td>
 <td colspan=2 width=24% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Volume</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td rowspan=2 width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Month Ended</font></u></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">High</font></u></b></p>
  </td>
 <td valign=bottom width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">High</font></u></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Low</font></u></b></p>
  </td>
 <td valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Ordinary</font></b></p>
  </td>
 <td rowspan=2 valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">ADSs</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Low</font></u></b></p>
  </td>
 <td valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Share</font></u></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">April 30, 2018</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.50</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.69</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.87</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.25</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">400&nbsp;420</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">90&nbsp;520</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">May 31, 2018</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.60</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.88</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.79</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.23</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">291&nbsp;835</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">62&nbsp;117</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">June 30, 2018</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">4.10</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.27</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.95</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.50</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">304&nbsp;357</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">65&nbsp;116</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td width=28% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">July 31, 2018</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.75</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.00</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.68</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.33</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">108&nbsp;504</font></p>
  </td>
 <td width=12% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">38&nbsp;405</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">August 31, 2018</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.67</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.80</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.57</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.02</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">205&nbsp;826</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">53&nbsp;370</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=28% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">September 30, 2018</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.40</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.66</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2.52</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.76</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">323&nbsp;332</font></p>
  </td>
 <td width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">216&nbsp;289</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The cumulative preference shares are not
traded on any exchange.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There have been no trading
suspensions with respect to our ordinary shares on the JSE during the past
three years ended June 30, 2018, nor have there been any trading suspensions
with respect to our ADRs on the New York Stock Exchange since our listing on
that market.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&#160;&nbsp;</font></p>


<DIV bclFooter>


<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;">63</font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_67"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9B.
PLAN OF DISTRIBUTION</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9C. MARKETS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Nature of Trading Markets</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The principal trading market for our equity securities is the JSE
(symbol: DRD) and our ADSs that trade on the New York Stock Exchange (symbol:
DRD). The ADRs are issued by The Bank of New York Mellon, as depositary. Each
ADR represents one ADS and each ADS represents ten of our ordinary shares.
Until July 23, 2007, each ADS represented one of our ordinary shares. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9D. SELLING SHAREHOLDERS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9E. DILUTION</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">9F. EXPENSES OF THE ISSUE</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:18.0pt;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 10. ADDITIONAL INFORMATION</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10A. SHARE CAPITAL</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10B. MEMORANDUM OF
INCORPORATION</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As
of June 30, 2018, we had authorized for issuance 1,500,000,000 ordinary shares
of no par value (as of September 30, 2018: 1,500,000,000), and 5,000,000
cumulative preference shares of R0.10 par value (as of September 30, 2018:
5,000,000). On this date, we had issued 431,429,767 ordinary shares (as of
September 30, 2018: 696,429,767) and 5,000,000 cumulative preference shares (as
of September 30, 2018: 5,000,000). </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Set out below are brief summaries of certain
provisions of our Memorandum of Incorporation, or our MOI, the Companies Act of
South Africa and the JSE Listings Requirements, all as in effect on September
30, 2018. The summary does not purport to be complete and is subject to and
qualified in its entirety by reference to the full text of the MOI, the
Companies Act, and the JSE Listings Requirements.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We are registered under the Companies Act of South
Africa under registration number 1895/000926/06. As set forth in our Memorandum
of Incorporation, the main object and business of our company is mining and
exploration for gold and other minerals. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Borrowing Powers</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our directors may from time to time borrow for the
purposes of the company, such sums as they think fit and secure the payment or
repayment of any such sums, or any other sum, as they think fit, whether by the
creation and issue of securities, mortgage or charge upon all or any of the
property or assets of the company. The directors shall procure that the
aggregate principal amount at any one time outstanding in respect of monies so
borrowed or raised by the company and all the subsidiaries for the time being
of the company shall not exceed the aggregate amount at that time authorized to
be borrowed or secured by the company or the subsidiaries for the time being of
the company (as the case may be).</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Share Ownership Requirements</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our directors are not required to hold any shares
to qualify or be appointed as a director. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

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&nbsp;</font>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;">64</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Voting by Directors</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A director may authorize any other director to vote
for him at any meeting at which neither he nor his alternate director appointed
by him is present. Any director so authorized shall, in addition to his own
vote, have a vote for each director by whom he is authorized. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The quorum necessary for the transaction of the
business of the directors is a majority of the directors present at a meeting
before a vote may be called at any meeting of directors. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Directors are required to notify our board of
directors of interests in companies and contracts. If a director has a personal
financial interest in respect of a matter to be considered at a meeting of the
board he or she must disclose the interest and its nature, any material
information relating to the matter and thereafter leave the meeting immediately
after making the disclosure. Such director must not take part in consideration
of the matter. He is not to be regarded as being present for the purpose of
determining whether a resolution has sufficient support to be adopted.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The King Report on Corporate Governance for South
Africa (King IV Report) which came into effect on April 1, 2017, sets out
guidelines to promote the highest standards of corporate governance among South
African companies. The board of directors believes that our business should be
conducted according to the highest legal and ethical standards. In accordance
with the board practice, all remuneration of executive directors is approved by
the Remuneration and Nominations Committee, and the shareholders approve
remuneration of non-executive directors. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; DRDGOLD commits itself to observing the provision
of the King IV Report and enforcing these to the extent possible within the
context of the report&#8217;s &#8216;apply and explain&#8217; principle.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Under South African common law, directors are
required to comply with certain fiduciary duties to the company and to exercise
proper care and skill in discharging their responsibilities. These common law
duties have now been codified by the Companies Act.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Age Restrictions</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There is no age limit for directors. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Election of Directors</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;Each director shall be appointed by election by
way of an ordinary resolution of shareholders at a general or annual meeting of
company (&#8220;elected director (s)&#8221;) and no appointment of a director by way of a
written circulated shareholders resolution in terms of section 60 of the
Companies Act shall be competent.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; One third of our directors, on a rotating basis,
are subject to re-election at each annual general shareholder&#8217;s meeting.
Retiring directors usually make themselves available for re-election. An amendment
to the MOI which also subjects executive directors to re-election by rotation
was approved by shareholders at the 2014 annual general meeting.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">General Meetings</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On the request of any shareholder or shareholders
holding not less than 10 percent of our share capital which carries the right
of voting at general meetings, we shall issue a notice to shareholders
convening a general meeting for a date not less than 15&nbsp;days from the date
of the notice. Directors may convene general meetings at any time. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our annual general meeting and a meeting of our
shareholders for the purpose of passing a special resolution may be called by
giving 15&nbsp;days advance written notice of that meeting. For any other
general meeting of our shareholders, 15&nbsp;days advance written notice is
required. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our MOI provides that if at a meeting convened upon
request by our shareholders, a quorum is not present within fifteen minutes
after the time selected for the meeting, such meeting shall be postponed for
one week. However the chairman has the discretion to extend the fifteen minutes
for a reasonable period on certain grounds. The necessary quorum is three
members present with sufficient voting powers in person or by proxy to exercise
in aggregate 25% of the voting rights. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Voting Rights</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The holders of our ordinary shares are generally
entitled to vote at general meetings and on a show of hands have one vote per
person and on a poll have one vote for every share held. The holders of our
cumulative preference shares are not entitled to vote at a general meeting
unless any preference dividend is in arrears for more than six&nbsp;months at
the date on which the notice convening the general meeting is posted to the
shareholders. Additionally, holders of cumulative preference shares may vote on
resolutions which adversely affect their interests and on resolutions regarding
the disposal of all or substantially all of our assets or mineral rights. When
entitled to vote, holders of our cumulative preference shares are entitled to
one vote per person on a show of hands and that portion of the total votes
which the aggregate amount of the nominal value of the shares held by the
relevant shareholder bears to the aggregate amount of the nominal value of all
shares issued by us. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></i></b></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Dividends</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We may, in a general meeting,
or our directors may, from time to time, declare a dividend to be paid to the
shareholders in proportion to the number of shares they each hold. No dividend
shall be declared except out of our profits. Dividends may be declared either
free or subject to the deduction of income tax or duty in respect of which we
may be charged. Holders of ordinary shares are entitled to receive dividends as
and when declared by the directors.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ownership Limitations</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There are no limitations imposed by our MOI or South
African law on the rights of shareholders to hold or vote on our ordinary
shares or securities convertible into our ordinary shares. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Winding-up</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If we are wound-up, then the assets remaining after
payment of all of our debts and liabilities, including the costs of
liquidation, shall be applied to repay to the shareholders the amount paid up
on our issued capital and thereafter the balance shall be distributed to the
shareholders in proportion to their respective shareholdings. On a winding up,
our cumulative preference shares rank, in regard to all arrears of preference
dividends, prior to the holders of ordinary shares. As of September 30, 2018,
no such dividends have been declared. Except for the preference dividend and as
described in this Item our cumulative preference shares are not entitled to any
other participation in the distribution of our surplus assets on winding-up. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Reduction of Capital</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We may, by special resolution,
reduce the share capital authorized by our MOI, or reduce our issued share
capital including, without limitation, any stated capital, capital redemption
reserve fund and share premium account by making distributions and buying back
our shares. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Amendment of the </font></i></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">MOI</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our MOI may be altered by the
passing of a special resolution or in compliance with a court order. The
Company may also amend the MOI by increasing or decreasing the number of
authorized shares, classifying or reclassifying shares, or determining the terms
of shares in a class. A special resolution is passed when the shareholders
holding at least 25% of the total votes of all the members entitled to vote are
present or represented by proxy at a meeting and, if the resolution was passed
on a show of hands, at least 75% of those shareholders voted in favor of the
resolution and, if a poll was demanded, at least 75% of the total votes to
which those shareholders are entitled were cast in favor of the resolution. An
amendment to the MOI to increase the number of authorized shares was approved
by shareholders at the 2018 general meeting.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Consent of the Holders of Cumulative
Preference Shares</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The rights and conditions attaching to the
cumulative preference shares may not be cancelled, varied or added, nor may we
issue shares ranking, regarding rights to dividends or on winding up, in
priority to or equal with our cumulative preference shares, or dispose of all
or part of the Argonaut mineral rights without the consent in writing of the
registered holders of our cumulative preference shares or the prior sanction of
a resolution passed at a separate class meeting of the holders of our
cumulative preference shares. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Distributions</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;We are authorized to make payments in cash or in
specie to our shareholders in accordance with the provisions of the Companies
Act and other consents required by law from time to time. We may, for example,
in a general meeting, upon recommendation of our directors, resolve that any
surplus funds representing capital profits arising from the sale of any capital
assets and not required for the payment of any fixed preferential dividend, be
distributed among our ordinary shareholders. However, no such profit shall be
distributed unless we have sufficient other assets to satisfy our liabilities
and to cover our paid up share capital. We also need to consider the solvency
and liquidity requirements stated in the Companies Act of South Africa. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Directors&#8217; power to vote compensation to
themselves</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The remuneration of non-executive directors may not
exceed in aggregate in any financial year the amount fixed by the Company in
general meeting. The Companies Act requires that remuneration to non-executive
directors may be paid only in accordance with a special resolution approved by
shareholders within the previous two years.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Time limit for dividend entitlement </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All unclaimed monies that are due to any
shareholder/s shall be held by the company in trust for an indefinite period
until lawfully claimed by such shareholder/s, subject to the Prescription Act,
1968 as amended or any other law which governs the law of prescription.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Staggered director elections &amp; cumulative
voting</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></i></b></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">At each annual general meeting of the Company
one-third of the directors shall retire and be eligible for re-election. No
provision is made for cumulative voting.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;">66</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sinking fund
provisions and liability to further capital calls</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There are no sinking fund provisions in the MOI
attaching to any class of the company shares, and the company does not subject
shareholders to liability to further capital calls.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Provision that would delay/prevent change of
control </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Companies Act provides that companies which
propose to merge or amalgamate must enter into a written agreement setting out
the terms thereof. They must prove that upon implementation of the amalgamation
or merger each will satisfy the solvency and liquidity test. Companies involved
in disposals, amalgamations or mergers, or schemes of arrangement must obtain a
compliance certificate from the Takeover Regulation Panel, pass special
resolutions and in some instances they must obtain an independent expert
report.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10C. MATERIAL
CONTRACTS</font></i></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Acquisition of FWGR (WRTRP Assets) from
Sibanye-Stillwater</font></i></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sibanye-Stillwater Exchange Agreement</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">On November 22, 2017, Sibanye-Stillwater, WRTRP Proprietary
Limited and the Company entered into the Sibanye-Stillwater Exchange Agreement.
Under the Sibanye-Stillwater Exchange Agreement, Sibanye-Stillwater agreed to
dispose certain gold surface processing assets and tailing storage facilities
that include Driefontein 3 and 5, Kloof 1, Venterspost North and South,
Libanon, Driefontein 4, Driefontein 2 plant, Driefontein 3 plant, WRTRP pilot
plant, and land required for the future development of a central processing
plant, regional tailings storage facility and return water dam (together, the
&#8220;WRTRP Assets&#8221;) to WRTRP Proprietary Limited in exchange for the issuance of
999 shares of WRTRP Proprietary Limited shares (comprising the entire share
capital of WRTRP Proprietary Limited) to Sibanye-Stillwater, subject to certain
limitations that include the consummation of certain agreements such as the DRD
Exchange Agreement, DRD Guarantee and DRD Option Agreement, among others.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">DRD Exchange Agreement</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Additionally, on November 22, 2017, pursuant to the
Sibanye-Stillwater Exchange Agreement, the Company and Sibanye-Stillwater
entered into the DRD Exchange Agreement, under which Sibanye-Stillwater agreed
to transfer all of the shares of WRTRP Proprietary Limited to the Company in
exchange for 265,000,000 ordinary shares of the Company, which represents
38.05% of our ordinary shares in issue (including any of our ordinary shares
held as treasury shares). A</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;"> director
nominated by Sibanye</font></font><font face="Cambria Math,serif" style="border:none;"><font face="Cambria Math,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#8209;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Stillwater will be appointed as a
non-executive director of the Board subject to the terms of DRDGOLD&#8217;s MOI and
shareholders&#8217; approval</font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">DRD Guarantee</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">In connection with the Sibanye-Stillwater Agreement and the DRD
Exchange Agreement, on November 22, 2017, the Company issued a guarantee to and
in favor of Sibanye-Stillwater. Under the DRD Guarantee, the Company
irrevocably and unconditionally guaranteed and agreed to: (i) undertake as a
principal and an independent obligation to and in favor of Sibanye-Stillwater
the due, punctual and full payment and performance which WRTRP Proprietary
Limited has, or may from time to time have, to Sibanye-Stillwater in terms of
any agreements to give effect to the transactions contemplated by the DRD
Exchange Agreement (the &#8220;Guaranteed Obligation&#8221;); (ii) undertake that whenever
WRTRP Proprietary Limited does not pay any Guaranteed Obligation when due, the
Company shall, immediately on demand, pay that amount as if it was the
principal obligor; (iii) undertake that whenever WRTRP Proprietary Limited does
not perform punctually any Guarantee Obligation, it shall, immediately on
demand, perform such obligation as if it was the principal obligor; (iv)
indemnify (as a separate and primary obligation) Sibanye-Stillwater immediately
on demand against any and all losses, liabilities, damages, costs or expenses
(but excluding any indirect, special, consequential or incidental loss or
damage) suffered by Sibanye-Stillwater if any indebtedness, payment obligation
or other obligation guaranteed by the Company under certain enumerated events;
and (v) undertake that if any Guaranteed Obligation is or becomes
unenforceable, invalid or illegal, the Company shall, as an independent and
primary obligation, indemnify Sibanye-Stillwater, subject to a monetary limit.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Option Agreement</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">In addition, on November 22, 2017, Sibanye-Stillwater and the
Company entered into the Option Agreement. Under the Option Agreement, the
Company granted Sibanye-Stillwater the irrevocable right and option to call on
the Company to allot and issue additional ordinary shares to
Sibanye-Stillwater, resulting in Sibanye-Stillwater holding 50.1% of all
ordinary shares of the Company (including any of the Company&#8217;s ordinary shares
held as treasury shares), subject to the condition that such option be
exercised within 24 months of the closing of the Transaction and subject to
Sibanye-Stillwater not having disposed of all or any of the Consideration
Shares during the Option Period. The Option must be exercised in whole anytime
within the Option Period. The price of such shares would be set at the 30-day
volume weighted average price per DRDGOLD's ordinary share on the Johannesburg
Stock Exchange preceding the exercise date minus 10%. During the period between
the date upon which the option is exercised and the closing date, the Company
agreed that it shall not issue any ordinary shares, and not issue any ordinary
shares and/or any securities convertible into the Company&#8217;s ordinary shares,
and/or grant any options and/or rights to </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;">67</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">require the
issue of the Company&#8217;s ordinary shares or securities convertible into the
Company&#8217;s ordinary shares at any time or on or after the closing of the
exchange transactions, subject to certain limitations.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Closing and Amending Agreement</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">On July 31, 2018, Sibanye-Stillwater, WRTRP Proprietary Limited
and the Company entered into the Closing and Amending Agreement in connection
with the Transaction. Under the Closing and Amending Agreement, the parties
agreed to amend the Sibanye-Stillwater Exchange Agreement to, among other
things, confirm the fulfilment of or alternatively the waiver of conditions
precedent to the Transaction and provide for a revised closing process for the
Sibanye-Stillwater Exchange Agreement.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The description of the Sibanye-Stillwater Exchange Agreement, DRD
Exchange Agreement, DRD Guarantee, Option Agreement and Closing and Amending
Agreement is qualified by reference to the Sibanye-Stillwater Exchange
Agreement, DRD Exchange Agreement, DRD Guarantee, Option Agreement and Closing
and Amending Agreement filed herewith as Exhibits.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">ZAR300 million Revolving Credit Facility </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">On August 1, 2018, DRDGOLD Limited entered into a ZAR300 million revolving
credit facility (&#8220;RCF&#8221;) secured with ABSA Bank Limited (acting through its
Corporate and Investment Banking division). The purpose of the RCF was to
finance the development of Phase 1 of FWGR and working capital requirements,
replacing the R100 million overdraft facility that was in place during the year
ended 30 June 2018.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">The RCF bears interest at JIBAR plus a margin of 325 basis points
nominal annual compounded quarterly. The borrowers are required to pay a
commitment fee of 35% of the applicable margin per annum. There is a debt
origination fee of 1% of the available commitment. </font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Relevant covenants include that, during any rolling 12
month period, (i) the interest cover <sup>(1)</sup> shall not be less than 4
times and (ii) net debt<sup>(2)</sup> to EBITDA Ratio shall not exceed 2 times.
</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:left;"><sup><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(1) Interest cover means the ratio of EBITDA to Total
Net Interest (interest charged on Financial Indebtedness after deducting all
interest received on Cash and cash equivalents (excluding interest received on
restricted cash)).</font></font></sup></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><sup><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">(2) Means Total Debt after deducting Cash and cash
equivalents (excluding restricted cash)</font></font></sup></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:18.0pt;">The final repayment
date of the RCF is August 1, 2020. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:18.0pt;">The description of the
RCF is qualified by reference to the RCF filed herewith as an Exhibit.</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;">68</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10D.
EXCHANGE CONTROLS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The following is a summary of the material South African exchange
control measures, which has been derived from publicly available documents. The
following summary is not a comprehensive description of all the exchange
control regulations. The discussion in this section is based on the current law
and positions of the South African Government. Changes in the law may alter the
exchange control provisions that apply, possibly on a retroactive basis. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Introduction</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dealings in foreign currency, the export of capital
and revenue, payments by residents to non-residents and various other exchange
control matters in South Africa are regulated by the South African exchange
control regulations, or the Regulations. The Regulations form part of the
general monetary policy of South Africa. The Regulations are issued under
Section&nbsp;9 of the Currency and Exchanges Act, 1933 (as amended). In terms
of the Regulations, the control over South African capital and revenue
reserves, as well as the accruals and spending thereof, is vested in the
Treasury (Ministry of Finance), or the Treasury. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Treasury has delegated the administration of
exchange controls to the Exchange Control Department of the South African
Reserve Bank, or SARB, which is responsible for the day to day administration
and functioning of exchange controls. SARB has a wide discretion. Certain banks
authorized by the Treasury to co-administer certain of the exchange controls,
are authorized by the Treasury to deal in foreign exchange. Such dealings in
foreign exchange by authorized dealers are undertaken in accordance with the
provisions and requirements of the exchange control rulings, or Rulings, and
contain certain administrative measures, as well as conditions and limits
applicable to transactions in foreign exchange, which may be undertaken by
authorized dealers. Non-residents have been granted general approval, in terms
of the Rulings, to deal in South African assets, to invest and disinvest in
South Africa. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Regulations provide for restrictions on
exporting capital from the Common Monetary Area consisting of South Africa,
Namibia, and the Kingdoms of Lesotho and Swaziland. Transactions between
residents of the Common Monetary Area are not subject to these exchange control
regulations. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There are many inherent disadvantages to exchange
controls, including distortion of the price mechanism, problems encountered in
the application of monetary policy, detrimental effects on inward foreign
investment and administrative costs associated therewith. The South African
Finance Minister has indicated that all remaining exchange controls are likely
to be dismantled as soon as circumstances permit. Since 1998, there has been a
gradual relaxation of exchange controls. The gradual approach to the abolition
of exchange controls adopted by the Government of South Africa is designed to
allow the economy to adjust more smoothly to the removal of controls that have
been in place for a considerable period of time. The stated objective of the
authorities is equality of treatment between residents and non-residents with
respect to inflows and outflows of capital. The focus of regulation, subsequent
to the abolition of exchange controls, is expected to favor the positive
aspects of prudential financial supervision. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The present exchange control
system in South Africa is used principally to control capital movements. South
African companies are not permitted to maintain foreign bank accounts without
SARB approval and, without the approval of SARB, are generally not permitted to
export capital from South Africa or hold foreign currency. In addition, South
African companies are required to obtain the approval of the SARB prior to
raising foreign funding on the strength of their South African statements of
financial position, which would permit recourse to South Africa in the event of
defaults. Where 75% or more of a South African company's capital, voting power,
power of control or earnings is directly or indirectly controlled by
non-residents, such a corporation is designated an &#8220;affected person&#8221; by the
SARB, and certain restrictions are placed on its ability to obtain local
financial assistance. We are not, and have never been, designated an &#8220;affected
person&#8221; by the SARB. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Foreign investment and outward loans by South
African companies are also restricted. In addition, without the approval of the
SARB, South African companies are generally required to repatriate to South
Africa profits of foreign operations and are limited in their ability to
utilize profits of one foreign business to finance operations of a different
foreign business. South African companies establishing subsidiaries, branches,
offices or joint ventures abroad are generally required to submit financial
statements on these operations as well as progress reports to the SARB on an
annual basis. As a result, a South African company's ability to raise and
deploy capital outside the Common Monetary Area is restricted. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Although exchange controls have been gradually
relaxed since 1998, unlimited outward transfers of capital are not permitted at
this stage. Some of the more salient changes to the South African exchange control
provisions over the past few years have been as follows: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">corporations wishing to invest in countries
outside the Common Monetary Area, in addition to what is set out below, apply
for permission to enter into corporate asset/share swap and share placement
transactions to acquire foreign investments. The latter mechanism entails the
placement of the locally quoted corporation's shares with long-term overseas
holders who, in payment for the shares, provide the foreign currency abroad
which the corporation then uses to acquire the target investment;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">corporations wishing to establish new
overseas ventures are permitted to transfer offshore up to R500 million to
finance approved investments abroad and up to R500 million to finance approved
new investments in African countries on an annual bases. Approval from the SARB
is required in advance for investments in excess of R500 million. On
application to the SARB, corporations are also allowed to use part of their
local cash holdings to finance up to 10% of approved new foreign investments
where the cost of these investments exceeds the current limits;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">as a general rule, the SARB requires that
more than 10% of equity of the acquired off-shore venture is acquired within a
predetermined period of time, as a prerequisite to allowing the expatriation of
funds. If these requirements are not met, the SARB may instruct that the equity
be disposed of. In our experience the SARB has taken a commercial view on this,
and has on occasion extended the period of time for compliance; and</font></font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_73"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">remittance of directors' fees payable to
persons permanently resident outside the Common Monetary Area may be approved
by authorized dealers, in terms of the Rulings.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authorized dealers in foreign exchange may, against
the production of suitable documentary evidence, provide forward cover to South
African residents in respect of fixed and ascertained foreign exchange
commitments covering the movement of goods. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Persons who emigrate from South Africa are entitled
to take limited amounts of money out of South Africa as a settling-in allowance.
The balance of the emigrant's funds will be blocked and held under the control
of an authorized dealer. These blocked funds may only be invested in: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">blocked current, savings, interest bearing
deposit accounts in the books of an authorized dealer in the banking sector; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">securities quoted on the JSE and financial
instruments listed on the Bond Exchange of South Africa which are deposited
with an authorized dealer and not released except temporarily for switching
purposes, without the approval of the SARB. Authorized dealers must at all
times be able to demonstrate that listed or quoted securities or financial
instruments which are dematerialized or immobilized in a central securities
depository are being held subject to the control of the authorized dealer
concerned; or</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">mutual funds.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Aside from the investments referred to above,
blocked rands may only be utilized for very limited purposes. Dividends
declared out of capital gains or out of income earned prior to emigration
remain subject to the blocking procedure. It is not possible to predict when
existing exchange controls will be abolished or whether they will be continued
or modified by the South African Government in the future. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Sale of Shares</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Under present exchange control regulations in South
Africa, our ordinary shares and ADSs are freely transferable outside the Common
Monetary Area between non-residents of the Common Monetary Area. In addition,
the proceeds from the sale of ordinary shares on the JSE on behalf of
shareholders who are not residents of the Common Monetary Area are freely
remittable to such shareholders. Share certificates held by non-residents will
be endorsed with the words &#8220;non-resident,&#8221; unless dematerialized. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Dividends</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dividends declared in respect of shares held by a
non-resident in a company whose shares are listed on the JSE are freely
remittable. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any cash dividends paid by us are paid in rands.
Holders of ADSs on the relevant record date will be entitled to receive any
dividends payable in respect of the shares underlying the ADSs, subject to the
terms of the deposit agreement entered on August 12, 1996, and as amended and
restated, between the Company and The Bank of New York, as the depository.
Subject to exceptions provided in the deposit agreement, cash dividends paid in
rand will be converted by the depositary to dollars and paid by the depositary
to holders of ADSs, net of conversion expenses of the depositary, in accordance
with the deposit agreement. The depositary will charge holders of ADSs, to the
extent applicable, taxes and other governmental charges and specified fees and
other expenses. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Voting rights</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There are no limitations
imposed by South African law or by our MOI on the right of non-South African
shareholders to hold or vote our ordinary shares. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10E.
TAXATION</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Material South African Income Tax
Consequences</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following is a summary of
material income tax considerations under South African income tax law. No
representation with respect to the consequences to any particular purchaser of
our securities is made hereby. Prospective purchasers are urged to consult their
tax advisers with respect to their particular circumstances and the effect of
South African or other tax laws to which they may be subject.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; South Africa imposes tax on worldwide income of
South African residents. Generally, individuals not resident in South Africa do
not pay tax in South Africa except in the following circumstances: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Income Tax and Withholding Tax on Dividends</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Non-residents will pay income tax on any amounts
received by or accrued to them from a source within (or deemed to be within)
South Africa. Interest earned by a non-resident on a debt instrument issued by
a South African company will be regarded as being derived from a South African
source but will be regarded as exempt from taxation in terms of
Section&nbsp;10(1)(i) of the South African Income Tax Act, 1962 (as amended),
or the Income Tax Act. This exemption applies to so much of any interest and
dividends (which are not otherwise exempt) received from a South African source
not exceeding (a) R34,500 if the taxpayer is 65 years of age or older or (b)
R23,800 if the taxpayer is younger than 65 years of age at the end of the
relevant tax year. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No withholding tax is deductible in respect of
interest payments made to non-resident investors. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Section 64F of the amendments to the Income Tax Act as set out in
Part VIII in Chapter II of the Income Tax Act sets out beneficial owners who
are exempt from the dividend tax which includes resident companies receiving a dividend
after the effective date, being April 1, 2012. The Convention between the
United States of America and the Republic of South Africa for the Avoidance of
Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on
Income and Capital Gains, or the Tax Treaty, would limit the rate of this tax
with respect to dividends paid on ordinary shares or ADSs to a U.S. resident
(within the meaning of the Tax Treaty) to 5% of the gross amount of the
dividends if such U.S. resident is a company which holds directly at least 10%
of our voting stock and 20% of the gross amount of the dividends in all other
cases.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The above provisions shall not apply if the
beneficial owner of the dividends is resident in the United States, carries on
business in South Africa through a permanent establishment situated in South
Africa, or performs in South Africa independent personal services from a fixed
base situated in South Africa, and the dividends are attributable to such
permanent establishment or fixed base.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-right:4.25pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In fiscal years 2018 and 2017, the corporate tax
rates for taxable mining and non&#8209;mining income, to which the Companies in
the Group is subject, were 34% and 28%, respectively. </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The
formula for determining the South African gold mining tax rate for fiscal years
ended </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> and </font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> is: Y = 34 &#8211; 170/X. Where Y is the percentage rate of tax
payable and X is the ratio of taxable income, net of any qualifying capital
expenditure that bears to mining income derived, expressed as a percentage.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-right:4.25pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-right:4.25pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; With effect from
April 1, 2014, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Section 8F of the Income Tax Act results in </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">any amount of interest which is
incurred in respect of a &#8220;</font><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">hybrid debt instrument</font></i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221; is </font></font><a name="_Ref426566799"></a><font style="border:none;"><font face="Times Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">deemed
to be a dividend </font><i><font face="Times Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">in specie</font></i><font face="Times Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">declared by the payor and received by the recipient which is
exempt from income tax, as opposed to interest which is taxable. The terms of
some of our intercompany loans</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> &nbsp;</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:normal;">cause the affected loans to be
deemed as </font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8220;</font><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">hybrid
debt instruments</font></i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221; and the interest thereof to be deemed to be an exempt
dividend </font><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">in specie</font></i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. This characterization of the affected loans as a &#8220;</font><i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">hybrid
debt instrument</font></i><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8221; was not impacted by </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">subsequent amendments to Section 8F of the Income Tax Act that
became effective in fiscal year </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">.&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-right:4.25pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">U.S. Federal Income Tax Considerations</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following discussion is a
summary of the U.S. federal income tax considerations to U.S. holders of the
ownership and disposition of ordinary shares or ADSs. It deals only with U.S. holders
who hold ordinary shares or ADSs as capital assets for U.S. federal income tax
purposes. This discussion is based upon the provisions of the Internal Revenue
Code of 1986, as amended, or the Code, published rulings, judicial decisions
and the Treasury regulations, all as currently in effect and all of which are
subject to change, possibly on a retroactive basis. This discussion has no
binding effect or official statU.S. of any kind; we cannot assure holders that
the conclusions reached below would be sustained by a court if challenged by
the Internal Revenue Service. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This discussion does not address all aspects of U.S.
federal income taxation that may be applicable to holders in light of their
particular circumstances and does not address special classes of U.S. holders
subject to special treatment (such as dealers in securities or currencies,
partnerships or other pass-through entities, banks and other financial
institutions, insurance companies, tax-exempt organizations, certain
expatriates or former long-term residents of the United States, persons holding
ordinary shares or ADSs as part of a &#8220;hedge,&#8221; &#8220;conversion transaction,&#8221;
&#8220;synthetic security,&#8221; &#8220;straddle,&#8221; &#8220;constructive sale&#8221; or other integrated
investment, persons who acquired the ordinary shares or ADSs upon the exercise
of employee stock options or otherwise as compensation, persons whose
functional currency is not the U.S. dollar, or persons that actually or
constructively own ten percent or more of the voting power or value of our
shares. This discussion addresses only U.S. federal income tax considerations
and does not address the effect of any state, local, or foreign tax laws that
may apply, the alternative minimum tax, the Medicare tax or the application of
the federal estate or gift tax. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">For purposes of this discussion, a &#8220;U.S. holder&#8221;
is a beneficial owner of ordinary shares or ADSs who or that is, for U.S. federal
income tax purposes:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a citizen or individual resident of the United
States; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a corporation (or any entity treated as a
corporation for U.S. federal income tax purposes) created or organized under
the laws of the United States or any political subdivision thereof; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">an estate, the income of which is subject to U.S.
federal income tax without regard to its source; or </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">a trust, if a court within the United States is
able to exercise primary supervision over the administration of the trust and
one or more U.S. persons have the authority to control all substantial
decisions of the trust or if the trust has made a valid election to be treated
as a U.S. person. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If a partnership (or an entity treated as a partnership
for U.S. federal income tax purposes) holds any ordinary shares or ADSs, the
tax treatment of a partner will generally depend on the statU.S. of the partner
and on the activities of the partnership. Partners in partnerships holding any
ordinary shares or ADSs are urged to consult their tax advisors. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Because individual circumstances may differ, U.S. holders
of ordinary shares or ADSs are urged to consult their tax advisors concerning
the U.S. federal income tax considerations applicable to their particular
situations as well as any considerations to them arising under the tax laws of
any foreign, state or local taxing jurisdiction.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-right:4.25pt;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Ownership of Ordinary Shares or ADSs</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of the Code, a U.S. holder of ADSs
will be treated for U.S. federal income tax purposes as the owner of the
ordinary shares represented by those ADSs. Exchanges of ordinary shares for
ADSs and ADSs for ordinary shares generally will not be subject to U.S. federal
income tax. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the discussion below under the heading
&#8220;Passive Foreign Investment Company&#8221;, distributions with respect to the
ordinary shares or ADSs, other than distributions in liquidation and
distributions in redemption of stock that are treated as exchanges, will be
taxed to U.S. holders as ordinary dividend income to the extent that the
distributions do not exceed our current and accumulated earnings and profits.
For U.S. federal income tax purposes, the amount of any distribution received
by a U.S. holder will equal the dollar value of the sum of the South African
rand payments made (including the amount of South African income taxes, if any,
withheld with respect to such payments), determined at the &#8220;spot rate&#8221; on the
date the dividend distribution is includable in such U.S. holder's income,
regardless of whether the payment is in fact converted into dollars. Generally,
any gain or loss resulting from currency exchange fluctuations during the
period from the date a U.S. holder includes the dividend payment in income to
the date such holder converts the payment into dollars will be treated as
ordinary income or loss. Distributions, if any, in excess of our current and
accumulated earnings and profits will constitute a non-taxable return of
capital and will be applied against and reduce the holder's basis in the
ordinary shares or ADSs. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the extent that these distributions exceed the U.S.
holder's tax basis in the ordinary shares or ADSs, as applicable, the excess
generally will be treated as capital gain, subject to the discussion below
under the heading &#8220;Passive Foreign Investment Company&#8221;. We do not intend to
calculate our earnings or profits for U.S. federal income tax purposes. U.S. holders
should therefore assume that any distributions with respect to our ordinary
shares or ADSs will constitute dividend income.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Qualified dividend income&#8221; received by individual U.S.
holders (as well as certain trusts and estates) generally will be taxed at a
maximum U.S. federal income tax rate applicable to capital gains</font></font><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">. </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">This reduced rate generally would apply to dividends paid by U.S. if,
at the time such dividends are paid, either (i)&nbsp;we are eligible for
benefits under a qualifying income tax treaty with the United States or
(ii)&nbsp;our ordinary shares or ADSs with respect to which such dividends were
paid are readily tradable on an established securities market in the United
States. However, this reduced rate is subject to certain important requirements
and exceptions, including, without limitation, certain holding period
requirements and an exception applicable if we are treated as a passive foreign
investment company as discussed under the heading &#8220;Passive Foreign Investment Company&#8221;.
U.S. holders are urged to consult their tax advisors regarding the U.S. federal
income tax rate that will be applicable to their receipt of any dividends paid
with respect to the ordinary shares and ADSs. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of this discussion, the &#8220;spot rate&#8221;
generally means a rate that reflects a fair market rate of exchange available
to the public for currency under a &#8220;spot contract&#8221; in a free market and
involving representative amounts. A &#8220;spot contract&#8221; is a contract to buy or
sell a currency on or before two business days following the date of the
execution of the contract. If such a spot rate cannot be demonstrated, the U.S.
Internal Revenue Service has the authority to determine the spot rate. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dividend income derived with respect to the
ordinary shares or ADSs will not be eligible for the dividends received
deduction generally allowed to a U.S. corporation under Section&nbsp;243 of the
Code. Dividend income will be treated as foreign source income for foreign tax
credit and other purposes. In computing the separate foreign tax credit
limitations, dividend income should generally constitute &#8220;passive category
income,&#8221; or in the case of certain U.S. holders, &#8220;general category income.&#8221; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">Passive Foreign
Investment Company</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A special and adverse set of U.S. federal income
tax rules apply to a U.S. holder that holds stock in a passive foreign
investment company, or PFIC. We would be a PFIC for U.S. federal income tax
purposes if for any taxable year either (i)&nbsp;75% or more of our gross
income, including our pro rata share of the gross income of any company in
which we are considered to own 25% or more of the shares by value, were passive
income or (ii)&nbsp;50% or more of our average total assets (by value),
including our pro rata share of the assets of any company in which we are
considered to own 25% or more of the shares by value, were assets that produced
or were held for the production of passive income. If we were a PFIC, U.S. holders
of the ordinary shares or ADSs would be subject to special rules with respect
to (i)&nbsp;any gain recognized upon the disposition of the ordinary shares or
ADSs and (ii) any receipt of an excess distribution (generally, any
distributions to a U.S. holder during a single taxable year that is greater
than 125% of the average amount of distributions received by such U.S. holder
during the three preceding taxable years in respect of the ordinary shares or
ADSs or, if shorter, such U.S. holder's holding period for the ordinary shares
or ADSs). Under these rules:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the gain or excess distribution will be
allocated ratably over a U.S. holder's holding period for the ordinary shares
or ADSs, as applicable; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the amount allocated to the taxable year in
which a U.S. holder realizes the gain or excess distribution will be taxed as
ordinary income; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the amount allocated to each prior year
(other than a pre-PFIC year), with certain exceptions, will be taxed at the
highest tax rate in effect for that year; and </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">the interest charge generally applicable to
underpayments of tax will be imposed in respect of the tax attributable to each
such year (other than a pre-PFIC year). </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Although we generally will be treated as a PFIC as
to any U.S. holder if we are a PFIC for any year during a U.S. holder's holding
period, if we cease to satisfy the requirements for PFIC classification, the U.S.
holder may avoid PFIC classification for subsequent years if such holder elects
to recognize gain based on the unrealized appreciation in the ordinary shares
or ADSs through the close of the tax year in which we cease to be a PFIC. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A U.S. holder of a PFIC are required to file an
annual report with the Internal Revenue Service containing such information as
the U.S. Secretary of Treasury may require.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A U.S. holder of the ordinary shares or ADSs that
are treated as &#8220;marketable stock&#8221; under the PFIC rules may be able to avoid the
imposition of the special tax and interest charge described above by making a
mark-to-market election. Pursuant to this election, the U.S. holder would
include in ordinary income or loss for each taxable year an amount equal to the
difference as of the close of the taxable year between the fair market value of
the ordinary shares or ADSs and the U.S. holder's adjusted tax basis in such
ordinary shares or ADSs. Losses would be allowed only to the extent of net
mark-to-market gain previously included by the U.S. holder under the election
for prior taxable years. If a mark-to-market election with respect to ordinary
shares or ADSs is in effect on the date of a U.S. holder's death, the tax basis
of the ordinary shares or ADSs in the hands of a U.S. holder who acquired them
from a decedent will be the lesser of the decedent's tax basis or the fair
market value of the ordinary shares or ADSs. U.S. holders desiring to make the
mark-to-market election are urged to consult their tax advisors with respect to
the application and effect of making the election for the ordinary shares or
ADSs. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the case of a U.S. holder who holds ordinary
shares or ADSs and who does not make a mark-to-market election, the special tax
and interest charge described above will not apply if such holder makes an
election to treat U.S. as a &#8220;qualified electing fund&#8221; in the first taxable year
in which such holder owns the ordinary shares or ADSs and if we comply with
certain reporting requirements. However, we do not intend to supply U.S. holders
with the information needed to report income and gain pursuant to a &#8220;qualified
electing fund&#8221; election in the event that we are classified as a PFIC. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;We believe that we were not a PFIC for our
fiscal year ended June&nbsp;30, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">. However, under the PFIC rules income and assets are require to be
measured and classified in accordance with U.S. federal income tax principles.
Our analysis is based on our financial statements as prepared in accordance
with IFRS, which may substantially differ from U.S. federal income tax
principles. Therefore, no assurance can be given that we were not a PFIC.
Furthermore, the tests for determining whether we would be a PFIC for any
taxable year are applied annually and it is difficult to make accurate
predictions of future income and assets, which are relevant to this
determination. In addition, certain factors in the PFIC determination, such as
reductions in the market value of our capital stock, are not within our control
and can cause U.S. to become a PFIC. Accordingly, there can be no assurance
that we will not become a PFIC. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The rules relating to PFICs are very complex.
U.S. holders are urged to consult their tax advisors regarding the application
of the PFIC rules to their investments in our ordinary shares or ADSs.</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Disposition of Ordinary Shares or ADSs</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the discussion
above under the heading &#8220;Passive Foreign Investment Company&#8221;, upon a sale,
exchange, or other taxable disposition of ordinary shares or ADSs, a U.S. holder
will recognize gain or loss in an amount equal to the difference between the U.S.
dollar value of the amount realized on the sale or exchange and such holder's
adjusted tax basis in the ordinary shares or ADSs. Subject to the application
of the &#8220;passive foreign investment company&#8221; rules discussed above, such gain or
loss generally will be capital gain or loss and will be long-term capital gain
or loss if the U.S. holder has held the ordinary shares or ADSs for more than
one year. The deductibility of capital losses is subject to limitations. Gain
or loss recognized by a U.S. holder on the taxable disposition of ordinary
shares or ADSs generally will be treated as U.S.&#8209;source gain or loss for U.S.
foreign tax credit purposes. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;">73</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_77"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the case of a cash basis U.S.
holder who receives rands in connection with the taxable disposition of
ordinary shares or ADSs, the amount realized will be based on the spot rate as
determined on the settlement date of such exchange. A U.S. holder who receives
payment in rand and converts rand into U.S. dollars at a conversion rate other
than the rate in effect on the settlement date may have a foreign currency
exchange gain or loss that would be treated as ordinary income or loss. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; An accrual basis U.S. holder
may elect the same treatment required of cash basis taxpayers with respect to a
taxable disposition of ordinary shares or ADSs, provided that the election is
applied consistently from year to year. Such election may not be changed
without the consent of the Internal Revenue Service. In the event that an
accrual basis holder does not elect to be treated as a cash basis taxpayer,
such U.S. holder may have a foreign currency gain or loss for U.S. federal
income tax purposes because of the differences between the U.S. dollar value of
the currency received prevailing on the trade date and the settlement date. Any
such currency gain or loss will be treated as ordinary income or loss and would
be in addition to gain or loss, if any, recognized by such U.S. holder on the
disposition of such ordinary shares or ADSs. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Information with respect to Foreign Financial
Assets</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certain U.S. holders may be required to report on
Internal Revenue Service Form 8938 information relating to an interest in
ordinary shares or ADSs, subject to certain exceptions (including an exception
for assets held in accounts maintained by certain financial institutions,
although the account itself may be reportable if held at a non-U.S. financial
institution). U.S. holders should consult their tax advisers regarding the
effect, if any, of this reporting requirement on their acquisition, ownership
and disposition of ordinary shares or ADSs. U.S. holders should consult their
tax advisors regarding application of the information reporting and backup
withholding rules.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">10F. DIVIDENDS AND PAYING AGENTS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10G. STATEMENT BY
EXPERTS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10H. DOCUMENTS ON
DISPLAY</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">You may request a copy of our US Securities and Exchange
Commission filings, at no cost, by writing or calling us at DRDGOLD Limited,
P.O.&nbsp;Box 390, Maraisburg, Johannesburg, South Africa 1700. Attn: Group
Company Secretary. Tel No.&nbsp;+27-11-470-2600. A copy of each report
submitted in accordance with applicable United States law is available for
public review at our principal executive offices at DRDGOLD Limited, 1 Sixty
Jan Smuts Building, 2nd Floor - North Tower, 160 Jan Smuts Avenue, Rosebank,
2196, South Africa. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10I. SUBSIDIARY
INFORMATION</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">General</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the normal course of our operations, we are
exposed to market risk, including commodity price, foreign currency, interest
and credit risks. During fiscal 2018 we do not hold or issue derivative
financial instruments for speculative purposes, nor did we hedge forward gold
sales.</font></font><font face=Dutch801BT-Roman,serif style="border:none;"><font face=Dutch801BT-Roman,serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Refer to Item 18. &#8216;&#8216;Financial Statements -
Note 26 - Financial instruments&#8217;&#8217; of the consolidated financial statements for
a qualitative and quantitative discussion of our exposure to these market
risks.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Our long-term strategy is to remain unhedged
and to keep borrowings to a minimum. However, the need for medium-term
borrowings for the first-phase development of FWGR introduced some liquidity
risk. To mitigate this liquidity risk, we entered into a zero-cost collar to
provide price protection against a possible decrease in the Rand gold price
while borrowings are in place. 50 000 ounces of gold is committed to this
zero-cost collar, spread equally over nine months commencing September 2018
with a floor of R 565 000/kg and a ceiling of just under R609 000/kg and will
be settled in cash at the end of each month.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Commodity price risk</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The rand market price of gold has a significant
effect on our results of operations, our ability and the ability of our
subsidiaries to pay dividends and undertake capital expenditures, and the
market price of our ordinary shares or ADSs. Historically, rand gold prices
have fluctuated widely and are affected by numerous industry factors over which
we have no control. The aggregate effect of these factors on the rand gold
price is impossible for us to predict. The rand price of gold may not remain at
a level allowing us to economically exploit our reserves. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It is our long-term policy not to hedge this
commodity price risk. However, in instances where we need to incur medium-term borrowings
to finance growth projects that introduce some liquidity risk to the Group, we
may mitigate this liquidity risk by entering into an arrangement to provide
price protection against a possible decrease in the Rand gold price while
borrowings are in place.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Concentration of credit risk</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Credit risk is the risk of financial loss to
us if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from our receivables from customers
and investment securities</font></font><font color=#231F20 face=Bliss-Light style="border:none;"><font color=#231F20 face=Bliss-Light lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Group manages its exposure to credit risk on
trade receivables by maintaining a short term cycle to settlement of 2 days.
The Group manages its exposure to credit risk on other receivables by dealing
with a number of counterparties, ensuring that these counterparties are of good
credit standing and transacting on a secured or cash basis where considered
required. Receivables are regularly monitored and assessed for recoverability.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Foreign currency risk</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our reporting currency is South African rand.
Although gold is sold in US dollars, the Company is obliged to convert this
into rands. We are thus exposed to fluctuations in the US dollar/rand exchange
rate. Foreign exchange fluctuations affect the cash flow that we will realize
from our operations as gold is sold in US dollars, while production costs are
incurred primarily in rands. Our results are positively affected when the US
dollar strengthens against the rand and adversely affected when the US dollar
weakens against the rand. Our cash and cash equivalent balances are held in US
dollars and rands. Holdings denominated in other currencies are insignificant.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.9pt;">
  <td colspan=5 nowrap valign=bottom width=100% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term
  debt</font></i></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=9% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=91% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Set
  out below is an analysis of our debt as at June 30, 2018. All of our
  long-term debt is denominated in South African rand.</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest rate</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Fixed rate</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">17.90%</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted average interest rate </font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">17.90%</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=13% style="border:none;height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R'm</font></u></b></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Repayment period</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2019</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">3.6</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2020</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=13% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">11.1</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total </font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=13% style="border:none;border-bottom:solid black 1.0pt;height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">14.7</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=9% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=54% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td width=13% style="border:none;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.6pt;">
  <td colspan=5 valign=bottom width=100% style="height:24.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Based
  on our fiscal year 2018 financial results, a hypothetical 100 basis points
  (increase)/decrease in interest rate activity would (increase)/decrease our
  interest expense by R0.1 million.</font></p>
  </td>
 </tr>
</table></div>




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<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY
SECURITIES </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">12A. DEBT SECURITIES</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;margin-right:0cm;margin-top:10.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">12B. WARRANTS AND
RIGHTS</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">12C. OTHER SECURITIES</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">12D. AMERICAN
DEPOSITARY SHARES</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Depositary Fees and Charges</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; DRDGOLD&#8217;s American Depository Shares, or ADSs, each
representing ten of DRDGOLD&#8217;s ordinary shares, are traded on the New York Stock
Exchange, or NYSE under the symbol &#8220;DRD&#8221; (until December 29, 2011 our ADSs were
traded on the Nasdaq Capital Market under the symbol &#8220;DROOY&#8221;). The ADSs are
evidenced by American Depository Receipts, or ADRs, issued by The Bank of New
York Mellon, as Depository under the Amended and Restated Deposit Agreement
dated as of August 12, 1996, as amended and restated as of October 2, 1996, as
further amended and restated as of August 6, 1998, as further amended and
restated July 23, 2007, among DRDGOLD Limited, The Bank of New York Mellon and
owners and beneficial owners of ADRs from time to time. ADR holders may have to
pay the following service fees to the Depositary:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:9.6pt;">
  <td width=10% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Service</font></u></b></p>
  </td>
 <td width=46% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;text-decoration:none;">&nbsp;</font></b></p>
  </td>
 <td width=44% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Fees (USD)</font></u></b></p>
  </td>
 </tr>
<tr style="height:20.4pt;">
  <td colspan=2 width=56% style="height:20.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Issuance of ADSs, including issuances
  resulting from a distribution of ordinary shares or rights </font></p>
  </td>
 <td width=44% style="height:20.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">$5.00 (or less) per 100 ADSs (or portion
  thereof)<sup>1</sup></font></p>
  </td>
 </tr>
<tr style="height:21.6pt;">
  <td colspan=2 width=56% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Cancellation of ADSs for the purpose of
  withdrawal, including if the Deposit Agreement terminates </font></p>
  </td>
 <td width=44% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">$5.00 (or less) per 100 ADSs (or portion
  thereof)<sup>1</sup></font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td colspan=2 width=56% style="height:9.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Distribution of cash dividends or other
  cash distributions </font></p>
  </td>
 <td width=44% style="height:9.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2 cents (or less) per ADS (or portion
  thereof)</font></p>
  </td>
 </tr>
<tr style="height:20.4pt;">
  <td colspan=2 width=56% style="height:20.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Distribution of securities distributed to
  holders of deposited securities which are distributed by the Depositary to
  ADS registered holders </font></p>
  </td>
 <td width=44% style="height:20.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">$5.00 (or less) per 100 ADSs (or portion
  thereof)</font></p>
  </td>
 </tr>
<tr style="height:7.8pt;">
  <td width=10% style="height:7.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=46% style="height:7.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=44% style="height:7.8pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td nowrap valign=bottom width=10% style="height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=90% style="height:9.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">In addition, ADR holders are responsible
  for certain fees and expenses incurred by the Depositary on their behalf
  including (1) taxes and other</font></p>
  </td>
 </tr>
<tr style="height:40.2pt;">
  <td colspan=3 valign=top width=100% style="height:40.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">governmental charges, (2) such
  registration fees as may from time to time be in effect for the registration
  of transfers of ordinary shares generally on the share register and
  applicable to transfers of ordinary shares to the name of the Depositary or
  its nominee or the Custodian or its nominee on the making of deposits or
  withdrawals, (3) such cable, telex and facsimile transmission expenses as are
  expressly provided in the Deposit Agreement, and (4) such expenses as are
  incurred by the Depositary in the conversion of foreign currency to U.S.
  Dollars.</font></p>
  </td>
 </tr>
<tr style="height:5.4pt;">
  <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:5.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="border:none;border-bottom:solid black 1.0pt;height:5.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=44% style="height:5.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:21.6pt;">
  <td colspan=3 width=100% style="height:21.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">[1]</font></sup><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">These fees are typically paid to the
  Depositary by the brokers on behalf of their clients receiving the newly-issued
  ADSs from the Depositary or delivering the ADSs to the Depositary for
  cancellation. The brokers in turn charge these transaction fees to their
  clients.</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Depositary collects its fees for delivery
and surrender of ADSs directly from investors depositing or surrendering ADSs
for the purpose of withdrawal or from intermediaries acting for them. The
Depositary, collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of
distributable property to pay the fees. The Depositary may collect its annual
fee for depositary services by deductions from cash distributions or by
directly billing investors or by charging the book-entry system accounts of
participants acting for them. The Depositary may generally refuse to provide
fee-attracting services until its fees for those services are paid. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Depositary Payments </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">The Bank of New York Mellon, as Depositary,
has agreed to reimburse DRDGOLD an annual amount of $75,000 mainly consisting
of accumulated contributions towards the Company&#8217;s investor relations
activities (including investor meetings, conferences and fees of investor
relations service vendors). After the deduction of other fees, the annual
reimbursement for the year ended June 30, 2018 amounts to approximately $5,974
(June 30, 2017: $44,509, (June 30, 2016: $43,400). DRDGOLD is also entitled to
a 25% share of the dividend fees which amounts to approximately $20,195 for the
year ended June 30, 2018 (June 30, 2017: $24,813).</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">PART II</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;13. DEFAULTS, DIVIDEND ARREARAGES AND
DELINQUENCIES </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">There
have been no material defaults in the payment of principal, interest, a sinking
or purchase fund installment, or any other material defaults with respect to
any indebtedness of ours.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;14. MATERIAL MODIFICATIONS TO THE RIGHTS OF
SECURITY HOLDERS AND USE OF PROCEEDS </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">ITEM
15. CONTROLS AND PROCEDURES </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">15A. Disclosure Controls and Procedures</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">As of June 30, 2018, our management, with the participation of our
Chief Executive Officer and Chief Financial Officer have evaluated the
effectiveness of our disclosure controls and procedures (as this term is
defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Our management,
including the Chief Executive Officer and Chief Financial Officer, concluded
that our disclosure controls and procedures were effective as of June 30, 2018.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our disclosure controls and procedures are designed to provide
reasonable assurance that information required to be disclosed by us in the
reports that we file or submit under the Securities Exchange Act of 1934 is
recorded, processed, summarized and reported, within the time periods specified
in the applicable rules and forms and that such information required to be
disclosed by us in the reports we file or submit under the Securities Exchange
Act is accumulated and communicated to our management, including our Chief
Executive Officer and Chief Financial Officer, as appropriate to allow timely
decisions regarding required disclosures.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">There are inherent limitations in the effectiveness of any system
of disclosure controls and procedures. These limitations include the
possibility of human error and the circumvention or overriding of the controls
and procedures. Accordingly, any such system can only provide reasonable
assurance of achieving the desired control objectives</font></font><font face=Times-Roman,serif style="border:none;"><font face=Times-Roman,serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;page-break-after:avoid;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">15B. Management&#8217;s Annual Report on Internal Control Over
Financial Reporting </font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our management is responsible for establishing and maintaining
adequate internal control over financial reporting. Internal control over
financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under
the Securities Exchange Act of 1934 as a process designed by, or under the
supervision of, our Chief Executive Officer and Chief Financial Officer and
effected by our board, management and other personnel to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with IFRS. Under
Section 404 of the Sarbanes Oxley Act of 2002, management is required to assess
our internal controls surrounding the financial reporting process as at the end
of each fiscal year. Based on that assessment, management is to determine
whether or not our internal controls over financial reporting are effective. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Internal control over financial reporting includes those policies
and procedures that: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:53.7pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions of our assets;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:53.7pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with
IFRS, and that our receipts and expenditures are being made only in accordance
with authorizations of our management and board; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:53.7pt;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of our assets that
could have a material effect on our financial statements.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Instead, it must
be noted that even those systems that management deems to be effective can only
provide reasonable assurance with respect to the preparation and presentation
of our financial statements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or the degree of compliance
with the policies and procedures. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Our management assessed the effectiveness of our internal control
over financial reporting as of June&nbsp;30,&nbsp;2018. In making this
assessment, our management used the criteria set forth by the </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Internal
Control-Integrated Framework (2013) </font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Based on our assessment and
those criteria, our management concluded that as of June 30, 2018 our internal
control over financial reporting was effective. <a name="_DV_M5"></a><a name="_DV_M10"></a><a name="_DV_M11"></a><a name="_DV_M17"></a><a name="_DV_M22"></a><a name="_DV_M25"></a><a name="_DV_M26"></a><a name="_DV_M27"></a><a name="_DV_M28"></a><a name="_DV_M29"></a></font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">15C. Independent Auditor&#8217;s Attestation Report</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">The effectiveness of internal control over financial reporting as
of June 30, 2018 was audited by KPMG Inc., independent registered public
accounting firm, as stated in their report on page F-1 of this Form 20-F.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">15D. Changes in Internal Control Over
Financial Reporting</font></i></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Changes that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting during the
period covered by the annual report, need to be identified and reported as
required by paragraph (d) of Rule 13a-15.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">During the year ended June 30, 2018, there have not been any
changes in our internal control over financial reporting that have materially
affected, or are reasonably likely to materially affect, our internal control
over financial reporting.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="background:yellow;border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Mr.&nbsp;J.A.&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Holtzhausen</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">, Chairman of the Audit and Risk Committee, has been determined by
our board to be an audit committee financial expert within the meaning of the
Sarbanes-Oxley Act, in accordance with the Rules of the New York Stock Exchange</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">, or NYSE,</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> and rules promulgated by the SEC
and</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> independent both under the New York
Stock Exchange Rules and the South African Johannesburg Stock Exchange Rules</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">.
The board is satisfied that the skills, experience and attributes of the
members of the audit and risk committee are sufficient to enable those members
to discharge the responsibilities of the audit and risk committee. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16B. CODE OF ETHICS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">We have adopted a Code of
Conduct that applies to all senior executives including our Non-Executive
Chairman, the Chief Executive Officer, Chief Financial Officer, Chief Operating
Officer and the Financial Director at our mining operation as well as all other
employees. The Code of Conduct was updated during fiscal 2018. The Code of Conduct
can be accessed on the Company&#8217;s website at the following web address: www.drdgold.com/about-us/governance.</font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND
SERVICES</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">KPMG Inc. has served as our independently registered public
accountant for the fiscal years ended June 30, 2018, 2017 and 2016, for which
audited financial statements appear in this Annual Report. The Annual General
Meeting elects the auditors annually.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following table presents the aggregate fees for
professional audit services and other services rendered by KPMG Inc. to us in
fiscal year 2018 and 2017:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Audit
Fees</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Audit fees billed for the annual audit
services engagement, which are those services that the external auditor
reasonably can provide, include the company audit; statutory audits; comfort
letters and consents; attest services; and assistance with and review of
documents filed with the SEC.</font></font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Auditors' remuneration</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></p>
  </td>
 <td colspan=2 width=28% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Year ended June 30,</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R m</font></u></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R m</font></u></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Audit fees</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.7</font></p>
  </td>
 <td width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.5</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">All other fees</font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">1.7</font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">0.3</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td width=72% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">7.4</font></p>
  </td>
 <td width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">5.8</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">All Other Fees</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
all other fees paid during fiscal year 2018 consist of the following:</font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R0.4 million with respect to limited assurance provided by KPMG on
specified items contained in our Integrated Report for fiscal year 2017;</font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R1.0 million with respect to Independent reporting accountant&#8217;s
report on the Pro Forma financial information and historical financial
information included in the WRTRP Circular to Shareholders, and</font></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">R0.3 million with respect to an Independent reporting accountant&#8217;s
report on the WRTRP forecast financial information included in the Circular to
Shareholders.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
all other fees paid during fiscal year 2017 consist of fees invoiced with
respect to limited assurance provided by KPMG on specified items contained in
our Integrated Report for fiscal year 2016. Subsequent to June 30, 2018 KPMG
was engaged to provide limited assurance on specified items contained in our
Integrated Report for fiscal year 2018 that was billed during fiscal year 2019.
Subsequent to June 30, 2018 KPMG was also engaged to provide limited assurance
on the compliance of the Form 20-F with the SEC filing requirements for XBRL
reporting for fiscal year 2018 that will be invoiced during fiscal year 2019.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Audit and Risk Committee is directly responsible for recommending the
appointment, re-appointment and removal of the external auditors as well as the
remuneration and terms of engagement of the external auditors. The committee
pre-approves, and has pre-approved, all non-audit services provided by the
external auditors. The</font><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;"> Audit and Risk
Committee considered all of the fees mentioned above and determined that such
fees are compatible with maintaining KPMG Inc.&#8217;s independence.</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;">78</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND
AFFILIATED PURCHASERS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16G. CORPORATE GOVERNANCE</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">As
a foreign private issuer with shares listed on the NYSE, we are subject to
corporate governance requirements imposed by NYSE. Under section 303A.11 of the
NYSE Listing Standards, a foreign private issuer such as us may follow its home
country corporate governance practices in lieu of certain of the NYSE Listing
Standards on corporate governance. The following paragraphs summarize the
significant differences between these various requirements and how it is
implemented by DRDGOLD: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Shareholder meeting quorum requirements</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:35.45pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Section 310.00 of the NYSE Listing Standards
provides that the quorum required for any meeting of holders of common stock
should be sufficiently high to insure a representative vote. Consistent with
the practice of companies incorporated in South Africa, our Memorandum of
Incorporation requires a quorum of three members present with sufficient voting
powers in person or by proxy to exercise in aggregate 25% of the voting rights
and we have elected to follow our home country rule.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 16H. MI<a name="tx421786_32"></a><a name="tx421786_32_bclEnd"></a>NE SAFETY DISCLOSURES </font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:36.0pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:9.0pt;line-height:18.0pt;">Not applicable. </font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&#160;&nbsp;</font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;">80</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">PART III</font></b></font></p>

<p align=center style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM&nbsp;17. FINANCIAL STATEMENTS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;letter-spacing:-.1pt;line-height:normal;">Not
applicable.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=76% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">ITEM
  18 FINANCIAL STATEMENTS</font></b></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=76% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">The
  following annual financial statements and related auditor&#8217;s reports are filed
  as part of this Annual Report</font></b></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><u><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Page</font></u></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Report
  of the Independent Registered Public Accounting Firm </font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">F&#8209;1</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Consolidated
  statement of profit or loss and other comprehensive income for the years
  ended June 30, 2018, 2017 and 2016</font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">F-3</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Consolidated
  statement of financial position at June 30, 2018 and 2017</font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">F&#8209;4</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Consolidated
  statement of changes in equity for the years ended June 30, 2018, 2017 and
  2016</font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">F&#8209;5</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Consolidated
  statement of cash flows for the years ended June 30, 2018, 2017 and 2016</font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">F&#8209;4</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Notes
  to the financial statements </font></p>
  </td>
 <td width=24% style="border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">F&#8209;1 to F&#8209;28</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="border:none;height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">About
  these consolidated financial statements</font></p>
  </td>
 <td width=24% style="border:none;height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">1</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Use of
  accounting assumptions, estimates and judgements</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">2</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">New standards,
  amendments to standards and interpretations not yet adopted</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">3</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Performance</font></b></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Revenue
  </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">4</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Results
  from operating activities </font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">5</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Cost
  of sales </font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">5.1</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Other
  income </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">5.2</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Administration
  expenses and other costs</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">5</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Finance
  income </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">6</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Finance
  expense </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">7</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Earnings
  per share </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">8</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Resource
  assets and related liabilities</font></b></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Property,
  plant and equipment </font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">9</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Provision
  for environmental rehabilitation </font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">10</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Investment
  in rehabilitation obligation funds </font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">11</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Working
  capital</font></b></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Cash
  and cash equivalents </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">12</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Cash
  generated by operations </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">13</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Trade
  and other receivables </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">14</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Trade
  and other payables </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">15</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Inventories
  </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">16 </font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Tax</font></b></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Income
  tax </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">17 </font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Income
  tax expense </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">17.1</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Deferred
  tax </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">17.2</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Employee
  matters</font></b></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Employee
  benefits </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">18</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Liability
  for long term incentive scheme </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">18.1</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Transactions
  with key management personnel</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">18.2</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Capital
  and equity</font></b></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Capital
  management </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">19</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Equity
  </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">20</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Disclosure
  items</font></b></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Operating
  segments </font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">21</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Interest
  in subsidiaries </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">22</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Assets
  and liabilities classified as held for sale </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">23</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Financial
  Assets</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">24</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Investments
  in other entities</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">24.1</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Long-term
  receivable</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">24.2</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Contingent
  assets and liabilities </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">25</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Financial
  instruments </font></p>
  </td>
 <td width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">26</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Related
  parties </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">27</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td width=76% style="border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">Subsequent
  events </font></p>
  </td>
 <td nowrap valign=bottom width=24% style="border:none;border-bottom:solid black 1.0pt;height:9.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;line-height:normal;">28</font></p>
  </td>
 </tr>
</table></div>










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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Calibri,sans-serif style="border:none;display:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;"></font></font></p>

<p align=center style="border:none;margin:0cm;margin-bottom:20.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Report of Independent Registered Public Accounting Firm</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">To the Shareholders and Board
of Directors<br>
DRDGOLD Limited:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:5.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Opinions on the Consolidated Financial Statements and Internal
Control Over Financial Reporting </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">We have audited the accompanying consolidated statements of
financial postion of DRDGOLD Limited and subsidiaries (the Company) as of
June&nbsp;30, 2018 and 2017, the related consolidated statements of profit or
loss and other comprehensive income, changes in equity, and cash flows for each
of the years in the three-year period ended June&nbsp;30, 2018, and the related
notes (collectively, the consolidated financial statements). We also have
audited the Company&#8217;s internal control over financial reporting as of
June&nbsp;30, 2018, based on criteria established in Internal Control &#8211;
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the financial position of the
Company as of June&nbsp;30, 2018 and 2017, and the results of its operations
and its cash flows for each of the years in the three-year period ended
June&nbsp;30, 2018, in conformity with International Financial Reporting
Standards as issued by the International Accounting Standards Board. Also in
our opinion, the Company maintained, in all material respects, effective
internal control over financial reporting as of June&nbsp;30, 2018, based on
criteria established in Internal Control &#8211; Integrated Framework (2013) issued
by the Committee of Sponsoring Organizations of the Treadway Commission.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:5.0pt;page-break-after:avoid;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Basis
for Opinions </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">The Company&#8217;s management is responsible for these consolidated
financial statements, for maintaining effective internal control over financial
reporting, and for its assessment of the effectiveness of internal control over
financial reporting, included in the accompanying Management&#8217;s Annual Report on
Internal Control Over Financial Reporting. Our responsibility is to express an
opinion on the Company&#8217;s consolidated financial statements and an opinion on
the Company&#8217;s internal control over financial reporting based on our audits. We
are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with
respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are
free of material misstatement, whether due to error or fraud, and whether
effective internal control over financial reporting was maintained in all
material respects. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Our audits of the consolidated financial statements included
performing procedures to assess the risks of material misstatement of the
consolidated financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the consolidated financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well
as evaluating the overall presentation of the consolidated financial
statements. Our audit of internal control over financial reporting included
obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the
assessed risk. Our audits also included performing such other procedures as we
considered necessary in the circumstances. We believe that our audits provide a
reasonable basis for our opinions.</font></font></p>

<font face="Times New Roman,serif" style="border:none;">
&nbsp;</font>

<p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;">82</font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p align=left style="border:none;margin:0cm;margin-bottom:5.0pt;page-break-after:avoid;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Definition and Limitations of Internal Control Over Financial
Reporting </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">A company&#8217;s internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company&#8217;s internal
control over financial reporting includes those policies and procedures that
(1)&nbsp;pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2)&nbsp;provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3)&nbsp;provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&#8217;s assets that could have a
material effect on the financial statements.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:10.0pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.</font></font></p>

<p align=center style="border:none;margin:0cm;margin-bottom:8.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;page-break-after:avoid;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;page-break-after:avoid;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">We have
served as the Company&#8217;s auditor since 2003. </font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;page-break-after:avoid;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Secunda,
Republic of South Africa<br>
October 31, 2018</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>



<font face="Times New Roman,serif" style="border:none;display:none;">
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 <tr style="height:13.8pt;">
  <td nowrap valign=top width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif style="display:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td nowrap valign=bottom width=51% style="border-bottom:solid #F9B200 1.0pt;border-left:solid #F9B200 1.0pt;border-right:none;border-top:none;height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #FFC000 1.0pt;border-top:none;height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=51% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;490.4</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;339.9</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;433.1</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost of sales</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.1</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;347.7)</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;307.9)</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;236.8)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=top width=51% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=top width=51% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Gross profit from operating activities</font></b></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">142.7</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">32.0</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">196.3</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other income</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.2</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12.9</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.5</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration expenses and other costs</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.3</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(90.7)</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(69.4)</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(87.2)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=top width=51% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=top width=51% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=51% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Results from operating activities</font></b></p>
  </td>
 <td nowrap valign=top width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">52.0</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(24.5)</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">119.6</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance income</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">38.8</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">40.0</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">36.8</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance expense</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(58.4)</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(52.2)</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(47.6)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=top width=51% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=top width=51% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit/(loss) before tax</font></b></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">32.4</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(36.7)</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">108.8</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">17.1</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(25.9)</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">50.4</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(46.9)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=top width=51% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit for the year</font></b></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.5</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.7</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">61.9</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=51% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top width=51% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other comprehensive income</font></b></p>
  </td>
 <td valign=top width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top width=51% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Items that will be reclassified subsequently
  to profit or loss, net of tax</font></b></p>
  </td>
 <td valign=top width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=51% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net fair value adjustment on available-for-sale investments</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.1</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.6</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.3)</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.4</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=top width=51% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total other comprehensive income for the year</font></b></p>
  </td>
 <td nowrap valign=top width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.6</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.3)</font></p>
  </td>
 <td nowrap valign=top width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.4</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=51% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total comprehensive income for the year</font></b></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7.1</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.4</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">66.3</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=51% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Earnings per share</font></b></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=51% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basic earnings per share (SA cents per share)</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.5</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.2</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">14.7</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=top width=51% style="border:none;border-bottom:solid black 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Diluted earnings per share (SA cents per share)</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid black 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8</font></p>
  </td>
 <td nowrap valign=top width=14% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:13.8pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.5</font></b></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:13.8pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.2</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;border-bottom:solid black 1.0pt;height:13.8pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">14.7</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=51% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=14% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td colspan=5 nowrap valign=top width=100% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The accompanying notes are an integral part of these
  consolidated financial statements.</font></p>
  </td>
 </tr>
</table></div>











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<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif style="display:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
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 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=63% style="border-bottom:solid #F9B200 1.0pt;border-left:solid #F9B200 1.0pt;border-right:none;border-top:none;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #FFC000 1.0pt;border-top:none;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #FFC000 1.0pt;border-top:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ASSETS</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-current assets</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;734.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;739.1</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;452.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;497.6</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Investments in rehabilitation obligation funds</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">11</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">244.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">227.7</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Financial assets</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">28.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.8</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax asset</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">17.2</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.0</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current assets</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">626.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">548.3</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Inventories</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">16</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">233.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">180.3</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Trade and other receivables</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">14</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">91.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">114.3</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">302.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">253.7</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">TOTAL ASSETS</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;360.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;287.4</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">EQUITY AND LIABILITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Equity</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">20</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;267.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;302.4</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-current liabilities</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">772.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">728.0</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">553.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">531.7</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax liability</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">17.2</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">163.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">140.5</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Employee benefits</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">18</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">40.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">39.0</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance lease obligation</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">14.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">16.8</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=63% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current liabilities</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">320.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">257.0</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Trade and other payables</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">15</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">303.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">251.8</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Employee benefits</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">18</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current tax Liability</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.2</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">TOTAL LIABILITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;093.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">985.0</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">TOTAL EQUITY AND LIABILITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#DADADA;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;360.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;287.4</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=4 nowrap valign=top width=100% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The accompanying notes are an integral part of these
  consolidated financial statements.</font></p>
  </td>
 </tr>
</table></div>











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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=41% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif style="display:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="border:none;border-left:solid #FFC000 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Available</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="border:none;border-left:solid #FFC000 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">for sale</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="border:none;border-left:solid #FFC000 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Share</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">and other</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Retained</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=41% style="border-bottom:solid #F9B200 1.0pt;border-left:solid #FFC000 1.0pt;border-right:none;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">capital</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">reserves</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">earnings</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">equity</font></b></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=41% style="border:none;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=41% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=41% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance at 30 June 2015</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;181.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">135.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;787.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;529.9</font></b></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=41% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=41% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td valign=bottom width=41% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total comprehensive income</font></b></p>
  </td>
 <td valign=bottom width=7% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=41% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit for the year</font></p>
  </td>
 <td valign=bottom width=7% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">61.9</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">61.9</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td valign=bottom width=41% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other comprehensive income</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.4</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.4</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=41% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transactions with the owners of the parent</font></b></p>
  </td>
 <td valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td valign=bottom width=41% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividend on ordinary share capital</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">20</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(252.9)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(252.9)</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=41% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Shares issued for cash</font></p>
  </td>
 <td valign=bottom width=7% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.8</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.8</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td valign=bottom width=41% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Treasury shares acquired through subsidiary</font></p>
  </td>
 <td valign=bottom width=7% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(6.5)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(6.5)</font></p>
  </td>
 </tr>
<tr style="height:3.6pt;">
  <td nowrap valign=bottom width=41% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=41% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance at 30 June 2016</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;177.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">140.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;978.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;339.6</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=41% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=41% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total comprehensive income</font></b></p>
  </td>
 <td valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit for the year</font></p>
  </td>
 <td valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.7</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.7</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other comprehensive income</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.3)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.3)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transactions with the owners of the parent</font></b></p>
  </td>
 <td valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividend on ordinary share capital</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">20</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(50.6)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(50.6)</font></p>
  </td>
 </tr>
<tr style="height:25.15pt;">
  <td valign=bottom width=41% style="height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Available for sale and other reserves transferred to retained
  earnings</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:25.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:25.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(140.2)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:25.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">140.2</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:25.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:3.6pt;">
  <td valign=bottom width=41% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=41% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance at 30 June 2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;177.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;875.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;302.4</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total comprehensive income</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit for the year</font></p>
  </td>
 <td valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.5</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.5</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other comprehensive income</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.6</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.6</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transactions with the owners of the parent</font></b></p>
  </td>
 <td valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividend on ordinary share capital</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">20</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(42.2)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(42.2)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=41% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=41% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance at 30 June 2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;177.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;910.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;267.3</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=41% style="border:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">20</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top width=41% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=6 nowrap valign=top width=100% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The accompanying notes are an integral part of these
  consolidated financial statements.</font></p>
  </td>
 </tr>
</table></div>











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<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif style="display:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=55% style="border-bottom:solid #F9B200 1.0pt;border-left:solid #F9B200 1.0pt;border-right:none;border-top:none;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">CASH FLOWS FROM OPERATING ACTIVITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash generated by operations</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">222.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">21.5</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">398.2</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance income received</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">21.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">23.8</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">22.3</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance expenses paid</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.7)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(5.0)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax (paid)/received</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(7.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.0</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.4</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net cash inflow from operating activities</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">233.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">51.6</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">415.9</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">CASH FLOWS FROM INVESTING ACTIVITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Acquisition of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(125.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(110.6)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(99.8)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Proceeds on disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">20.5</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7.0</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Environmental rehabilitation payments</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(21.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(11.6)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(10.6)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.0</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.8)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net cash outflow from investing activities</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(140.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(96.7)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(107.2)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">CASH FLOWS FROM FINANCING ACTIVITIES</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Repayments of loans and borrowings</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(22.5)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Repayment of finance lease obligation</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.4)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.0)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividends paid on ordinary share capital</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">20</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(42.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(50.6)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(252.9)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Proceeds from the issue of shares</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.8</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Acquisition of treasury shares</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(6.5)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net cash outflow from financing activities</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(45.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(53.0)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(281.1)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NET INCREASE/(DECREASE) IN CASH AND CASH
  EQUIVALENTS</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">48.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(98.1)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">27.6</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents at the beginning of the year</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">253.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">351.8</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">324.4</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign exchange movements</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.2)</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=55% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">CASH AND CASH EQUIVALENTS AT THE END OF THE
  YEAR</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">302.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">253.7</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">351.8</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=55% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td colspan=3 nowrap valign=top width=74% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The accompanying notes are an integral part of these
  consolidated financial statements.</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif style="display:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
</table></div>











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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;">87</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">1&#160; ABOUT THESE CONSOLIDATED FINANCIAL STATEMENTS</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reporting entity&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The DRDGOLD Group is primarily involved in the retreatment of
surface gold. The consolidated financial statements comprise the Company and
its subsidiaries who are all wholly owned subsidiaries and solely operates in
South Africa (collectively the &#8220;Group&#8221; and individually &#8220;Group Companies&#8221;).
DRDGOLD Limited is domiciled in South Africa with a registration number of
1895/000926/06. The registered address of the company is 1 Sixty Jan Smuts
Building, 2nd Floor - North Tower, 160 Jan Smuts Avenue, Rosebank, 2196. </font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><a name="XBRL_TS_112f50db01724b9c847b4fe7c"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basis
of accounting&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS) and its
interpretations adopted by the International Accounting Standards Board (IASB).
</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The consolidated financial statements were approved by the board
of directors on October 24, 2018.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><a name="XBRL_TS_112f50db01724b9c847b4fe7c_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><a name="XBRL_TS_85e35c87f74149ee889d2b33c"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Functional
and presentation currency&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">The Group's functional and
reporting currency is South African rand. The amounts in these consolidated
financial statements are rounded to the nearest million unless stated
otherwise. Significant exchange rates applied during the year are set out in
the table below:</font></font></p>

<p align=left style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:19.6pt;width:100%;">
 <tr>
  <td valign=top width=59% style="background:#D9D9D9;border:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">South African rand / US dollar</font></b></font></p>
  </td>
 <td valign=top width=14% style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:right;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></font></p>
  </td>
 <td valign=top width=13% style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:right;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></font></p>
  </td>
 <td valign=top width=14% style="background:#D9D9D9;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:right;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=59% style="background:#D9D9D9;border:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Spot rate at year end</font></font></p>
  </td>
 <td valign=top width=14% style="background:#D9D9D9;border:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:right;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.72</font></font></p>
  </td>
 <td valign=top width=13% style="background:#D9D9D9;border:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:right;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.05</font></font></p>
  </td>
 <td valign=top width=14% style="background:#D9D9D9;border:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:right;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">14.68</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=59% style="background:#D9D9D9;border:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Average rate for the financial year</font></font></p>
  </td>
 <td valign=top width=14% style="background:#D9D9D9;border:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:right;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12.85</font></font></p>
  </td>
 <td valign=top width=13% style="background:#D9D9D9;border:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:right;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.59</font></font></p>
  </td>
 <td valign=top width=14% style="background:#D9D9D9;border:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:right;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">14.5</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:left;"><a name="XBRL_TS_85e35c87f74149ee889d2b33c_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_aea3960388af4396979f9b06a"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basis of measurement</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The consolidated financial statements are prepared on the
historical cost basis, unless otherwise stated.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:6.0pt;margin-left:14.2pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_f44793a2905a4ee181d504852"></a><a name="XBRL_TS_aea3960388af4396979f9b06a_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basis of
consolidation</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Subsidiaries</font></i></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Subsidiaries are entities controlled by the Group. The Group controls
an entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through
its power over the entity. The financial statements of subsidiaries are
included in the consolidated financial statements from the date that control
commences until the date that control ceases.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transactions eliminated on consolidation</font></i></b></font></p>

<p align=left style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Intra-group balances, transactions and any unrealised gains and
losses or income and expenses arising from intra-group transactions, are
eliminated in preparing the consolidated financial statements</font></font><a name="XBRL_TS_f44793a2905a4ee181d504852_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>



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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><a name="XBRL_TS_e1abf45457a1450fa82c4a422"></a><a name="XBRL_TS_30730bd7d6ab4d8f9fc934672"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">2</font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">&#160;&#160; USE OF ACCOUNTING ASSUMPTIONS, ESTIMATES AND
JUDGEMENTS</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The preparation of the consolidated financial statements requires
management to make accounting assumptions, estimates and judgements that affect
the application of the Group's accounting policies and reported amounts of
assets and liabilities, income and expenses.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Accounting assumptions, estimates and judgements are reviewed on
an ongoing basis. Revisions to reported amounts are recognised in the period in
which the revision is made and in any future periods affected. Actual results
may differ from these estimates.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Information about assumptions and estimates in applying accounting
policies that have the most significant effect on the amounts recognised in the
consolidated financial statements are included in the notes:</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 9&#160;&#160;&#160; &#160;&#160;PROPERTY, PLANT AND EQUIPMENT</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 10&#160;&#160; &#160;&#160;&#160;PROVISION FOR ENVIRONMENTAL REHABILITATION</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 17&#160;&#160; &#160;&#160;&#160;INCOME TAX</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 24.2&#160;&#160; LONG-TERM RECEIVABLE</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Information about significant judgements in applying accounting
policies that have the most significant effect on the amounts recognised in the
consolidated financial statements are included in the notes:</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 23&#160;&#160; &#160;&#160;&#160;ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 24.2&#160;&#160; LONG-TERM RECEIVABLE</font></font></p>

<p align=left style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">NOTE 25&#160;&#160; &#160;&#160;&#160;CONTINGENT ASSETS AND LIABILITIES</font></font><a name="XBRL_TS_30730bd7d6ab4d8f9fc934672_bclEnd"></a><a name="XBRL_TS_e1abf45457a1450fa82c4a422_bclEnd"></a></p>



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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">3&#160;&#160; </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">NEW STANDARDS, AMENDMENTS TO STANDARDS AND
INTERPRETATIONS NOT YET ADOPTED</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:6.0pt;margin-left:14.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="XBRL_CS_d3e00ae750ab465b83b4e29f1"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">At the date of authorisation
of these consolidated financial statements, the following relevant standards,
amendments to standards and interpretations that may be applicable to the
business of the Group were in issue but not yet effective and may therefore
have an impact on future consolidated financial statements. These new
standards, amendments to standards and interpretations will be adopted at their
effective dates.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><a name="XBRL_CS_f7ac9e15995047a496a4afd37"></a><a name="XBRL_TS_dd47cad0b3c54e30bfc01c79a"></a><a name="XBRL_CS_d3e00ae750ab465b83b4e29f1_bclEnd"></a><a name="XBRL_TS_04ad6f4231f34a0eb227ef8c7_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRS 2
Share-based payment amendments (Effective date 1 July 2018)</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:6.0pt;margin-left:14.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Measurement
of cash-settled share-based payments &#8211; There is currently no guidance in IFRS 2
on how to measure the fair value of the liability in a cash-settled share based
payment. The amendments clarify that a cash-settled share-based payment is
measured using the same approach as for equity-settled share-based payments &#8211;
i.e. the modified grant date method. Therefore, in measuring the liability,
market and non-vesting conditions are taken into account in measuring its fair
value and the number of awards to receive cash is adjusted to reflect the best
estimate of those expected to vest as a result of satisfying service and any
non-market performance conditions.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:6.0pt;margin-left:14.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
Group has assessed that the amendment to IFRS 2 will not have a significant
impact on the Group as market and non-vesting conditions are being taken into
account in measuring its fair value and the number of awards to receive cash is
already adjusted to reflect the best estimate of those expected to vest as a
result of satisfying service and any non-market performance conditions.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><a name="XBRL_CS_4012ee30f85d43798a129da05"></a><a name="XBRL_TS_3cde40f53ca64223b41c3b23f"></a><a name="XBRL_CS_f7ac9e15995047a496a4afd37_bclEnd"></a><a name="XBRL_TS_dd47cad0b3c54e30bfc01c79a_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRS 9
Financial Instruments (Effective date 1 July 2018)</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:6.0pt;margin-left:14.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
standard sets out requirements for recognising and measuring financial
instruments and supersedes IAS 39 </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Financial Instruments</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">. It contains new
criteria for determining the classification of financial instruments which is
based on the business model of the entity and the nature of cash flows. In
addition, the financial instruments impairment model has been changed from an
&#8220;incurred loss&#8221; model in IAS 39 to an &#8220;expected credit loss&#8221; model in IFRS 9.
The resultant effect being that it will no longer be necessary for a loss event
to occur before an impairment loss is recognised. </font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group has assessed that the following changes will occur as a
result:</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;text-indent:-7.1pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; The new classification if applied
at 30 June 2018 would not have a significant impact on the accounting of
financial assets and financial liabilities. Investment in other entities
(equity instruments) will be designated at fair value through other
comprehensive income; and</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:6.0pt;margin-left:21.3pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-7.1pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; The method of determining impairment of long-term and other
receivables will have to change to reflect the &#8220;expected credit loss&#8221; model.
Management has made an assessment of the magnitude of the changes to the
impairment model. This is not expected to have a significant impact.</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><a name="XBRL_CS_74f5c6981dc74eb7a51c77598"></a><a name="XBRL_TS_c9c1c090f52e4e07929f89172"></a><a name="XBRL_CS_4012ee30f85d43798a129da05_bclEnd"></a><a name="XBRL_TS_3cde40f53ca64223b41c3b23f_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRS 15
Revenue from contracts with customers (Effective date 1 July 2018)</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:6.0pt;margin-left:14.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
standard contains a single model that applies to contracts with customers
superseding the revenue standard IAS 18 </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue&nbsp;</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> and IAS 11 </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Construction
contracts</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">. It contains two approaches to recognising revenue: at a point in
time or over time. The model features a contract-based five-step analysis of
transactions to determine whether, how much and when revenue is recognised. The
standard also introduces new qualitative and quantitative disclosures related
to customer contracts and significant judgements applied. </font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group has assessed that there will be no impact on adopting
IFRS 15, and revenue recognition will remain unchanged as follows: </font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; Rand Refinery is assessed as being an agent, selling gold and
silver on behalf of the Group;</font></font></p>

<p align=left style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.3pt;text-align:left;text-indent:-7.1pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226;
Revenue is recognised on the date that control of gold and silver pass to the
buyer, which is the date on which Rand Refinery sells the gold on the Group&#8217;s
behalf. </font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:6.0pt;margin-left:14.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226;
This is the same date as when significant risks and rewards passes under IAS 18
</font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.&nbsp;</font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:.0001pt;margin-left:14.2pt;text-align:justify;"><a name="XBRL_CS_bd6fd0af274442d28f2fbca37"></a><a name="XBRL_TS_a9c774ac6dc545a5b6103c33d"></a><a name="XBRL_CS_74f5c6981dc74eb7a51c77598_bclEnd"></a><a name="XBRL_TS_c9c1c090f52e4e07929f89172_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">IFRS 16
Leases (Effective date 1 July 2019)</font></b></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:6.0pt;margin-left:14.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
standard sets out the principles for recognition, measurement, presentation and
disclosure of leases for both parties to a contract, i.e the customer
(&#8220;lessee&#8221;) and the supplier (&#8220;lessor&#8221;). The standard supersedes the current
leases standard IAS 17 </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Leases.&nbsp;</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> The standard has one model for lessees
which contains increased focus on the assessment of whether a transaction is a
lease.&#160; Lessees will now recognise most leases on the statement of financial
position. No significant changes have been included for lessors. </font></font></p>

<p style="background:#D9D9D9;border:none;margin:0cm;margin-bottom:6.0pt;margin-left:14.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
Group has commenced with analysing each contract included in the register of
contracts compiled by the procurement department in order to assess whether
these contain a lease and the impact that the standard will have on the Group.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><a name="XBRL_CS_bd6fd0af274442d28f2fbca37_bclEnd"></a><a name="XBRL_TS_a9c774ac6dc545a5b6103c33d_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;">89</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_93"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">4</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">REVENUE</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:32.95pt;">
  <td nowrap valign=top width=6% style="height:32.95pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:32.95pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue
  comprise the sale of gold bullion and silver bullion (produced as a
  by-product).</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue
  is recognised to the extent that it is probable that economic benefits will
  flow to the Group and the amount of revenue can be reliably measured. Revenue
  is stated at the fair value of the consideration received or receivable,
  which is based on the afternoon London Bullion Market fixing price on the
  date the significant risks and rewards of ownership have been transferred to
  the buyer. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  significant risks and rewards of ownership transfer to the buyer when Rand
  Refinery Limited (&#8220;Rand Refinery&#8220;), acting as an agent for the sale of all gold
  produced by the Group, delivers the gold to the buyer and the sales price is
  fixed, as evidenced by the certificate of sale.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:8.0pt;text-align:left;"><a name="XBRL_TS_ab69fffb8f324c79ba0d1abe2"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Rand Refinery performs the final refinement of all
gold produced. In exchange for this service, Rand Refinery receives a variable
refining fee plus fixed marketing and administration fees which is included in
operating costs</font></font><a name="XBRL_TS_ab69fffb8f324c79ba0d1abe2_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">.</font></font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:9.6pt;">
  <td nowrap valign=bottom width=4% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=top width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=4% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=4% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold revenue</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;486.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;336.1</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;429.7</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=4% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Silver revenue</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.8</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.4</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=top width=4% style="height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total revenue</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;490.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;339.9</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;433.1</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:9.0pt;text-align:left;text-indent:21.25pt;"><a name="XBRL_TS_1cae40e7ab954c16bdb8222d3"></a><a name="XBRL_TS_f3b5b93608224a46a26a37069"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">MARKET
RISK</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:21.25pt;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Commodity price
sensitivity</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:21.25pt;"><font color=black face=Arial,sans-serif style="border:none;"><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Combined impact of both US Dollar price of gold and
South African Rand/US Dollar exchange rate</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The Group's profitability and the cash flows are
primarily affected by changes in the market price of gold which is sold in US
Dollar and then converted to Rand. The Group did not enter into forward sales
of gold production, derivatives or other hedging arrangements to establish a
price in advance for the sale of future gold production during the year.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">A change of <a name="XBRL_CS_f9221fb7bdff43f386fde4d4f"></a>10<a name="XBRL_CS_f9221fb7bdff43f386fde4d4f_bclEnd"></a>% in the average Rand gold
price received during the financial year would have increased/(decreased)
equity and profit/(loss) by the amounts shown below. This analysis assumes that
all other variables remain constant and specifically excludes the impact on
income tax</font><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">.&nbsp;</font></b></font><a name="XBRL_TS_1cae40e7ab954c16bdb8222d3_bclEnd"></a><a name="XBRL_TS_f3b5b93608224a46a26a37069_bclEnd"></a></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10% increase in the Rand gold price</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">249.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">234.0</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">243.3</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10% decrease in the Rand gold price</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(249.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(234.0)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(243.3)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>










<p align=left style="border:none;margin:0cm;margin-bottom:12.0pt;text-align:left;"><a name="XBRL_TS_845d56578bd8487090ee9e296"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160; Price protection policy </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:10.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">After
June 30, 2018 the Board approved Rand gold price protection to manage the
short-term liquidity risk that will arise from the anticipated increase in
borrowings to finance the development of Phase 1 of FWGR (refer to notes </font></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">19 and 28).</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;text-align:justify;"><a name="XBRL_TS_845d56578bd8487090ee9e296_bclEnd"></a><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>



<font color=black face=Arial,sans-serif style="border:none;">
&nbsp;</font>



</div><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_94"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.75pt;">
  <td nowrap valign=bottom width=6% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">5</font></b></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:15.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">RESULTS FROM OPERATING ACTIVITIES</font></b></p>
  </td>
 <td valign=top width=8% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:15.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=6% style="height:13.5pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=6% style="height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">5.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">COST OF SALES</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=6% style="height:13.5pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=6% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost of sales</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;347.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;307.9)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;236.8)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating costs (a)</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;207.1)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;109.3)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;030.2)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement in gold in process and finished stock</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.8</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(7.1)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation </font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(168.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(179.8)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(180.2)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in estimate of environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.6)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(19.3)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Retrenchment costs</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(23.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:3.0pt;">
  <td nowrap valign=bottom width=6% style="height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.0pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(a) Operating costs</font></b></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The most significant components of operating costs include:</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Materials</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(784.6)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(783.9)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(719.5)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Labour including short term incentives, excluding retrenchment
  costs</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(417.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(351.0)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(362.1)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Electricity</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(369.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(344.2)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(325.4)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Specialist service providers</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(326.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(299.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(282.4)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Water</font></p>
  </td>
 <td nowrap valign=bottom width=8% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(49.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(71.1)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(82.1)</font></p>
  </td>
 </tr>
<tr style="height:14.45pt;">
  <td nowrap valign=bottom width=6% style="height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=52% style="border:none;height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="border:none;height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">5.2</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">OTHER INCOME</font></b></font></p>
  </td>
 </tr>
<tr style="height:14.4pt;">
  <td nowrap valign=top width=6% style="height:14.4pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:14.4pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:32.95pt;">
  <td nowrap valign=top width=6% style="height:32.95pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:32.95pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income is recognised where it is probable that the economic
  benefits associated with a transaction will flow to the Group and they can be
  reliably measured.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other
  income is generally income earned from transactions outside the course of the
  Group&#8217;s ordinary activities and may include gains or losses on disposal of
  property, plant and equipment.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit on disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12.9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.5</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=top width=4% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12.9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.5</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:14.45pt;">
  <td nowrap valign=bottom width=5% style="height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=9% style="height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">5.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=53% style="height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">ADMINISTRATION EXPENSES AND OTHER COSTS</font></b></p>
  </td>
 <td nowrap valign=bottom width=9% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFC000 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=9% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=top width=5% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=53% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Included in administration expenses and other costs is the
  following:</font></p>
  </td>
 <td nowrap valign=top width=9% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=11% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=53% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increase in Long-Term Incentive (&quot;LTI&quot;) liability</font></p>
  </td>
 <td nowrap valign=top width=9% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">18.1</font></p>
  </td>
 <td nowrap valign=top width=11% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(17.2)</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(10.0)</font></p>
  </td>
 <td nowrap valign=top width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(29.9)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=53% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transactions costs incurred related to the acquisition of FWGR</font></p>
  </td>
 <td nowrap valign=top width=9% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">28</font></p>
  </td>
 <td nowrap valign=top width=11% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.0)</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=top width=11% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=53% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Loss on disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=top width=9% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=11% style="background:#D9D9D9;border:none;border-bottom:solid #FFC000 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.6)</font></b></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=top width=11% style="border:none;border-bottom:solid #FFC000 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=53% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>




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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">6</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">FINANCE INCOME</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICY</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance
  income includes interest received, growth in the environmental rehabilitation
  obligation funds and the unwinding of the long-term receivable.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:9.6pt;">
  <td nowrap valign=top width=4% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=top width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td nowrap valign=top width=4% style="height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=top width=4% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest on loans and receivables</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">21.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.9pt;padding:0cm 4.25pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">23.6</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">22.3</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=top width=4% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Growth in environmental rehabilitation trust funds</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">11, 23</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7.5</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.5</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=top width=4% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Growth in reimbursive right</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">11</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.9</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.0</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=top width=4% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unwinding of long-term receivable</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=top width=4% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">38.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">40.0</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">36.8</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=top width=4% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">7</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">FINANCE EXPENSE</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICY</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance
  expenses comprise interest payable on financial instruments measured at amortised
  cost calculated using the effective interest method, unwinding of the
  provision for environmental rehabilitation, interest on finance leases and
  the fair value adjustment on the initial recognition of the long-term
  receivable.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:5.45pt;">
  <td nowrap valign=top width=4% style="height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=top width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:8.45pt;">
  <td nowrap valign=top width=4% style="height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unwinding of provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10, 23</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(45.6)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(46.5)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(43.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Fair value adjustment on initial recognition of long-term
  receivable</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(8.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other finance expenses</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(4.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(5.7)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(4.6)</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=top width=4% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(58.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(52.2)</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(47.6)</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=top width=4% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">8</font></b></p>
  </td>
 <td nowrap valign=bottom width=58% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">EARNINGS PER SHARE</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td nowrap valign=bottom width=5% style="height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:5.45pt;">
  <td nowrap valign=top width=5% style="height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=top width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basic earnings</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The calculation of earnings per ordinary share is based on the
  following:</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit for the year</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #FFC000 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.7</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">61.9</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td nowrap valign=bottom width=5% style="height:21.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 width=95% style="height:21.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reconciliation of weighted average number of
  ordinary shares to diluted weighted average number of ordinary shares</font></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Number of shares</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:18.0pt;">
  <td valign=bottom width=5% style="height:18.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;height:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted average number of ordinary shares in issue</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:18.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">422&nbsp;068&nbsp;696</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:18.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">422&nbsp;068&nbsp;696</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:18.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">422&nbsp;157&nbsp;987</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Number of staff options </font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">34&nbsp;075</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Diluted weighted average number of ordinary shares</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">422&nbsp;068&nbsp;696</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">422&nbsp;068&nbsp;696</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">422&nbsp;192&nbsp;062</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td valign=bottom width=5% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=58% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=top width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=top width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=top width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SA cents per share</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:18.0pt;">
  <td nowrap valign=bottom width=5% style="height:18.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;height:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Basic earnings per share</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:18.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:18.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:18.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">14.7</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Diluted earnings per share</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #FFC000 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #FFC000 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">14.7</font></p>
  </td>
 </tr>
</table></div>




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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">9</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">PROPERTY, PLANT AND
  EQUIPMENT</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT
  ACCOUNTING ASSUMPTIONS AND ESTIMATES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Impairment
  of property, plant and equipment</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  recoverable amount of the cash-generating-unit is determined using discounted
  future cash flows based on the life-of-mine plan. These calculations require
  the use of assumptions and estimates and are inherently uncertain and could
  change materially over time. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">These
  assumptions and estimates include the market capitalisation of the Group,
  mineral reserves and resource estimates, production estimates, spot and
  future gold prices, foreign currency exchange rates, discount rates,
  estimates of costs to produce and future capital expenditure in determining
  the recoverable amount. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">At
  year-end, the market capitalisation of the Group was higher than its net
  asset value. The decline in the rand gold price was however considered as an
  impairment indicator. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group
  has only one cash generating unit (&quot;CGU&quot;) and calculated a
  recoverable amount based on updated life-of-mine plans, an average gold price
  of R550 411 per kilogram in year one escalating at an average of
  approximately 5.8% a year over the twelve-year life of mine, and a weighted
  average cost of capital of 11.2%</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.&nbsp;</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Sensitivity
  analysis</font></i></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group
  would begin impairment of the mining assets if the discount rate were to
  increase from 11.2% to 21.4%, or a 4.1% decrease in budgeted gold production
  or the rand gold price over the remaining life of the operation. The above sensitivities
  do not include a positive terminal value, relating to the disposal of any
  assets at the end of the useful life</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.&nbsp;</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  calculation of the units-of-production rate of depreciation could be affected
  if actual production in the future varies significantly from current forecast
  production. This would generally arise when there are significant changes in
  any of the factors or assumptions used in estimating mineral reserves and
  resources. These factors could include: </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; changes
  in mineral reserves and resources;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; the
  grade of mineral reserves and resources may vary from time to time;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226;
  differences between actual commodity prices and commodity price assumptions;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226;
  unforeseen operational issues at mine sites including planned extraction
  efficiencies; and</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; changes
  in capital, operating, mining processing and reclamation costs, discount
  rates and foreign exchange rates.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Mineral
  reserves and resources estimates</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group
  is required to determine and report mineral reserves and resources in
  accordance with the South African Code for the Reporting of Exploration
  Results, Mineral Resources and Mineral Reserves (SAMREC Code). </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">In order
  to calculate mineral reserves and resources, estimates and assumptions are
  required about a range of geological, technical and economic factors,
  including but not limited to quantities, grades, production techniques,
  recovery rates, production costs, transport costs, commodity demand,
  commodity prices and exchange rates. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Estimating
  the quantity and/or grade of mineral reserves and resources requires the
  size, shape and depth of reclamation sites to be determined by analysing
  geological data such as the logging and assaying of drill samples. This
  process may require complex and difficult geological judgements and calculations
  to interpret the data. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Because
  the assumptions used to estimate mineral reserves and resources change from
  period to period and because additional geological data is generated during
  the course of operations, estimates of mineral reserves and resources may
  change from period to period. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Mineral
  reserves and resource estimates prepared by management are reviewed by an
  independent mineral resources expert.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Changes
  in reported mineral reserves and resources may affect the Group&#8217;s
  life-of-mine plan, financial results and financial position in a number of
  ways including the following:</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:5.65pt;text-align:left;text-indent:-5.65pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; asset
  carrying values may be affected due to changes in estimated future cash
  flows;</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:5.65pt;text-align:left;text-indent:-5.65pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226;
  depreciation charged to profit or loss may change where such charges are
  determined by the units-of-production method, or where the useful lives of
  assets change;</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:5.65pt;text-align:left;text-indent:-5.65pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226;
  decommissioning, site restoration and environmental provisions may change
  where changes in estimated mineral reserves and resources affect expectations
  about the timing or cost of these activities; and</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:5.65pt;text-align:left;text-indent:-5.65pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8226; the
  carrying value of deferred tax assets and liabilities may change due to
  changes in estimates of the likely recovery of the tax benefits and charges.</font></font></p>
  </td>
 </tr>
</table></div>



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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">9</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">PROPERTY, PLANT AND
  EQUIPMENT </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">continued</font></i></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Recognition
  and measurement</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Property,
  plant and equipment comprise mine plant facilities and equipment, mine
  property and development (including mineral rights) and exploration assets.
  These assets (excluding exploration assets) are initially measured at cost,
  where after they are measured at cost less accumulated depreciation and
  accumulated impairment losses. Exploration assets are initially measured at
  cost, where after they are measured at cost less impairment losses</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost
  includes expenditure that is directly attributable to the acquisition or
  construction of the asset, as well as the costs of dismantling and removing
  an asset and restoring the site on which it is located. Subsequent costs are
  included in the asset&#8217;s carrying amount or recognised as a separate asset, as
  appropriate, only when it is probable that future economic benefits
  associated with the item will flow to the Group and the cost of the item can
  be measured reliably. Exploration and evaluation costs are capitalised as
  exploration assets on a project-by-project basis, pending determination of
  the technical feasibility and commercial viability of the project.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation
  of mine plant facilities and equipment, as well as mining property and
  development (including mineral rights) are calculated using the units of
  production method which is based on the life-of-mine of each site. The
  life-of-mine is primarily based on proved and probable mineral reserves and
  may include some resources. It reflects the estimated quantities of
  economically recoverable gold that can be recovered from reclamation sites
  based on the gold price estimated at the end of the financial year. Changes
  in the life-of-mine will impact depreciation on a prospective basis. The
  life-of-mine is prepared using a methodology that takes account of current
  information to assess the economically recoverable gold from specific
  reclamation sites and includes the consideration of historical experience.
  The depreciation method, estimated useful lives and residual values are
  reassessed annually and adjusted if appropriate. Any changes to useful lives
  may affect prospective depreciation rates and asset carrying values. The current
  estimated useful lives for mine property and development, as well as mine
  plant facilities and equipment are based on the life-of-mine of each site,
  currently between four (2017: two; 2016: six) and 12 (2017: 12; 2016: 10)
  years.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Impairment</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-financial
  assets</font></i></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  carrying amounts of property, plant and equipment are reviewed at each
  reporting date to determine whether there is any indication of impairment, or
  whenever events or changes in circumstances indicate that the carrying amount
  may not be recoverable. If any such indication exists, the asset&#8217;s
  recoverable amount is estimated. For the purposes of assessing impairment,
  assets are grouped at the lowest levels for which there are separately
  identifiable cash flows (CGUs). Each metallurgical plant or combination of
  plants that, together with its deposition facility, is capable of operating
  independently is considered to be a CGU.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  recoverable amount of an asset or CGU is the greater of its value in use and
  its fair value less costs to sell. In assessing value in use, the estimated
  future cash flows are discounted to their present value using a pre-tax
  discount rate that reflects current market assessments of the time value of money
  and the risks specific to the asset. An impairment loss is recognized in
  profit or loss if the carrying amount of an asset or CGU exceeds its
  recoverable amount.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Exploration
  assets</font></i></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Exploration
  assets are assessed for impairment if facts and circumstances suggest that
  the carrying amount exceeds the recoverable amount. When a license is
  relinquished or a project is abandoned, the related costs are recognised in
  profit or loss immediately.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Leased
  assets</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Upon
  initial recognition, the leased asset are measured at amounts equal to the
  lower of the fair value of the leased asset and the present value of the
  minimum lease payments. Subsequent to initial recognition, the asset is
  accounted for in the same manner as owned property, plant and equipment.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance
  lease payments</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Minimum
  lease payments are apportioned between the finance charge and the reduction
  of the outstanding liability. The finance charge is allocated to each period
  during the lease term so as to produce a constant periodic rate of interest
  on the remaining balance of the liability.</font></font></p>
  </td>
 </tr>
</table></div>



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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">9</font></b></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=58% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">PROPERTY, PLANT AND EQUIPMENT</font></b><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">
  </font></b><b><i><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">continued&nbsp;</font></i></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=bottom width=6% style="height:6.0pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:37.95pt;">
  <td valign=bottom width=6% style="border:none;border-right:solid #F9B200 1.0pt;height:37.95pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=39% style="border:none;border-bottom:solid #F9B200 1.0pt;height:37.95pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td valign=bottom width=6% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:37.95pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:37.95pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Mine plant
  facilities and equipment (a)</font></b></p>
  </td>
 <td valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:37.95pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Mine
  property and development</font></b></p>
  </td>
 <td valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:37.95pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Exploration
  assets</font></b></p>
  </td>
 <td valign=bottom width=10% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:37.95pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:6.6pt;">
  <td nowrap valign=bottom width=6% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30 June 2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;689.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;264.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">77.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3&nbsp;031.3</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Opening balance</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;667.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;230.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">77.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;975.0</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">82.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">40.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">126.1</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Disposals</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(56.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(17.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(73.7)</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in estimate of decommissioning asset</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(4.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">11.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.9</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Accumulated depreciation and impairment</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(815.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(753.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1&nbsp;578.6)</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Opening balance</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(760.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(706.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1&nbsp;477.4)</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(104.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(63.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(168.0)</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Disposals</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">49.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">17.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">66.8</font></b></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=6% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Carrying value</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">874.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">511.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">67.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;452.7</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30 June 2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cost</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;667.6</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;230.0</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">77.4</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;975.0</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Opening balance</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;519.5</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;310.4</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">74.9</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;904.8</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">37.6</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">65.3</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.4</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">116.3</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Disposals</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.8)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.9)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(6.7)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in estimate of decommissioning asset</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">27.0</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(60.9)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.5)</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(34.4)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transfers between classes of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">92.1</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(81.7)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(10.4)</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transferred from non-current assets held for sale</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">23</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.8</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.8</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transferred to inventory</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(5.8)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(5.8)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Accumulated depreciation and impairment</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(760.8)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(706.9)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.7)</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1&nbsp;477.4)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Opening balance</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(598.7)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(693.2)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(12.4)</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1&nbsp;304.3)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(108.7)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(71.1)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(179.8)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Disposals</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.8</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.9</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.7</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=39% style="height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transfers between classes of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(56.2)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">53.5</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.7</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=6% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Carrying value</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">906.8</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">523.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">67.7</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1&nbsp;497.6</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=39% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:1.0pt;margin-left:21.3pt;margin-right:0cm;margin-top:0cm;text-align:left;"><a name="XBRL_TS_d496b320326a49caad4d7b2a5"></a><a name="XBRL_TS_1ec2f0eab2b84971bab0dcb3d"></a><a name="XBRL_TS_b992f251ab53467e9cb42a748"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(a)&#160; Leased plant and
equipment</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:36.85pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo leases
temporary power generation equipment with a carrying value of R13.6 million
(2017: R16.8 million) from Aggreko Energy Rental Proprietary Limited under a
finance lease with an outstanding balance of R14.0 million (2017: R<a name="XBRL_CS_6eca1c6b8a76470e9f33563f2"></a>16.8<a name="XBRL_CS_6eca1c6b8a76470e9f33563f2_bclEnd"></a> million) which is included
in the consolidated finance lease obligation of R14.7 million (2017: R16.8
million). The finance lease has an effective interest rate of <a name="XBRL_CS_89d6c04f32f144ef95b44b3c9"></a>17.9<a name="XBRL_CS_89d6c04f32f144ef95b44b3c9_bclEnd"></a>% and is repayable R<a name="XBRL_CS_f119c9659293412fbcf77a97b"></a>3.2<a name="XBRL_CS_f119c9659293412fbcf77a97b_bclEnd"></a> million in 2019 and R<a name="XBRL_CS_6b3db654d02b48c385106b9b0"></a>10.8<a name="XBRL_CS_6b3db654d02b48c385106b9b0_bclEnd"></a> million in 2020, the
latter including R<a name="XBRL_CS_78eab0d82bf94907b9f25c814"></a>9.9<a name="XBRL_CS_78eab0d82bf94907b9f25c814_bclEnd"></a> million for the option to
acquire the leased equipment at the end of the lease term. Interest is payable
R<a name="XBRL_CS_3e1d9792d97643309a43dd7dd"></a>2.0<a name="XBRL_CS_3e1d9792d97643309a43dd7dd_bclEnd"></a> million in 2019 and R<a name="XBRL_CS_cf8fac230a7b43cfa05e0aa18"></a>0.4<a name="XBRL_CS_cf8fac230a7b43cfa05e0aa18_bclEnd"></a> million in 2020.</font></font><a name="XBRL_TS_1ec2f0eab2b84971bab0dcb3d_bclEnd"></a><a name="XBRL_TS_b992f251ab53467e9cb42a748_bclEnd"></a><a name="XBRL_TS_d496b320326a49caad4d7b2a5_bclEnd"></a></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:7.15pt;">
  <td nowrap valign=bottom width=4% style="height:7.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:7.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:7.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:7.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFC000 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">CONTRACTUAL COMMITMENTS</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=4% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=top width=4% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Contracted for but not provided for in the consolidated
  financial statements</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">32.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">11.2</font></p>
  </td>
 </tr>
<tr style="height:7.9pt;">
  <td nowrap valign=bottom width=4% style="height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;height:7.9pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.75pt;">
  <td nowrap valign=bottom width=4% style="height:24.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=96% style="height:24.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  contractual commitments at June 30, 2018 includes orders placed amounting to
  R29.2 million related to the development of phase 1 of FWGR.</font></p>
  </td>
 </tr>
<tr style="height:7.9pt;">
  <td nowrap valign=bottom width=4% style="height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:7.9pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.75pt;">
  <td nowrap valign=bottom width=4% style="height:24.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=96% style="height:24.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Capital expenditure is financed from existing cash resources and
  cash generated from operations, with the exception of specific growth
  projects for which the capital requirements are considered on a
  project-by-project basis.</font></p>
  </td>
 </tr>
<tr style="height:4.9pt;">
  <td nowrap valign=bottom width=4% style="height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:4.9pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>




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<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">10</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">PROVISION FOR
  ENVIRONMENTAL REHABILITATION</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT
  ACCOUNTING ASSUMPTIONS AND ESTIMATES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Estimates
  of future environmental rehabilitation costs are determined with the
  assistance of an independent expert and are based on the Group&#8217;s
  environmental management plans which are developed in accordance with
  regulatory requirements, the life-of-mine plan and the planned method of
  rehabilitation which is influenced by developments in trends and technology.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">An average
  discount rate of 8.5% (2017: 8.8%), average inflation rate of 5.7% (2017:
  5.9%) and the discount periods as per the expected life-of-mine were used in
  the calculation of the estimated net present value of the rehabilitation
  liability</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.&nbsp;</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The net
  present value of the estimated rehabilitation cost as at reporting date is
  provided for in full. These estimates are reviewed annually and are
  discounted using a pre-tax risk-free rate that is adjusted to reflect the
  current market assessments of the time value of money and the risks specific
  to the obligation.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Annual
  changes in the provision consist of financing expenses relating to the change
  in the present value of the provision and inflationary increases in the
  provision, as well as changes in estimates.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  present value of dismantling and removing the asset created before production
  commenced (decommissioning liabilities) are capitalised to property, plant
  and equipment against an increase in the rehabilitation provision. If a
  decrease in the liability exceeds the carrying amount of the asset, the
  excess is recognised in profit or loss. If the asset value is increased and
  there is an indication that the revised carrying value is not recoverable, an
  impairment test is performed in accordance with the accounting policy dealing
  with impairments of property, plant and equipment. Over time, the liability
  is increased to reflect an interest element, and the capitalised cost is
  depreciated over the life of the related asset. Cash costs incurred to
  rehabilitate these disturbances are charged to the provision and are
  presented as investing activities in the statement of cash flows.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  present value of environmental rehabilitation costs relating to activities
  after production commenced (restoration liabilities) as well as changes
  therein are expensed as incurred and presented as operating costs. Cash costs
  incurred to rehabilitate these disturbances are presented as operating
  activities in the statement of cash flows.The cost of ongoing rehabilitation
  is recognised in profit or loss as incurred</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.&nbsp;</font></b></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=7% style="border:none;border-right:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Opening balance </font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">531.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">522.9</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unwinding of provision</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">45.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">45.3</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in estimate of environmental rehabilitation recognised in
  profit or loss</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.6</font></p>
  </td>
 </tr>
<tr style="height:23.25pt;">
  <td nowrap valign=bottom width=7% style="height:23.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=61% style="height:23.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in estimate of environmental rehabilitation recognised to
  decommissioning asset</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:23.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:23.25pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:23.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(34.4)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Environmental rehabilitation payments</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(24.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(19.5)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.9pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">To reduce decommissioning liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(21.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(11.6)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.9pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">To reduce restoration liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(7.9)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transferred from non-current liabilities held for sale</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">23</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">16.8</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=7% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Closing balance</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">553.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">531.7</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=7% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=7% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Environmental rehabilitation payments to reduce the liability</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(24.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(19.5)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ongoing rehabilitation expenditure *</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">21</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(26.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(22.4)</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=7% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total cash spent on environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(51.6)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(41.9)</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td nowrap valign=bottom width=7% style="height:24.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=93% style="border:none;height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">* The
  Group also performs ongoing environmental rehabilitation arising from its
  current activities concurrently with production. These costs do not represent
  a reduction of the above liability and are expensed as operating costs.</font></i></p>
  </td>
 </tr>
<tr style="height:3.6pt;">
  <td nowrap valign=bottom width=7% style="height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:21.25pt;"><a name="XBRL_TS_5346a6f46bd144418ba9d364a"></a><a name="XBRL_TS_1c2e352274d443aca5d989695"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Gross cost to
rehabilitate</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The
Group estimates that, based on current environmental and regulatory
requirements, the total undiscounted rehabilitation cost is approximately R670.4
million (2017: R639.5 million).</font></font><a name="XBRL_TS_1c2e352274d443aca5d989695_bclEnd"></a><a name="XBRL_TS_5346a6f46bd144418ba9d364a_bclEnd"></a></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">11</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">INVESTMENTS IN
  REHABILITATION OBLIGATION FUNDS</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash
  and cash equivalents in environmental rehabilitation trust funds</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and
  cash equivalents in environmental rehabilitation trust funds comprise
  low-risk, interest-bearing cash and cash equivalents and are non-derivative
  financial assets categorised as loans and receivables.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reimbursive
  right for environmental rehabilitation guarantees</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Funds held
  in the cell captive that secure the environmental rehabilitation guarantees
  issued are recognised as a right to receive a reimbursement and is measured
  at the lower of the amount of the consolidated environmental rehabilitation
  liability recognised and the consolidated fair value of the fund assets.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Changes in
  the carrying value of the fund assets, other than those resulting from
  contributions and payments, are recognised in finance income.</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_6972d10fb3b74ef9ab59afd14"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Funding of environmental rehabilitation activities </font></b></font><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">(refer note 10)</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Ongoing rehabilitation expenditure and environmental
rehabilitation payments to reduce the environmental rehabilitation obligations
are mostly funded by cash generated from operations. In addition, contributions
have been made to an environmental rehabilitation trust and a cell captive for
the sole use of future environmental rehabilitation payments.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Guardrisk Insurance Company Limited
(&quot;Guardrisk&quot;) issued guarantees amounting to R427.3 million (2017:
R427.3 million) to the Department of Mineral Resources (&quot;DMR&quot;) on
behalf of DRDGOLD related to the environmental obligations. The funds in the
cell captive serves as collateral for these guarantees.</font></font><a name="XBRL_TS_6972d10fb3b74ef9ab59afd14_bclEnd"></a></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-ZA style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=top width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=top width=4% style="height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.4pt;">
  <td nowrap valign=top width=4% style="height:11.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:11.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents in environmental
  rehabilitation trust funds</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:11.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:11.4pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">118.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:11.4pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">110.5</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=top width=4% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; Opening balance</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">110.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">93.8</font></p>
  </td>
 </tr>
<tr style="height:11.4pt;">
  <td nowrap valign=top width=4% style="height:11.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:11.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; Transferred from non-current assets held-for-sale</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:11.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">23</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:11.4pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid black 1.0pt;height:11.4pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.9</font></p>
  </td>
 </tr>
<tr style="height:11.4pt;">
  <td nowrap valign=top width=4% style="height:11.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:11.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; Growth</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:11.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:11.4pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:11.4pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.8</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=top width=4% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=4% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reimbursive right for environmental
  rehabilitation guarantees</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">126.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">117.2</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=top width=4% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; Opening balance</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">117.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">108.3</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=top width=4% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160; Growth</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.9</font></p>
  </td>
 </tr>
<tr style="height:5.25pt;">
  <td nowrap valign=top width=4% style="height:5.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:5.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:5.25pt;padding:0cm 0cm 0cm 0cm;">
  <p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:5.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:5.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=top width=4% style="height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">244.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">227.7</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=top width=4% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;text-indent:21.25pt;"><a name="XBRL_TS_9f2e15855e5847e2b6bbae545"></a><a name="XBRL_TS_62b018c10f18482084227cfcc"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">CREDIT
RISK</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The Group is exposed to credit risk on the total
carrying value of the investments held in the environmental rehabilitation
trust funds.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The Group manages its exposure to credit risk by
diversifying these investments across a number of major financial institutions,
as well as investing funds in low-risk, interest-bearing cash and cash
equivalents.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;text-indent:21.25pt;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">MARKET
RISK</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;text-indent:21.25pt;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Interest
rate risk</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">A change of <a name="XBRL_CS_4c3da0519cce4d71aac54e61f"></a>100<a name="XBRL_CS_4c3da0519cce4d71aac54e61f_bclEnd"></a> basis points (bp) in
interest rates at the reporting date would have increased/(decreased) equity
and profit/(loss) by the amounts shown below. This analysis assumes that all
other variables, in particular the balance of the funds, remain constant. The
analysis excludes income tax</font><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">.&nbsp;</font></b></font><a name="XBRL_TS_62b018c10f18482084227cfcc_bclEnd"></a><a name="XBRL_TS_9f2e15855e5847e2b6bbae545_bclEnd"></a></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:6.6pt;">
  <td nowrap valign=bottom width=4% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=bottom width=4% style="height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.4pt;">
  <td nowrap valign=bottom width=4% style="height:11.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:11.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">100bp increase</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:11.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:11.4pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:11.4pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.1</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=4% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">100bp (decrease)</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.1)</font></p>
  </td>
 </tr>
<tr style="height:13.2pt;">
  <td nowrap valign=bottom width=4% style="height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:13.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;text-align:left;"><a name="XBRL_TS_481c6411d5bf46158ea0e4100"></a><a name="XBRL_TS_6c8d4ad2b71840a6a816d85a3"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">FAIR
VALUE OF FINANCIAL INSTRUMENTS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The fair value of the cash and cash equivalents in the
environmental rehabilitation trust funds approximate their carrying value due
to their short-term maturities.</font></font><a name="XBRL_TS_481c6411d5bf46158ea0e4100_bclEnd"></a><a name="XBRL_TS_6c8d4ad2b71840a6a816d85a3_bclEnd"></a></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;">97</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">12</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">CASH AND CASH
  EQUIVALENTS</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and
  cash equivalents are non-derivative financial assets categorised as loans and
  receivables and comprise cash on hand, demand deposits, and highly liquid
  investments which are readily convertible to known amounts of cash and
  subject to insignificant risk of changes in value.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash and
  cash equivalents are initially measured at fair value. Subsequent to initial
  recognition, cash and cash equivalents are measured at amortised cost, which
  is equivalent to their fair value.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:6.6pt;">
  <td nowrap valign=bottom width=4% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td nowrap valign=bottom width=4% style="height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Included in cash and cash equivalents is restricted cash
  relating to:</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:23.45pt;">
  <td nowrap valign=bottom width=4% style="height:23.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:23.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- Cash (including interest) held in escrow relating to the
  electricity tariff dispute with Ekurhuleni Metropolitan Municipality
  (&quot;Municipality&quot;)</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:23.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">25</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:23.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">114.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:23.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">92.7</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td nowrap valign=bottom width=4% style="height:24.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="border:none;border-bottom:solid black 1.0pt;height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;- Environmental and other guarantees issued by the Standard
  Bank of South Africa Limited</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:24.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:24.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">17.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:24.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">16.1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=59% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest relating to cash and cash equivalents</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">21.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">23.6</font></p>
  </td>
 </tr>
<tr style="height:5.45pt;">
  <td nowrap valign=bottom width=4% style="height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=59% style="border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;text-indent:21.25pt;"><a name="XBRL_TS_7bcade3e5475463591bad433d"></a><a name="XBRL_TS_b18f3d20f79f4e958587e4df6"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">CREDIT
RISK</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The Group is exposed to credit risk on the total
carrying value of its cash and cash equivalents.The Group manages its exposure
to credit risk by investing cash and cash equivalents across a number of major
financial institutions, considering the credit ratings of these financial
institutions.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;text-indent:21.25pt;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">MARKET
RISK</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;text-indent:21.25pt;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Interest
rate risk</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">A
change of <a name="XBRL_CS_509f7090ba12452a8f14b1380"></a>100<a name="XBRL_CS_509f7090ba12452a8f14b1380_bclEnd"></a> basis points (bp) in
interest rates at the reporting date would had increased/(decreased) equity and
profit/(loss) by the amounts shown below. This analysis assumes that all other
variables, in particular the cash balance and foreign currency rates, remain
constant. The analysis excludes income tax.</font></font><a name="XBRL_TS_7bcade3e5475463591bad433d_bclEnd"></a><a name="XBRL_TS_b18f3d20f79f4e958587e4df6_bclEnd"></a></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">100bp increase</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.5</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">100bp (decrease)</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.5)</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=bottom width=4% style="height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><a name="XBRL_TS_76b80251d70d450290310741b"></a><a name="XBRL_TS_f8d2214f9f784f5fbb1204b4d"></a><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Foreign currency risk</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">US Dollars received on settlement of the trade debtors
are exposed to fluctuations in the US Dollar/South African Rand exchange rate
until it is converted to South African Rands. </font></font><a name="XBRL_TS_76b80251d70d450290310741b_bclEnd"></a><a name="XBRL_TS_f8d2214f9f784f5fbb1204b4d_bclEnd"></a></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">The Group was not exposed to any fluctuations in the
US Dollar/South African Rand exchange rate on any US Dollars at the current or
previous reporting date as all the US Dollars held were converted to South
African Rands.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_78eeb655eaba42c9b7446e3c2"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Foreign
denominated cash is held in a foreign currency bank account accruing negligible
interest and is usually converted to South African Rand on the day of receipt.
Foreign cash is therefore not exposed to interest rate risk.</font></font><a name="XBRL_TS_78eeb655eaba42c9b7446e3c2_bclEnd"></a></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><a name="XBRL_TS_2bcc1bc1b72d4b9ea9289de54"></a><a name="XBRL_TS_0103df8f01d04389a2a7d5de1"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">FAIR
VALUE OF FINANCIAL INSTRUMENTS</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Cash and cash
equivalents</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The fair value of cash
and cash equivalents approximate their carrying value due to their short-term
maturities.</font></font><a name="XBRL_TS_0103df8f01d04389a2a7d5de1_bclEnd"></a><a name="XBRL_TS_2bcc1bc1b72d4b9ea9289de54_bclEnd"></a></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;">98</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_102"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:14.25pt;">
  <td nowrap valign=bottom width=5% style="height:14.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">13</font></b></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:14.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">CASH GENERATED BY OPERATIONS</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:14.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:14.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:14.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:14.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:6.6pt;">
  <td nowrap valign=bottom width=5% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit/(loss) before tax</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">32.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(36.7)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">108.8</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Adjusted for</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Depreciation </font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">168.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">179.8</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">180.2</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement in gold in process and finished stock</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(24.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(4.8)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7.1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in estimate of environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10, 23</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.6</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">19.3</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Environmental rehabilitation payments</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10, 23</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(7.9)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(11.2)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increase in long-term incentive liability</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">18.1</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">17.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.0</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">29.9</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit on disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.2</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(12.9)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(10.5)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Loss on disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.3</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reversal of accrual</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(22.7)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance income</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(38.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(40.0)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(36.8)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finance expense</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">58.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">52.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">47.6</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other non-cash items</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.0)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.6</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=5% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=5% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating cash flows before working capital changes</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">208.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">139.3</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">316.3</font></p>
  </td>
 </tr>
<tr style="height:6.6pt;">
  <td nowrap valign=bottom width=5% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Working capital changes</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">14.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(117.8)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">81.9</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in trade and other receivables</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">22.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(57.6)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">33.7</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in long-term receivable</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.2</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(27.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in inventories</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(28.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(14.8)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.0</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Change in trade and other payables and employee benefits</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">48.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(45.4)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">47.2</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=5% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash generated by operations</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">222.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">21.5</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">398.2</font></p>
  </td>
 </tr>
<tr style="height:8.45pt;">
  <td nowrap valign=bottom width=5% style="height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=50% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">14</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">TRADE AND OTHER
  RECEIVABLES</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Trade
  and other receivables, excluding Value Added Tax and prepayments, are
  non-derivative financial assets categorised as loans and receivables.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">These
  assets are initially measured at fair value plus directly attributable
  transaction costs. Subsequent to initial recognition, they are measured at
  amortised cost using the effective interest method less any impairment losses.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group
  derecognises a financial asset when the contractual rights to the cash flows
  from the asset expire, or it transfers the rights to receive the contractual
  cash flows in a transaction in which substantially all of the risks and
  rewards of ownership of the financial asset are transferred, or it neither
  transfers nor retains substantially all of the risks and rewards of ownership
  and does not retain control over the transferred asset. Any interest in such
  derecognised financial assets that is created or retained by the Group is
  recognised as a separate asset or liability.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Impairment</font></i></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">A
  financial asset not classified at fair value through profit or loss is
  assessed at each reporting date to determine whether there is any objective
  evidence (e.g. delinquency of a debtor and indications that a debtor will
  enter bankruptcy) that it is impaired. A financial asset is considered to be
  impaired if objective evidence indicates that one or more events have had a
  negative effect on the estimated future cash flows of that asset. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Any
  impairment losses are recognised in the statement of profit or loss.</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:6.65pt;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_0fa721a5f0de4ce7bf1575d3d"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Trade
receivables relate to gold sold on the bullion market by Rand Refinery in its
capacity as an agent. Settlement is received two working days from gold sold
date.</font></font><a name="XBRL_TS_0fa721a5f0de4ce7bf1575d3d_bclEnd"></a></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=3% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=1% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=4% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=bottom width=4% style="height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Trade receivables</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">34.5</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Value Added Tax</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">46.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">50.8</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other receivables</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">40.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">35.7</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Prepayments</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.0</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Allowance for impairment</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.7)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=58% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">91.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">114.3</font></p>
  </td>
 </tr>
</table></div>




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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">14</font></b></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">TRADE AND OTHER RECEIVABLES</font></b><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">
  </font></b><i><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">continued&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=65% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">CREDIT RISK</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td nowrap valign=bottom width=5% style="height:24.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group
  is exposed to credit risk on the total carrying value of its trade
  receivables and other receivables excluding Value Added Tax and prepayments.</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:47.25pt;">
  <td nowrap valign=bottom width=5% style="height:47.25pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="height:47.25pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The Group
  manages its exposure to credit risk on trade receivables by maintaining a
  short term cycle to settlement of 2 working days. The Group manages its
  exposure to credit risk on other receivables by dealing with a number of
  counterparties, ensuring that these counterparties are of good credit
  standing and transacting on a secured or cash basis where considered
  necessary. Receivables are regularly monitored and assessed for
  recoverability.</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ageing of
  trade receivables and other receivables:</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=5% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=5% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=65% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Receivables that are past due but not impaired at 30 June</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">15.3</font></b></p>
  </td>
 <td valign=bottom width=15% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.4</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=65% style="border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Receivables that are past due and impaired at 30 June</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.2</font></b></p>
  </td>
 <td valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.7</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_7d72aadd0be0455e8470abbe0"></a><a name="XBRL_TS_28bf7cbfe7ba4f90b49297f16"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Management
believes that the unimpaired amounts that are past due by more than 30 days are
still collectible in full, based on historical payment behaviour. Impairments
were raised due to the uncertainty around the recoverability and timing of the
expected cash flows. Movement in the allowance for impairment in respect of
trade and other receivables during the year was as follows:</font></font><a name="XBRL_TS_28bf7cbfe7ba4f90b49297f16_bclEnd"></a><a name="XBRL_TS_7d72aadd0be0455e8470abbe0_bclEnd"></a></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance at 1 July</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(11.1)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net of impairments raised and bad debt recovered</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.4</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Balance at 30 June</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.7)</font></p>
  </td>
 </tr>
<tr style="height:7.9pt;">
  <td nowrap valign=bottom width=4% style="height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=66% style="border:none;height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=15% style="border:none;height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=15% style="border:none;height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin-bottom:6.0pt;margin-left:21.25pt;margin-right:0cm;margin-top:0cm;text-align:left;"><a name="XBRL_TS_4c18318e267c4deba3deb6c38"></a><a name="XBRL_TS_4dc318b1e7634d3ca89d5fb18"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">MARKET
RISK</font></b></font></p>

<p align=left style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Interest
rate risk</font></i></b></font></p>

<p align=left style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Trade
and other receivables do not earn interest and are therefore not subject to interest
rate risk.</font></font></p>

<p align=left style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><i><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Foreign currency
risk</font></i></b></font></p>

<p style="border:none;margin-bottom:0cm;margin-left:21.25pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">All gold sales during the year ended June 30, 2018,
and thus all trade receivables, were denominated in US Dollars and sold at spot
rates and were therefore exposed to fluctuations in the US Dollar/South African
Rand exchange rate. No hedges were entered into.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:justify;"><a name="XBRL_TS_4c18318e267c4deba3deb6c38_bclEnd"></a><a name="XBRL_TS_4dc318b1e7634d3ca89d5fb18_bclEnd"></a><font face="Times Roman,serif" lang=EN-ZA style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Figures in USD million</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Foreign denomination of trade receivables at June 30 *</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.7</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap width=96% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">* Foreign trade receivables as at June 30, 2018 represents less
  than USD0.1 million</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td nowrap valign=bottom width=4% style="height:24.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=96% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">A 10%
  strengthening of the Rand against the US Dollar at 30 June would have
  increased/(decreased) equity and profit/(loss) by the amounts shown below.
  This analysis assumes that all other variables remain constant. </font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=top width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Strengthening of the Rand against the US Dollar #</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.5)</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=4% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weakening of the Rand against the US Dollar #</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.5</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=96% style="border:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;"># The increase/(decrease) in equity and profit/(loss) for the
  year ended June 30, 2018 would have been less than R0.1 million</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin-bottom:6.0pt;margin-left:21.25pt;margin-right:0cm;margin-top:0cm;text-align:left;"><a name="XBRL_TS_d4f7817678a34e24a0d727b5a"></a><a name="XBRL_TS_030fac4e0f864cbd95e604f49"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">FAIR VALUE
OF FINANCIAL INSTRUMENTS</font></b></font></p>

<p align=left style="border:none;margin-bottom:0cm;margin-left:21.25pt;margin-right:0cm;margin-top:0cm;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The fair value of
trade and other receivables approximate their carrying value due to their
short-term maturities.</font></font><a name="XBRL_TS_030fac4e0f864cbd95e604f49_bclEnd"></a><a name="XBRL_TS_d4f7817678a34e24a0d727b5a_bclEnd"></a></p>


<DIV bclFooter>


<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;">100</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_104"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">15</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">TRADE AND OTHER
  PAYABLES</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Trade
  and other payables, excluding payroll accruals, accrued leave pay and
  provision for performance based incentives, are non-derivative financial liabilities
  categorised as financial liabilities measured at amortised cost.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">These
  liabilities are initially measured at fair value plus directly attributable
  transaction costs. Subsequent to initial recognition, they are measured at
  amortised cost using the effective interest method. The Group derecognises a
  financial liability when its contractual rights are discharged, or cancelled
  or expire.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Short-term
  employee benefits are expensed as the related service is provided. A
  liability is recognised for the amount expected to be paid if the Group has a
  present legal or constructive obligation to pay this amount as a result of
  past service provided by the employee and the obligation can be estimated
  reliably.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Trade payables and accruals</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">227.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">200.9</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Accrued leave pay</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">32.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30.8</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Provision for performance based incentives</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.2</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Payroll accruals</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">18.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">17.9</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">303.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">251.8</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=59% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest relating to trade payables and accruals included in
  profit or loss</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.7)</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><a name="XBRL_TS_21b59ce5e6324992ac763730b"></a><a name="XBRL_TS_969c05ead44849f78acd863ee"></a><font face=Calibri,sans-serif style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">LIQUIDITY RISK</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Trade payables and
accruals are expected to be settled within 12 months from reporting date.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">FAIR VALUE OF
FINANCIAL INSTRUMENTS</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">The fair value of
trade payables and accruals approximate their carrying value due to their
short-term maturities.</font></font><a name="XBRL_TS_21b59ce5e6324992ac763730b_bclEnd"></a><a name="XBRL_TS_969c05ead44849f78acd863ee_bclEnd"></a></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">16</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">INVENTORIES</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold in
  process is stated at the lower of cost and net realisable value. Costs are
  assigned to gold in process on a weighted average cost basis. Costs comprise
  all costs incurred to the stage immediately prior to smelting, including
  costs of extraction and processing as they are reliably measurable at that
  point. Gold bullion is stated at the lower of cost and net realisable value.
  Selling and general administration costs are excluded from inventory
  valuation.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Consumable
  stores are stated at cost less allowances for obsolescence. Cost of
  consumables is based on the weighted average cost principle and includes
  expenditure incurred in acquiring inventories and bringing them to their
  existing location and condition.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net
  realisable value is the estimated selling price in the ordinary course of
  business, less the estimated cost of completion and selling expenses.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.9pt;">
  <td nowrap valign=top width=4% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=59% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=top width=4% style="height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Consumable stores</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">129.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">101.9</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold in process</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">66.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">55.1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finished stock - Gold Bullion</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">37.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">23.3</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total inventories</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">233.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">180.3</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Inventory carried at net realisable value
  includes:</font></b></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Gold in process</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">45.3</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Finished stock - Gold Bullion</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">19.3</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=4% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Write down to net realisable value included in movement in gold
  in process and finished stock</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.2</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=7% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
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<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=7% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">17</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=93% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">INCOME TAX</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=7% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=93% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=7% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=93% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT
  ACCOUNTING ASSUMPTIONS AND ESTIMATES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Management
  periodically evaluates positions taken where tax regulations are subject to
  interpretation. This includes the treatment of Ergo as a single mining
  operation pursuant to the relevant ring-fencing legislation.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  deferred tax liability is calculated by applying a forecast weighted average
  tax rate that is based on a prescribed formula. The calculation of the
  forecast weighted average tax rate requires the use of assumptions and
  estimates and are inherently uncertain and could change materially over time.
  These assumptions and estimates include expected future profitability and
  timing of the reversal of the temporary differences. Due to the forecast
  weighted average tax rate being based on a prescribed formula that increases
  the effective tax rate with an increase in forecast future profitability, and
  </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">vice versa</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">, the tax rate can vary significantly year on year and can
  move contrary to current period financial performance.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">A
  100 basis points increase in the effective tax rate will result in an
  increase in the net deferred tax liability at June 30, 2018 of approximately
  R8.0 million (2017: R7.4 million; 2016: R8.1 million).</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  assessment of the probability that future taxable profits will be available
  against which the tax losses and unredeemed capital expenditure can be
  utilised requires the use of assumptions and estimates and are inherently
  uncertain and could change materially over time.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Capital
  expenditure is assessed by the South African Receiver of Revenue when it is
  redeemed against taxable mining income rather than when it is incurred. A
  different interpretation by the South African Receiver of Revenue regarding
  the deductibility of these capital allowances may therefore become evident subsequent
  to the year of assessment when the capital expenditure is incurred.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income
  tax expense comprises current and deferred tax. Each company is taxed as a
  separate entity and tax is not set-off between the companies.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current
  tax</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current
  tax comprise the expected tax payable or receivable on the taxable income or
  loss for the year and any adjustment on tax payable or receivable in respect
  of the previous year is recognised in profit or loss except to the extent
  that it relates to items recognised directly in equity or OCI. The current
  tax charge is calculated on the basis of the tax laws enacted or
  substantively enacted at the reporting date. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred
  tax</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred
  tax is recognised in respect of temporary differences between the carrying
  amounts and the tax bases of assets and liabilities. Deferred tax is not
  recognised on the initial recognition of assets or liabilities in a
  transaction that is not a business combination and that affects neither
  accounting nor taxable profit.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred
  tax assets relating to unutilised tax losses and unutilised capital
  allowances are recognised to the extent that it is probable that future
  taxable profits will be available against which the unutilised tax losses and
  unutilised capital allowances can be utilised. The recoverability of these
  assets is reviewed at each reporting date and adjusted if recovery is no
  longer probable.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred
  tax related to gold mining income is measured at a forecast weighted average
  tax rate that is expected to be applied to temporary differences when they
  reverse, using tax rates enacted or substantially enacted at the reporting
  date.</font></font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=7% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=93% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:13.8pt;">
  <td nowrap valign=bottom width=7% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">17.1</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=93% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">INCOME TAX EXPENSE</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=7% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=93% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Tax on gold mining
income is determined based on a formula: Y = 34 - 170/X where Y is the
percentage rate of tax payable and X is the ratio of taxable income, net of any
qualifying capital expenditure that bears to gold mining income derived,
expressed as a percentage. Non-mining income, which consists primarily of
interest accrued, is taxed at a standard rate of 28%.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">All mining capital
expenditure is deducted in the year it is incurred to the extent that it does
not result in an assessed loss. Capital expenditure not deducted from mining
income is carried forward as unutilised capital allowances to be deducted from
future mining income.</font></font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:7.3pt;">
  <td nowrap valign=top width=100% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:21.3pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:21.3pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">17</font></b></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">INCOME TAX </font></b><i><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">continued&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=5% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=5% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">17.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">INCOME TAX EXPENSE </font></b><i><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">continued&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=top width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td nowrap valign=top width=5% style="height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Mining tax</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(23.2)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">54.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(46.9)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-mining tax</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.8)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:4.9pt;">
  <td nowrap valign=top width=5% style="height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 27.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(25.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">50.4</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(46.9)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Comprising:</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current tax&#160; - current year</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(6.4)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.9)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.5)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current tax&#160; - prior year</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(5.1)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax&#160; - current year</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(19.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">53.4</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(42.1)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax&#160; - prior year</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.1)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.8</font></p>
  </td>
 </tr>
<tr style="height:4.9pt;">
  <td nowrap valign=top width=5% style="height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 27.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(25.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">50.4</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(46.9)</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=top width=5% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Tax reconciliation</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:25.5pt;">
  <td nowrap valign=top width=5% style="height:25.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=59% style="height:25.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Major items causing the Group's income tax expense to differ
  from the statutory rate were:</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:25.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:25.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:25.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td nowrap valign=top width=5% style="height:24.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:24.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Tax on net (profit)/loss before tax at the South African
  corporate tax rate of 28%</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:24.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.3</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(30.5)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Rate adjustment to reflect the actual realised company tax rates</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(7.9)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.4</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax rate adjustment (a)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(12.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">37.5</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(21.7)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-deductible expenditure (b)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.8)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.8)</font></p>
  </td>
 </tr>
<tr style="height:24.0pt;">
  <td nowrap valign=top width=5% style="height:24.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:24.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Utilisation of tax losses for which deferred tax assets were
  previously unrecognised (c)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:24.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.6</font></b></p>
  </td>
 <td valign=bottom width=12% style="height:24.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.9</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:24.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7.5</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current year tax losses for which no deferred tax was recognised</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.8)</font></b></p>
  </td>
 <td valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.3)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Exempt income and other non-taxable income</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.4</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Tax incentives</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.7</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other temporary differences</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.2)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Over/(under) provided in prior periods</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(4.3)</font></p>
  </td>
 </tr>
<tr style="height:4.9pt;">
  <td nowrap valign=top width=5% style="height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 27.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Income tax</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(25.9)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">50.4</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(46.9)</font></p>
  </td>
 </tr>
<tr style="height:7.9pt;">
  <td nowrap valign=top width=5% style="height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=59% style="height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:7.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><a name="XBRL_TS_32af534b41fc4e3b90eff8ced"></a><a name="XBRL_TS_d1938fa926c8428e9382b8241"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">(a) Deferred tax rate adjustment </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The forecast weighted average deferred tax rate increased from <a name="XBRL_CS_b53f06295a384eb8905e49246"></a>18.6<a name="XBRL_CS_b53f06295a384eb8905e49246_bclEnd"></a>% to <a name="XBRL_CS_b1b451e37516439084e577928"></a>20.3<a name="XBRL_CS_b1b451e37516439084e577928_bclEnd"></a>% as a result of an increase
in forecast profitability of Ergo </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">(2017: decreased
from <a name="XBRL_CS_903a9989c64446e4826f865a7"></a>23.1<a name="XBRL_CS_903a9989c64446e4826f865a7_bclEnd"></a>% to <a name="XBRL_CS_901c041e705e43b0a8fec6939"></a>18.6<a name="XBRL_CS_901c041e705e43b0a8fec6939_bclEnd"></a>% due to the decrease in forecast
profitability of Ergo; 2016: increased from 20.1% to 23.1% due to the increase
in forecast profitability of Ergo).</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">(b) </font></b></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Non-deductible expenditure</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The most significant non-deductible expenditure incurred by the
Group includes: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:57.25pt;margin-right:0pt;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font color=#F9B200 face=Symbol style="border:none;"><font color=#F9B200 face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&#183;</font><font color=#F9B200 face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">R9.0 million transactions costs incurred related to the
acquisition of the WRTRP Assets;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:57.25pt;margin-right:0pt;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font color=#F9B200 face=Symbol style="border:none;"><font color=#F9B200 face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&#183;</font><font color=#F9B200 face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">R8.8 million fair value adjustment on initial recognition of the
long-term receivable;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:57.25pt;margin-right:0pt;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font color=#F9B200 face=Symbol style="border:none;"><font color=#F9B200 face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&#183;</font><font color=#F9B200 face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">R7.5 million net operating cost related to Ergo Business
Development Academy Not for Profit Company that is not deductible as it is
exempt from income tax; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:57.25pt;margin-right:0pt;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><font color=#F9B200 face=Symbol style="border:none;"><font color=#F9B200 face=Symbol lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&#183;</font><font color=#F9B200 face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">R6.0 million expenditure that is capital in nature.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">(c) Utilisation of tax losses for
which deferred tax assets were previously unrecognised</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Group entities that are not expected to generate recurring taxable
income, and therefore have unrecognised deferred tax assets, generated taxable
income during the year ended June 30, 2018 resulting in the utilisation of
unrecognised losses.</font></font><a name="XBRL_TS_32af534b41fc4e3b90eff8ced_bclEnd"></a><a name="XBRL_TS_d1938fa926c8428e9382b8241_bclEnd"></a></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;">103</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=6% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">17</font></b></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">INCOME TAX </font></b><i><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">continued&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=6% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">17.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">DEFERRED TAX</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=6% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td nowrap valign=bottom width=6% style="height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=94% style="height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred
  tax assets and liabilities relate to the following:</font></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td nowrap valign=bottom width=6% style="height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td nowrap valign=bottom width=6% style="border:none;border-right:solid #F9B200 1.0pt;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td nowrap valign=bottom width=6% style="height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td nowrap valign=bottom width=6% style="height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax asset</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=6% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Provisions</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.0</font></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td nowrap valign=bottom width=6% style="height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.4pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.4pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.0</font></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td nowrap valign=bottom width=6% style="height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td nowrap valign=bottom width=6% style="height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax liability</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td nowrap valign=bottom width=6% style="height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(261.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(223.8)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Provisions, including rehabilitation provision</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">95.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">80.2</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other temporary differences (1)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(163.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(140.5)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Net deferred mining and income tax liability</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(155.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(135.5)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement in the net deferred tax liability is as follows:</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Opening balance</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(135.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(187.9)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Recognised in profit or loss</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(19.5)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">52.4</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(37.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">83.1</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Provisions, including rehabilitation provision</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">18.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(29.4)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-right:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other temporary differences (1)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.3)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.3)</font></p>
  </td>
 </tr>
<tr style="height:5.1pt;">
  <td nowrap valign=bottom width=6% style="height:5.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid black 1.0pt;height:5.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:5.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:5.1pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td nowrap valign=bottom width=6% style="height:12.4pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Closing balance</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(155.0)</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.4pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(135.5)</font></p>
  </td>
 </tr>
<tr style="height:3.0pt;">
  <td nowrap valign=bottom width=6% style="height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="border:none;height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 width=94% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1) Includes the temporary differences on the
  finance lease obligation.</font></i></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=6% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=65% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:15.0pt;">
  <td nowrap valign=bottom width=6% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=94% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred tax assets have not been recognised in respect of the
  following:</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td nowrap valign=bottom width=6% style="height:10.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.6pt;">
  <td nowrap valign=bottom width=6% style="border:none;border-right:solid #F9B200 1.0pt;height:15.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=6% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=6% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=64% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Tax losses</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">37.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">20.5</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=6% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=64% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unredeemed capital expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">272.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:15.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">272.9</font></p>
  </td>
 </tr>
<tr style="height:15.6pt;">
  <td nowrap valign=bottom width=6% style="height:15.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=64% style="border:none;border-bottom:solid black 1.0pt;height:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Capital losses</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:15.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">330.0</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:15.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">325.2</font></p>
  </td>
 </tr>
<tr style="height:10.95pt;">
  <td nowrap valign=bottom width=6% style="height:10.95pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.95pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:10.95pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:10.95pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:25.5pt;">
  <td valign=bottom width=6% style="height:25.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=94% style="height:25.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Deferred
  tax assets have not been recognised for Group entities that are not expected
  to generate future taxable profits against which the tax losses, unredeemed
  capital expenditure and capital losses can be utilised.</font></p>
  </td>
 </tr>
<tr style="height:10.2pt;">
  <td valign=bottom width=6% style="height:10.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=64% style="height:10.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=15% style="height:10.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=15% style="height:10.2pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>




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</DIV>
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<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=5% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">18</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">EMPLOYEE BENEFITS</font></b></font></p>
  </td>
 <td width=1% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=5% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td width=1% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=5% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=top width=95% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash-settled
  share-based payments (&#8220;Long-Term Incentive&#8221; or &#8220;LTI&#8221;)</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash-settled
  share-based payments are measured at fair value and remeasured at each
  reporting date to reflect the potential outflow of cash resources to settle
  the liability, with a corresponding adjustment in profit or loss. Vesting
  assumptions for non-market conditions are reviewed at each reporting date to
  ensure they reflect current expectations.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Post-retirement
  medical benefit</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  Group's net obligation in respect of long term employee benefits is the
  amount of future benefit that employees have earned in return for their service
  in the current and prior periods. That benefit is discounted to determine the
  present value. Remeasurements are recognised in profit or loss in the period
  in which they arise.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:7.15pt;">
  <td nowrap valign=top width=6% style="height:7.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=61% style="border:none;border-bottom:solid #F9B200 1.0pt;height:7.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=9% style="border:none;border-bottom:solid #F9B200 1.0pt;height:7.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:7.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:7.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=6% style="border:none;border-right:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-current employee benefits</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">40.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">39.0</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Liability for long term incentive scheme</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">18.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">31.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30.7</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Liability for post-retirement medical benefits*</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current employee benefits</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Liability for long term incentive scheme</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">18.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">53.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">39.0</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=61% style="border:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">* Unfunded medical aid benefit plan</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=61% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:left;"><a name="XBRL_TS_b8498e1cb29b4791b406ac64c"></a><a name="XBRL_TS_b2d1d736bcb44ed1838e0cf39"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">18.1
LIABILITY FOR LONG TERM INCENTIVE SCHEME</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:24.1pt;text-align:justify;text-indent:-2.85pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Terms of the November 2015 grant made under the
DRDGOLD Group's amended long term incentive&#160; scheme are:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&#160;&#8226; The scheme has a finite term of <a name="XBRL_CS_e38dcedd89374445807be15bb"></a>5 years <a name="XBRL_CS_e38dcedd89374445807be15bb_bclEnd"></a>and thus no top-up awards
are made when the shares vest;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:29.75pt;margin-right:13.75pt;margin-top:0cm;text-align:justify;text-indent:-8.5pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&#160;&#8226; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The phantom shares
are issued at an exercise price of nil and will vest in 3 tranches: <a name="XBRL_CS_b64b786e18f444b1a27f620c4"></a>20<a name="XBRL_CS_b64b786e18f444b1a27f620c4_bclEnd"></a>%, <a name="XBRL_CS_da1c22feb15e47969b378a52b"></a>30<a name="XBRL_CS_da1c22feb15e47969b378a52b_bclEnd"></a>% and <a name="XBRL_CS_5a6531c0ef834f28981fd9f26"></a>50<a name="XBRL_CS_5a6531c0ef834f28981fd9f26_bclEnd"></a>% on the 3<sup>rd,</sup> 4<sup>th</sup>
and 5<sup>th</sup> anniversaries respectively, subject to individual service
and performance conditions being met; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:29.75pt;text-align:justify;text-indent:-8.5pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&#160;&#8226; The phantom shares will be settled at the 7
day volume weighted average price (&quot;VWAP&quot;) of the DRDGOLD share.</font></font><a name="XBRL_TS_b2d1d736bcb44ed1838e0cf39_bclEnd"></a><a name="XBRL_TS_b8498e1cb29b4791b406ac64c_bclEnd"></a></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:6.6pt;">
  <td nowrap valign=top width=5% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=bottom width=5% style="height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=23% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement in the total liability</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=23% style="height:10.15pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Opening balance</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30.3</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=47% style="height:10.9pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Increase in long-term incentive liability</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.3</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">17.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.0</font></p>
  </td>
 </tr>
<tr style="height:9.6pt;">
  <td nowrap valign=bottom width=5% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=23% style="height:9.6pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Vested and paid</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:9.6pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:9.6pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:9.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.8)</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:9.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.6)</font></p>
  </td>
 </tr>
<tr style="height:4.15pt;">
  <td nowrap valign=bottom width=5% style="height:4.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;border-bottom:solid black 1.0pt;height:4.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:4.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:4.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:4.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:4.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:4.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:4.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=59% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total liability for long-term incentive scheme</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">45.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30.7</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-top:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-top:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-top:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=71% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The total liability for long-term incentive scheme is expected
  to be settled as follows:</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">45.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30.7</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=71% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Within 12 months after reporting date</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=71% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">After 12 months after reporting date</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">31.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30.7</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 rowspan=5 valign=top width=47% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reconciliation of outstanding phantom shares</font></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=24% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=24% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:none;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Weighted</font></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">average</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">average</font></b></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Shares</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">price</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Shares</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-right:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">price</font></b></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Number</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">R per
  share</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Number</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">R per
  share</font></b></p>
  </td>
 </tr>
<tr style="height:6.6pt;">
  <td nowrap valign=bottom width=5% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-top:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-top:solid #F9B200 1.0pt;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Opening balance</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">21&nbsp;144&nbsp;534</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">23&nbsp;169&nbsp;191</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Vested and paid</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(955&nbsp;067)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.93</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1&nbsp;502&nbsp;747)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.39</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Forfeited/lapsed</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(521&nbsp;910)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=5% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Closing balance</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">20&nbsp;189&nbsp;467</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">21&nbsp;144&nbsp;534</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:8.45pt;">
  <td nowrap valign=bottom width=5% style="height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:18.6pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:18.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=47% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:18.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ageing of outstanding phantom shares:</font></b></p>
  </td>
 <td valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:18.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30 June
  2019</font></b></p>
  </td>
 <td valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:18.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30 June
  2020</font></b></p>
  </td>
 <td valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:18.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30 June
  2021</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:18.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;border-bottom:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Granted November 2015</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:11.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;037&nbsp;893</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:11.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6&nbsp;056&nbsp;840</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:11.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10&nbsp;094&nbsp;734</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:11.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">20&nbsp;189&nbsp;467</font></p>
  </td>
 </tr>
<tr style="height:6.6pt;">
  <td nowrap valign=bottom width=5% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">18 EMPLOYEE BENEFITS </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">continued</font></i></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">18.1 LIABILITY FOR LONG TERM
INCENTIVE SCHEME </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">continued</font></i></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:26.95pt;margin-right:0cm;margin-top:3.0pt;text-align:left;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Fair value</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:26.95pt;margin-right:6.65pt;margin-top:3.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The fair value of the liability for the long-term
incentive scheme is mostly influenced by the DRDGOLD Limited share price. Other
inputs influencing the fair value are the forward dividend yield and estimates
of staff retention and performance conditions. The inputs most significantly
influencing the measurement of the fair values are as follows</font><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">:&nbsp;</font></b></font><a name="XBRL_TS_10db87fdb992464da18311c6d_bclEnd"></a><a name="XBRL_TS_df0883dd6d664f6da4d48dc88_bclEnd"></a></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Grant date
  </font></b></p>
  </td>
 </tr>
<tr style="height:6.6pt;">
  <td nowrap valign=bottom width=5% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=47% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7 day VWAP of the DRDGOLD Limited share</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.71</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.23</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.26</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=47% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Annualised forward dividend yield</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.8%</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.7%</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.3%</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=23% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:left;"><a name="XBRL_TS_1d9d1f8ba4c14eb1ad2823a8c"></a><a name="XBRL_TS_0860a7a9eaa84834b5e1f3a60"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">18.2
TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Interests in contracts</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.3pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">None of the directors, officers or major shareholders of DRDGOLD
or, to the knowledge of DRDGOLD&#8217;s management, their families, had any interest,
direct or indirect, in any transaction during the year ended June 30, 2018 or
the preceding financial years, or in any proposed transaction which has
affected or will materially affect DRDGOLD or its subsidiaries. None of the
directors or officers of DRDGOLD or any associate of such director or officer
is currently or has been at any time during the past financial year materially
indebted to DRDGOLD</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">.&nbsp;</font></b></font><a name="XBRL_TS_0860a7a9eaa84834b5e1f3a60_bclEnd"></a><a name="XBRL_TS_1d9d1f8ba4c14eb1ad2823a8c_bclEnd"></a></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=7% style="height:13.5pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=41% style="height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Key management personnel remuneration</font></b></p>
  </td>
 <td nowrap valign=bottom width=9% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=7% style="height:3.75pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=41% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=7% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=41% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=41% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Board fees paid</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.0</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.7</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Salaries paid</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">53.6</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">52.9</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">51.5</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Short term incentives relating to this cycle</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">22.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">33.8</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=41% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Long term incentives paid during this cycle</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">18.1</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.8</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.6</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.9</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=7% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=41% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Pre-tax gain on share option exercised</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.7</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=7% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=41% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">84.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">67.5</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">94.6</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=7% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=41% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:10.0pt;text-align:left;"><a name="XBRL_TS_fdb2633d8fb24ad28a86ce032"></a><a name="XBRL_TS_94ad17f827454420b42ada109"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">19&#160;&#160; CAPITAL
MANAGEMENT</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The
primary objective of managing the Group's capital is to ensure that there is
sufficient capital available to support the funding requirements of the Group,
including capital expenditure, in a way that optimises the cost of capital,
ensures that the Group remains in a sound financial position and matches the
Group's strategy.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">At
June 30, 2018 the Group had no external debt in line with its aim for the
existing operations to remain unleveraged. All funding requirements during the
past financial year have been financed by cash resources and cash generated
from operations.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The
Group considers the appropriate capital management strategy for specific growth
projects as and when required.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="XBRL_TS_963232232d1446c5a6308509c"></a><a name="XBRL_TS_94ad17f827454420b42ada109_bclEnd"></a><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Lease
arrangements that are not in the legal form of a finance lease, but is
accounted for as such based on its terms and conditions, are not considered to
be debt.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160; Financing the development
of Phase 1 of FWGR</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Subsequent
to the acquisition of FWGR on July 31, 2018 (refer note 28), a Revolving Credit
Facility amounting to R300 million was secured with ABSA Bank Limited (acting
through its Corporate and Investment Banking division) to finance the
development of Phase 1 of FWGR, replacing the R100 million overdraft facility
that was in place during the year ended June 30, 2018.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160; Price protection policy </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">After
June 30, 2018 the Board approved Rand gold price protection to manage the
short-term liquidity risk that will arise from the anticipated increase in
borrowings to finance the development of Phase 1 of FWGR.</font></font><a name="XBRL_TS_963232232d1446c5a6308509c_bclEnd"></a><a name="XBRL_TS_fdb2633d8fb24ad28a86ce032_bclEnd"></a></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;">106</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=5% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">20</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=95% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">EQUITY</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=5% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=95% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=5% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=95% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ordinary
  share capital</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ordinary
  shares and the cumulative preference shares are classified as equity.
  Incremental costs directly attributable to the issue of ordinary shares are
  recognised as a deduction from equity, net of any tax effect.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Repurchase
  and reissue of ordinary shares (treasury shares)</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">When
  shares recognised as equity are repurchased, the amount of the consideration
  paid, which includes directly attributable costs is recognised as a deduction
  from equity. Repurchased shares are classified as treasury shares and are
  presented as a deduction from share capital.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividends</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividends
  are recognised as a liability on the date on which they are declared which is
  the date when the shareholders&#8217; right to the dividends vest.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:11.45pt;">
  <td nowrap valign=top width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Authorised share capital</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1 500 000 000 (2017 and 2016: 600 000 000) ordinary shares of no
  par value</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:25.5pt;">
  <td nowrap valign=top width=4% style="height:25.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:25.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5 000 000 (2017 and 2016: 5 000 000) cumulative preference
  shares of 10 cents each</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:25.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:25.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:25.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.5</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Issued share capital</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=top width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">431 429 767 (2017 and 2016: 431 429 767) ordinary shares of no
  par value (a,b)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;227.9</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;227.9</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;227.9</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9 361 071 (2017 and 2016: 9 361 071) treasury shares held within
  the Group (c)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(50.7)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(50.7)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(50.7)</font></p>
  </td>
 </tr>
<tr style="height:25.5pt;">
  <td nowrap valign=bottom width=4% style="height:25.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=63% style="border:none;border-bottom:solid black 1.0pt;height:25.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5 000 000 (2017 and 2016: 5 000 000) cumulative preference
  shares of 10 cents each</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:25.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.5</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:25.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.5</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:25.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.5</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;177.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;177.7</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4&nbsp;177.7</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=4% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border:none;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=4% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividends (c)</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Dividends paid during the year net of treasury shares:</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:25.5pt;">
  <td nowrap valign=bottom width=4% style="height:25.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=63% style="height:25.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Prior year final dividend: 5 SA cents per share (2017: 12 SA
  cents per share; 2016: 10 SA cents per share)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;height:25.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">21.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:25.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">50.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:25.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">42.2</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="height:12.75pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interim dividends: 5 SA cents per share (2017: nil; 2016: 50 SA
  cents per share)</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">21.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">210.7</font></p>
  </td>
 </tr>
<tr style="height:11.45pt;">
  <td nowrap valign=bottom width=4% style="height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=63% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:11.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">42.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:11.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">50.6</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:11.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">252.9</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=63% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;text-align:justify;"><a name="XBRL_TS_60d2051f73dc49de85b4391a2"></a><a name="XBRL_TS_9d78bf1c1340459f963605101"></a><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">(a)&#160; Unissued
shares</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:6.5pt;margin-top:0cm;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">In terms of an ordinary resolution passed at the
previous annual general meeting, the remaining unissued ordinary shares in the
company are under the control of the directors until the next general meeting.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:6.65pt;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">(b)&#160; Issued shares</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:21.25pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">No shares
were issued during the year ended June 30, 2018 (2017: nil)</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:21.25pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">During the
year ended June 30, 2016: <a name="XBRL_CS_228d1a24ed1944d082a1f20a7"></a>546,000<a name="XBRL_CS_228d1a24ed1944d082a1f20a7_bclEnd"></a> shares were issued
relating to share options exercised under the DRDGOLD (1996) share scheme).</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:6.5pt;margin-top:0cm;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">On July 31, 2018, the acquisition of FWGR became
unconditional. On this date <a name="XBRL_CS_b5b5c7717ad3409eaf1849856"></a>265<a name="XBRL_CS_b5b5c7717ad3409eaf1849856_bclEnd"></a> million ordinary shares
were issued to Sibanye-Stillwater as settlement of the purchase consideration
for these assets.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:6.65pt;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">(c)&#160; Treasury shares</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:6.5pt;margin-top:0cm;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Shares in DRDGOLD Limited are held in treasury by Ergo
Mining Operations Proprietary Limited (&quot;EMO&quot;). No shares were
acquired in the market during the year ended June 30, 2018 (2017: nil; 2016: <a name="XBRL_CS_7fbfdda6c9004f3284582950e"></a>3 205 512<a name="XBRL_CS_7fbfdda6c9004f3284582950e_bclEnd"></a>). Dividends amounting to R<a name="XBRL_CS_174440ddd7114149ac8d25e1f"></a>0.9<a name="XBRL_CS_174440ddd7114149ac8d25e1f_bclEnd"></a> million (2017: R<a name="XBRL_CS_2af9365723f241f7b1eecca33"></a>1.1<a name="XBRL_CS_2af9365723f241f7b1eecca33_bclEnd"></a> million; 2016: R5.6
million) were received on these shares.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:6.5pt;margin-top:0cm;text-align:justify;"><font color=black face=Arial,sans-serif style="border:none;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><a name="_Hlk526402332"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; RELATED PARTY
RELATIONSHIPS:</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:10.0pt;margin-left:21.3pt;margin-right:5.65pt;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">The issue of 265 million ordinary shares to Sibanye-Stillwater on
July 31, 2018 as settlement of the purchase consideration for the FWGR assets,
resulted in Sibanye-Stillwater owning 38.05% of the issued ordinary shares of
DRDGOLD Limited and hence becoming a related party to DRDGOLD.</font></font><a name="XBRL_TS_60d2051f73dc49de85b4391a2_bclEnd"></a><a name="XBRL_TS_9d78bf1c1340459f963605101_bclEnd"></a></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;">107</font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_111"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=5% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">21</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=95% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">OPERATING SEGMENTS</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=5% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=95% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=5% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=95% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating
  segments are reported in a manner consistent with internal reports that the
  Group&#8217;s chief operating decision maker (CODM) reviews regularly in allocating
  resources and assessing performance of operating segments. The CODM has been
  identified as the Group&#8217;s Executive Committee. The Group has one revenue
  stream, the sale of gold. To identify operating segments, management reviewed
  various factors, including operational structure and mining infrastructure.
  It was determined that an operating segment consists of a single or multiple
  metallurgical plants that, together with its deposition facility, is capable
  of operating independently.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">When
  assessing profitability, the CODM considers</font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">, inter alia</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">, the revenue
  and production costs of each segment. The net of these amounts is the
  operating profit or loss. Therefore, operating profit has been disclosed in
  the segment report as the primary measure of profit or loss. The CODM also
  considered other costs that, in addition to the operating profit or loss,
  result in the working profit or loss.</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:4.0pt;text-align:justify;"><a name="XBRL_TS_5dee2f9be8904ca596af2873e"></a><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Ergo</font></b></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;"> is a surface retreatment operation and treats old slime and sand
dumps to the south of Johannesburg&#8217;s central business district as well as the
East and Central Rand goldfields. The operation comprises three plants. The
Ergo and Knights plants continue to operate as metallurgical plants. The City
Deep plant continues to operate as a pump/milling station feeding the metallurgical
plants. The Crown plant operated as a pump/milling station feeding the
metallurgical plants until March 2017 when it ceased all operations.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:4.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Corporate office and other reconciling items</font></b></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;"> (collectively referred to as </font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&quot;Other reconciling
items&quot;</font></b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">) are taken into consideration in the strategic decision-making
process of the CODM and are therefore included in the disclosure here, even
though they do not earn revenue. They do not represent a separate</font></font><font face=Calibri,sans-serif style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;"> &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">segment</font></font><font face=Calibri,sans-serif style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">.</font></font><a name="XBRL_TS_5dee2f9be8904ca596af2873e_bclEnd"></a></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="background:#F9B200;border:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border:none;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border-bottom:none;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="background:#F9B200;border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">reconciling</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">items</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; Total</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=54% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Financial performance</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue (External)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;490.4</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;490.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;159.7)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;159.7)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement in gold in process</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.5</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.5</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=4% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating profit</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">355.2</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">355.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration expenses and general costs<sup> &nbsp;</sup></font><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">(1)</font></sup></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(11.5)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(78.6)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(90.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest income<sup> (2)</sup></font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.5</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12.3</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">21.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest expense <sup>(3)</sup></font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.1)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.0)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(4.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current tax</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.9)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.5)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(6.4)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=4% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Working profit/(loss) before capital expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">347.2</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(70.8)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">276.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(125.2)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.9)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(126.1)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=4% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Working profit/(loss) after capital expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">222.0</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(71.7)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">150.3</font></p>
  </td>
 </tr>
<tr style="height:7.5pt;">
  <td nowrap valign=bottom width=4% style="height:7.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=top width=96% style="border:none;height:7.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1) Administration expenses and general costs
  excludes loss on disposal of property, plant and equipment</font></sup></p>
  </td>
 </tr>
<tr style="height:7.5pt;">
  <td nowrap valign=bottom width=4% style="height:7.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=top width=96% style="height:7.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2) Interest income excludes the unwinding of
  the long-term receivable</font></sup></p>
  </td>
 </tr>
<tr style="height:7.5pt;">
  <td nowrap valign=bottom width=4% style="height:7.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=top width=96% style="height:7.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><sup><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3) Interest expense excludes the fair value
  adjustment on the initial recognition of the long-term receivable</font></sup></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=54% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reconciliation of profit/(loss) for the year</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Working profit/(loss) before capital expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">347.2</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(70.8)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">276.4</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(167.4)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.6)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(168.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Movement in provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.5</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.4</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.9</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Growth in investment in environmental obligation funds</font></p>
  </td>
 <td valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.1</font></p>
  </td>
 <td valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.2</font></p>
  </td>
 <td valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">16.3</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Loss on disposal of property, plant and equipment</font></p>
  </td>
 <td valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.6)</font></p>
  </td>
 <td valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.6)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Unwinding of provision for environmental rehabilitation</font></p>
  </td>
 <td valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(44.3)</font></p>
  </td>
 <td valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.3)</font></p>
  </td>
 <td valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(45.6)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Fair value adjustment on the initial recognition of long-term </font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160; receivable including subsequent unwinding</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(8.1)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(8.1)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Ongoing rehabilitation expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(26.7)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(26.7)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Net other operating (costs)/income</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(36.2)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">15.6</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(20.6)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Deferred tax</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(23.2)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.7</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(19.5)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=4% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit/(loss) for the year</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">53.3</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(46.8)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.5</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=4% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Statement of cash flows</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flows from operating activities</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">285.3</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(51.5)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">233.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flows from investing activities</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(140.2)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.2)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(140.4)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flows from financing activities</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.8)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(42.2)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(45.0)</font></p>
  </td>
 </tr>
</table></div>




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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=5% style="height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">21</font></b></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">OPERATING SEGMENTS </font></b><i><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">continued&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid #F9B200 1.0pt;height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">reconciling</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid #F9B200 1.0pt;height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">items</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; Total</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=5% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Financial performance</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue (External)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;339.9</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;339.9</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;087.9)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2&nbsp;087.9)</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement in gold in process</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.8</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.8</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating profit</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">256.8</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">256.8</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest income</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.8</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">16.8</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">23.6</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest expense</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(3.3)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.4)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(5.7)</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Retrenchment costs</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(23.0)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(23.0)</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration expenses and general costs</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(4.5)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(64.9)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(69.4)</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current tax</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.9)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.9)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=5% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Working profit/(loss) before capital expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">230.9</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(50.5)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">180.4</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(116.2)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.1)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(116.3)</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:10.9pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions to unlisted investments</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.1)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.1)</font></p>
  </td>
 </tr>
<tr style="height:3.6pt;">
  <td nowrap valign=bottom width=5% style="height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.45pt;">
  <td nowrap valign=bottom width=5% style="height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid #F9B200 1.0pt;height:14.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Working profit/(loss) after capital expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:14.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">114.7</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:14.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(50.7)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:14.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">64.0</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=5% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=5% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:15.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reconciliation of profit/(loss) for the year</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:14.45pt;">
  <td nowrap valign=bottom width=5% style="height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:14.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Working profit/(loss) before capital expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:14.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">230.9</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:14.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(50.5)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:14.45pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">180.4</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(179.7)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.1)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(179.8)</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Movement in provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.6)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.6)</font></p>
  </td>
 </tr>
<tr style="height:25.15pt;">
  <td valign=bottom width=5% style="height:25.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=52% style="height:25.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Growth in environmental rehabilitation trust funds and
  reimbursive right</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:25.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.9</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:25.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.5</font></p>
  </td>
 <td valign=bottom width=15% style="height:25.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">16.4</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=5% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Profit on disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.2</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12.7</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">12.9</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Unwinding of provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(45.3)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.2)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(46.5)</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=5% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Ongoing rehabilitation expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(22.4)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(22.4)</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=5% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Net other operating (costs)/income</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(30.3)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">31.3</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.0</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Deferred tax</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">54.2</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.9)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">52.3</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=5% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=5% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit/(loss) for the year</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">17.9</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(4.2)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">13.7</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=5% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.15pt;">
  <td nowrap valign=bottom width=5% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Statement of cash flows</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=5% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flows from operating activities</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">32.5</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">19.1</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">51.6</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=5% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flows from investing activities</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(116.6)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">19.9</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(96.7)</font></p>
  </td>
 </tr>
<tr style="height:14.45pt;">
  <td nowrap valign=bottom width=5% style="height:14.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:14.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flows from financing activities</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:14.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.4)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:14.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(50.6)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:14.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(53.0)</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=5% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>




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<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">21</font></b></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">OPERATING SEGMENTS </font></b><i><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">continued&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Other</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid #F9B200 1.0pt;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2016</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">reconciling</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-right:solid #F9B200 1.0pt;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="border:none;border-right:solid #F9B200 1.0pt;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">items</font></b></p>
  </td>
 <td nowrap valign=bottom width=15% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160; Total</font></b></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Financial performance</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Revenue (External)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;433.1</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2&nbsp;433.1</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash operating costs</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1&nbsp;991.2)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1&nbsp;991.2)</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Movement in gold in process</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(7.1)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(7.1)</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Operating profit</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">434.8</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">434.8</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest income</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.8</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">19.6</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">22.4</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Interest expense</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(4.1)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.5)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(4.6)</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Administration expenses and general costs</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(4.5)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(82.7)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(87.2)</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Current tax</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.5)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(5.1)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(5.6)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=5% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Working profit/(loss) before capital expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">428.5</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(68.7)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">359.8</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(100.0)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(100.0)</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Additions to listed investments</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.3)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.3)</font></p>
  </td>
 </tr>
<tr style="height:3.6pt;">
  <td nowrap valign=bottom width=5% style="height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:3.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=5% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Working profit/(loss) after capital expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">328.5</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(70.0)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">258.5</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=5% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=52% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=15% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Reconciliation of profit/(loss) for the year</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Working profit/(loss) before capital expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">428.5</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(68.7)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">359.8</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(180.1)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.1)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(180.2)</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Movement in provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(21.4)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.1</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(19.3)</font></p>
  </td>
 </tr>
<tr style="height:22.9pt;">
  <td valign=bottom width=5% style="height:22.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=52% style="height:22.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Growth in environmental rehabilitation trust funds and
  reimbursive right</font></p>
  </td>
 <td valign=bottom width=14% style="height:22.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.8</font></p>
  </td>
 <td valign=bottom width=14% style="height:22.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.7</font></p>
  </td>
 <td valign=bottom width=15% style="height:22.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">14.5</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Profit on disposal of property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.3</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.2</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10.5</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Unwinding of provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(41.5)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.5)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(43.0)</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Ongoing rehabilitation expenditure</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(27.8)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(27.8)</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Net other operating (costs)/income</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(29.6)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">18.3</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(11.3)</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">- Deferred tax</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(46.9)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.6</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(41.3)</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=5% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Profit/(loss) for the year</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">100.3</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(38.4)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">61.9</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td nowrap valign=bottom width=5% style="height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:9.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Statement of cash flows</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flows from operating activities</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">414.8</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.1</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">415.9</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flows from investing activities</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(105.6)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(1.6)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(107.2)</font></p>
  </td>
 </tr>
<tr style="height:12.6pt;">
  <td nowrap valign=bottom width=5% style="height:12.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Cash flows from financing activities</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(2.0)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(279.1)</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.6pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(281.1)</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=bottom width=5% style="height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=52% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=15% style="border:none;height:15.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">22</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">INTEREST IN
  SUBSIDIARIES</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Significant
  subsidiaries of the Group are those subsidiaries with the most significant
  contribution to the Group's profit or loss or assets.</font></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:6.65pt;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_accef1a2a50e480890e48aa84"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Ergo Mining
Proprietary Limited is the only significant subsidiary of the Group. It is
primarily involved in the retreatment of surface gold and all of its operations
are based in South Africa. Ergo Mining Proprietary Limited is a wholly owned
subsidiary and is incorporated in South Africa.</font></font><a name="XBRL_TS_accef1a2a50e480890e48aa84_bclEnd"></a></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:4.0pt;text-align:justify;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_114"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=5% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">23</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=95% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">ASSETS AND
  LIABILITIES CLASSIFIED AS HELD FOR SALE</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=5% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=95% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=5% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=95% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT
  ACCOUNTING JUDGEMENTS</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  assessment of whether the disposal is highly probable requires the exercise
  of significant judgement and estimates of the outcome of future events that
  are not wholly within the control of the Group</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.&nbsp;</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-current
  assets or disposal groups, comprising non-current assets and liabilities, are
  classified as held for sale if it is highly probable that they will be
  recovered primarily through sale rather than continuing use. Such assets or
  disposal groups are measured at the lower of their carrying amount and fair
  value less cost to sell. Impairment losses on initial application as held for
  sale and subsequent gains and losses on re-measurement are recognised in
  profit or loss.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-current
  assets and disposal groups cease to be classified as held for sale if it is
  not highly probable that they will be recovered primarily through sale rather
  than continuing use.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Such
  assets that cease to be classified as held for sale are measured at the lower
  of their carrying amount before such assets were classified as held for sale,
  adjusted for any depreciation that would have been recognised had such assets
  not been classified as held for sale, and their recoverable amount at the
  date of the subsequent decision not to sell.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:9.0pt;">
  <td nowrap valign=bottom width=4% style="height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:9.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=4% style="border:none;border-right:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:5.45pt;">
  <td nowrap valign=bottom width=4% style="height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Assets held for sale</font></b></p>
  </td>
 <td valign=top width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Property, plant and equipment *</font></p>
  </td>
 <td valign=top width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Opening balance </font></p>
  </td>
 <td valign=top width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.8</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transferred to property, plant and equipment</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.8)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Disposal</font></p>
  </td>
 <td valign=top width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(5.0)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Non-current investments and other assets</font></p>
  </td>
 <td valign=top width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Opening balance </font></p>
  </td>
 <td valign=top width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Growth</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.7</font></p>
  </td>
 </tr>
<tr style="height:21.0pt;">
  <td nowrap valign=bottom width=4% style="height:21.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=64% style="height:21.0pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transferred to cash and cash equivalents in environmental
  rehabilitation trust funds</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:21.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">11</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:21.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(9.9)</font></p>
  </td>
 </tr>
<tr style="height:3.0pt;">
  <td nowrap valign=bottom width=4% style="height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid black 1.0pt;height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:3.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=4% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=4% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">* Consists of land that is carried at cost and is not
  depreciated.</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:4.9pt;">
  <td nowrap valign=bottom width=4% style="height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:4.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Liabilities held for sale</font></b></p>
  </td>
 <td valign=top width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Provisions</font></p>
  </td>
 <td valign=top width=6% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Opening balance </font></p>
  </td>
 <td valign=top width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">15.6</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unwinding of provision</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.2</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="height:10.5pt;padding:0cm 2.0pt 0cm 11.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Transferred to provision for environmental rehabilitation</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;border-right:solid black 1.0pt;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">10</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:10.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(16.8)</font></p>
  </td>
 </tr>
<tr style="height:1.9pt;">
  <td nowrap valign=bottom width=4% style="height:1.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid black 1.0pt;height:1.9pt;padding:0cm 0cm 0cm 18.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=6% style="border:none;border-bottom:solid black 1.0pt;height:1.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:1.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:1.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=4% style="height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=6% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid #F9B200 1.0pt;height:10.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:6.6pt;">
  <td nowrap valign=bottom width=4% style="height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=64% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=6% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:6.6pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="XBRL_TS_78f467c9809f4c7b9b17e321b"></a><a name="XBRL_TS_cf7ac5dc9ca44b0cb2ed8bbfb"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">In line with the
Group&#8217;s strategy to exit underground mining operations, management committed to
a plan to sell certain of the underground mining and prospecting rights held by
East Rand Proprietary Mines Limited (&quot;ERPM&quot;) including the related liabilities
late during the financial year ended June 30, 2014. Since that date up to 31
December 2016, these assets and liabilities had been presented as a disposal
Group held for sale due to being &#8220;highly probable&#8221; as defined. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">At June 30, 2017,
management concluded that the disposal of these underground mining and
prospecting rights, including the related liabilities, was no longer &#8220;highly
probable&#8221; and reclassified these assets and liabilities based on their
underlying nature.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:4.8pt;margin-left:19.85pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The last
outstanding regulatory approval, being the approval under Section 11 of the
Mineral and Petroleum Resource Development Act was not fulfilled by the
purchaser. Management decided not to provide any further extension to the
purchaser and accordingly the agreement in respect of the disposal of these
underground mining and prospecting rights, including the related liabilities,
lapsed.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:4.8pt;margin-left:19.85pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="XBRL_TS_78f467c9809f4c7b9b17e321b_bclEnd"></a><a name="XBRL_TS_cf7ac5dc9ca44b0cb2ed8bbfb_bclEnd"></a><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=6% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">24</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">FINANCIAL ASSETS</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=6% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=94% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=6% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=94% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT
  ACCOUNTING JUDGEMENTS</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  assessment to define the accounting policy and subsequent classification of
  the long-term receivable requires the exercise of significant judgement of
  the outcome of future events that are not wholly under the control of the
  Group. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  judicial proceedings that impacts on the long-term receivable are inherently
  complex legal issues that are subject to uncertainties and complexities and
  are subject to interpretation.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT
  ACCOUNTING ASSUMPTIONS AND ESTIMATES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  fair value determination of the long-term receivable is determined using
  assumptions and estimates that are inherently uncertain and can change
  materially over time. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">These
  assumptions and estimates include estimating the timing of concluding on the
  main application, the ultimate settlement terms, the discount rate applied
  and the credit risk assessment for impairment purposes.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Investment
  in other entities</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  Group&#8217;s listed and unlisted investments in equity securities are classified
  as available-for-sale financial assets. These assets are initially recognised
  at fair value plus any directly attributable transaction costs. Subsequent to
  initial recognition they are measured at fair value and changes therein,
  other than impairment losses, are recognised in OCI</font><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.&nbsp;</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term
  receivable</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  long-term receivable is a non-derivative financial asset categorised as loans
  and receivables.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  asset is initially measured at fair value and any difference between the face
  value of payments made and the fair value of the long-term receivable on
  initial recognition are recognised in profit or loss as a finance expense. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Subsequent
  to initial recognition, the long-term receivable is measured at amortised
  cost using the effective interest method less any impairment losses. Unwinding
  of the carrying value is accounted for as a finance income.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Impairment</font></i></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">A
  financial asset not classified at fair value through profit or loss is
  assessed at each reporting date to determine whether there is any objective
  evidence (e.g. delinquency of a debtor and indications that a debtor will
  enter bankruptcy) that it is impaired. A financial asset is considered to be
  impaired if objective evidence indicates that one or more events have had a
  negative effect on the estimated future cash flows of that asset. </font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Any
  impairment losses are recognised in the statement of profit or loss.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:11.45pt;">
  <td nowrap valign=bottom width=7% style="border:none;border-right:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=24% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Note</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#F9B200;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:none;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:solid #F9B200 1.0pt;height:11.45pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:8.45pt;">
  <td nowrap valign=bottom width=7% style="height:8.45pt;padding:0cm 0cm 0cm 9.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#FFCC00 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=24% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:8.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.15pt;">
  <td nowrap valign=bottom width=7% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=24% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Investments in other entities</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:10.15pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.1</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:10.15pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.8</font></p>
  </td>
 </tr>
<tr style="height:10.9pt;">
  <td nowrap valign=bottom width=7% style="height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=24% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Long-term receivable</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">24.2</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">19.3</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:10.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=7% style="height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=24% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Total financial assets</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">28.7</font></b></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid #F9B200 1.0pt;height:12.0pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.8</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td nowrap valign=bottom width=7% style="height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=24% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;height:6.0pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.5pt;">
  <td nowrap valign=bottom width=6% style="height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">24.1</font></b></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=94% style="height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">INVESTMENTS IN OTHER ENTITIES</font></b></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=6% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=6% style="border:none;border-right:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Amounts in R million</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Shares
  held</font></b></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160; % held</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#F9B200;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2018</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid #F9B200 1.0pt;border-left:none;border-right:solid #F9B200 1.0pt;border-top:none;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2017</font></b></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=6% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Listed investments (Fair value hierarchy
  Level 1):</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.6</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">West Wits Mining Limited (&quot;WWM&quot;)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">47 812 500</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6.7%</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.6</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=6% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Unlisted investments (Fair value hierarchy
  Level 3):</font></b></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.2</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.2</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Rand Refinery Proprietary Limited (&quot;Rand Refinery&quot;)
  (a)</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">44 438</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">11.0%</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:13.9pt;">
  <td nowrap valign=bottom width=6% style="height:13.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=48% style="height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Guardrisk Insurance Company Limited (Cell Captive A170) ^</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">20</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;# &nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:13.9pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.1</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Chamber of Mines Building Company Proprietary Limited</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">30 160</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.0%</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.1</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.1</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Rand Mutual Assurance Company Limited</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-right:solid black 1.0pt;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;# &nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:12.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:3.75pt;">
  <td nowrap valign=bottom width=6% style="height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:3.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td nowrap valign=bottom width=6% style="height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#D9D9D9;border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">9.4</font></b></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid #F9B200 1.0pt;height:13.5pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">8.8</font></p>
  </td>
 </tr>
<tr style="height:24.75pt;">
  <td valign=bottom width=6% style="height:24.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=48% style="border:none;border-bottom:solid black 1.0pt;height:24.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Fair value adjustment on available for sale financial assets
  recognised in OCI</font></p>
  </td>
 <td valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:24.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=10% style="border:none;border-bottom:solid black 1.0pt;height:24.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=11% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;height:24.75pt;padding:0cm 5.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">0.6</font></p>
  </td>
 <td valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:24.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(0.3)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=48% style="border:none;height:12.75pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">#</font></i></sup><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">
  Represents a less than 1% shareholding.</font></i></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=10% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;height:12.75pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 </tr>
<tr style="height:22.9pt;">
  <td nowrap valign=bottom width=6% style="height:22.9pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 valign=top width=94% style="height:22.9pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.0pt;line-height:normal;">^ Class A
  170 shares are held in Guardrisk Insurance Company Limited that entitles the
  holder to 100% of the residual net equity of the Cell Captive A 170 after
  settlement of the reimbursive right.</font></i></p>
  </td>
 </tr>
<tr style="height:5.45pt;">
  <td nowrap valign=bottom width=6% style="height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=48% style="height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 <td valign=top width=14% style="height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 <td valign=top width=10% style="height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 <td valign=top width=11% style="height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 <td valign=top width=11% style="height:5.45pt;padding:0cm 0cm 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><i><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></i></p>
  </td>
 </tr>
</table></div>




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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784049"></a><a name="_Hlk528784048"></a><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;">112</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784049;">&nbsp;</font><font style="mso-bookmark:_Hlk528784048;">&nbsp;</font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_116"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p align=left style="border:none;margin:0cm;margin-bottom:12.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">24&#160;&#160; FINANCIAL ASSETS </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">continued</font></i></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:12.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">24.1 &#160;&#160; INVESTMENT
IN OTHER ENTITIES </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">continued</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">&#160;&#160;&#160; <a name="XBRL_TS_12d0a50d34a74b379550ed028"></a>(a)&#160;&#160;&#160;&#160; Rand Refinery</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:26.95pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The estimated fair
value of the investment in Rand Refinery shares remains </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">de minimis</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;"> due
to the uncertainty regarding Rand Refinery's future free cash flows and the
lack of marketability of the shares held.</font></font><a name="XBRL_TS_12d0a50d34a74b379550ed028_bclEnd"></a></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:26.95pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">MARKET RISK</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:26.95pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Other market
price risk</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:26.95pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Equity price risk
arises from changes in quoted market prices of listed investments as well as
changes in the fair value of unlisted investments due to changes in the
underlying net asset values.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:26.95pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">FAIR VALUE
OF FINANCIAL INSTRUMENTS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:26.95pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Listed
investments</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:26.95pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The fair value of
listed investments are determined by reference to published price quotations
from recognised securities exchanges and constitute level 1 instruments on the
fair value hierarchy.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:26.95pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Unlisted
investments</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:26.95pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">The valuations are
based on either the net asset values of these companies, or the consideration
of unobservable financial information which is compared to information
available in the market regarding other market participants' view on the value
of the company and constitute level 3 instruments on the fair value hierarchy.</font></font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=7% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">24.2</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=93% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">LONG-TERM RECEIVABLE</font></b></font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Payments
were made under protest to the Municipality (refer note 25) amounting to R 27.4
million </font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">(excluding VAT)</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">, consisting of an initial payment
of R22.5 million as well as subsequent payments of R4.9 million comprising the
difference between the J-tariff and the Eskom tariff. The initial payment was
made from cash held in escrow relating to the electricity tariff dispute with
Ekurhuleni Metropolitan Municipality (refer note 12).&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
long-term receivable resulting from these payments was initially recognised at
fair value of R18.6 million, resulting in a fair value adjustment at initial
recognition of R8.8 million, accounted for as finance expense (refer note 7).</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
long-term receivable constitutes a level 3 instrument on the fair value
hierarchy. The fair value was determined using the income approach present
value technique. The calculation was based on the following assumptions: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:42.55pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">discount rate: 11.68% representing the Municipality maximum cost
of borrowing on bank loans as disclosed in their June 30, 2017 annual report;
and </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:42.55pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-14.2pt;"><font face=Symbol style="border:none;"><font face=Symbol lang=EN-US style="font-size:9.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">discount period: 3 years representing management&#8217;s best estimate
of the date of conclusion of the Main Application.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">During
the year, an unwinding of R0.7 million was recognised, accounted for as finance
income (refer note</font></font><font face=Calibri,sans-serif style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">6). </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">CREDIT
RISK</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
Group is exposed to credit risk on the total carrying value of the long-term
receivable. The credit risk was considered in the determination of the fair
value at initial recognition by discounting the payments made over the
estimated period until the conclusion of the Main Application using the
Municipality&#8217;s incremental cost of borrowing.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
Group manages the credit risk by regularly monitoring the events surrounding
the outcome of the Main Application and assessing the long-term receivable for
recoverability.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">FAIR
VALUE OF FINANCIAL INSTRUMENTS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
carrying value of the payments made resulting in the other long-term receivable
is adjusted to its fair value on an ongoing basis by initially discounting and
subsequently unwinding over the estimated period until the expected conclusion
of the Main Application using the Municipality&#8217;s incremental cost of borrowing</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784049"></a><a name="_Hlk528784048"></a><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;">113</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784049;">&nbsp;</font><font style="mso-bookmark:_Hlk528784048;">&nbsp;</font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:13.8pt;">
  <td nowrap valign=bottom width=5% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">25</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=95% style="height:13.8pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">CONTINGENT ASSETS
  AND LIABILITIES</font></b></font></p>
  </td>
 </tr>
<tr style="height:7.3pt;">
  <td nowrap valign=top width=5% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 <td nowrap valign=bottom width=95% style="height:7.3pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:4.0pt;line-height:115%;">&nbsp;</font></b></font></p>
  </td>
 </tr>
<tr style="height:28.65pt;">
  <td nowrap valign=top width=5% style="height:28.65pt;padding:0cm 0cm 0cm 0cm;">
  <p align=left style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=95% style="background:#D9D9D9;height:28.65pt;padding:0cm 2.0pt 0cm 2.0pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">SIGNIFICANT
  ACCOUNTING JUDGEMENTS</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
  assessment of whether an obligating event results in a liability or a
  contingent liability require the exercise of significant judgement of the
  outcome of future events that are not wholly within the control of the Group.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Litigation
  and other judicial proceedings inherently entail complex legal issues that
  are subject to uncertainties and complexities and are subject to
  interpretation.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ACCOUNTING
  POLICIES</font></b></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">A
  contingent liability is a possible obligation arising from past events and
  whose existence will be confirmed only by occurrence or non-occurrence of one
  or more uncertain future events not wholly within the control of the Group. A
  contingent liability may also be a present obligation arising from past
  events but is not recognised on the basis that an outflow of economic resources
  to settle the obligation is not viewed as probable, or the amount of the
  obligation cannot be reliably measured. When the Group has a present
  obligation, an outflow of economic resources is assessed as probable and the
  Group can reliably measure the obligation, a provision is recognised.</font></font></p>
  </td>
 </tr>
</table></div>



<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><a name="XBRL_TS_e15f9d773be34f8b90b0362c9"></a><a name="XBRL_TS_29deee9256334db38a2e8760e"></a><font color=#FFC000 face=Arial,sans-serif style="border:none;"><b><font color=#FFC000 face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">Environmental</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Mine
residue deposits may have a potential pollution impact on ground water through
seepage. The Group has taken certain preventative actions as well as remedial
actions in an attempt to minimise the Group&#8217;s exposure and environmental
contamination.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
flooding of the western and central basins have the potential to cause
pollution due to Acid Mine Drainage (&#8220;AMD&#8221;) contaminating the ground water. The
government has appointed Trans-Caledon Tunnel Authority (&#8220;TCTA&#8221;) to construct a
partial treatment plant to prevent the ground water being contaminated. TCTA
completed the construction of the neutralisation plant for the Central Basin
and commenced treatment during July 2014. As part of the heads of agreement
signed in December 2012 between EMO, Ergo, ERPM and TCTA, sludge emanating from
this plant since August 2014 has been co-disposed onto the Brakpan Tailings
Storage facility. Partially treated water has been discharged by TCTA into the
Elsburg Spruit.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">This
agreement includes the granting of access to the underground water basin
through one of ERPM&#8217;s shafts and the rental of a site onto which it constructed
its neutralisation plant. In exchange, Ergo and its associate companies
including ERPM have a set-off against any future directives to make any
contribution toward costs or capital of up to R250 million. Through this
agreement, Ergo also secured the right to purchase up to 30 Ml of partially
treated AMD from TCTA at cost, in order to reduce Ergo&#8217;s reliance on potable
water for mining and processing purposes.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">While
the heads of agreement should not be seen as an unqualified endorsement of the
state&#8217;s AMD solution, and do not affect our right to either challenge future
directives or to implement our own initiatives should it become necessary, it
is an encouraging development. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD,
through its participation in the Western Utilities Corporation initiative,
provided the government with a solution for a sustainable long-term solution to
AMD. This solution would have been at no cost to the mines and government. In
view of the limitation of current information for the accurate estimation of a
potential liability, no reliable estimate can be made for the possible
obligation.</font></font><a name="XBRL_TS_29deee9256334db38a2e8760e_bclEnd"></a><a name="XBRL_TS_e15f9d773be34f8b90b0362c9_bclEnd"></a></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p align=left style="border:none;margin:0cm;margin-bottom:12.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">25&#160;&#160; CONTINGENT </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">ASSETS
AND </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">LIABILITIES </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">continued</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Ekurhuleni Metropolitan Municipality (&quot;Municipality&quot;)
Electricity Tariff Dispute</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:115%;">The Main Application</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Integral
to Ergo&#8217;s gold extraction operation is its metallurgical plant at Brakpan
(&#8220;Ergo Plant&#8221;) located within the municipal boundaries of the Municipality. &#160;In
order to operate the Ergo Plant and conduct its business operations, Ergo
requires a reliable and steady feed of electricity which it draws from Eskom&#8217;s Ergo
Central Substation. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Over
the past several years the Municipality has charged Ergo for such electricity,
at the Megaflex tariff, which is the rate at which Eskom charges its large
power users plus an additional surcharge.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Pursuant
to its own investigations, and after having sought legal advice on the matter,
Ergo determined that not only is it supplied by Eskom, not the Municipality,
but also that the surcharges levied were inconsistent with the provisions of
the Local Government: Municipal Systems Act (&#8220;Systems Act&#8221;), which sets down
clear and strict parameters in this regard. Ergo subsequently challenged the
Municipality, Eskom and the National Energy Regulator of South Africa (&#8220;NERSA&#8221;)
for declaratory relief. Included in the application are the Minister of Energy
Affairs, the Minister of Co-operative Governance &amp; Traditional Affairs and
the South African Local Government Association, the latter 4 (four) respondents
against whom Ergo does not seek any relief and who have not opposed the
application.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo
seeks the following relief:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-16.15pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1.&#160;&#160;&#160; declaring that it is not supplied electricity by the
Municipality and that the Municipality is not authorised to levy a surcharge of
40% (&#8220;the D-tariff&#8221;) to the rate which Eskom ordinarily charges Ergo on its
Megaflex rate (&#8220;Eskom tariff&#8221;);&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-16.15pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2.&#160;&#160;&#160; declaring that the Municipality is in breach of its
temporary Distribution Licence (issued by NERSA) by purporting to supply
electricity to Ergo at the Ergo Plant;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-16.15pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">3.&#160;&#160;&#160; declaring that neither the Municipality nor Eskom may
lawfully insist that only the Municipality may supply electricity to Ergo at
the Ergo Plant;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">4.&#160;&#160;&#160; declaring
that Eskom presently supplies electricity to Ergo at the Ergo Plant; and</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-16.15pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5.&#160;&#160;&#160; directing Eskom to conclude a consumer agreement with Ergo
for the supply of electricity at the Ergo Plant at Eskom&#8217;s Megaflex tariff.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo
also instituted a counterclaim against the Municipality for the recovery of the
surcharges which were erroneously paid to the Municipality in the </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">bona fide</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">
belief that they were due and payable prior to the Main Application of
approximately R43 million (these surcharges were expensed for accounting
purposes). </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Consequently,
and pending the final determination of the Main Application by the High Court,
Ergo stopped paying the surcharges to the Municipality, paying and expensing
only the Eskom tariff and depositing the difference comprising the D-tariff
into its attorneys&#8217; trust account as security in favour of the Municipality in
the event that the court rules against Ergo. These surcharges were not expensed
but recognised under cash and cash equivalents as restricted cash (refer note
12). </font></font></p>

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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=left style="border:none;margin:0cm;margin-bottom:12.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">25&#160;&#160; CONTINGENT </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">ASSETS AND </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">LIABILITIES </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">continued</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Ekurhuleni Metropolitan Municipality (&quot;Municipality&quot;)
Electricity Tariff Dispute </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">continued</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
Urgent Application</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">In
May 2015 the Municipality threatened to, through an interruption to the Eskom
supply grid, cause the supply of electricity to the Ergo Central Substation to
be terminated.&#160; Ergo successfully interdicted the Municipality, pending the
determination of the Main Application.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
Municipality sought leave to appeal the interdict, which application was
rejected by the High Court. The Municipality then successfully petitioned the
Supreme Court of Appeal (&#8220;SCA&#8221;) in Bloemfontein for leave to appeal thereto.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo
subsequently, and ultimately, petitioned the Constitutional Court in
Braamfontein, Johannesburg in December 2017 for leave to appeal thereto against
the latter judgment of the full bench of the SCA which found in favour of the
Municipality. In January 2018, the Constitutional Court rejected and refused to
hear Ergo&#8217;s petition for a further appeal.&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">This
ruling enabled the Municipality to avail itself of the credit control measures
provided for in the Systems Act by terminating the supply of electricity to
Ergo, unless it paid the surcharges levied in their entirety and which were
retained in Ergo&#8217;s attorneys&#8217; trust account over to the Municipality. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">On
the date of the Constitutional Court ruling, the money held in Ergo&#8217;s
attorney&#8217;s trust account amounted to approximately R126 million. In February
2018, Ergo paid R25.2 million (including VAT) from the trust account to the
Municipality, under protest and without prejudice and/or admission of liability
(refer note 24.2). This amount was the difference between the surcharge of 11%
(&#8220;the J-tariff&#8221;) over the Eskom tariff which was introduced during the course
of 2017 </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#8220;for bulk supplies at medium and high voltage situated in a position
designated by the Municipality as close-coupled to the Eskom grid&#8221;</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">. The
J-tariff, which Ergo still deems to be irregular and disproportionate in
accordance with the provisions of the Systems Act, is significantly lower than
the previously imposed &#8220;D-tariff&#8221;. The balance, following the payments of the
R25.2 million, remains in the trust account of Ergo&#8217;s attorneys of record.
Subsequently, Ergo pays monthly to the Municipality, the amount calculated at
the lower J-tariff in respect of its electricity consumption, under protest and
without prejudice and/or admission of liability (refer note 24.2). </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Ergo&#8217;s
legal team is confident about the prospects of success in the Main Application on
the basis that the Municipality does not supply electricity to Ergo or in any
manner add value to Eskom&#8217;s supply of electricity to Ergo. Ergo is furthermore,
in terms of the Main Application, in addition to its contention that the
Municipality does not supply electricity to it and not licensed to supply it,
challenging the imposition of both the J-tariff and D-tariff on the grounds
that they are, </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">inter alia</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">, </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">ultra vires</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> and beyond the scope of
the Municipality&#8217;s Electricity By-Laws, the Systems Acts as well as the Credit
Control and Debt Collection By-Laws. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
Main Application has been set down for hearing on December 5, 2018. Based on management&#8217;s
assessment of the probability of outflows, no liability for any surcharges
claimed by the Municipality has been recognised</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">.</font></font></p>

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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784049"></a><a name="_Hlk528784048"></a><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;">116</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784049;">&nbsp;</font><font style="mso-bookmark:_Hlk528784048;">&nbsp;</font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=left style="border:none;margin:0cm;margin-bottom:12.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">25&#160;&#160; CONTINGENT </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">ASSETS AND </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">LIABILITIES </font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">continued</font></i></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:115%;">Occupational Lung
Diseases</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><a name="XBRL_TS_4370ab5e626846f5bbe0ea3d9_bclEnd"></a><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">In January
2013, DRDGOLD, ERPM (&#8220;DRDGOLD Respondents&#8221;) and 23 other mining companies
(&#8220;Other Respondents&#8221;) (collectively referred to as &quot;Respondents&quot;) were
served with a court application issued in the High Court of South Africa
(&#8220;Court&quot;) for a class certification (&#8220;Certification Application&#8221;) on
behalf of former mineworkers and dependents of deceased mineworkers
(&#8220;Applicants&#8221;). In the application the Applicants allege that the Respondents
conducted underground mining operations in a negligent and complicit manner
causing the former mineworkers to contract occupational lung diseases. The
Applicants have as yet not quantified the amounts which they are demanding from
the Respondents in damages.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">On
May 13, 2016, the Court granted an order for, </font><i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">inter alia,</font></i><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> (1)
certification of two industry-wide classes: a silicosis class and a
tuberculosis class, both of which cover current and former underground
mineworkers who have contracted the respective diseases (or the dependants of
mineworkers who died of those diseases); and (2) that the common law be
developed to provide that in instances where a claimant claiming general
damages passed away, the claim for general damages will be transmitted to the
estate of the deceased claimant. This order did not represent a ruling on the
merits of the Application brought against the Respondents.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">An
application for leave to appeal to the Supreme Court of Appeal (&#8220;SCA&#8221;) was
brought by each of the respondent mining companies against the judgment of the
Court, specifically on the allegations of the certification and
transmissibility of damages to the estate of a deceased mineworker. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">In
June 2016, the Court granted leave to appeal to the SCA against the
transmissibility of damages but refused leave to appeal in respect of the
certification. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
DRDGOLD Respondents (together with each of the Working Group companies) served
a notice of appeal to petition the SCA against the order for certification and
the transmissibility of damages. The SCA granted leave to appeal thereto on
both issues in September 2016. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
appeal to the SCA was set down for hearing in March 2018 but was subsequently
postponed by agreement between the Applicants and the Respondent companies in
light of the progress made by the Working Group as described below. The SCA
endorsed and upheld the postponement. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
Respondent companies formed a Working Group consisting of representatives from
each company to consider and discuss issues pertaining to the action. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD
withdrew from the Working Group in January 2016.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">The
remaining members of the Working Group have all raised accounting provisions during
the calendar year 2017 due to progress made by the Working Group towards a
possible settlement with the Applicants. In May 2018, the remaining members of
the Working Group announced that a mediated settlement agreement had been
reached. The agreement is subject to certain conditions, including the approval
by the South African High Court after which an effective date of the agreement
will be set. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">DRDGOLD
is not a party to the Working Group&#8217;s mediated settlement agreement and
maintains the view that it is too early to consider settlement of the matter,
mainly for the following reasons: </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8226;&#160;&#160;&#160;&#160;&#160; the
Applicants have as yet not issued and served a summons (claim) in the matter; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8226;&#160;&#160;&#160;&#160;&#160; there is no indication of the number of potential
claimants that may join the class action against the DRDGOLD respondents;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8226;&#160;&#160;&#160;&#160;&#160; many
principles upon which legal responsibility may be founded, are required to be
substantially developed by the trial court (and possibly subsequent courts of
appeal) to establish liability on the bases alleged by the applicants.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:19.85pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">In
light of the above there is inadequate information to determine if a sufficient
legal and factual basis exists to establish liability, and to quantify such
potential liability.</font></font></p>

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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784049"></a><a name="_Hlk528784048"></a><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;">117</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784049;">&nbsp;</font><font style="mso-bookmark:_Hlk528784048;">&nbsp;</font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">26&#160;&#160; FINANCIAL INSTRUMENTS</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Overview</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group has exposure to
credit risk, liquidity risks, as well as other market risks from its use of
financial instruments. This note presents information about the Group&#8217;s
exposure to each of the above risks, the Group&#8217;s objectives and policies and
processes for measuring and managing risk. The Group&#8217;s management of capital is
disclosed in note 19. This note must be read with the quantitative disclosures
included throughout these consolidated financial statements.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Financial risk
management framework</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The board of directors
(&#8220;Board&#8221;) has overall responsibility for the establishment and oversight of the
Group&#8217;s risk management framework. The Board has established the Audit and Risk
Committee, which is responsible for developing and monitoring the Group&#8217;s risk
management policies. The committee reports regularly to the Board on its
activities.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group&#8217;s risk management
policies are established to identify and analyse the risks faced by the Group,
to set appropriate risk limits and controls, and to monitor risks and adherence
to limits. Risk management policies and systems are reviewed regularly to
reflect changes to market conditions and the Group&#8217;s activities. The Group,
through its training and management standards and procedures, aims to develop a
disciplined and constructive control environment in which all employees
understand their roles and obligations.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Audit and Risk Committee
oversees how management monitors compliance with the Group&#8217;s risk management
policies and procedures, and reviews the adequacy of the risk management
framework in relation to the risks faced by the Group. The Audit and Risk
Committee is assisted in its oversight role by the internal audit function. The
internal audit function undertakes both regular and ad hoc reviews of risk
management controls and procedures, the results of which are reported to the
Audit and Risk Committee.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; CREDIT RISK</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Credit risk is the risk of
financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally
from the Group&#8217;s receivables and investment securities.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group&#8217;s financial
instruments do not represent a concentration of credit risk due to the exposure
to credit risk being managed as disclosed in the following notes:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 11&#160;&#160;&#160;&#160;&#160; INVESTMENTS IN
REHABILITATION OBLIGATION FUNDS</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 12&#160;&#160;&#160;&#160;&#160; CASH AND CASH
EQUIVALENTS</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 14&#160;&#160;&#160;&#160;&#160; TRADE AND
OTHER RECEIVABLES</font></font><a name="XBRL_TS_2c1b7191f4a34c3688820d33e_bclEnd"></a><a name="XBRL_TS_750e2ad0a35f40b78a7ab634e_bclEnd"></a></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 24&#160;&#160;&#160;&#160;&#160; FINANCIAL
ASSETS</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><a name="XBRL_TS_92ebd439925c470fa6efa0448"></a><a name="XBRL_TS_d473338b84c04dff955b78cd9"></a><a name="XBRL_TS_64efe133b38844489ae3e877a"></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784049"></a><a name="_Hlk528784048"></a><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;">118</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784049;">&nbsp;</font><font style="mso-bookmark:_Hlk528784048;">&nbsp;</font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">26&#160;&#160; FINANCIAL INSTRUMENTS</font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;"> &nbsp;</font></b></font><font color=#F9B200 face=Arial,sans-serif style="border:none;"><i><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">continued</font></i></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; MARKET RISK</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Market risk is the risk that
changes in market prices, such as commodity prices, foreign exchange rates,
interest rates and equity prices will affect the consolidated profit or loss or
the value of its financial instruments. The objective of market risk management
is to manage and control market risk exposures within acceptable parameters,
while optimising returns.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:10.0pt;text-align:justify;text-indent:19.85pt;"><font face=Arial,sans-serif style="border:none;"><b><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Commodity price risk</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Additional disclosures are
included in the following note:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 4&#160;&#160;&#160;&#160;&#160;&#160;&#160; REVENUE</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Other market risk</font></i></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Additional disclosures are
included in the following note:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 24.1&#160;&#160; INVESTMENTS IN
OTHER ENTITIES</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Interest rate risk</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Fluctuations in interest
rates impact on the value of short-term cash investments and financing
activities, giving rise to interest rate risk. In the ordinary course of
business, the Group receives cash from its operations and is obliged to fund
working capital and capital expenditure requirements. This cash is managed to
ensure surplus funds are invested in a manner to achieve maximum returns while
minimising risks. Lower interest rates result in lower returns on investments
and deposits and also may have the effect of making it less expensive to borrow
funds at then current rates. Conversely, higher interest rates result in higher
interest payments on loans and overdrafts.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Additional disclosures are
included in the following notes:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 11&#160;&#160;&#160;&#160;&#160; INVESTMENTS IN
REHABILITATION OBLIGATION FUNDS</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 12&#160;&#160;&#160;&#160;&#160; CASH AND CASH
EQUIVALENTS</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Foreign currency risk</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group enters into
transactions denominated in foreign currencies, such as gold sales denominated
in US dollar, in the ordinary course of business. This exposes the Group to
fluctuations in foreign currency exchange rates.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Additional disclosures are
included in the following notes:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 12&#160;&#160;&#160;&#160;&#160; CASH AND CASH
EQUIVALENTS</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 14&#160;&#160;&#160;&#160;&#160; TRADE AND
OTHER RECEIVABLES</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">LIQUIDITY RISK&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">Liquidity risk is the risk
that the Group will not be able to meet its financial obligations as they fall
due. The Group&#8217;s approach to managing liquidity is to ensure, as far as
possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Group&#8217;s reputation.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:19.85pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">The Group ensures that it has
sufficient cash on demand to meet expected operational expenses, including the
servicing of financial obligations; this excludes the potential impact of
extreme circumstances that cannot reasonably be predicted, such as natural
disasters.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; Additional disclosures are
included in the following note:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 15&#160;&#160;&#160;&#160;&#160; TRADE AND
OTHER PAYABLES</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE 19&#160;&#160;&#160;&#160;&#160; CAPITAL
MANAGEMENT</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><a name="XBRL_TS_64efe133b38844489ae3e877a_bclEnd"></a><a name="XBRL_TS_92ebd439925c470fa6efa0448_bclEnd"></a><a name="XBRL_TS_d473338b84c04dff955b78cd9_bclEnd"></a></p>

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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784049"></a><a name="_Hlk528784048"></a><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;">119</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784049;">&nbsp;</font><font style="mso-bookmark:_Hlk528784048;">&nbsp;</font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">27&#160;&#160; RELATED PARTIES</font></b></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Disclosures are included in the
following notes:</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 18.2&#160;&#160; TRANSACTIONS WITH KEY
MANAGEMENT PERSONNEL</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE
20&#160;&#160;&#160;&#160;&#160; EQUITY</font></font><font face=Calibri,sans-serif style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:1.0pt;line-height:normal;">&#160;&#160;&#160; &nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE 22&#160;&#160;&#160;&#160;&#160; INTEREST IN
SUBSIDIARIES</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><a name="XBRL_TS_1e8fc5080d704867ae9c1d71e_bclEnd"></a><font face=Calibri,sans-serif style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:1.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><a name="XBRL_TS_5849b2e264c940b8886de89e3_bclEnd"></a></p>

<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;text-align:left;"><a name="XBRL_TS_dc1a9e498692460e85d2a6708"></a><a name="XBRL_TS_370819e4a1dc4649a8a1fc3f7"></a><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">28&#160;&#160; SUBSEQUENT
EVENTS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:21.25pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">There were
no significant subsequent events between the year-end reporting date of June 30,
2018 and the date of issue of these financial statements other than described
below and included in the preceding notes to the consolidated financial
statements.</font></font><a name="_Hlk524240136"></a><a name="_Hlk526229002"></a><a name="XBRL_TS_370819e4a1dc4649a8a1fc3f7_bclEnd"></a><a name="XBRL_TS_dc1a9e498692460e85d2a6708_bclEnd"></a></p>

<p align=left style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:left;"><font color=#F9B200 face=Arial,sans-serif style="border:none;"><b><font color=#F9B200 face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160; Acquisition of FWGR </font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:21.25pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">On November
22, 2017, DRDGOLD Limited signed an agreement for the acquisition of the gold
assets associated with Sibanye-Stillwater&#8217;s West Rand Tailings Retreatment
Project (&#8220;WRTRP&#8221;), to be known going forward as Far West Gold Recoveries
Proprietary Limited (&#8220;FWGR&#8221;).&#160; </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:21.25pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">On July 31, 2018
the transaction became effective on the waiver of the last outstanding
condition, being the granting of the Section 102 Applications to
Sibanye-Stillwater.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:6.0pt;margin-left:21.25pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">As purchase
consideration for the acquisition of these assets, DRDGOLD Limited issued 265
million new ordinary shares equal to 38.05% of DRDGOLD Limited&#8217;s outstanding
shares to Sibanye-Stillwater and granted Sibanye-Stillwater an option to
subscribe for new ordinary shares up to a total of 50.1% of the total issued
ordinary shares of DRDGOLD Limited at a 10% discount to the prevailing market
value, to be exercised within a period of 2 years from the effective date of the
acquisition. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">Additional
disclosures are included in the following notes:</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE
4 &#160;&#160;&#160;&#160;&#160;&#160; REVENUE</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">NOTE
19 &#160;&#160;&#160;&#160; CAPITAL MANAGEMENT</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">N</font></font><font face=Arial,sans-serif style="border:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">OTE
20 &#160;&#160;&#160;&#160; EQUITY</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:21.25pt;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>



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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan;text-align:right;"><a name="_Hlk528784049"></a><a name="_Hlk528784048"></a><a name="_Hlk528784038"></a><a name="_Hlk528784037"></a><a name="_Hlk528784030"></a><a name="_Hlk528784029"></a><a name="_Hlk528784019"></a><a name="_Hlk528784018"></a><a name="_Hlk528784012"></a><a name="_Hlk528784011"></a><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;display:none;mso-fareast-font-family:Calibri;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;">120</font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">32</font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784011;"><font style="mso-bookmark:_Hlk528784012;"><font style="mso-bookmark:_Hlk528784018;"><font style="mso-bookmark:_Hlk528784019;"><font style="mso-bookmark:_Hlk528784029;"><font style="mso-bookmark:_Hlk528784030;"><font style="mso-bookmark:_Hlk528784037;"><font style="mso-bookmark:_Hlk528784038;"><font style="mso-bookmark:_Hlk528784048;"><font style="mso-bookmark:_Hlk528784049;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"></font></font></font></font></font></font></font></font></font></font></font></font></font><font style="mso-bookmark:_Hlk528784049;">&nbsp;</font><font style="mso-bookmark:_Hlk528784048;">&nbsp;</font><font style="mso-bookmark:_Hlk528784038;">&nbsp;</font><font style="mso-bookmark:_Hlk528784037;">&nbsp;</font><font style="mso-bookmark:_Hlk528784030;">&nbsp;</font><font style="mso-bookmark:_Hlk528784029;">&nbsp;</font><font style="mso-bookmark:_Hlk528784019;">&nbsp;</font><font style="mso-bookmark:_Hlk528784018;">&nbsp;</font><font style="mso-bookmark:_Hlk528784012;">&nbsp;</font><font style="mso-bookmark:_Hlk528784011;">&nbsp;</font><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;">&nbsp;</font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:normal;">ITEM 19. EXHIBITS</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following exhibits are filed as a part of
this Annual Report:</font></font></p>

<div align=center>

<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">

  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">1.1<sup>(1)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Memorandum of Association of DRDGOLD
  Limited.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">1.2<sup>(6)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Articles of Association of DRDGOLD Limited,
  as amended on November&nbsp;8, 2002.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000104746902008746/a2096282zex-1_2.txt"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000104746902008746/a2096282zex-1_2.txt</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">1.3<sup>(1)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Excerpts of relevant provisions of the
  South African Companies Act.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">1.5<sup>(9)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Memorandum of Incorporation, as amended on
  November 30, 2012.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000120561313000188/ex1_5.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000120561313000188/ex1_5.htm</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">2.1<sup>(1)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Excerpts of relevant provisions of the
  Johannesburg Stock Exchange Listings Requirements.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">2.2<sup>(4)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Indenture between DRDGOLD Limited, as
  Issuer, and The Bank of New York Mellon, as Trustee, dated November 12, 2002.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000104746902008746/a2096282zex-2_2.txt"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000104746902008746/a2096282zex-2_2.txt</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.1<sup>(2)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Deposit Agreement among DRDGOLD Limited,
  The Bank of New York Mellon as Depositary, and owners and holders of American
  Depositary Receipts, dated as of August 12, 1996, as amended and restated as
  of October 2, 1996, as further amended and restated as of August 6, 1998, as
  further amended and restated July 23, 2007.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.2<sup>(3)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Form of Non&#8209;Executive Employment
  Agreement.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.3<sup>(3)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Form of Executive Employment Agreement.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.4<sup>(4)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Agreement between DRDGOLD Limited and Rand
  Refinery Limited, dated October 12, 2001.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000104746902008746/a2096282zex-4_36.txt"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000104746902008746/a2096282zex-4_36.txt</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.5<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Local Mine Bullion Refining Agreement between DRDGOLD Limited and Rand
  Refinery Limited, dated June 27</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">, 2018.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.6<sup>(5)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Option Agreement entered into by and between DRDGOLD
  Limited and M5 Developments Proprietary Limited, dated July 21, 2005.</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000120561305000206/ex4_91.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000120561305000206/ex4_91.htm</font></u></a></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.7<sup>(7)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Domestic Medium Term Note Programme (&#8220;Programme&#8221;) entered into
  by DRDGOLD South African Operations Proprietary Limited (&#8220;Issuer&#8221;) and
  DRDGOLD Limited (&#8220;guarantor&#8217;) dated September 30 2010.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000120561310000164/ex4_138.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000120561310000164/ex4_138.htm</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.8<sup>(8)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Domestic Medium Term Note ) and High Yield Programme (&#8220;DMTN
  Programme&#8221;)&#160; Agreement entered into by DRDGOLD&#160; Limited (&#8220;Issuer&#8221;)&#160; Crown
  Gold Recoveries Proprietary Limited&#160; (&#8220;Crown Gold&#8221;), East Rand Proprietary
  Mines Limited (&#8220;ERPM&#8221;), Ergo Mining Operations Proprietary Limited (&#8220;EMO&#8221;)
  )and&#160; ABSA Bank&#160; Limited (&#8220;ABSA&#8221;) ) dated&#160; June 30, 2012.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000120561312000150/ex4_139.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000120561312000150/ex4_139.htm</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.9<sup>(8)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Sale of Shares and Claims Agreement entered into by Village Main
  Reef Limited (&#8220;Village&#8221;), DRDGOLD Limited (&#8220;DRDGOLD&#8221;) (&#8220;Seller&#8221;), Business
  Venture Investments No 1557 Proprietary Limited (&#8220;Purchaser&#8221;) and
  Blyvooruitzicht Gold Mining Company Limited (&#8220;Blyvoor&#8221;) dated February 11,
  2012.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000120561312000150/ex4_140.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000120561312000150/ex4_140.htm</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.10<sup>(9)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Heads of Agreement entered into by Trans-Caledon Tunnel
  Authority (&#8220;TCTA&#8217;), Ergo Mining Operations Proprietary Limited (&#8220;EMO&#8221;), East
  Rand Proprietary Mines Limited (&#8220;ERPM&#8221;) and Crown Gold Recoveries Proprietary
  Limited (&#8220;CGR&#8221;) (collectively CGR, EMO and ERPM are called &#8220;the Ergo Group&#8221;)
  dated November 28, 2012.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000120561313000188/ex4_39.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000120561313000188/ex4_39.htm</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.11<sup>(10)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Share Sale and Subscription Agreement between DRDGOLD Limited
  (&quot;DRDGOLD&quot;) and Khumo Gold SPV Proprietary Limited
  (&quot;Khumo&quot;) dated March 17, 2014.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000120561314000145/ex4_40.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000120561314000145/ex4_40.htm</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.12<sup>(10)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Share Sale and Subscription Agreement between DRDGOLD Limited
  (&quot;DRDGOLD&quot;) and DRDSA Empowerment Trust
  (the Trust) dated March 17, 2014.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000120561314000145/ex4_41.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000120561314000145/ex4_41.htm</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">4.13<sup>(11)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.55pt;text-align:left;text-indent:-1.55pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Settlement Agreement between DRDGOLD Limited
  (&quot;DRDGOLD&quot;) and VMR Gold Investments 02 Proprietary Limited
  (&quot;VMR Gold&quot;) dated May 28, 2015.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.55pt;text-align:left;text-indent:-1.55pt;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000120561315000144/ex4_42.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000120561315000144/ex4_42.htm</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:1.55pt;text-align:left;text-indent:-1.55pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">8.1<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="exhibit8.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">List of
  Subsidiaries</font></u></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10.1<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="exhibit10.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">DRD Exchange Agreement entered into by DRDGOLD Limited (&#8220;DRDGOLD&#8221;) and
  Sibanye Gold Limited</font></u></a></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10.2<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="exhibit10002.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Sibanye-Stillwater Exchange Agreement entered into by Sibanye Gold
  Limited and K2017449061 (South Africa)</font></u></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> Proprietary Limited (to be renamed WRTRP Proprietary
  Limited) and including DRDGOLD Limited (&#8220;DRDGOLD&#8221;)</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10.3<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="exhibit10003.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">DRD Guarantee issued by DRDGOLD Limited (&#8220;DRDGOLD&#8221;) to and in favor of
  Sibanye Gold Limited</font></u></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10.4<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="exhibit10004.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">DRD Option Agreement between DRDGOLD Limited (&#8220;DRDGOLD&#8221;) and Sibanye
  Gold Limited</font></u></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10.5<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="exhibit10005.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Closing and Amending Agreement, dated 20 July 2018, among Sibanye Gold
  Limited, WRTRP Proprietary Limited</font></u></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> and DRDGOLD Limited; each of the following annexures are
  incorporated by reference to Sibanye-Stillwater's Schedule 13-D, Exhibit 99.5
  filed with the Securities and Exchange Commission on July 31, 2018</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Annexure A &#8212; Approval of Financial
  Surveillance Department of SARB;&#160; </font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Annexure B &#8212; JSE Approval of DRD Circular; </font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Annexure C &#8212; TRP Approval of DRD Circular; </font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Annexure D &#8212; Approval in Terms of
  Competition Act; </font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Annexure E &#8212; Press Announcement Confirming
  Approval of DRD Shareholders; </font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Annexure F &#8212; Environmental Authorisations
  and Waste Management Licences; </font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Annexure G &#8212; Confirmation of VAT
  Registration of Issuing Party; </font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Annexure H &#8212; Lender&#8217;s Consent in Terms of
  the Rand Revolving Credit Facility; and&#160; </font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Annexure I &#8212; Employees of the Business as
  at the Delivery Date of the Closing and Amending Agreement.</font></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="http://www.sec.gov/Archives/edgar/data/1023512/000110465918048791/0001104659-18-048791-index.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">http://www.sec.gov/Archives/edgar/data/1023512/000110465918048791/0001104659-18-048791-index.htm</font></u></a></font></p>
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">10.6<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="exhibit10006.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Revolving Credit Facility</font></u></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">12.1<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="exhibit12.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Certification pursuant to Section 302 of the Sarbanes&#8209;Oxley Act
  of 2002</font></u></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">12.2<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="exhibit12002.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Certification pursuant to Section 302 of the Sarbanes&#8209;Oxley Act
  of 2002</font></u></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">13.1<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="exhibit13.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Certification pursuant to Section 906 of the Sarbanes&#8209;Oxley Act
  of 2002</font></u></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:left;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">13.2<sup>(12)</sup></font></font></p>
  </td>
 <td valign=top width=86% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font style="border:none;"><a href="exhibit13002.htm"><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Certification pursuant to Section 906 of the Sarbanes&#8209;Oxley Act
  of 2002</font></u></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">.</font></font></p>
  </td>
 </tr>
</table>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:no-line-numbers;text-align:justify;"><font style="border:none;"><font face="Times Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


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<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">___________</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">(1)</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Incorporated by reference to our
Registration Statement (File No.&nbsp;0-28800) on Form&nbsp;20-F. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">(2)</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Incorporated by reference to Amendment No.
1 to our Registration Statement (File No.&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">333-140850</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">) on Form&nbsp;F-6.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">(3)</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Incorporated by reference to our Annual
Report on Form&nbsp;20-F for the fiscal year ended June&nbsp;30, 2000. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">(4)</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Incorporated by reference to our Annual
Report on Form&nbsp;20-F for the fiscal year ended June&nbsp;30, 2002. </font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">(5)</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Incorporated by reference to our Annual
Report on Form 20-F for the fiscal year ended June 30, 2005.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">(6)</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160; Incorporated by reference to our Annual
Report on Form 20-F for the fiscal year ended June 30, 2006.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">(7)</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; Incorporated by reference to our Annual
Report on Form 20-F for the fiscal year ended June 30, 2010.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">(8)</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; Incorporated by reference to our Annual
Report on Form 20-F for the fiscal year ended June 30, 2012.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">(9)</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; Incorporated by reference to our Annual
Report on Form 20-F for the fiscal year ended June 30, 2013.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">(10)</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; Incorporated by reference to our Annual
Report on Form 20-F for the fiscal year ended June 30, 2014.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">(11)</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; Incorporated by reference to our Annual
Report on Form 20-F for the fiscal year ended June 30, 2015.</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;(12)&nbsp;</font></font></sup><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160; Filed herewith.</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p align=left style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:normal;">SIGNATURES</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The registrant hereby certifies that it meets
all of the requirements for filing on Form&nbsp;20-F and that it has duly
caused and authorized the undersigned to sign this annual report on its behalf.
</font></font></p>

<p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>

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<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
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  <td valign=top width=32% style="padding:0cm 3.6pt 0cm 3.6pt;">

  </td>
 <td colspan=3 valign=top width=64% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">DRDGOLD LIMITED</font></font></p>
  </td>
 <td colspan=2 width=4% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td colspan=3 width=71% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
 <td colspan=2 valign=top width=27% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:justify;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=2% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 width=71% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
 <td colspan=2 valign=top width=27% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:justify;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=2% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=32% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:justify;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=13% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">By:</font></font></p>
  </td>
 <td colspan=2 valign=top width=51% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">/s/ D.J. Pretorius</font></u></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">D.J. Pretorius</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Chief Executive Officer</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td colspan=2 width=4% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times Roman,serif" style="font-size:11.0pt;line-height:18.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=32% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:justify;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=13% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">By:</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
  </td>
 <td colspan=2 valign=top width=51% style="padding:0cm 3.6pt 0cm 3.6pt;">
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">/s/ A.J. Davel </font></u></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">A.J. Davel</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Chief Financial Officer</font></font></p>
  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
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  <p style="border:none;margin:0cm;margin-bottom:.0001pt;margin-left:7.2pt;text-align:justify;text-indent:-7.2pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
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  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">&nbsp;</font></font></p>
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  <p style="border:none;margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Date: October 31, 2018</font></font></p>
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 <td width=13% style="border:none;">&nbsp;</td>
 <td width=26% style="border:none;">&nbsp;</td>
 <td width=25% style="border:none;">&nbsp;</td>
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<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">1.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">INTERPRETATION&nbsp;</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 1</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">2.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">APPOINTMENT&nbsp;</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 3</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">3.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">COMMENCEMENT,
DURATION AND TERMINATION</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 3</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">4.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">DETAILS OF
MATERIAL</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 4</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">5.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">RISK AND
INSURANCE</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 4</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">6.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">PACKAGING
MATERIAL</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 5</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">7.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">LOGISTICS&nbsp;</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 5</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">8.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">WEIGHING,
SAMPLING AND ASSAYING</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">.. 6</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">9.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">DELETERIOUS
ELEMENTS</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 10</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">10.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">NON-
ACCEPTABLE MATERIAL</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 11</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">11.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">FEES AND
CHARGES</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 11</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">12.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">METAL CREDIT
PAYABLE TO DEPOSITOR</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 13</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">13.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">CREDIT OR
SALE OF PAYABLE GOLD AND PAYABLE SILVER ON BEHALF OF DEPOSITOR</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 13</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">14.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">PRICING OF
PAYABLE GOLD OR PAYABLE SILVER FOR SALE</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 14</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">15.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">PAYMENT TO
DEPOSITOR</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 14</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">16.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">SET-OFF&nbsp;</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 14</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">17.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">CHANGE OF
MARKET CONDITIONS</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 15</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">18.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">CONFIDENTIALITY&nbsp;</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 15</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">19.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">INDEMNITY&nbsp;</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 15</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">20.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">BUSINESS
ETHICS</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 16</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">22.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">METAL GAIN
SALES</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 16</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">23.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">REPRESENTATIONS
AND WARRANTIES</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 16</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">24.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">RESPONSIBLE
GOLD REPRESENTATIONS AND WARRANTIES</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 17</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">25.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">BREACH OF
CONTRACT</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 17</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">26.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">FORCE
MAJEURE</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 18</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">27.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">DISPUTE
RESOLUTION AND EXPERT DETERMINATION</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 19</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">28.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">COUNTERPART
AND FACSIMILE/E-MAIL EXECUTION</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 19</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">29.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">SEVERABLE
PROVISIONS</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 20</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">30.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">SURVIVAL&nbsp;</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 20</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">31.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">GENERAL
PROVISIONS</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 20</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">32.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">RIGHTS OF
THIRD PARTIES</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 21</font></font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">33.</font></u><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">NOTICES&nbsp;</font></u></b><font face=Arial,sans-serif style="display:none;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">. 21</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">ANNEXURE
A - VARIABLE CLAUSES, FEES, CHARGES AND METAL CREDIT</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">SCHEDULE 1 &#8211; LIST OF
DEPOSITORS</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">ANNEXURE B &#8211; DETAILS OF
UMPIRE</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">ANNEXURE C &#8211; HIGH LEVEL
SCHEMATIC OF DEPOSITING PROCESS</font></b></p>


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<p align=right style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">Page </font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">2</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;"></font></font><font style="mso-no-proof:yes;">&nbsp;</font></p>

<p align=right style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">ANNEXURE
D &#8211; CONTACT LIST</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>








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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_4"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">INTERPRETATION&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">In
this Contract with Contract number </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">RR167LMDReN which replaces contract
RR111LMDRe</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">:&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">1.1.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">clause
headings are for convenience and shall not be used in its interpretation,
unless the context clearly indicates a contrary intention;</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">1.1.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
use of one gender includes the other;</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">1.1.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">reference
to a natural person includes a juristic person and </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">vice versa</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">;&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">1.1.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
singular includes the plural and </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">vice versa.</font></i></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Any
reference to a statute, regulation or other legislation shall be a reference to
that statute, regulation or other legislation as at the Signature Date and as
amended or substituted from time to time.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">1.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">If
any provision in a definition is a substantive provision conferring a right or
imposing an obligation on any Party then, notwithstanding that it is only in a
definition, effect shall be given to that provision as if it was a substantive
provision in the body of this Contract.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">1.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
use of the word &quot;including&quot; followed by a specific example(s) shall
not be construed as limiting the meaning of the general wording preceding it
and the </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">eiusdem generis</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;"> rule (of the same kind rule), shall not be
applied in the interpretation of such general wording or such specific
example(s).</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">1.5</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
terms and conditions of this Contract having been negotiated have the effect
that an ambiguous term shall not be construed against the Party that imposed
its inclusion in the Contract.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">1.6</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
following words and expressions, if capitalised as indicated, shall have the
meanings assigned to them:</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:5.4pt;width:100%;">
 <tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.1</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Business
  Day&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">any
  day which is not a Saturday, Sunday or official public holiday in South
  Africa, the United Kingdom or the United States of America</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.2</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Contract&quot;</font></p>
  </td>
 <td colspan=2 width=67% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">this
  local mine bullion refining contract together with the annexures thereto</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.3</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Deleterious
  Elements&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">elements
  which in the reasonable opinion of Rand Refinery are harmful to the refining
  process, employees, agents or sub-contractors, or the environment of a Party.
  The term &quot;deleterious&quot; is used generically herein to cover any one
  or more of the above circumstances. </font><font face=Arial,sans-serif style="font-size:11.0pt;line-height:150%;">Other
  terms commonly used to describe Deleterious Elements include hazardous,
  malodorous, contaminants, impurity levels or radioactive elements.</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.4</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Delivery
  Place&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">the
  place at which the Depositor shall deliver the Material and at which Rand
  Refinery shall receive the Material as set out in Annexure A</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.5</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Deposit&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">an
  individual delivery of Material delivered in terms of this Contract</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.6</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Depositor&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">any
  of the
  entities set
  out in schedule&nbsp;1, being the owner or lawful
  possessor of the Material, whose full details are set out in Annexure A</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.7</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Designated
  Account&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">the
  bank account nominated in writing by the Depositor from time to time</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.8</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Material&quot;&nbsp;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">the
  unrefined material containing gold and silver produced by the Mine </font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.9</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&#8220;Mine&#8221;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">the
  mine(s) from which the Material is originated, which are any
  of the
  mines set
  out in schedule&nbsp;1</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.10</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Official
  Weight&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">the
  weight of a Deposit after melting, corrected for mass loss during melting, by
  applying the Weight after Melt procedure</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.11</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Parties&quot;&nbsp;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">collectively,
  the Depositor and Rand Refinery and a reference to &quot;Party&quot; shall be
  a reference to either one of them individually as the context requires</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.12</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Payable
  Gold&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">the returnable portion of gold delivered;</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.13</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Payable
  Silver&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">the returnable portion of silver delivered;</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.14</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Premises&quot;</font></p>
  </td>
 <td colspan=2 width=67% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">the
  principal place of business of Rand Refinery, located at Refinery Road,
  Industries West, Germiston</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.15</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Rand
  Refinery&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Rand
  Refinery Proprietary Limited, registration number 1920/006598/07, a company
  duly registered and incorporated in accordance with the company laws of the
  Republic of South Africa</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.16</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Rand
  Refinery Dry Weight&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">the
  net weight of the Deposit after correction for the moisture content as
  contemplated in clause 8.1.2</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.17</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Rand
  Refinery Wet Weight&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">the
  weight of the Deposit received and as weighed by Rand Refinery before drying
  thereof at the Premises</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.18</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Signature
  Date&quot;&nbsp;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">the date of signature of this Contract by the Party
  signing last in time
  </font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.19</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&#8220;Umpire&#8221;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">an
  independent expert with competency in assaying of gold and silver bearing
  materials. (The list of approved umpires is set out in Annexure B.) </font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=13% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">1.6.20</font><font face="Times New Roman" style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=20% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&quot;Weight
  after Melt&quot;</font></p>
  </td>
 <td width=62% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">the
  weight of a Deposit after melting, resulting in weight loss pursuant to
  volatilisation of the of base metals contained in a Deposit.</font></p>
  </td>
 <td width=5% style="border:none;padding:0cm 0cm 0cm 0cm;"><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p></td>
 </tr>
</table></div>




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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017029"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">APPOINTMENT&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Depositor&nbsp;wishes to appoint Rand Refinery to perform certain work and
provide certain services, as its agent, relating to the recovery of precious
metals from the Material; which appointment Rand Refinery hereby accepts, on
the terms and conditions contained in this Contract. </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017030"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">COMMENCEMENT, DURATION AND TERMINATION</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">3.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">This
Contract shall commence on the Signature Date and shall continue in force and
effect for the life of the Mine, unless otherwise terminated in accordance with
the provisions below.&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">3.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">This
Contract may be terminated:</font></p>


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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">3.2.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">If
the Mine and Rand Refinery cannot reach agreement on an adjustment of the price
as provided for in clause 11.8 of this Contract; or</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">3.2.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">If
the Parties, having regard to the changing market conditions, fail to reach
agreement on the renegotiation of the terms of this Contract in good faith, as
provided for in clause 17;&#160; or</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">3.2.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">for
breach of contract by the other Party as set out in clause 25; or</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">3.2.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Force
Majeure occurs as set out in clause 26; or</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Toc353876416"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">3.2.5</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">forthwith
for material non-compliance by either Party with any provision of any
applicable Law<a name="_Toc276729368"></a><a name="_Toc276729384"></a><a name="_Toc276719692"></a><a name="_Toc276385903"></a><a name="_Toc276385627"></a><a name="_Toc276385613"></a>.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017031"></a><a name="_Toc353876417"></a><a name="_Toc330555055"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">DETAILS OF MATERIAL </font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">4.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Description&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Material shall be a product of the mining and recovery operations from the
Mine; and shall be in bar form, for the avoidance of doubt. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">4.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Quantity&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">All
Material produced at the Mine during the term of this Contract shall be
delivered to Rand Refinery for refining. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">4.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Quality&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Material shall contain no less gold and silver and no more Deleterious Elements
than the limits set out in Annexure A. </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Depositor shall provide Rand Refinery with the full details of the nature and
estimated quantity of impurities contained in the Material in writing before
any Material is dispatched to Rand Refinery</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017032"></a><a name="_Toc353876418"></a><a name="_Toc330555056"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">RISK AND INSURANCE</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><a name="_Ref461791921"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">5.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Risk
in and to the Material shall pass to Rand Refinery after it is (i) delivered at
the Delivery Place, and (ii) signed for by Rand Refinery&#8217;s appointed security
agent at the Delivery Place. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">5.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Rand
Refinery shall insure all risk of the physical loss of and/or the physical
damage to the Material with effect from the time of Delivery contemplated in
clause 5.1 above and for so long as the Material is under its control and in
its possession, in accordance with the terms and conditions of Rand Refinery&#8217;s
insurance policy and all subsequent renewals thereof. </font></p>


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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">5.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the Depositor at any stage, in writing, require the redelivery of the Material
(or any part thereof), or should Rand Refinery refuse to accept the Material
(or any part thereof), in terms of the provisions of this Contract, the
Depositor shall be liable and bear the cost of securing the return of the
Material to the Depositor. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">5.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the Material be redelivered to the Depositor as contemplated in the preceding
clause 5.3 of this Contract, all risk in and to the Material shall transfer to
the Depositor at the time of redelivery of the Material to the Depositor. </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017033"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">PACKAGING MATERIAL&#160; </font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">6.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Any
packaging materials provided to Rand Refinery and used by the Depositor to
package the Material for collection by Rand Refinery shall (i) in the case of
plastic boxes, be returned by Rand Refinery to the Depositor, if requested by
the Depositor, at the Depositor's cost, and (ii) in the case of wooden
packaging, be destroyed by Rand Refinery at its cost. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">6.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">All
wooden packaging shall be ISPM 15 compliant.&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">6.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">All
plastic packaging shall be approved by Rand Refinery prior to its use which may
require a completed recognised MSDS (Material Safety Data Sheet).</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">6.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">No
metal packaging shall be accepted.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017034"></a><a name="_Toc353876419"></a><a name="_Toc330555057"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">LOGISTICS &nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Delivery of Material </font></b></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.1.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Depositor shall notify Rand Refinery, in writing, of its intention to deliver
on the Business Day prior to the date of actual collection of the Material, it
being recorded that deliveries to Rand Refinery shall be effected on Mondays,
Tuesdays, Wednesdays and Thursdays between 08:00 and 15:00 and on Fridays
between 08:00 and 12:00.&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.1.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Rand
Refinery will be required to arrange the transport of the Material, the
Depositor shall be liable and pay all relevant costs and charges,</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;"> </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">as
agreed to in writing between the Parties prior to delivery.</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.1.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Should&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;"> Rand
Refinery arrange the transport of Material, </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;"> detailed standard operating
procedure as to the arrangements of the transport, helipad specifications,
safety aspects and security requirements at the helipads shall be agreed to by
both Parties, in writing, </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">5</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">prior to giving effect
to such collection and delivery and these shall
endure unless otherwise agreed in writing. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><a name="_Ref461802928"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Documentation&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref468166577"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.2.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">A
waybill completed in every respect shall be e-mailed to Rand Refinery at
bullionspec@gold.co.za as soon as available, but prior to the dispatch of the
Material to and/or from the Premises.&#160; A hard copy of the waybill shall
accompany the Material upon dispatch to Rand Refinery.&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.2.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
waybill shall contain at least the following information&nbsp;(i) </font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">the Depositor&#8217;s full name and address</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">, (ii)
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">the waybill number</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">,
(iii) </font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">the date of dispatch</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">, (iv)
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">each individual bar number</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">, (v) </font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">each individual gross bar weight</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">, (vi)
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">the cumulative gross bar weight of
all the bars in each lot deemed to be separate </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Deposit, (vii) </font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">the anticipated fine Gold and/or Silver content for each
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Consignment,
(viii) </font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">the total number of bars </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">of
Gold or Silver, as the case may be, in respect of</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;"> each </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Consignment&nbsp;</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;"> deemed to be a separate deposit and </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">a </font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">total gross bar weight</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">, (ix) </font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">the seal numbers (if used)</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">, (x) </font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">the name and signature of the </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Depositor's&nbsp;</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;"> dispatcher</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">,&nbsp;</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;"> and</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;"> (xi) the name and signature of the
Depositor's Asset Protection Official.</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.2.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
maximum weight reflected on a waybill shall not exceed 500kg.&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.2.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Copies
of the documentation referred to above shall be e-mailed to Rand Refinery at
the following e-mail address &#8211; </font><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">bullionspec@gold.co.za
prior to delivery</font></u><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">.&#160; &nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017035"></a><a name="_Ref462050280"></a><a name="_Ref461802876"></a><a name="_Toc353876420"></a><a name="_Toc330555058"></a><a name="_Toc276729371"></a><a name="_Toc276729387"></a><a name="_Toc276719695"></a><a name="_Toc276385906"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">WEIGHING, SAMPLING AND ASSAYING</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">The Material deposited </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">at the Premises </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">by the Depositor shall be melted and mass
corrected using the </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&quot;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">Weight
after Melt</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&quot; method</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">.&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Weight determination</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref461803053"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.1.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">As
soon as practicable after arrival of the Material at the Premises,&#160; Rand
Refinery shall unpack and record the weight of each bar according to the
waybill referred to in clause 7.2.1 and Rand Refinery shall weigh each bar to
determine Rand Refinery&#8217;s Wet Weight. </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref462049922"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.1.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">After
determining Rand Refinery&#8217;s Wet Weight, each bar shall be dried and then
weighed to determine the Rand Refinery Dry Weight. Rand Refinery shall as soon
as possible after the weighing, sampling and assay process will have been
completed advise, by notice in writing, the Depositor of both weights with a
Precious Metal Receipt Voucher as referred to in clause 12.</font></p>


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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.1.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the variance between Rand Refinery's Dry Weight and/or Wet Weight and the
Depositor's Wet Weight:</font></p>

<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-4.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.1.3.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">be
less than 0.1% then the Rand Refinery Dry Weight shall be deemed to be the
correct weight which determination shall be final and binding on the Parties;
or</font></p>

<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-4.0cm;"><a name="_Ref465068377"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.1.3.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">be
more than 0.1%, the Material shall not be processed by Rand Refinery and the
Depositor shall forthwith be notified of the variance in writing (&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Weight&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Variance Notice</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&quot;), after which the Depositor shall have one
Business Day from the date of delivery of the Weight Variance Notice to (i)
either accept Rand Refinery&#8217;s weight, or (ii) to cancel the order in respect of
the Material forming the subject matter of such Weight Variance Notice by
notice in writing (&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Cancellation Notice</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&quot;). As soon as possible
after delivery of the Cancellation Notice, the Material shall either (i) be
returned to or collected by the Depositor, or (ii) dealt with by Rand Refinery
in accordance with reasonable written instructions received from the Depositor,
at the Depositor's cost. </font></p>

<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-4.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.1.3.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the Depositor fail to cancel the order or fail to respond to Rand Refinery in
writing within the prescribed one Business Day period, the Depositor shall be
deemed to have accepted Rand Refinery's Dry Weight, which shall be final and
binding on the Depositor. </font></p>

<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-4.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.1.3.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">No
payment shall be made for the Material in the event of an unresolved dispute on
weight until such time as the dispute will have been resolved in terms of the
provisions of clause 27.</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;"> &nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.1.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Notwithstanding
anything to the contrary, if it appears at any time to Rand Refinery that a
Delivery has been tampered with, or the seals thereof had been broken or a
Delivery does not otherwise appear in Rand Refinery&#8217;s reasonable opinion to be
in order, weighing thereof shall be suspended until such time as the Parties
will have agreed and confirmed in writing the basis on which to proceed. In
those circumstances, no payment shall be made until a written agreement on how
to proceed will have been concluded.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-2.0cm;"><a name="_Ref461803762"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Sampling<a name="_Ref462044801"></a></font></b></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.2.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">After
acceptance of Rand Refinery&#8217;s Dry Weight of the Deposit (or agreement will have
been reached by the Parties in respect of the weight of the Deposit), Rand
Refinery shall melt the Deposit at Rand Refinery&#8217;s plant so that the Deposit
shall form a single molten </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">7</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">mass. The Deposit shall be
melted in lots not exceeding 500&nbsp;kilograms or in such lesser quantity as
shall be agreed between the Depositor and Rand Refinery in writing. </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.2.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Rand
Refinery shall obtain a number of dip samples using a pre-heated dip sampler
from such molten bullion. </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.2.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Two
sets of samples shall be taken for each Deposit. One set of samples shall be
used by Rand Refinery and one set of samples shall be retained for umpiring. <a name="_Ref468167225"></a>A third set of samples may be taken and delivered to the Depositor,
if requested by the Depositor, in writing, in advance of the delivery of the
Material.</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.2.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Umpire samples obtained by Rand Refinery shall be labelled, sealed and retained
in safe custody for use (if required) in the event of a dispute.&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.2.5</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">There
shall be a nominal deduction in the weight of the Delivery in respect of dip
samples so dispatched to the Depositor and the Umpire.</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref465066043"></a><a name="_Ref461803566"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.2.6</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Once
the samples contemplated in 8.2.3 have been extracted and secured from the
Deposit, Rand Refinery shall have the right to release the remainder of the
Deposit for processing. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-2.0cm;"><a name="_Ref277232184"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Assay Determination</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref468199531"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.3.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Rand Refinery Official Gold Assay</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;"> shall be determined using the &quot;</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">proof
corrected fire assay technique</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&quot; for gold purity that is smaller than
99.97%. The official assay shall determine the &quot;</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Gold Content</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&quot;,
expressed in troy ounces. </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.3.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
&quot;</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Silver Content</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&quot; shall be determined by using the XRF
Technique. <a name="_Ref277232368"></a></font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&nbsp;&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><a name="_Ref461805226"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Assay Agreement </font></b></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.4.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Parties agree that the following assay splitting limits shall apply during the
term of this Contract:</font></p>

<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Gold:  &gt;99%:
two parts per thousand parts (0.2%).</font></p>

<p style="margin-bottom:6.0pt;margin-left:164.4pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-8.45pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">60%
- 99%: five parts per thousand parts (0.5%).</font></p>

<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &lt;60%:
ten parts per thousand parts (1.0%).</font></p>


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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">8</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Silver: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ten parts per thousand parts
(1.0%).</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref277232483"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.4.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Notwithstanding
anything to the contrary contained herein, should&nbsp;&#8211;</font></p>

<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-4.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.4.2.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
Depositor fail to advise Rand Refinery in writing at the time of Delivery of
the Depositor&#8217;s official assay; or </font></p>

<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-4.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.4.2.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">Rand Refinery's </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">official
assay</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;"> fall within the
splitting limits as referred to in clause </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.4,&#160; &nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
Rand Refinery's Official Assay shall be final and binding on the Parties and
constitute the official assay for all purposes in terms of this Contract.</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref465067894"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.4.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the difference between the Depositor's Official Assay and the Rand Refinery's
Official Assay be outside the splitting limits as referred to in clause 8.4,
Rand Refinery shall notify the Depositor thereof by delivery of a notice (&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Assay
Variance Notice</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#8221;), whereafter the Depositor shall have one Business Day to
request Rand Refinery in writing to refer the matter to the Umpire to umpire
assay of the Material. </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref465068444"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.4.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the Depositor&nbsp;<a name="_Ref277232876"></a>not request that the
matter be referred to the Umpire or should the Depositor fail to respond within
one Business Day from date of delivery of the Assay Variance Notice, the
Depositor shall be deemed to have accepted Rand Refinery's Official Assay and
the official assay determined by Rand Refinery referred to in clause 8.3.1
shall be final and binding upon the Depositor and constitute the official assay
for all purposes in terms of this Contract.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.5</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the Depositor require the matter to be referred to the Umpire, the provisions
of clause 8.4.4 shall, with the necessary amendments, apply to the
determination of the dispute.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><a name="_Ref465066586"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.6</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Umpire&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref277232596"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.6.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
any dispute be referred to an Umpire for determination in terms of this
Contract, the Umpire shall resolve such dispute acting as an expert and not as
an arbitrator on the following basis.&#160; Should the Umpire's assay:</font></p>

<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-4.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.6.1.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">coincide
exactly with the result of either of the Parties, the Umpire&#8217;s assay shall be
deemed to be the final official settlement assay; or</font></p>

<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-4.0cm;"><a name="_Ref277232412"></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">9</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-4.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.6.1.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">fall
between the Rand Refinery Official assay and the Depositor's official assay,
the final settlement assay shall be deemed to be the average of the Umpire
assay and the assay of the Party closest to the Umpire assay; or </font></p>

<p style="margin-bottom:6.0pt;margin-left:4.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-4.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.6.1.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">fall
outside these aforementioned limits, the final settlement shall be based on the
median of the three&nbsp;(3) assays.</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.6.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
cost of the Umpire&#8217;s assay shall be paid by the Party whose assay is furthest
away from the Umpire assay except when the Umpire assay is the arithmetical
mean of the other two, in which event the Umpire&#8217;s costs shall be shared
equally by the Parties.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><a name="_Ref277232902"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.7</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Verification of Weighing, Sampling and Assaying by the
Depositor</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.7.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Depositor shall be entitled to have a representative present at Rand Refinery&#8217;s
premises at its own cost to witness and verify the weighing and sampling
carried out by Rand Refinery.</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">8.7.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the Depositor wish to have any representation during the weighing and sampling
of a particular Delivery, the Depositor shall give timeous notice in writing to
this effect to Rand Refinery, which access shall be subject to Rand Refinery&#8217;s
access control policies. </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017036"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">DELETERIOUS ELEMENTS</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">9.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Depositor shall use all reasonable commercial endeavours to ensure that all
Material delivered to Rand Refinery shall not contain Deleterious Elements
and/or compounds, with levels higher than those set out in Annexure A to this
Contract. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">9.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Should
the Material contain any elements in excess of the specified maximum free
levels and provided Rand Refinery will have consented in writing to proceed
with the refining process of the Material, additional refining charges as set
out in Annexure A shall apply and be recoverable by Rand Refinery, which shall
become due and be payable by the Depositor.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc353876427"></a><a name="_Toc330555065"></a><a name="_Toc276729372"></a><a name="_Toc276729388"></a><a name="_Toc276719696"></a><a name="_Toc276385907"></a><a name="_Toc508017037"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">NON- ACCEPTABLE MATERIAL</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">10.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Depositor hereby acknowledges that Rand Refinery will have the right to refuse
acceptance of Material delivered to Rand Refinery where such Material:</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref468167699"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">10.1.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">contains
Deleterious Elements in such levels whether on an individual or combined basis
so as to exceed the maximum permissible levels as prescribed in Annexure A; or</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref468167701"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">10.1.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">contains
less gold and/or silver than the minimum limits prescribed in Annexure A; or</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><a name="_Ref468167735"></a></p>
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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">10.1.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">is
believed by Rand Refinery, on reasonable grounds, to have resulted from
unlawful activities or been acquired unlawfully by the Depositor, its
employees, sub-contractors or agents or there are reasonable grounds to suspect
that any such persons may be involved in unlawful activities as set out in the
Prevention of Organised Crime Act, 1998, or any other legislation similar anywhere
in the world.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">10.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
Rand Refinery refuse to accept the Material delivered to the Premises for the
reason set out in clause 10.1.1 and/or 10.1.2 above, the Depositor shall at its
cost be obliged to collect the Material from the Premises within seven (7) days
of the date of delivery of a written notice from Rand Refinery declining to
accept the Material. Any costs incurred by Rand Refinery related to melting,
assaying, transporting and/or the removal of the Material from the Premises,
shall be for the account of the Depositor. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">10.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">If
Rand Refinery refuses to accept the Material delivered to the Premises for any
of the reasons as set out in clause 10.1.3 above, Rand Refinery shall be
entitled to dispose of the Material in such manner as it deems fit and to furnish
relevant information in respect of the Material and/or the Depositor to the
relevant authorities. </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017038"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">FEES AND CHARGES</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Fees
and charges for services rendered by Rand Refinery in execution of this
Contract shall be as set out in Annexure A. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Any
and all additional costs and charges related to transport services may also be
incurred and shall be recoverable in full from the Depositor. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">All
fees, charges and costs shall be invoiced and the invoices shall be paid by the
Depositor within 15 Business Days from date of invoice. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Depositor shall be liable to pay all taxes, duties or other governmental fees
or charges which may at any time be imposed by any government or any regulatory
body in respect of:&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.4.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Material
processed in terms of this Contract;</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.4.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
documents relating thereto;</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.4.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
production, extraction, sale, use, export or transport of the Material in or
from South Africa, and/or</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.4.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
proceeds or value of the Material;&#160; and </font></p>


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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.4.5</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
fees and charges charged by Rand Refinery.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.5</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Depositor hereby indemnifies and holds Rand Refinery harmless against any
payment obligation of any and all taxes, duties or other government fees or
charges in respect of the sale and purchase, processing, handling, transport,
export or import relating to the Material.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.6</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Any
amount falling due for payment by either Party to the other in terms of or
pursuant to this Contract which is not timeously made shall: </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.6.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">bear
interest at the ruling South Africa Prime Rate, plus a margin of two percent
(2%) per annum, calculated from the due date for payment until the date such
amount is paid in full; and</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.6.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
interest shall be compounded monthly in arrears from the end of the month
during which such interest is first calculated.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.7</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Rand
Refinery shall annually review and adjust t</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">he&nbsp;</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">fees payable to it in terms of Annexure A as
well as the date upon which such amendment shall take effect.&#160; Such adjustment
shall be deemed to have been accepted by the Depositor unless the Depositor
notifies Rand Refinery, in writing, within 3 days of receipt of such notice of
amendment of its objection to same in which event the Parties shall meet to
reach agreement within 10 Business Days of the date of delivery of the
objection notice.&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><a name="_Ref462049971"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">11.8</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">If
the Parties cannot reach agreement on an adjustment of the price, </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">Rand Refinery shall be entitled to terminate this
Contract </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">by giving</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;"> thirty (30) days&#8217;
written notice</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">.&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc276729374"></a><a name="_Toc276729390"></a><a name="_Toc276719698"></a><a name="_Toc276385909"></a><a name="_Toc508017039"></a><a name="_Ref461803113"></a><a name="_Toc353876428"></a><a name="_Toc330555066"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">METAL CREDIT PAYABLE TO DEPOSITOR</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">12.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
metal credit payable to the Depositor in terms of this Contract shall be set
out in Annexure A. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">12.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Rand
Refinery shall inform the Depositor of the Payable Gold and Payable Silver in
the form of a Precious Metal Receipt Voucher (&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">PMR</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#8221;) which shall be
emailed to the Depositor. </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017040"></a><a name="_Ref461791981"></a><a name="_Toc353876429"></a><a name="_Toc330555067"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">13.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">CREDIT OR SALE OF PAYABLE GOLD AND
PAYABLE SILVER ON BEHALF OF DEPOSITOR</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">13.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Depositor shall provide written or telephonic instructions to Rand Refinery as
to whether the Depositor wishes to use Rand Refinery, acting as its agent, or,
a third party, to sell the Payable Gold and/or Payable Silver; provided that
where instructions are provided telephonically the Parties shall be entitled to
make and retain electronic recordings of such telephone conversations </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">12</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">and shall be entitled to use these as evidence in any
litigation or arbitration proceedings between the Parties.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">13.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
a third party sell the Payable Gold and Payable Silver on behalf of the
Depositor, an administration transfer fee as set out in Annexure A shall be
levied by Rand Refinery.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">13.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the Depositor instruct Rand Refinery to sell the Payable Gold, Rand Refinery
shall endeavour to sell the estimated Payable Gold arising from a Deposit on
the day the Material is delivered at the Delivery Place, provided
that&nbsp;such Material arrives at the Delivery Place prior to 11:00 and
processed for receipt by Rand Refinery ERP system before 15:00 on a Business
Day.&#160; Should the Material be delivered after 11:00 or not be processed on Rand
Refinery ERP system before 15:00, it shall be sold on the next Business Day. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">13.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the Depositor request Rand Refinery to sell the Payable Silver, Rand Refinery
shall endeavour to sell the Payable Silver arising from the Deposit&#160; during the
calendar month following the calendar month in which the assay has been
concluded. </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc276729375"></a><a name="_Toc276729391"></a><a name="_Toc276719699"></a><a name="_Toc276385910"></a><a name="_Toc508017041"></a><a name="_Toc353876430"></a><a name="_Toc330555068"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">14.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">PRICING OF PAYABLE GOLD OR PAYABLE SILVER FOR SALE</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">14.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">The Gold shall be priced based on either the AM or PM </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">LBMA
Gold Price</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">, as agreed between the Parties.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">14.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Silver shall be priced with reference to the LBMA Silver Price.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">14.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
Rand Refinery be responsible for the sale of the US$, the US$ proceeds shall be
sold at the then prevailing R/$ exchange rate as quoted by Rand Refinery&#8217;s
South African bankers. </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017042"></a><a name="_Ref462046298"></a><a name="_Toc353876431"></a><a name="_Toc330555069"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">15.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">PAYMENT TO DEPOSITOR </font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">15.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
Rand Refinery be responsible for the sale of the Payable Gold and Silver, upon
receipt of the proceeds from the sale of the Payable Gold or Payable Silver,
and dependant on the assay conclusion or release of Material by Rand Refinery,
Rand Refinery shall make payment to the Depositor&#8217;s Designated Account by
electronic funds transfer less any and all amounts due and owing to Rand
Refinery. All payments by Rand Refinery to the Depositor shall be
made&nbsp;into the Designated Account within two (2) Business Days after the
price for the Payable Gold or Payable Silver has been finally determined in
terms of this clause 15 read with clause 14. <a name="_Ref462046301"></a><a name="_Toc353876432"></a><a name="_Toc330555070"></a></font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">15.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
an assay conclusion not be agreed to by both Parties, Rand Refinery may pay the
Depositor the gold and/or silver based on the lower of the two assays, pending
receipt of the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">13</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_16"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Umpire result. In this case, Rand
Refinery shall make relevant adjustments, if necessary, upon finalisation of
the assay conclusion. </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017043"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">16.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">SET-OFF&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><a name="_Ref462046335"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">16.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Rand
Refinery shall be entitled to offset any and all amounts due and owing to it
and which remains outstanding as the date of payment (including those
liabilities of a subsidiary, save as otherwise previously agreed) against
amounts due and payable to the Depositor by Rand Refinery.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">16.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Notwithstanding
Rand Refinery's right to set-off as contemplated in clause 16.1 above, any
disputes between the Parties with regard to amounts due and payable by one to
the other shall be resolved in accordance with the provisions of clause 27.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017044"></a><a name="_Ref461806504"></a><a name="_Ref461791449"></a><a name="_Ref461791234"></a><a name="_Toc353876433"></a><a name="_Toc330555071"></a><a name="_Toc276729376"></a><a name="_Toc276729392"></a><a name="_Toc276719700"></a><a name="_Toc276385911"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">17.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">CHANGE OF MARKET CONDITIONS</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><a name="_Ref461807250"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">17.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">If,
during the term of this Contract, any of the underlying market conditions
(including such charges as freight, insurance or interest rates) change
significantly in such a way as to have any impact on the agreed charges and
fees, the Parties shall renegotiate the relevant terms of the Contract in good
faith.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">17.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the Parties be unable to reach agreement on the proposed amendments referred to
in clause 17.1 above, Rand Refinery shall have the right to terminate this
Contract with thirty (30) days&#8217; prior written notice.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017045"></a><a name="_Toc353876434"></a><a name="_Toc330555072"></a><a name="_Toc276729378"></a><a name="_Toc276729394"></a><a name="_Toc276719705"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">18.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">CONFIDENTIALITY&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><a name="_Ref461807326"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">18.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Parties shall hold confidential all information acquired by them under this
Contract from each other and neither Party shall without the prior written
consent of the other Party hereto, disclose to any third person any such
information.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><a name="_Ref461807282"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">18.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Notwithstanding
the provisions of clause 18.1, the Parties accept and consent that from time to
time a Party may be required by law or by legislation or a court order or may
be requested by a government department or agency, fiscal body, enforcing
authority or regulatory authority to disclose information acquired under this
Contract. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">18.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">A
Party having to comply with the provisions of clause 18.2, shall prior to such
disclosure inform the other Party forthwith thereof in writing.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017046"></a><a name="_Toc353876435"></a><a name="_Toc330555073"></a><a name="_Toc276729379"></a><a name="_Toc276729395"></a><a name="_Toc276719706"></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">14</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">19.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">INDEMNITY&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">19.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Indemnitee hereby indemnifies and holds the Indemnitor harmless from and
against any loss or damage sustained by the Indemnitor arising directly or
indirectly from (i) the Indemnitee&#8217;s failure to comply with any of its
obligations under this Contract, or (ii) incurred by the Indemnitor in
enforcing its rights in terms of this Contract. </font></p>

<p style="margin-bottom:.0001pt;margin-left:21.3pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">For the avoidance of doubt
&#8220;Indemnitee&#8221; means the Party, other than the Indemnitor, to the extent that it
relies upon the indemnity of the Indemnitor in terms of this Contract and
&#8220;Indemnitor&#8221; means either of the Parties to the extent that it indemnifies the
other in terms of this Contract. </font></p>

<p style="margin-bottom:.0001pt;margin-left:42.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-42.55pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">19.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Indemnitee agrees to and hereby indemnifies the Indemnitor and holds it
harmless from and against any and all claims arising out of personal injuries,
illness, death, loss of property or damage to property suffered the Indemnitor
or the Indemnitee's employees, sub-contractors or agents (and their respective
employees), as the case may be, arising from this Contract or the processing of
the Material.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">19.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Indemnitee agrees to and hereby indemnifies the Indemnitor and holds it
harmless against all loss, liability, damage and expense (including legal costs
on the scale as between attorney and own client and disbursements), incurred by
the Indemnitor as a result of any breach by the Indemnitee of the terms hereof,
including any of the undertakings and/or warranties given by the Indemnitee to
the Indemnitor in terms of this Contract.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">19.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Neither
Party shall be liable for any indirect, special or consequential losses or
damages of any kind or description whatever and however arising and suffered as
a result of a breach by either Party of the terms of this Contract.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017047"></a><a name="_Toc353876436"></a><a name="_Toc330555074"></a><a name="_Toc276729380"></a><a name="_Toc276729396"></a><a name="_Toc276719707"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">20.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">BUSINESS ETHICS </font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Parties shall establish and maintain appropriate business standards, procedures
and controls including those necessary to avoid any real or apparent
impropriety or to prevent any action or conditions which could result in
conflict with the Parties&#8217; best interests.&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017048"></a><a name="_Toc353876437"></a><a name="_Toc330555075"></a><a name="_Toc276729407"></a><a name="_Toc276729398"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">22.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">METAL GAIN SALES</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><a name="_Toc353876438"></a><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">If
during</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;"> the refining processes
Rand Refinery accrue metal gains or losses</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">, such gain or loss</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;"> shall be for its account. </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">If
pursuant to</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;"> the sale of Gold and
Silver on </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">behalf of the Depositor</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;"> Rand Refinery </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<div style="border:none;border-top:solid #D9D9D9 1.0pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-element:para-border-div;padding:1.0pt 0cm 0cm 0cm;">

<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">15</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">realises
a loss or a gain and provided it will have conducted same strictly in
accordance with the </font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">terms and conditions
contained herein, </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">such&nbsp;</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">
gains and losses shall be for its own account. </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017049"></a><a name="_Toc353876439"></a><a name="_Toc330555076"></a><a name="_Ref277238004"></a><a name="_Toc276729408"></a><a name="_Toc276729399"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">23.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">REPRESENTATIONS AND WARRANTIES</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">23.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Parties represent and warrant that:</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">23.1.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">each
of them&nbsp;has the full power and authority to enter into and execute this
Contract; and</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">23.1.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">each
of them has no knowledge of any reason which might result in it being unable to
fulfil its obligations in terms of this Contract; and</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">23.1.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
conclusion of this Contract shall not infringe or violate the laws of the country
in which it is registered and incorporated or in the country in which it does
business and to which it is subjected.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">23.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Depositor further represents and warrants that:</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">23.2.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">it
is in possession of all licences, permits and authorisations to allow it to have
the Material processed in terms of this Contract; and </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">23.2.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">it
has complied with and shall continue to comply with all relevant statutory
requirements in respect of the processing of the Material. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">23.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">This
Contract is entered into by the Parties relying on the warranties set out in
this&nbsp;clause and otherwise given to them by the other Party in terms of
this Contract, each of which is deemed to be a material warranty inducing the
other Party</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;"> to enter into this Contract.&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017050"></a><a name="_Toc353876440"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">24.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">RESPONSIBLE GOLD REPRESENTATIONS AND WARRANTIES</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Depositor further represents and warrants that:</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">24.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">it
is the owner or lawful possessor of the Material delivered to Rand Refinery; </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">24.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">in
line with the requirements of the OECD Due Diligence Guidelines for Supply
Chains from Conflict Affected and High Risk Areas, the Material has not been
sourced or transported using child labour, unacceptable environmental practices
or in favour of any non-government armed forces; and</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">24.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
Depositor has all permits and authorities required to extract and deliver the
Material to Rand Refinery.</font></p>


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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">25.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;&#160; <a name="_Toc508017051"></a><a name="_Ref462049954"></a><a name="_Ref461791428"></a><a name="_Toc353876441"></a></font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">BREACH OF CONTRACT</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">25.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Notwithstanding
anything to the contrary contained in this Contract, the following events shall
constitute a material breach of this Contract: </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">25.1.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">failure
to comply with any material provision going to the root of this Contract and
failure to remedy such breach within fourteen (14) days after receiving written
notice from the non-defaulting Party requiring the defaulting Party to remedy
such breach; </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">25.1.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">failure
to comply with a provision of this Contract and the defaulting Party is unable
to rectify </font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">25.1.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">the
breach;</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">25.1.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">a
Party, which is a corporate entity, being wound up, liquidated, or proposes to
pass a resolution to place it under business rescue, whether provisionally or
finally and whether voluntarily or compulsorily;</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">25.1.5</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">a
Party committing an act of insolvency;</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">25.1.6</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">a
Party ceasing or threatening to cease to carry on its normal line of business;</font></p>

<p style="margin-bottom:6.0pt;margin-left:3.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-3.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">25.1.7</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">a
Party breaching any one or more of the warranties furnished by it in terms of
this Contract.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">25.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
a breach of any of the provisions of this Contract occurs, the non-defaulting
Party shall be entitled, without prejudice to its other rights in law, to
immediately terminate this Contract or to claim immediate specific performance
of all of the defaulting Party's obligations whether or not due for
performance, in either event without prejudice to the non-defaulting Party's
right to claim damages.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017052"></a><a name="_Ref461791424"></a><a name="_Toc353876442"></a><a name="_Toc330555077"></a><a name="_Toc276729410"></a><a name="_Toc276729401"></a><a name="_Toc276719702"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">26.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">FORCE MAJEURE</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">If
either Party is prevented or restricted directly or indirectly from carrying
out all or any of its obligations under this Contract by reason of strike,
lock-out, fire, explosion, floods, riot, war, accident, act of God, embargo,
legislation, shortage of or a breakdown in transportation facilities, civil
commotion, unrest or disturbances, cessation of labour, government interference
or control, or any other cause or contingency beyond the control of that Party,
the Party so affected shall be relieved of its obligations hereunder during the
period that such event and its consequences continue but only to the extent so
prevented and shall not be liable for any delay or failure in the performance
of any obligations </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<div style="border:none;border-top:solid #D9D9D9 1.0pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-element:para-border-div;padding:1.0pt 0cm 0cm 0cm;">

<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">17</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">hereunder or loss or damages either
general, special or consequential which the other Party may suffer due to or
resulting from such delay or failure, provided always that written notice shall
forthwith be given of any such inability to perform by the affected Party.&#160; Any
Party invoking force majeure shall upon termination of such event giving rise
thereto forthwith give written notice thereof to the other Party.&#160; Should such
force majeure continue for a period of more than 90 days then the Party who
shall not have invoked the force majeure shall be entitled forthwith to cancel
this Contract in respect of any obligations still to be performed hereunder. </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017053"></a><a name="_Toc353876444"></a><a name="_Toc330555079"></a><a name="_Toc323906694"></a><a name="_Ref462050080"></a><a name="_Ref461808693"></a><a name="_Ref461806571"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">27.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">DISPUTE RESOLUTION AND EXPERT DETERMINATION</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">27.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">If
a technical dispute arises between the Parties regarding the results of an
assay, both the Parties, or either of them, may refer the dispute to the
Umpire. The decision of the Umpire (including his decision with regard to the
proportions in which the Parties shall bear the costs of his determination),
shall be binding on the Parties. The Parties may require the Umpire to furnish
them with a confidentiality undertaking. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">27.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.5pt;line-height:150%;">Any other </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">dispute arising out of or in
connection with this Contract, including any question regarding its existence,
validity or termination thereof, shall be referred for resolution firstly by
way of negotiation and in the event of that failing, by way of mediation and in
the event of that failing by way of arbitration under the Rules of the
Arbitration Foundation of Southern Africa. </font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">27.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;layout-grid-mode:line;line-height:150%;">The language of any dispute resolution process shall be
English</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">
and the arbitration shall be conducted </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">in camera</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">.&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">27.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
arbitrator shall make a determination as to the liability for the cost and his
determination shall be final and binding on the Parties.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">27.5</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">This
dispute resolution clause shall not preclude a Party from seeking urgent relief
in a court with competent jurisdiction in South Africa.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc276729413"></a><a name="_Toc276729404"></a><a name="_Toc276719708"></a><a name="_Toc276385918"></a><a name="_Toc276385636"></a><a name="_Toc276385622"></a><a name="_Toc274583443"></a><a name="_Toc274570109"></a><a name="_Toc274570071"></a><a name="_Toc274231389"></a><a name="_Toc274227904"></a><a name="_Toc251319429"></a><a name="_Ref251162967"></a><a name="_Ref251162903"></a><a name="_Toc213214803"></a><a name="_Toc213040988"></a><a name="_Toc212448793"></a><a name="_Toc190507706"></a><a name="_Toc159737876"></a><a name="_Toc159737809"></a><a name="_Toc500728173"></a><a name="_Toc508017054"></a><a name="_Toc353876445"></a><a name="_Toc330555080"></a><a name="_Toc323906695"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">28.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">COUNTERPART AND FACSIMILE/E-MAIL EXECUTION</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">This
Contract may be executed in any number of counterparts, each of which shall be
deemed an original of this Contract and which together shall constitute one and
the same instrument; provided that neither Party shall be bound to this
Contract unless and until both Parties have executed a counterpart. A signature
page signed by a Party and sent by facsimile or e-mail to the other Party shall
be deemed to be valid as an original and shall be binding between the Parties.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017055"></a><a name="_Toc353876446"></a><a name="_Toc330555081"></a><a name="_Toc323906696"></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">18</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">29.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">SEVERABLE PROVISIONS</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Each
and every provision of this Contract shall be considered severable and if any
provision is determined to be invalid, unenforceable or illegal under any
existing or future law, such invalidity, unenforceability or illegality shall
not impair the operation of or affect those portions of this Contract that are
valid, enforceable and legal.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017056"></a><a name="_Toc353876447"></a><a name="_Toc330555082"></a><a name="_Toc323906697"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">30.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">SURVIVAL&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">In
the event of termination or expiration of this Contract, the provisions
pertaining to warranty, indemnity, confidentiality, insurance, disclaimer of
consequential damages, dispute resolution and governing law shall remain in
full force and effect.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017057"></a><a name="_Toc353876448"></a><a name="_Toc330555083"></a><a name="_Toc323906698"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">31.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">GENERAL PROVISIONS </font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">31.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">This
Contract and the attachments hereto constitute the entire Contract between the
Parties and supersede all prior negotiations, representation or agreements
related to this Contract, either written or oral, and there are no collateral
or other statements, understandings, covenants, contracts, representatives or
warranties, written or oral, relating to the subject matter of this Contract.
Neither Party shall be bound by any representation, warranty or promise not
recorded in this Contract.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">31.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">No
addition to, variation of or agreed cancellation of this Contract shall be of
any force or effect unless reduced to writing and signed by or on behalf of the
Parties.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">31.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">No
indulgence which any Party may grant to any other shall constitute a waiver of
any of the rights of the grantor, who shall not thereby be precluded from
exercising any rights against the grantee which may have arisen in the past or
which might arise in the future.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">31.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">This
Contract shall be interpreted and governed in all respects by the laws of the
Republic of South Africa.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">31.5</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Neither
Party shall be entitled to cede, transfer, assign or burden any of its rights
or delegate any of its obligations under this Contract without the prior
written consent of the other Party.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc276729414"></a><a name="_Toc276729405"></a><a name="_Toc276719709"></a><a name="_Toc276385919"></a><a name="_Toc276385637"></a><a name="_Toc276385623"></a><a name="_Toc274583444"></a><a name="_Toc274570110"></a><a name="_Toc274570072"></a><a name="_Toc274231390"></a><a name="_Toc274227905"></a><a name="_Toc251319430"></a><a name="_Toc213214804"></a><a name="_Toc213040989"></a><a name="_Toc212448794"></a><a name="_Toc190507707"></a><a name="_Toc159737877"></a><a name="_Toc159737810"></a><a name="_Toc500728174"></a><a name="_Ref500121864"></a><a name="_Toc508017058"></a><a name="_Toc353876449"></a><a name="_Toc330555084"></a><a name="_Toc323906700"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">32.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">RIGHTS OF THIRD PARTIES</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Symbol lang=EN-ZA style="font-size:10.5pt;line-height:150%;">&#160;</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Parties agree that no provision of this Contract is intended to confer any
benefit on or may be enforceable by any person who is not a party to this
Contract and the rights of such third party are hereby expressly excluded.</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc508017059"></a><a name="_Toc353876450"></a><a name="_Toc330555085"></a><a name="_Toc323906702"></a></p>
<DIV bclFooter>


<div style="border:none;border-top:solid #D9D9D9 1.0pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-element:para-border-div;padding:1.0pt 0cm 0cm 0cm;">

<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">33.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">NOTICES&nbsp;</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">33.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Parties choose the addresses below at which notices in connection with this
Contract and/or documents in legal proceedings in connection with this Contract
may be served (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">domicilium citandi et executandi)</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">:&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Rand Refinery (Pty)
Ltd:</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Refinery
Road </font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Industries West</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Germiston</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">1401</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">E-mail: gold@gold.co.za</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Fax: +2711 418 9231</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Depositor: the physical
address as set out in schedule 1.</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">33.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">A
notice may be delivered by hand, by post or sent by fax or by email. Without
prejudice to the foregoing, any notice shall </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">prima facie</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;"> be deemed to
have been received after ten (10) days if sent by prepaid registered post, on
the next Business Day at the place to which it is sent by fax, or at the time
of the delivery, if delivered by hand on a Business Day or when the email
message is available to be read on the recipient&#8217;s IT network during normal
business hours, if sent by email.</font></p>

<p style="margin-bottom:6.0pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">33.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">A
Party may change its address to another physical address by notice in writing
to the other Party.</font></p>




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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


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<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">ACCEPTANCE
OF THE ABOVE TERMS AND CONDITIONS</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:42.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-42.55pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:42.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-42.55pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

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<div align=center>

<table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=50% style="border:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">

  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Signed
  on behalf of Rand Refinery (Pty) Ltd at &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;on</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;..
  20..</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Name&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Designation&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Signature&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Who
  warrants that he/she is duly authorised hereto.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Name&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Designation&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Signature&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Who
  warrants that he/she is duly authorised hereto.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  </td>
 <td valign=top width=50% style="border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Signed
  on behalf of the DRDGOLD Limited&#160; </font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">at </font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;on</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;
  20..</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Name&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Designation&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Signature&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Who
  warrants that he/she is duly authorised hereto.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Name&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Designation&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Signature&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Who
  warrants that he/she is duly authorised hereto.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  </td>
 </tr>
</table>


</div>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>


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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;"></font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

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<table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=50% style="border:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">

  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&#160;&nbsp;</font></p>
  </td>
 <td valign=top width=50% style="border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Signed
  on behalf of Ergo Mining Proprietary Limited </font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">at </font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;on</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;
  20..</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Name&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Designation&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Signature&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Who
  warrants that he/she is duly authorised hereto.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Name&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Designation&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Signature&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">Who
  warrants that he/she is duly authorised hereto.</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:36.0pt;margin-top:0cm;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:150%;">&nbsp;</font></p>
  </td>
 </tr>
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<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-indent:-1.0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">Annexure
A</font></b><b><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;text-transform:uppercase;">: VARIABLE CLAUSES,
FEES, CHARGES AND METAL CREDIT
</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:14.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><a name="_Toc457410987"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Depositor:
Any of the entities referred to in schedule 1 attached hereto, being companies
duly registered and incorporated in accordance with the company laws of the
Republic of South Africa, having their principal places of business as listed
in schedule&nbsp;1.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:14.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-18.0pt;"><a name="_Toc457410988"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Mines: means
all mines operated by the Depositors (as per Schedule A)</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">Delivery Place: Helipad at Rand Refinery,
Germiston. </font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">4.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">Quality of Material: The Depositor undertakes
that the quality of the Material delivered to Rand Refinery shall comply with
the following minimum specifications: </font></p>

<div align=center>

<table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=26% style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Element</font></b></p>
  </td>
 <td valign=top width=26% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Expected Range</font></b></p>
  </td>
 <td valign=top width=24% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Min</font></b></p>
  </td>
 <td valign=top width=24% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Max</font></b></p>
  </td>
 </tr>
<tr>
  <td width=26% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Au</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">81.42%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">30.00%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">100%</font></p>
  </td>
 </tr>
<tr>
  <td width=26% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Ag</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">9.84%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">1.00%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">15.00%</font></p>
  </td>
 </tr>
<tr>
  <td width=26% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Fe</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">2.03%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0.00%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">5.00%</font></p>
  </td>
 </tr>
<tr>
  <td width=26% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Cu</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">3.38%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0.00%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">15.00%</font></p>
  </td>
 </tr>
<tr>
  <td width=26% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Zn</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0.37%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0.00%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">5.00%</font></p>
  </td>
 </tr>
<tr>
  <td width=26% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Pb</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">2.09%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0.00%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">5.00%</font></p>
  </td>
 </tr>
<tr>
  <td width=26% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Ni</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0.43%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0.00%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">5.00%</font></p>
  </td>
 </tr>
<tr>
  <td width=26% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">As</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0%</font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0.00%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">5.00%</font></p>
  </td>
 </tr>
<tr>
  <td width=26% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Cd</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0%</font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0.00%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">5.00%</font></p>
  </td>
 </tr>
<tr>
  <td width=26% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Hg</font></p>
  </td>
 <td valign=top width=26% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0%</font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0.00%</font></p>
  </td>
 <td width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">0.00%</font></p>
  </td>
 </tr>
</table>


</div>


<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">percentage&nbsp;Gold:  Estimated between 30%
and 100%.</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">percentage&nbsp;Silver: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Estimated
between&nbsp;1% and 15%.</font></p>

<p style="margin-bottom:.0001pt;margin-left:2.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-2.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">Impurities: Estimated between 0% and 15%
various base metals.</font></p>




<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">5.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">REFINING FEES AND METAL CREDIT FOR GOLD BEARING
REFINERY MATERIAL (these Refining Fees and Metal Credit shall be valid until 31
August 2018)</font></p>

<div align=center>

<table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr style="height:17.55pt;">
  <td rowspan=2 width=12% style="background:#A6A6A6;border:solid black 1.0pt;height:17.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:4.5pt;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Deposit
  Type</font></b></p>
  </td>
 <td rowspan=2 width=9% style="background:#A6A6A6;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:17.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Refining
  fee (R/Gross Kg)</font></b></p>
  </td>
 <td rowspan=2 width=9% style="background:#A6A6A6;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:17.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Minimum
  Refining fee</font></b></p>
  </td>
 <td rowspan=2 width=12% style="background:#A6A6A6;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:17.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Loco
  Germiston Au fee (US$/payable oz)</font></b></p>
  </td>
 <td rowspan=2 width=12% style="background:#A6A6A6;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:17.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Loco
  Germiston Ag fee (US$/payable oz)</font></b></p>
  </td>
 <td rowspan=2 width=13% style="background:#A6A6A6;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:17.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Administration
  Transfer fee (R/payable oz)</font></b></p>
  </td>
 <td rowspan=2 width=11% style="background:#A6A6A6;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:17.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Re-sampling
  fee (re-melt fee)/kg gross weight</font></b></p>
  </td>
 <td rowspan=2 width=17% style="background:#A6A6A6;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:17.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Re-assay
  fee/lot</font></b></p>
  </td>
 <td height=29 style="border:none;height:17.55pt;">&nbsp;</td>
 </tr>
<tr style="height:40.5pt;">
  <td height=68 style="border:none;height:40.5pt;">&nbsp;</td>
 </tr>
<tr style="height:22.55pt;">
  <td width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;height:22.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Bullion</font></p>
  </td>
 <td width=9% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:22.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">R224.00 </font></p>
  </td>
 <td width=9% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:22.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">R3 203.00 </font></p>
  </td>
 <td width=12% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:22.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">US$0.68 </font></p>
  </td>
 <td width=12% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:22.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">US$0.45 </font></p>
  </td>
 <td width=13% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:22.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">R1.07 </font></p>
  </td>
 <td width=11% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:22.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">R117.00</font></p>
  </td>
 <td width=17% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:22.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">R7,176.00</font></p>
  </td>
 <td height=38 style="border:none;height:22.55pt;">&nbsp;</td>
 </tr>
<tr style="height:21.3pt;">
  <td width=12% style="background:#BFBFBF;border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Silver material</font></p>
  </td>
 <td width=9% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">R224.00 </font></p>
  </td>
 <td width=9% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">R3 203.00 </font></p>
  </td>
 <td width=12% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=12% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">US$0.45 </font></p>
  </td>
 <td width=13% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">R1.07 </font></p>
  </td>
 <td width=11% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">R117.00</font></p>
  </td>
 <td width=17% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">R7,176.00</font></p>
  </td>
 <td height=36 style="border:none;height:21.3pt;">&nbsp;</td>
 </tr>
</table>


</div>


<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<div align=center>

<table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr style="height:17.55pt;">
  <td rowspan=2 width=10% style="background:#A6A6A6;border:solid black 1.0pt;height:17.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:4.5pt;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Deposit
  Type</font></b></p>
  </td>
 <td colspan=6 width=77% style="background:#A6A6A6;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:17.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Metal
  credit Au</font></b></p>
  </td>
 <td rowspan=2 width=13% style="background:#A6A6A6;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;height:17.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Metal
  credit Ag</font></b></p>
  </td>
 </tr>
<tr style="height:40.5pt;">
  <td width=10% style="background:#A6A6A6;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:40.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">&gt;90%
  Au</font></b></p>
  </td>
 <td width=16% style="background:#A6A6A6;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:40.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">90%
  - 80% Au</font></b></p>
  </td>
 <td width=12% style="background:#A6A6A6;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:40.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">80%
  - 60% Au</font></b></p>
  </td>
 <td width=12% style="background:#A6A6A6;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:40.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">60%
  - 40% Au</font></b></p>
  </td>
 <td width=12% style="background:#A6A6A6;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:40.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">40%
  - 30% Au</font></b></p>
  </td>
 <td width=15% style="background:#A6A6A6;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:40.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:2.25pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">&lt;30%
  Au</font></b></p>
  </td>
 </tr>
<tr style="height:25.65pt;">
  <td width=10% style="background:white;border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;height:25.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Bullion</font></p>
  </td>
 <td width=10% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:25.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:8.0pt;line-height:115%;">99.90%</font></p>
  </td>
 <td width=16% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:25.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:8.0pt;line-height:115%;">99.80%</font></p>
  </td>
 <td width=12% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:25.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">99.60%</font></p>
  </td>
 <td width=12% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:25.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">99.00%</font></p>
  </td>
 <td width=12% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:25.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">98.00%</font></p>
  </td>
 <td width=15% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:25.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">95.00%</font></p>
  </td>
 <td width=13% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:25.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">95.00%</font></p>
  </td>
 </tr>
<tr style="height:21.3pt;">
  <td width=10% style="background:#BFBFBF;border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:2.25pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">Silver material</font></p>
  </td>
 <td width=10% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:8.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=16% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:8.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:8.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=12% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:8.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=12% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:8.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=15% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif style="font-size:8.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=13% style="background:#BFBFBF;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;height:21.3pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:115%;">95.00%</font></p>
  </td>
 </tr>
</table>


</div>


<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">Should
the Material contain less than 30% gold, the Depositor is obliged to inform
Rand Refinery accordingly before delivery of the product to Rand Refinery. Rand
Refinery reserves the right to reject the deposit.</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">7.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">ADMINISTRATION TRANSFER FEE</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
fee is due and payable to Rand Refinery by the Depositor in respect of metal
transferred from the Depositor&#8217;s metal account to a 3<sup>rd</sup> party metal
account Loco Germiston.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:43.5pt;margin-right:0cm;margin-top:0cm;text-indent:-36.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">DELETERIOUS
ELEMENTS</font></p>

<p style="margin-bottom:.0001pt;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;"><font face="Times New Roman,serif" lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:72.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.1&#160;&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">The
Material shall not contain any volatile organics or other combustibles or
extraneous Material. </font></p>

<p style="margin-bottom:.0001pt;margin-left:72.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.2&#160;&#160;&#160;&#160;&#160;&#160; Should any of the elements as specified below
exceed the maximum permitted levels, it must be notified and agreed between the
parties prior to shipment. </font></p>

<p style="margin-bottom:.0001pt;margin-left:72.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.3 &#160;&#160;&#160;&#160;&#160; Fees will apply for such deleterious elements,
where the maximum permitted levels are exceeded.</font></p>

<p style="margin-bottom:.0001pt;margin-left:72.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.4&#160;&#160;&#160;&#160;&#160;&#160; Rand Refinery reserves the right to refuse
acceptance of any product with deleterious elements it might not, in terms of
its ISO14000 certification, be able to treat.</font></p>

<p style="margin-bottom:.0001pt;margin-left:71.9pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.5&#160;&#160;&#160;&#160;&#160;&#160; The presence of impurities that are deleterious
to Rand Refinery&#8217;s processing facilities are listed below and should the
material be outside of the agreed quality, Rand Refinery reserves the right to
reject the Material or apply the following penalties: </font></p>


<DIV bclFooter>


<div style="border:none;border-top:solid #D9D9D9 1.0pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-element:para-border-div;padding:1.0pt 0cm 0cm 0cm;">

<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">24</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

</div>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_27"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:71.9pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-35.9pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:150%;">7.6&#160;&#160;&#160;&#160;&#160;&#160; The following
additional treatment fees will be charged per kilogram for every element
exceeding the permitted level:</font></p>

<p style="margin-bottom:.0001pt;margin-left:71.9pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-35.9pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<div align=center>

<table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr>
  <td width=23% style="background:#A6A6A6;border:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Deleterious Elements</font></b></p>
  </td>
 <td style="background:#A6A6A6;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Maximum Permitted Level (%)</font></b></p>
  </td>
 <td style="background:#A6A6A6;border:none;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Penalty charge for each 1 % or part thereof
  of deleterious element in excess of the Maximum Permitted Level, per kg of
  material delivered</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=23% style="border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Iron
  (Fe)</font></p>
  </td>
 <td valign=top style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">1.00
  </font></p>
  </td>
 <td valign=top style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">R
  1,282.00 </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=23% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Copper
  (Cu)</font></p>
  </td>
 <td valign=top style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">7.00
  </font></p>
  </td>
 <td valign=top style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">R&#160;&#160;&#160;
  499.00 </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=23% style="border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Zinc
  (Zn)</font></p>
  </td>
 <td valign=top style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">2.00</font></p>
  </td>
 <td valign=top style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">R
  2,269.00 </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=23% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Lead
  (Pb)</font></p>
  </td>
 <td valign=top style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">1.00</font></p>
  </td>
 <td valign=top style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">R
  2,523.00 </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=23% style="border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Nickel
  (Ni)</font></p>
  </td>
 <td valign=top style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">0.50</font></p>
  </td>
 <td valign=top style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">R
  1,282.00 </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=23% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Arsenic
  (As)</font></p>
  </td>
 <td valign=top style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">0.20</font></p>
  </td>
 <td valign=top style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">R
  2,674.00 </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=23% style="border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Cadmium
  (Cd)</font></p>
  </td>
 <td valign=top style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">0.20</font></p>
  </td>
 <td valign=top style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">R
  2,674.00 </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=23% style="background:#D9D9D9;border:none;border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Mercury
  (Hg)</font></p>
  </td>
 <td colspan=2 valign=top width=77% style="background:#D9D9D9;border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.0pt;line-height:115%;">Not
  accepted</font></p>
  </td>
 </tr>
</table>


</div>


<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">9.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">In the event of any dispute and the Material is
returned to the Depositor a fee to cover costs of ZAR 2,250.00 per Deposit
shall be raised by Rand Refinery
against the Depositor. </font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">10.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">All the charges referred to in this Annexure
shall be exclusive of Value-added Tax, which shall be levied by Rand Refinery
additionally at the rate prevailing as at the invoice date.</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">11.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:150%;">All USD charges shall be converted at the ruling
exchange rate and payable in ZAR.</font></p>




<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><a name="_Toc457411311"></a></p>
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<p align=right style="border:none;margin:0cm;margin-bottom:.0001pt;mso-border-top-alt:solid #D9D9D9 .5pt;mso-border-top-themecolor:background1;mso-border-top-themeshade:217;mso-padding-alt:1.0pt 0cm 0cm 0cm;padding:0cm;tab-stops:center 234.0pt right 468.0pt;text-align:right;"><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">25</font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> | </font><font color=#7F7F7F style="mso-themecolor:background1;mso-themeshade:127;"><font color=#7F7F7F face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:3.0pt;">Page</font></font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">SCHEDULE 1<a name="_Toc457411324"></a>: LIST OF DEPOSITORS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc457411003"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">DRDGOLD
Limited</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Registration no.
1895/000926/06, a company duly registered and incorporated in accordance with
the company laws of the Republic of South Africa, having its principal place of
business at Place of business: 1 Sixty Jan Smuts Buildng, 2nd Floor, North
Tower, 160 Jan Smuts Avenue, Rosebank, 2196, E-mail: mark.burrell@drdgold.com,
Riaan.davel@drdgold.com , Fax: +27 86 524 3061</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Ergo
Mining Proprietary Limited</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Registration
no. 2007/004886/07, a company duly registered and incorporated in accordance
with the company laws of the Republic of South Africa, having its principal
place of business at 183 Vlakfontein Road, Vulcania, Brakpan</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Mines / plants / operations:
Ergo, City Deep, Knights and Crown Plants</font></p>




<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">ANNEXURE B &#8211; DETAILS OF UMPIRE</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Inspectorate
International Limited</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">2 Perry Road, Witham</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Essex, CM8 3TU</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">United Kingdom</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">ALS
Minerals Division | Inspection&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Caddick Road</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Knowsley Business Park</font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Prescot L34 9HP </font></p>

<p style="margin-bottom:.0001pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">United Kingdom</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:normal;">ANNEXURE C &#8211; HIGH LEVEL
SCHEMATIC OF DEPOSITING PROCESS</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><img height=524 id="Picture 1" src="exhibit4x29x0.gif" width=930>&nbsp;</p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:normal;">ANNEXURE D &#8211; CONTACT
LIST</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:normal;">Rand Refinery</font></b></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:29.2pt;">
  <td valign=top width=30% style="background:#94785B;border:solid white 1.0pt;border-bottom:solid white 3.0pt;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Scenario</font></b></p>
  </td>
 <td valign=top width=35% style="background:#94785B;border-bottom:solid white 3.0pt;border-left:none;border-right:solid white 1.0pt;border-top:solid white 1.0pt;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">RR Officer</font></b></p>
  </td>
 <td valign=top width=35% style="background:#94785B;border-bottom:solid white 3.0pt;border-left:none;border-right:solid white 1.0pt;border-top:solid white 1.0pt;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">RR Email</font></b></p>
  </td>
 </tr>
<tr style="height:29.2pt;">
  <td valign=top width=30% style="background:#DCD6D2;border:none;border-bottom:solid white 1.0pt;border-left:solid white 1.0pt;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Weight
  Variance Notice</font></p>
  </td>
 <td valign=top width=35% style="background:#DCD6D2;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Customer
  Liaison Officer &#8211; Eval.</font></p>
  </td>
 <td valign=top width=35% style="background:#DCD6D2;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">ItumelengM@gold.co.za</font></p>
  </td>
 </tr>
<tr style="height:29.2pt;">
  <td valign=top width=30% style="background:#EFECEA;border:none;border-bottom:solid white 1.0pt;border-left:solid white 1.0pt;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Weight
  Variance Notice Escalated</font></p>
  </td>
 <td valign=top width=35% style="background:#EFECEA;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Snr
  Mgr. Evaluation</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Technical
  Assurance &amp; SHEQ Exec.</font></p>
  </td>
 <td valign=top width=35% style="background:#EFECEA;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Johand@gold.co.za</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Terancen@gold.co.za</font></p>
  </td>
 </tr>
<tr style="height:29.2pt;">
  <td valign=top width=30% style="background:#DCD6D2;border:none;border-bottom:solid white 1.0pt;border-left:solid white 1.0pt;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Cancellation
  Notice</font></p>
  </td>
 <td valign=top width=35% style="background:#DCD6D2;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Snr
  Mgr. Evaluation</font></p>
  </td>
 <td valign=top width=35% style="background:#DCD6D2;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Johand@gold.co.za</font></p>
  </td>
 </tr>
<tr style="height:29.2pt;">
  <td valign=top width=30% style="background:#EFECEA;border:none;border-bottom:solid white 1.0pt;border-left:solid white 1.0pt;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Cancellation
  Notice</font></p>
  </td>
 <td valign=top width=35% style="background:#EFECEA;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Technical
  Assurance &amp; SHEQ Exec.</font></p>
  </td>
 <td valign=top width=35% style="background:#EFECEA;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Terancen@gold.co.za</font></p>
  </td>
 </tr>
<tr style="height:29.2pt;">
  <td valign=top width=30% style="background:#DCD6D2;border:none;border-bottom:solid white 1.0pt;border-left:solid white 1.0pt;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Assay
  Variance Notice</font></p>
  </td>
 <td valign=top width=35% style="background:#DCD6D2;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Customer
  Liaison Officer &#8211; Eval.</font></p>
  </td>
 <td valign=top width=35% style="background:#DCD6D2;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">ItumelengM@gold.co.za</font></p>
  </td>
 </tr>
<tr style="height:29.2pt;">
  <td valign=top width=30% style="background:#EFECEA;border:none;border-bottom:solid white 1.0pt;border-left:solid white 1.0pt;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Assay
  Variance Notice Escalated</font></p>
  </td>
 <td valign=top width=35% style="background:#EFECEA;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Snr
  Mgr. Evaluation</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Technical
  Assurance &amp; SHEQ Exec.</font></p>
  </td>
 <td valign=top width=35% style="background:#EFECEA;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Johand@gold.co.za</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Terancen@gold.co.za</font></p>
  </td>
 </tr>
<tr style="height:29.2pt;">
  <td valign=top width=30% style="background:#DCD6D2;border:none;border-bottom:solid white 1.0pt;border-left:solid white 1.0pt;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Tampering
  (seals, bar defects etc.)</font></p>
  </td>
 <td valign=top width=35% style="background:#DCD6D2;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Might
  be observed by Security but communicated by Snr Mgr. Evaluation</font></p>
  </td>
 <td valign=top width=35% style="background:#DCD6D2;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Johand@gold.co.za</font></p>
  </td>
 </tr>
<tr style="height:29.2pt;">
  <td valign=top width=30% style="background:#EFECEA;border:none;border-bottom:solid white 1.0pt;border-left:solid white 1.0pt;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Tampering
  (seals, bar defects etc.)</font></p>
  </td>
 <td valign=top width=35% style="background:#EFECEA;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Technical
  Assurance &amp; SHEQ Exec.</font></p>
  </td>
 <td valign=top width=35% style="background:#EFECEA;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;height:29.2pt;padding:3.6pt 7.2pt 3.6pt 7.2pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:10.5pt;line-height:normal;">Terancen@gold.co.za</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:10.5pt;line-height:normal;">DRD</font></b></p>

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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Josiah
Tshisevhe &#8211; josiah.tshisevhe@drdgold.com -Area Manager</font></p>

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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Geoffrey
Pollock &#8211; geoff.pollock@drdgold.com &#8211; Area Manager</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Sandile
Lamani &#8211; sandile.lamani@drdgold.com &#8211; Plant Superintendent and 2IC</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Finance &#8211; to be included in all e-mails relating to
despatch queries</font></u></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">William
Pooe &#8211; william.pooe@drdgold.com &#8211; Financial Accountant</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Phathiswa
Koyo &#8211; phathiswa.koyo@drdgold.com &#8211; Gold Book Clerk</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">In the event of unsatisfactory responses from the plants</font></u></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Mark
Burrell &#8211; mark.burrell@drdgold.com &#8211; Financial Director</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:10.5pt;line-height:normal;">Ryno
Bornman &#8211; ryno.bornman@drdgold.com &#8211; Manager Financial and Management
Information Systems</font></p>

<p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>exhibit8.htm
<TEXT>

<html>

<head>
<meta content="text/html; charset=utf-8" />


<title>EXHIBIT 8</title>



</head>

<body><a name="page_1"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 225.65pt right 451.3pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">EXHIBIT 8.1</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">LIST OF SUBSIDIARIES AS AT June 30, 2018</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=46% style="border:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">SUBSIDIARY NAME </font></b></p>
  </td>
 <td valign=top width=24% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">JURISDICTION OF INCORPORATION AND RESIDENCE</font></b></p>
  </td>
 <td valign=top width=30% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">PROPORTION OF OWNERSHIP INTEREST AND VOTING INTEREST</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=46% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Ergo Mining Operations Proprietary Limited </font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">South Africa</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">100%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=46% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Crown Gold Recoveries Proprietary Limited</font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">South Africa</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">100%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=46% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">East Rand Proprietary Mines Limited</font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">South Africa</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">100%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=46% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Ergo Mining Proprietary Limited</font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">South Africa</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">100%</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">LIST OF SUBSIDIARIES AS AT September 30,
2018</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=46% style="border:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">SUBSIDIARY NAME </font></b></p>
  </td>
 <td valign=top width=24% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">JURISDICTION OF INCORPORATION AND RESIDENCE</font></b></p>
  </td>
 <td valign=top width=30% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">PROPORTION OF OWNERSHIP INTEREST AND VOTING INTEREST</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=46% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Ergo Mining Operations Proprietary Limited </font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">South Africa</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">100%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=46% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Crown Gold Recoveries Proprietary Limited</font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">South Africa</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">100%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=46% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">East Rand Proprietary Mines Limited</font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">South Africa</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">100%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=46% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Ergo Mining Proprietary Limited</font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">South Africa</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">100%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=46% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Far West Gold Recoveries Proprietary Limited</font></p>
  </td>
 <td valign=top width=24% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">South Africa</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">100%</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>




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<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">DRD EXCHANGE</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;"> AGREEMENT</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">(in terms of section 42 of the Income Tax
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<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">DRDGOLD LIMITED</font></b></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">KJT/JAJ</font></p>

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<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;line-height:normal;">TABLE OF CONTENTS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">1</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">interpretation&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 1</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">2</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">INTRODUCTION&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 6</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">3</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">SUSPENSIVE
CONDITION</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 7</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">4</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">EXCHANGE&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 8</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">5</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">section
42 of the income tax act</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 8</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">6</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">CLOSING
AND DELIVERY</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 9</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">7</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">board
appointment</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 11</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">8</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">WARRANTIES&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 11</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">9</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">INDEMNITies&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 14</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">10</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">LIMITATION
OF LIABILITY</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 16</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">11</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">silicosis
claims</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 18</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">12</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">interim
period</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 19</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">13</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">CONFIDENTIALITY&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 21</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">14</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">BREACH&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 23</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">15</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">DISPUTES&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 23</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">16</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">DOMICILIUM
AND NOTICES</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 24</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">17</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">GENERAL&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 26</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">18</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">GOVERNING
LAW</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">.. 27</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">19</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">COSTS&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 27</font></b></font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;line-height:normal;">ANNEXURES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">Annexure&nbsp;A &#8211;
DRD warranties</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">Annexure&nbsp;B &#8211;
disclosure schedule</font></u></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">KJT/JAJ</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Exchange Agreement - Execution - 22 Nov
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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD EXCHANGE
AGREEMENT</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">(in terms of section 42 of the Income Tax
Act)</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;font-weight:normal;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">between</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRDGOLD LIMITED</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">SIBANYE GOLD
LIMITED</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041796"></a><a name="_Ref497818571"></a><a name="_Ref497818449"></a><a name="_Ref497818174"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">interpretation&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">In this Agreement, clause headings are
for convenience and shall not be used in its interpretation and, unless the
context clearly indicates a contrary intention,&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a word or an expression which denotes&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any gender includes the other genders;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a natural person includes an artificial or
juristic person and</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> vice versa</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the singular includes the plural and</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> vice
versa</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the following words and expressions shall bear
the meanings assigned to them below and cognate words and expressions bear
corresponding meanings&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;this
agreement, together with its annexures (if any), as amended from time to time;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Allotted Shares</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;such
number of DRD Shares as will, after the allotment and issue thereof to Sibanye
in terms of&nbsp;4, constitute 38.05% of all DRD Shares in issue (including any
DRD Shares held as treasury shares). It is recorded that (i)&nbsp;as at the
Signature Date, 265&nbsp;000&nbsp;000 DRD Shares would need to be allotted and
issued in terms of&nbsp;4 in order for Sibanye to achieve a shareholding of
38.05% of all DRD Shares in issue (including any DRD Shares held as treasury
shares), and (ii)&nbsp;if any DRD Shares are allotted and issued to third
parties by DRD prior to the implementation of&nbsp;4, the number of DRD Shares
which will need to be allotted and issued in terms of&nbsp;4 in order </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt right 16.0cm;text-align:left;"><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;"></font></b></font><font style="mso-bidi-font-size:12.0pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;">1</font></font><font style="mso-bidi-font-size:12.0pt;"><font style="display:none;mso-hide:all;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;"></font></font></font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_4"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">for Sibanye to achieve a shareholding of 38.05% of all DRD
Shares in issue (including any DRD Shares held as treasury shares) will exceed
265&nbsp;000&nbsp;000 DRD Shares;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Applicable Laws</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;in
relation to any Party, includes all statutes, subordinate legislation, common
law, regulations, ordinances, by&#8209;laws, directives, codes of practice,
circulars, guidance or practice notices, judgments, decisions, standards and
similar provisions&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">which are prescribed, adopted, made, published
or enforced by any Governmental Authority; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">compliance with which is (or was or will be, at
the relevant time referred to in this Agreement) mandatory for that Party; </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Business Day</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;any
day which is not a Saturday, a Sunday or an official public holiday in South
Africa;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Companies Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
Companies Act No&nbsp;71 of 2008;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Composite Transaction</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;will
have the meaning ascribed thereto in the First Exchange Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">CSDP</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;a nominated
depository institution for central securities depository participant as
contemplated in the Financial Markets Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Disclosure Schedule</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
disclosure schedule which is annexed to this Agreement as Annexure&nbsp;B,
which qualifies the Warranties;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Dispose</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;sell,
transfer, cede, make over, give, donate, exchange, dispose of, unbundle,
distribute or otherwise alienate or any agreement, obligation or arrangement to
do any of the foregoing;&nbsp;and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Disposal</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; will be construed
accordingly;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DMR</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Department of Mineral Resources;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;DRDGOLD
Limited (registration number 1895/000926/06), a public company duly incorporated
and registered in accordance with the laws of South Africa (the ordinary shares
of which are listed on the JSE and the NYSE in the form of American Depository
Shares);</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_5"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD Delivery Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;-&nbsp;the
first Business Day after the Delivery Date in terms of, and as defined in, the
First Exchange Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.13</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD Shares</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;ordinary
shares of DRD;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.14</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Encumbrance</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;includes
any mortgage bond, notarial bond, pledge, lien, hypothecation, assignment, cession&#8209;in&#8209;securitatem
debiti, deposit by way of security, option over, right of retention over, right
of first refusal, restriction on disposal or any other agreement, arrangement
or obligation (whether conditional or not) which has or will have the effect of
giving to one Person a security interest in or preferential treatment in
respect of another Person's assets, but excludes statutory preferences, and
&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Encumber</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Encumbered</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; shall be
construed accordingly;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.15</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Financial Markets Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Financial Markets Act No 19 of 2012;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.16</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">First Exchange Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Exchange Agreement to be entered into between Sibanye, the Target and DRD on or
about the date of conclusion of this Agreement and in terms of which Sibanye
will dispose of a tailings business to the Target in exchange for the issue by
the Target of shares to Sibanye;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.17</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Governmental Authority</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;any
government or governmental (national, provincial, regional, district, municipal
or local), administrative, regulatory, fiscal or judicial authority, agency,
body, court, department, commission, tribunal, registry or any state-owned,
state-controlled or legislatively constituted authority, agency or commission
which principally performs public, governmental or regulatory functions
including the DMR;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.18</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Income Tax Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
Income Tax Act No&nbsp;58 of 1962;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.19</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">JSE</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;JSE Limited
(registration number 2005/022939/06), a public company duly incorporated and
registered in accordance with the laws of South Africa and licenced as an
exchange under the Financial Markets Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.20</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Listings Requirements</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Listings Requirements of the JSE;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.21</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Longstop Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;will
have the meaning ascribed thereto in the First Exchange Agreement;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.22</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Losses</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;actual
or contingent losses, liabilities, damages, costs (including legal costs on the
scale as between attorney and own client) and expenses of any nature
whatsoever;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.23</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">NYSE</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the New York
Stock Exchange;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.24</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Parties</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;collectively,
DRD and Sibanye and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; shall mean any one of them, as the
context may require;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.25</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Person</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;includes
any natural or juristic person, association, business, close corporation, company,
concern, enterprise, firm, partnership, joint venture, trust, undertaking,
voluntary association, body corporate, and any similar entity;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.26</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;Sibanye
Gold Limited (registration number 2002/031431/07), a public company duly
incorporated and registered in accordance with the laws of South Africa (the
ordinary shares of which are listed on the JSE and the NYSE);</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.27</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye Securities Account</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
securities account to be established by Sibanye prior to the DRD Delivery Date,
into which the Allotted Shares will be deposited in terms of&nbsp;4, it being
agreed that Sibanye will, in writing, provide DRD with full details of the
Sibanye Securities Account at least five Business Days prior to the DRD Delivery
Date;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.28</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Signature Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;when
this Agreement has been signed by both Parties (whether or not in counterpart),
the latest of the dates on which this Agreement (or a counterpart) was signed
by a Party;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.29</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Silicosis</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
occupational lung disease resulting from the inhalation of, or exposure to,
crystalline silica dust and/or related illnesses or diseases resulting from the
same cause;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.30</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Silicosis Period</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
period commencing on the DRD Delivery Date and expiring eight years thereafter;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.31</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">South Africa</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
  Republic of South Africa;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.32</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Suspensive&nbsp;</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Condition</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
suspensive condition stipulated in&nbsp;3;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.33</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Target</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;-&nbsp;K2017449061
(South Africa) Proprietary Limited </font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">(registration number 2017/449061/07) (to
be renamed WRTRP Proprietary Limited), a private company duly incorporated and
registered in accordance with the laws of South Africa;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.34</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Target Shares</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;-&nbsp;1&nbsp;000
ordinary shares in the Target, which ordinary shares constitutes 100% of the
issued ordinary shares of the Target;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.35</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Warranties</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
warranties, representations and undertakings given by each Party to the other
in this Agreement (including, in the case of DRD, the Warranties in
Annexure&nbsp;A hereto) and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Warranty</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; shall be construed
accordingly;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any reference to any statute, regulation or
other legislation shall be a reference to that statute, regulation or other
legislation as at the Signature Date, and as amended or substituted from time
to time;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any reference to holding companies or
subsidiaries shall be construed in accordance with the meanings ascribed to
such terms in the Companies Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">if any provision in a definition is a
substantive provision conferring a right or imposing an obligation on any Party
then, notwithstanding that it is only in a definition, effect shall be given to
that provision as if it were a substantive provision in the body of this
Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">where any term is defined within a particular
clause other than this&nbsp;<a name=QuickMark></a><a name="QuickMark_bclEnd"></a>1,
that term shall bear the meaning ascribed to it in that clause wherever it is
used in this Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">where any number of days is to be calculated
from a particular day, such number shall be calculated as excluding such
particular day and commencing on the next day. If the last day of such number
so calculated falls on a day which is not a Business Day, the last day shall be
deemed to be the next succeeding day which is a Business Day;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any reference to days (other than a reference to
Business Days), months or years shall be a reference to calendar days, calendar
months or calendar years, respectively;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any term which refers to a South African legal
concept or process (for example, without limiting the foregoing, winding&#8209;up
or curatorship) shall be deemed to include a reference to the equivalent or
analogous concept or process in any other jurisdiction in which this Agreement
may apply or to the laws of which a Party may be or become subject; and</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the use of the word &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">including</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;,
&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">includes</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; or &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">include</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; followed by a
specific example/s shall not be construed as limiting the meaning of the general
wording preceding it and the </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">eiusdem generis</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> rule shall not be applied
in the interpretation of such general wording or such specific example/s.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The terms of this Agreement having
been negotiated, the rule of interpretation which prescribes that, in the event
of ambiguity, a contract should be interpreted against the party responsible
for its drafting shall not be applied in the interpretation of this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041797"></a><a name="_Toc488934914"></a><a name="_Toc447794466"></a><a name="_Toc433984760"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">INTRODUCTION&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties record that&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref488331577"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">as at the DRD Delivery Date, Sibanye will hold
the Target Shares;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD wishes to acquire the Target Shares in
exchange for the issue and allotment of the Allotted Shares; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref336358406"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye wishes to exchange the Target Shares for
the Allotted Shares in terms of section&nbsp;42 of the Income Tax Act.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties accordingly agree to the terms and
conditions set out in this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041798"></a><a name="_Toc488934915"></a><a name="_Toc447794467"></a><a name="_Toc433984761"></a><a name="_Toc397594564"></a><a name="_Toc343000852"></a><a name="_Toc277144215"></a><a name="_Toc276720440"></a><a name="_Toc275942067"></a><a name="_Toc275941871"></a><a name="_Toc275939631"></a><a name="_Toc275793613"></a><a name="_Ref275444669"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">SUSPENSIVE CONDITION</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref488934026"></a><a name="_Ref246158820"></a><a name="_Ref246136503"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This whole Agreement (other than&nbsp;1,
this&nbsp;3 and 13 to 19 (both inclusive), by which the Parties shall be bound
with effect from the Signature Date) is subject to the suspensive condition
that on or before the Longstop Date, <a name="_Ref484087082"></a>all of the suspensive conditions contained in the First
Exchange Agreement, save for any suspensive condition therein relating to this
Agreement being signed and becoming unconditional, shall have been fulfilled or
waived (as the case may be)<a name="_Ref413761440"></a><a name="_Ref394498066"></a><a name="_Ref389041699"></a>.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name="_Ref201653303"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref276373413"></a><a name="_Ref386450616"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.65pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">S</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">sp</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ve&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.7pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.2pt;line-height:150%;">C</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.65pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">may&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:2.1pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.25pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:2.1pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">b</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.95pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">w</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.15pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">v</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">If the Suspensive Condition is not fulfilled for
any reason whatever, then&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">this whole Agreement (other than&nbsp;1,
this&nbsp;3 and 13 to 19 (both inclusive), by which the Parties shall remain
bound) shall be of no force or effect;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Parties shall be entitled to be restored as
near as possible to the positions in which they would have been, had this
Agreement not been entered into; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">neither Party shall have any claim against the
other in terms of this Agreement except for such claims (if any) as may arise
from a breach of this&nbsp;3 or from any other provision of this Agreement by
which the Parties remain bound.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041799"></a><a name="_Toc488934916"></a><a name="_Toc447794468"></a><a name="_Toc433984762"></a><a name="_Toc397594565"></a><a name="_Toc343000854"></a><a name="_Ref336424937"></a><a name="_Ref333920410"></a><a name="_Toc277144220"></a><a name="_Toc276720445"></a><a name="_Toc275942072"></a><a name="_Toc275941876"></a><a name="_Toc275939636"></a><a name="_Toc275793617"></a><a name="_Ref275437141"></a><a name="_Toc248025523"></a><a name="_Toc248082924"></a><a name="_Toc248025524"></a><a name="_Toc248082925"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">EXCHANGE&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Exchange&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref139980045"></a><a name="_Ref484685853"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">In exchange for the allotment and issue of the
Allotted Shares by DRD, Sibanye shall, on the DRD Delivery Date, cede and
transfer the Target Shares to DRD, on which date ownership of, and all risk in
and benefit attaching to, the Target Shares shall be deemed to have passed to DRD.
In exchange for cession and transfer of the Target Shares by Sibanye, DRD
shall, on the DRD Delivery Date, allot and issue (credited as fully paid-up)
the Allotted Shares to Sibanye and ownership of, and all risk in and benefit
attaching to, the Allotted Shares shall be deemed to have passed to Sibanye.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The exchange of the Target Shares by Sibanye for
the allotment and issue of the Allotted Shares by DRD constitutes one
indivisible transaction.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The exchange referred to in&nbsp;4.1.1 shall be
implemented on the DRD Delivery Date by way of giving effect to the provisions
of&nbsp;6.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name="_Ref297106776"></a><a name="_Toc149464691"></a><a name="_Toc147242341"></a><a name="_Ref146540009"></a><a name="_Toc145923186"></a><a name="_Toc140049676"></a><a name="_Toc31432460"></a><a name="_Toc517168134"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Securities transfer tax</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref336352793"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Securities
transfer tax is not payable in respect of the transfer of the Target Shares in
terms of section 8(1)(a)(i) of the Securities Transfer Tax Act No&nbsp;25
of&nbsp;2007.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041800"></a><a name="_Toc488934917"></a><a name="_Toc488835601"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">section 42 of the income tax act</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The transfer of the Target Shares in exchange
for the Allotted Shares will be implemented as an asset-for-share transaction,
as contemplated in section&nbsp;42 of the Income Tax Act.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The effective date of the transaction will be
the DRD Delivery Date.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties hereby record and agree that
section&nbsp;42 of the Income Tax Act applies to the transfer of the Target
Shares by Sibanye to DRD in terms of this Agreement. Consequently, Sibanye and
DRD are obliged to have regard to and give effect to the provisions of
section&nbsp;42 of the Income Tax Act for the purposes of determining the tax
consequences for both Parties (including income Tax and capital gains tax
consequences) pursuant to the implementation of the exchange contemplated in
this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041801"></a><a name="_Ref497818968"></a><a name="_Toc488934918"></a><a name="_Toc447794470"></a><a name="_Toc433984763"></a><a name="_Ref275878088"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">C</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:none;">LOSING AND DELIVERY</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref293586679"></a><a name="_Ref370131026"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">At 12h00 on the DRD Delivery Date,
representatives of Sibanye and DRD shall meet at&nbsp;the offices of Werksmans
Inc., The Central, 96 Rivonia Road, Sandton. At that
meeting</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&#8211;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye shall deliver to DRD&nbsp;-</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the share certificates in respect of the Target Shares
together with duly signed and currently dated share transfer forms in respect
thereof (reflecting DRD as transferee);</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">an extract from the updated securities register
of the Target reflecting the transfer of the Target Shares into the name of </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD</font><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a copy of a resolution of the board of directors
of the Target&nbsp;&#8209;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">approving the transfer of the Target Shares in
accordance with this Agreement;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">authorising the registration of transfer of the
Target Shares and the issue of a new share certificate in respect of the Target
Shares to DRD;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">accepting the resignations of Richard Andrew
Stewart and Charl&nbsp;Keyter as directors of the Target as referred to in&nbsp;6.1.1.4;
and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref411512273"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">appointing Daniel Johannes Pretorius and Wilhelm
Jacobus Schoeman as directors of the Target with effect from the
DRD&nbsp;Delivery Date;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref411512034"></a><a name="_Ref190577924"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the written resignations of all of the
directors, public officer and auditors of the Target who are in office
immediately prior to the DRD&nbsp;Delivery Date and each </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt right 16.0cm;text-align:left;"><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;"></font></b></font><font style="mso-bidi-font-size:12.0pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;">8</font></font><font style="mso-bidi-font-size:12.0pt;"><font style="display:none;mso-hide:all;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;"></font></font></font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_11"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">such resignation shall confirm that the Person
resigning has no claims against the Target;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref413768801"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">all of the Target's books, records, documents
and assets;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><a name="_Ref139951580"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD shall deliver to Sibanye&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a copy of a resolution of the board of directors
of DRD approving the allotment and issue of the Allotted Shares to Sibanye
pursuant to this Agreement and authorising the payment of the relevant listing
fee in respect thereof;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref488850328"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the signed application letter submitted to the
JSE for approval of the listing of the Allotted Shares on the JSE and the
approval letter stating that the Allotted Shares will in fact be listed on the
JSE; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref488850793"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the irrevocable instruction to the relevant CSDP
to credit the Sibanye Securities Account with the Allotted Shares.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">In compliance with the Financial Markets Act, the
Allotted Shares will be issued in dematerialised form to Sibanye, and will be
credited to the Sibanye Securities Account on the DRD Delivery Date.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">It is recorded that the Parties intend that the matters
referred to above be done and completed simultaneously. The Parties
reciprocally undertake in favour of each other to sign, or cause to be signed,
all such documents, and do, or cause to be done, all such further things as may
be reasonably required to give effect to this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties will be entitled, by agreement in
writing, to waive the requirement for holding a meeting in terms of this&nbsp;6
and, in those circumstances, to regulate the process through which the documents
contemplated in&nbsp;6 will be exchanged, as they deem fit.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Subject to the Parties entering into good faith
negotiations at the request of Sibanye to agree the terms of a U.S.
registration rights agreement containing standard terms and conditions, including
incidental and demand registration rights with respect to the Allotted Shares
in favour of Sibanye, the Parties hereby agree that DRD will not be required to
register the Allotted Shares with the U.S. Securities and Exchange Commission
or list the Allotted Shares on any securities exchange other than the JSE.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041802"></a></p>
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<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt right 16.0cm;text-align:left;"><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;"></font></b></font><font style="mso-bidi-font-size:12.0pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;">9</font></font><font style="mso-bidi-font-size:12.0pt;"><font style="display:none;mso-hide:all;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;"></font></font></font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_12"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">board appointment</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">If they have not already done so, by
no later than the DRD Delivery Date DRD shall invite Sibanye to nominate one
Person to be appointed to the board of directors of DRD and DRD shall, subject
to the applicable provisions of the Companies Act, the memorandum of
incorporation of DRD and the listings rules of all stock exchanges on which DRD
Shares are listed (including the Listings Requirements), as soon as practically
possible after the DRD Delivery Date (but in any event no more than
21&nbsp;Business Days thereafter) procure the appointment of such Person (and
any replacement nominated from time to time by Sibanye on any removal or
resignation of such Person from the DRD board of directors) as a director of
DRD.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041803"></a><a name="_Toc488934919"></a><a name="_Ref488926487"></a><a name="_Toc484072608"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">WARRANTIES&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref484070475"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">8.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:both;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;letter-spacing:-.05pt;line-height:150%;">G</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">e</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;letter-spacing:.05pt;line-height:150%;">n</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">e</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;letter-spacing:.05pt;line-height:150%;">r</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;letter-spacing:-.05pt;line-height:150%;">a</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">l&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref262220902"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Each Party
gives the other Party the Warranties on the basis that&nbsp;-</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref369620693"></a><a name="_Ref111606928"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">this Agreement is entered into by each Party
relying on the Warranties, each of which is deemed to be both a material
representation inducing each Party to enter into this Agreement and an
essential contractual undertaking by each Party to ensure that the Warranty is
true and correct;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:151.1pt;text-align:justify;text-indent:-151.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">each Warranty shall be a separate and
independent warranty which, subject to 8.1.3, shall not be limited by reference
to or inference from the terms of any other Warranty or by any other provision
in this Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><a name="_Ref497824819"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the liability of each Party in connection with
the warranties shall be subject to&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the limitations contained in 10; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">in the case of DRD, qualified by the disclosures
fairly made by DRD in the Disclosure Schedule;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">save as expressly provided in this&nbsp;8 and
Annexure&nbsp;A, neither Party gives any warranties or representations of any
nature whatever, whether express, tacit or implied by law.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref488334451"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Warranties by Sibanye</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">Sibanye </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">he</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">by&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.9pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">gi</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">v</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.85pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.9pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.85pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">n&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.95pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">fav</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">r&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.0pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">f DRD t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.9pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">f</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">l</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">l</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">w</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ng
War</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s,&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">as&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">at&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.15pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:150%;">the Signature Date and the DRD </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Delivery Dat</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">e and at all times between those two dates</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">,</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:150%;">&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&#8211;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref488334029"></a><a name="_Ref505396385"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the authorised shares of the Target are 5&nbsp;000</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">
</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ordinary shares of no par value and only 1&nbsp;000 of such shares have
been issued;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Target Shares constitute 100% of the issued
shares of the Target and all such shares are fully paid up;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Target does not have any existing or future
obligation (whether contingent upon the exercise of any right, option, right of
first refusal or otherwise), and no resolution has been passed requiring the
Target to vary (whether by way of an increase, reduction, consolidation,
subdivision or otherwise)&nbsp;&#8211;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">its authorised or issued shares from the share
structure referred to in&nbsp;8.2.1;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to vary any of the rights attaching to any of
its shares; or </font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to create or issue any debentures or other
securities;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">all of the issued shares of the Target are of
one class and rank </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">pari passu</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> with each other;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Target Shares were validly created and
issued;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye is the sole beneficial owner of the
Target Shares and is registered as the sole owner of the Target Shares;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye is entitled and able to give free and un&#8209;encumbered
title to the Target Shares to DRD;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">no Person has any existing or will have any
future right (including any option or right of first refusal) to acquire any of
the Target Shares; </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Target is a shelf company that has never
traded and has no assets, liabilities, rights or obligations other than those
acquired in terms of and/or contemplated by and/or referred to in the First
Exchange Agreement (and including any other agreement referred to in the First
Exchange Agreement); and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">for a period of 40 days following the DRD
Delivery Date, neither Sibanye, nor any of its affiliates, will offer or sell
any DRD Shares (including any Allotted Shares) to a U.S. Person or for the
account or benefit of a U.S.&nbsp;Person.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497825342"></a><a name="_Ref484070836"></a><a name="_bookmark14"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">W</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">a</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">r</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">a</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">nt</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">i</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">e</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s&nbsp;</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.5pt;line-height:150%;"> </font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">by&nbsp;</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.55pt;line-height:150%;"> </font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">he</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">by&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.9pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">gi</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">v</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.85pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.9pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.85pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">n&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.95pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">fav</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">r&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.0pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">f&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.0pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.9pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">War</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s in&nbsp;Annexure&nbsp;A and in
this&nbsp;8.3, as</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">at&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.15pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:150%;"> DRD </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Delivery Dat</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">, that</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:150%;">&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&#8211;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">as&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.6pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">su</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">f</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">fic</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.6pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">or</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.6pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">b</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.65pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.6pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">DRD S</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ha</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.55pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to
g</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ve&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.45pt;line-height:150%;">
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">f</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">f</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ct&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.45pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.35pt;line-height:150%;"> allotment
of the Allotted Shares in terms of&nbsp;4</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.45pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Allotted&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;">
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">S</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">will&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">be&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.4pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">v</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">al</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">d</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">l</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">y&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;"> as </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">fully paid up to</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any and all approvals, consents and/or waivers as
may be required in order to issue the Allotted Shares, and to otherwise give effect
to the allotment and issue thereof will have been received and in place, including
any required approvals of DRD's board, DRD's shareholders and the JSE;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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Shares,</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.15pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">w</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">n&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.15pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d,&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.2pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">shall&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.15pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">k&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;"> </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">pa</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">i&nbsp;</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.2pt;line-height:150%;"> </font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">pas</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">s</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">u&nbsp;</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.25pt;line-height:150%;"> </font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">w</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">th&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.15pt;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ll&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.25pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">he</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">r
DRD&nbsp;S</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.35pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">n&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.5pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">e; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">it shall not have created and/or issued any
class of securities other than those in existence as at the Signature Date,
being DRD Shares.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_15"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">INDEMNITies&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref139809674"></a><a name="_Ref370132947"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Without prejudice to any of the rights of either
Party at law or in terms of any other provision of this Agreement, each Party
(such Party hereinafter, the &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Indemnity Grantor</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) indemnifies
the other Party (such other Party hereinafter, the &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Indemnified Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;)
against all Losses which the Indemnified Party may
suffer or incur as a result of or in connection with any breach of any Warranty
(collectively, &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Indemnified Loss</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;).&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&#160;&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref221587721"></a><a name="_Ref416448578"></a><a name="_Ref370300488"></a><a name="_Ref370299712"></a><a name="_Ref293663961"></a><a name="_Ref519401178"></a><a name=GhostFillStartNextFill></a><a name="GhostFillStartNextFill_bclEnd"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Indemnified Party shall not admit any
liability in respect of any claim that may give rise to an Indemnified Loss.
The Indemnified Party shall notify the Indemnity Grantor in writing of any such
claim as soon as is reasonably possible after the Indemnified Party becomes
aware of that claim, but in any event within 30&nbsp;days after the Indemnified
Party becomes aware of that claim, to enable the Indemnity Grantor to contest
that claim.</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><a name="_Ref221587750"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref369699066"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Indemnity Grantor shall, at its own expense
and with the assistance of its own legal advisers, be entitled to contest any
claim referred to in&nbsp;9.2 in the name of the Indemnified Party until
finally determined by the highest court to which appeal may be made (or which
may review any decision or judgment made or given in relation thereto) or to
settle any such claim and will be entitled to control the proceedings in regard
thereto, provided that&nbsp;&#8209;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><a name="_Ref221587782"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref414441127"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">without prejudice to the Indemnified Party's
rights in terms of&nbsp;9.1, the Indemnity Grantor shall indemnify the
Indemnified Party against all costs (including legal costs on the scale as
between attorney and own client, any additional legal costs, penalties and
interest) that may be incurred by, awarded against or otherwise become payable
by, the Indemnified Party as a consequence of such steps. The Indemnity Grantor
may, prior to taking such steps, be required by the Indemnified Party to give
reasonable security for the payment of all such costs. If the Parties are
unable to agree upon the nature or amount of such security, same shall be
determined by a third party agreed to in writing by the Parties, or failing
such written agreement, by an attorney of not less than&nbsp;15 years standing,
appointed by the President for the time being of the Law Society of the
Northern Provinces (or its successor body in Gauteng), whose determination
shall be final and binding;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Indemnified Party shall (at the expense of
the Indemnity Grantor and, if the Indemnified Party so requires, with the
involvement of the Indemnified Party's own legal advisers) render to the
Indemnity Grantor such assistance as the Indemnity Grantor may reasonably
require of the Indemnified Party in order to contest that claim;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt right 16.0cm;text-align:left;"><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;"></font></b></font><font style="mso-bidi-font-size:12.0pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;">13</font></font><font style="mso-bidi-font-size:12.0pt;"><font style="display:none;mso-hide:all;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;"></font></font></font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_16"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Indemnity Grantor shall regularly, and, in
any event, on demand by the Indemnified Party, inform the Indemnified Party
fully of the status of the contested claim and furnish the Indemnified Party
with all documents and information relating to the contested claim, which may
reasonably be requested by the Indemnified Party;&nbsp;and</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Indemnity Grantor shall consult with the
Indemnified Party prior to taking any major steps in relation to or settling
that contested claim and, in particular, before making or agreeing to any announcement
or other publicity in relation to that claim.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref414359294"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Indemnity Grantor shall be obliged to pay
the Indemnified Party any amount due to the Indemnified Party in respect of any
Indemnified Loss as soon as the Indemnified Party is obliged to pay the amount
thereof (in any case which involves a payment by the Indemnified Party) or as
soon as the Indemnified Party actually suffers the Indemnified Loss (in any
case which does not involve a payment by the Indemnified Party).</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041805"></a><a name="_Toc497815398"></a><a name="_Toc445127206"></a><a name="_Ref416344252"></a><a name="_Ref416276063"></a><a name="_Ref415654530"></a><a name="_Ref370299425"></a><a name="_Ref369683194"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">LIMITATION OF LIABILITY</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><a name="_Ref513019489"></a><a name="_Ref513019460"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Notwithstanding anything to the
contrary contained in this Agreement, each Party's liability in terms of or in
connection with this Agreement shall be limited as set out in this&nbsp;10.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref416353417"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Amount&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">A Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Aggrieved Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;)
shall not be entitled to claim any amount which would otherwise be due to it in
terms of or in connection with this Agreement&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">unless such amount, alone or together with any
other claims for amounts due to the Aggrieved Party in terms of or in
connection with this Agreement, exceeds R50&nbsp;000&nbsp;000, in which event
the other Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Paying Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) shall, subject to&nbsp;10.2
and&nbsp;10.3 (inclusive) be obliged to pay the full amount/s claimed by the
Aggrieved Party and not only the excess over the amount of
R50&nbsp;000&nbsp;000.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent that such amount, together with
all other amounts payable by the Paying Party to the Aggrieved Party in terms
of or in connection with this Agreement, exceeds R1&nbsp;300&nbsp;000&nbsp;000.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref422927683"></a><a name="_Ref417031878"></a><a name="_Ref415736818"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Time limitations</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref415653266"></a></p>
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<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt right 16.0cm;text-align:left;"><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;"></font></b></font><font style="mso-bidi-font-size:12.0pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;">14</font></font><font style="mso-bidi-font-size:12.0pt;"><font style="display:none;mso-hide:all;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;"></font></font></font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_17"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Paying Party shall not be liable for any claim referred to
in&nbsp;10.1 or otherwise (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Claim</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) unless the Aggrieved Party
has given written notice to the Paying Party of the Claim, specifying the
factual basis of such Claim in reasonable detail to the extent then known to
the Paying Party, on or before the third anniversary of
the DRD Delivery Date. Save as is specifically provided herein, this&nbsp;10.2
shall not be construed so as to affect the application of the law of extinctive
prescription to any Claim.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref416276053"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Nature of claims</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Paying Party shall not be liable for&nbsp;&#8209;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref519402664"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any Claim for any consequential loss, including
loss of profits, injury to business reputation and/or loss of business
opportunities;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any Claim by the Aggrieved Party to the extent
that another Claim has been made by the Aggrieved Party arising out of
substantially the same course or set of facts or having the course of action;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any Indemnified Loss suffered or incurred as a
result of any breach of Warranty if and to the extent that&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3.1.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">such breach or Indemnified Loss is caused
by&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3.1.3.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any matter or thing done, or omitted to be done,
pursuant to and in compliance with this Agreement or otherwise at the request,
or with the approval in writing, of the Aggrieved Party;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3.1.3.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any act, omission or transaction of the Aggrieved
Party (or any director, officer, employee or agent or successor&#8209;in&#8209;title
of the Aggrieved Party);</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3.1.3.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any passing of, or change in, or change of any
generally accepted interpretation or application of, any Applicable Laws
(including any change in any rates of Taxation) which occurs on or after the
Signature Date;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3.1.3.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any failure by the Aggrieved Party to use
reasonable endeavours to avoid or mitigate any Indemnified Loss; or</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref416345834"></a><a name="_Ref415664063"></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3.1.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Aggrieved Party has failed to comply
with&nbsp;9.2 or&nbsp;9.3 and that failure has caused, contributed to or
aggravated the Indemnified Loss;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">10.3.1.4</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;layout-grid-mode:both;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">where the Paying Party is DRD, any Claim that
arises out of or in connection with a breach of any of the warranties given by
Sibanye in respect of the business and assets acquired by the Target in terms
of the First Exchange Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">If the </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Aggrieved Party </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">has the right to recover from a third party a sum which indemnifies or
compensates the </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Paying Party </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">(in whole or in part) in respect of any
Indemnified Loss, then the </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Aggrieved Party </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">shall notify the Paying Party in writing forthwith of it becoming
aware of such right to enable the Paying Party to take steps to obtain recovery
from such third party and the </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Aggrieved Party</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;"> shall take all such steps (including
ceding or procuring the cession of such right) as the Paying Party may
reasonably require (at the cost of the Paying Party) in order to enable the
Paying Party to enforce such right.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041806"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">silicosis claims</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref498677766"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">11.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">If at any time during the Silicosis Period, one
or more Persons brings one or more claims against DRD in respect of Silicosis
and&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">11.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">is awarded any amount/s (whether as damages or
otherwise) (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Silicosis Award/s</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;);&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">11.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Silicosis Award/s is/are not capable of
being appealed and DRD has exhausted any and all other remedies it may have in
respect thereof;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">11.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD is required to pay an amount/s which, in the
aggregate, exceeds R100&nbsp;000&nbsp;000 pursuant to such Silicosis Award/s,</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">then DRD shall be obliged to pay to
Sibanye the amount/s stipulated in&nbsp;11.2.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref498677711"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">11.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD shall, to the extent that any Silicosis
Award/s in the aggregate exceed R100&nbsp;000&nbsp;000, simultaneously with
paying any amount to any Person in whose favour the Silicosis Award/s has been
granted, pay to Sibanye an amount equal to (i)&nbsp;the
excess of the Silicosis Award/s over R100&nbsp;000&nbsp;000, multiplied by
(ii)&nbsp;the percentage of the total issued DRD Shares held by Sibanye as at
the date of payment.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041807"></a><a name="_Toc497815399"></a><a name="_Ref496086632"></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">interim period</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD shall procure that, from the Signature Date
until the DRD Delivery Date&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the business of DRD and its subsidiaries will be
carried on in substantially the ordinary course thereof as carried on in the 24
months prior to the Signature Date (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">In the Ordinary Course</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;);&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">without prejudice to the generality of the
aforegoing, none of DRD or its subsidiaries will (i)&nbsp;enter into any
transaction which requires the approval of DRD's shareholders, (ii)&nbsp;incur
any debt or liability of such magnitude as which, if it were consideration for
an acquisition or transaction, would in terms of the Listings Requirements
require the approval of DRD's shareholders, in each case without the prior
written consent of Sibanye (such consent not to unreasonably withheld);</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">each subsidiary of DRD who is or who becomes a
designated employer for the purposes of the Employment Equity Act No 55 of 1998
(&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">EEA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) shall comply with each and every one of its
obligations as a designated employer for the purposes of Chapter&nbsp;3 of that
Act, including having timeously filed the required reports and income
differential statements with the Director General of the Department of Labour
and having prepared employment equity plan/s for the required period/s.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Between the Signature Date and the DRD Delivery
Date, DRD shall&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">subject to the provisions of any Applicable Law
and the Listings Requirements, keep Sibanye appraised of all and any decisions
which DRD and/or DRD's subsidiaries intends to make in respect of any of their
business that may have a financial impact in excess of R25&nbsp;000&nbsp;000 or
which would otherwise reasonably be considered as material to an acquiror of
the Allotted Shares;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref490675611"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">absent any force of majeure, maintain its assets
and operations using the same environmental management regime as DRD and its
subsidiaries did in the 12&nbsp;month period preceding the Signature Date;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">give prompt notice to Sibanye of any adverse
development causing a breach or which is likely to cause a breach of any of the
Warranties; provided that no disclosure by DRD in terms of this&nbsp;12.2.2
shall be regarded as amending or supplementing the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Disclosure
Schedule or shall prevent or cure any misrepresentation, breach of Warranty or
breach of any undertaking.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Between the Signature Date and the DRD Delivery
Date, DRD shall immediately upon becoming aware thereof, disclose to Sibanye
any circumstances which have or may have a material impact on the business of
the DRD and its subsidiaries.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Insurance policies and occurrence of an
Insurable Event</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.4.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD undertakes to Sibanye to maintain in force (and to pay all premiums
related to) its current insurance policies (or similar replacement insurance
policies) in respect of the assets of DRD's business (&quot;</font><b><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Insurance
Policies</font></b><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) in respect of the period between the Signature Date and the
DRD&nbsp;Delivery Date.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.4.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">If, prior to the DRD Delivery Date, an event which relates to or impacts
upon any asset of DRD's business takes place which to DRD's knowledge entitles
it to claim under the Insurance Policies (&quot;</font><b><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Insurable Event</font></b><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;),
then DRD shall submit a claim in accordance with the Insurance Policies and any
amount received by DRD pursuant to such claim (less any deductible or excess
paid in respect of such claim by DRD) shall be applied where relevant towards
restoring or replacing the relevant damaged or destroyed parts of the asset.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041808"></a><a name="_Ref497828516"></a><a name="_Ref497828500"></a><a name="_Toc497815400"></a><a name="_Toc445127211"></a><a name="_Ref370202399"></a><a name="_Toc301184658"></a><a name="_Ref293594678"></a><a name="_Ref292437200"></a><a name="_Ref292437193"></a><a name="_Ref289949027"></a><a name="_Ref289949019"></a><a name="_Ref289949015"></a><a name="_Ref289939508"></a><a name="_Ref289939495"></a><a name="_Toc289938867"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">13</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">CONFIDENTIALITY&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref68161547"></a><a name="_Ref35755199"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Subject to&nbsp;13.2, no Party shall, at any
time after the Signature Date, directly or indirectly disclose, or directly or
indirectly use, whether for its own benefit or that of any other Person,&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any information&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">regarding the contents of this Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-102.05pt;"><a name="_Ref293594548"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">relating to the Company, its assets and affairs,
including all communications (whether written, oral or in any other form) and
all reports, statements, schedules and other data concerning any financial,
technical, labour, marketing, administrative, accounting or other matter,</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">(collectively, the &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Confidential
Information</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;);&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any document or other record (whether in
electronic or any other medium whatsoever) containing Confidential Information
which is supplied to it by the other Party as well as documents, diagrams and
records which are produced by it (whether or not by copying, photocopying or
otherwise reproducing documents or records supplied to it), and containing any
Confidential Information (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Confidential Records</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;).&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref412120109"></a><a name="_Ref263697303"></a><a name="_Ref35755185"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Notwithstanding&nbsp;13.1, Confidential Information
may be disclosed by a Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Disclosing Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;)&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to any expert appointed in terms of this
Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent to which the prior written consent
for such disclosure has been obtained from the other Party/ies;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">13.2.3</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent to which disclosure is required by
law (excluding contractual obligations) or by the rules of any stock exchange
by which it (or any of its Affiliates) is bound, in which event the Disclosing
Party shall, unless prohibited from doing so by any such law, obtain the other
Party's/Parties' consent, not to be withheld unreasonably, for the manner of
such disclosure; provided that the Disclosing Party shall not be obliged so to
obtain the consent of the other Party/ies if such disclosure is required before
the approval can reasonably be obtained but the Disclosing Party shall in these
circumstances promptly notify the other Party/ies of the full details of such
disclosure, including the reasons why time did not permit such consent to be
obtained;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">and Confidential Records may be disclosed by a
Disclosing Party to the Disclosing Party's directors, responsible employees and
professional advisors who require such disclosure for the purpose of the
Disclosing Party's implementing or enforcing this Agreement or obtaining
professional advice or for the purpose of complying with any law. Any conduct
by any such director, employee or professional advisor which would, if that Person
had been party to this&nbsp;13, have been a breach of this&nbsp;13 shall be
deemed to be a breach of this&nbsp;13 by the Disclosing Party;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><a name="_Ref10596597"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent to which it&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.2.5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">is Made Public other than as a result of any
breach of this Agreement or any other agreement. The expression &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Made Public</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;
shall, for this purpose, have the same meaning as when it is used in the
insider trading provisions of the Financial </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt right 16.0cm;text-align:left;"><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;"></font></b></font><font style="mso-bidi-font-size:12.0pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;">19</font></font><font style="mso-bidi-font-size:12.0pt;"><font style="display:none;mso-hide:all;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;"></font></font></font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Markets
Act, which is not limited to the circumstances referred to in section&nbsp;79
of that Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref10940907"></a><a name="_Ref10596611"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.2.5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">corresponds in substance to information
disclosed and/or made available by a third party to the Disclosing Party at any
time without any obligation not to disclose same, unless the Disclosing Party
knows that the third party from whom it received that information is prohibited
from transmitting the information to Disclosing Party by a contractual, legal
or fiduciary obligation to any other party;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref10597987"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.2.5.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">is information which was already in the
possession of the Disclosing Party prior to its disclosure by the other Party
to the Disclosing Party or is independently developed by the Disclosing Party
without reference to the Confidential Information.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No Party shall 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 this Agreement and/or the Composite
Transaction without obtaining the prior approval of the other Party to the
contents thereof and the manner of its presentation and publication; provided
that such approval shall not be unreasonably withheld or delayed; provided
further that if a Party is required to make a public announcement by law or as
required by the rules of any stock exchange by which it is bound, it shall be
entitled to do so without the approval of the other Party if it has given the
other Party a reasonable opportunity (in the circumstances) to comment on such
public announcement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041809"></a><a name="_Toc497815401"></a><a name="_Toc445127212"></a><a name="_Ref417306940"></a><a name="_Ref414438353"></a><a name="_Ref370299250"></a><a name="_Ref370299219"></a><a name="_Ref370131993"></a><a name="_Ref370131330"></a><a name="_Ref370130180"></a><a name="_Ref370129855"></a><a name="_Ref370128906"></a><a name="_Toc301184656"></a><a name="_Ref300840982"></a><a name="_Toc294687753"></a><a name="_Toc278792380"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">14</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">BREACH&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&#160;&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref416444596"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Should any
Party breach any provision of this Agreement and fail to remedy such breach
within seven days after receiving written notice requiring such remedy, then
(irrespective of the materiality of such breach or provision) the other
Party/ies shall be entitled, without prejudice to its other rights in terms of
this Agreement or in law, including any right to claim damages, to claim
immediate specific performance of all of the defaulting Party's obligations
then due for performance or to cancel this Agreement. Notwithstanding anything to the contrary contained in this
Agreement, no Party shall be entitled to cancel or rescind this Agreement after
the performance by the Parties of their obligations which are required to be
performed on the DRD&nbsp;Delivery Date in terms of this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041810"></a><a name="_Toc497815402"></a><a name="_Ref488915612"></a><a name="_Toc445127213"></a><a name="_Toc301184657"></a><a name="_Toc294687754"></a><a name="_Toc278792381"></a><a name="_Toc264379261"></a><a name="_Toc262718516"></a><a name="_Toc199563900"></a><a name="_Toc196212287"></a><a name="_Toc196211669"></a><a name="_Toc191866229"></a><a name="_Toc176231140"></a><a name="_Toc175473432"></a><a name="_Toc173562187"></a><a name="_Toc173313569"></a><a name="_Toc172951870"></a><a name="_Toc164832796"></a><a name="_Toc153605042"></a><a name="_Toc153091845"></a><a name="_Toc151969723"></a><a name="_Toc151967643"></a><a name="_Toc151967604"></a><a name="_Toc151967426"></a><a name="_Toc151967387"></a><a name="_Toc151967155"></a><a name="_Toc150590276"></a><a name="_Toc144173006"></a><a name="_Toc141232499"></a><a name="_Toc136171249"></a><a name="_Toc121221462"></a><a name="_Toc115688110"></a><a name="_Toc84856025"></a><a name="_Toc77065661"></a><a name="_Toc75580663"></a><a name="_Toc72201729"></a><a name="_Toc58159582"></a><a name="_Toc35758829"></a><a name="_Toc7519161"></a><a name="_Ref5528505"></a></p>
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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_23"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">15</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">DISPUTES&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref423428026"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">15.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Save as expressly otherwise provided for in this
Agreement, any dispute arising out of or in connection with this Agreement,
including any dispute as to its existence, validity, enforceability or
termination, shall be finally resolved in accordance with the rules of the
Arbitration Foundation of Southern Africa (or its successor-in-title) (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">AFSA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;)
by an arbitrator appointed by AFSA. There shall be a right of appeal as
provided for in article&nbsp;22 of such rules.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">15.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">If AFSA no longer exists then the arbitrators
shall be appointed by the President for the time being of the Law Society of
the Northern Provinces and the arbitration shall be conducted in accordance
with the Arbitration Act No&nbsp;42 of&nbsp;1965.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref444254172"></a><a name="_Ref133646842"></a><a name="_Ref510669923"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">15.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Notwithstanding anything to the contrary
contained in this&nbsp;15, any Party shall be entitled to obtain interim relief
on an urgent basis from any competent court having jurisdiction.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">15.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">For the purposes of&nbsp;15.3 and for the
purposes of having any award made by the arbitrator being made an order of
court, each of the Parties hereby submits itself to the non&#8209;exclusive
jurisdiction of the High Court of South Africa, Gauteng Local Division,
Johannesburg. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">15.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This&nbsp;15 is severable from the rest of this
Agreement and shall remain in full force and effect notwithstanding any
termination or cancellation of this Agreement, or any part thereof.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><a name="_Toc445127214"></a><a name="_Toc362878643"></a><a name="_Toc357527415"></a><a name="_Toc295845955"></a><a name="_Toc266990171"></a><a name="_Toc264210791"></a><a name="_Toc197231998"></a><a name="_Toc193106220"></a><a name="_Toc176923328"></a><a name="_Toc175363969"></a><a name="_Toc173313570"></a><a name="_Toc172951871"></a><a name="_Toc164832797"></a><a name="_Toc153605043"></a><a name="_Toc153091846"></a><a name="_Toc151969724"></a><a name="_Toc151967644"></a><a name="_Toc151967605"></a><a name="_Toc151967427"></a><a name="_Toc151967388"></a><a name="_Toc151967156"></a><a name="_Toc150590277"></a><a name="_Toc144173007"></a><a name="_Toc141232500"></a><a name="_Toc136171250"></a><a name="_Toc121221463"></a><a name="_Toc115688111"></a><a name="_Toc84856026"></a><a name="_Toc77065662"></a><a name="_Toc75580664"></a><a name="_Toc72201730"></a><a name="_Toc58159579"></a><a name="_Toc35758826"></a><a name="_Toc7519158"></a><a name="_Toc498489347"></a><a name="_Toc497463604"></a><a name="_Ref497100407"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041811"></a><a name="_Ref498410843"></a><a name="_Ref498410836"></a><a name="_Toc497815404"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">16</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">DOMICILIUM AND NOTICES</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">16.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties choose </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">domicilium citandi et
executandi</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) for all purposes relating to
this Agreement, including the giving of any notice, the payment of any sum, the
serving of any process, as follows&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">16.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">DRDGOLD&nbsp;-&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">physical&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; 2<sup>nd</sup>
Floor, North Tower </font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1 Sixty Building </font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">160 Jan Smuts Avenue </font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Rosebank</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2196</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&#8209;mail&#160;&#160;&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; </font><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;text-decoration:none;">niel.pretorius@drdgold.com</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">; and</font></p>

<p style="margin-bottom:0cm;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">riaan.davel@drdgold.com</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">attention: The CEO and the CFO</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">16.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye&nbsp;-&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">physical&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; Constantia
Office Park</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Bridgeview
House</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Ground
Floor</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">(cnr 14<sup>th</sup>
Avenue and Hendrik Potgieter Street)</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Gauteng</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1709</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&#8209;mail&#160;&#160;&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; richard.stewart@sibanyestillwater.com</font></p>

<p style="margin-bottom:0cm;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">cain.farrel@sibanyestillwater.com</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">attention: &#160;&#160;&#160;&#160;&#160; Richard Stewart
(EVP:&nbsp;Business Development)</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:153.0pt;text-align:justify;text-indent:25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Cain Farrel (Company Secretary)</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">16.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any Party shall be entitled from time to time,
by giving written notice to the other, to vary its physical </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">
to any other physical address (not being a post office box or </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">poste restante</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">)
in South Africa and to vary its facsimile and/or email </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> to any
other facsimile number and/or email address.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref196367709"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">16.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any notice given or payment made by a Party to any
other (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Addressee</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) which is delivered by hand between the
hours of 09:00 and 17:00 on any Business Day to the Addressee's physical </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">
for the time being shall be deemed to have been received by the Addressee at
the time of delivery.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref196367793"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">16.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any notice given by a Party to any other which
is successfully transmitted by email or facsimile to the Addressee's email or facsimile
</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> for the time being shall be deemed (unless the contrary is
proved by the Addressee) to have been received by the Addressee at the time of
successful transmission thereof or, if such date is not a Business Day, on the
next day which is a Business Day.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">16.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This&nbsp;16 shall not operate so as to
invalidate the giving or receipt of any written notice which is actually
received by the Addressee other than by a method referred to in this&nbsp;16.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">16.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any notice in terms of or in connection with this
Agreement shall be valid and effective only if in writing and if received or
deemed to be received by the Addressee.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041812"></a><a name="_Toc497815405"></a><a name="_Ref488915623"></a><a name="_Toc445127215"></a><a name="_Toc301184660"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">17</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">GENERAL&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref416445214"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">17.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This Agreement constitutes the sole record of
the agreement between the Parties in relation to the subject matter hereof. No
Party shall be bound by any express, tacit or implied term, representation,
warranty, promise or the like not recorded herein. This Agreement supersedes
and replaces all prior commitments, undertakings or representations, whether
oral or written, between the Parties in respect of the subject matter hereof.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">17.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No addition to, variation, novation or agreed
cancellation of any provision of this Agreement shall be binding upon the
Parties unless reduced to writing and signed by or on behalf of the Parties.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">17.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No waiver, indulgence or extension of time which
a Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Grantor</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) may grant to the other/s, nor any delay or
failure by the Grantor to enforce, whether completely or partially, any of its
rights, shall constitute a waiver of or, whether by estoppel or otherwise,
limit any of the existing or future rights of the Grantor in terms hereof, save
in the event and to the extent that the Grantor has signed a written document
expressly waiving or limiting such right.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">17.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Save as expressly provided in this Agreement, no
Party shall be entitled to cede, delegate, Encumber, assign or otherwise
transfer any of its rights and/or obligations in terms of, and/or interest in,
this Agreement to any third party without the prior written consent of the
other Parties.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">17.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No consent or approval in terms of or in
connection with this Agreement shall be valid or effective unless in writing
and signed by or on behalf of the Party/ies giving such consent or approval.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref412021776"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">17.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">For the purposes of this Agreement&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref415146700"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">17.6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">no data message, as defined in the Electronic
Communications and Transactions Act No&nbsp;25 of&nbsp;2002 (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ECTA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;),
other than an email or facsimile, shall constitute writing;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref415146299"></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">17.6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">no electronic signature or advanced electronic
signature, as defined in ECTA, shall constitute a signature, except for the purposes
of varying any date referred to in this Agreement or giving any consent or
approval in terms of this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">17.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Without prejudice to any other provision of this
Agreement, any successor&#8209;in&#8209;title, including any executor, heir,
liquidator, business rescue practitioner, curator or trustee, of a Party shall
be bound by this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">17.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The signature by either Party of a counterpart
of this Agreement shall be as effective as if that Party had signed the same
document as the other Party.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref417304148"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">17.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties warrant to each other that they have
the legal capacity and authority required to conclude and implement this Agreement
and that such conclusion and implementation do not conflict with any obligation
or restriction applicable to either Party, whether in terms of any law, its
constitution or otherwise.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041813"></a><a name="_Toc497815406"></a><a name="_Ref488915627"></a><a name="_Toc445127216"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">18</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">GOVERNING LAW</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This Agreement shall in all respects
(including its existence, validity, interpretation, implementation, termination
and enforcement) be governed by the law of South&nbsp;Africa which is
applicable to agreements executed and wholly performed within South&nbsp;Africa.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499041814"></a><a name="_Ref497828521"></a><a name="_Ref497828508"></a><a name="_Toc497815407"></a><a name="_Ref488916119"></a><a name="_Ref488915630"></a><a name="_Toc445127217"></a><a name="_Toc301184661"></a><a name="_Ref300840987"></a><a name="_Toc294687757"></a><a name="_Ref292446033"></a><a name="_Toc278792384"></a><a name="_Ref276460849"></a><a name="_Toc274924943"></a><a name="_Ref268179472"></a><a name="_Toc268114121"></a><a name="_Toc266990039"></a><a name="_Toc264210794"></a><a name="_Toc197232001"></a><a name="_Ref197143927"></a><a name="_Toc193106223"></a><a name="_Toc176923331"></a><a name="_Toc175363973"></a><a name="_Toc173313574"></a><a name="_Toc165277031"></a><a name="_Toc165198148"></a><a name="_Toc165192298"></a><a name="_Toc81915425"></a><a name="_Toc81899519"></a><a name="_Ref81629324"></a><a name="_Ref81629153"></a><a name="_Toc80519577"></a><a name="_Ref78780235"></a><a name="_Ref78779378"></a><a name="_Toc77065664"></a><a name="_Toc75580666"></a><a name="_Ref75062666"></a><a name="_Toc72201732"></a><a name="_Ref69101104"></a><a name="_Toc58159584"></a><a name="_Ref44229265"></a><a name="_Ref44229155"></a><a name="_Toc35758830"></a><a name="_Ref35353640"></a><a name="_Ref35353594"></a><a name="_Toc7519162"></a><a name="_Ref336295"></a><a name="_Ref536855693"></a><a name="_Toc498489351"></a><a name="_Toc497463608"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">19</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">COSTS&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Each
Party shall bear and pay its own costs in relation to the negotiation,
drafting, finalisation, signing and implementation of this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-right:72.15pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:33.45pt;">
  <td colspan=2 width=100% style="height:33.45pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">Signed at Sandton on 22 November
  2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for</font></p>
  </td>
 <td nowrap valign=top width=48% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">DRDGOLD Limited</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">who warrants that he is duly</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">authorised hereto</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-right:72.15pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">Signed at
  Sandton on 22 November 2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for</font></p>
  </td>
 <td nowrap valign=top width=48% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">Sibanye Gold Limited</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">who warrants that he is duly</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">authorised hereto</font></p>
  </td>
 </tr>
</table></div>



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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

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<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">Annexure&nbsp;A <a name="_Toc499043514"></a><a name="_Ref497818133"></a>&#8211; DRD warranties</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Save as fairly disclosed in the Disclosure
Schedule, DRD gives Sibanye the warranties, representations and undertakings in
this annexure.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">INTERPRETATION&nbsp;</font></b></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">In this
annexure, unless the context clearly indicates a contrary intention,&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the provisions of the agreement to which this
annexure is annexed relating to its interpretation shall apply and the
expressions defined in that agreement shall bear the meanings assigned to them
therein;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the following expressions shall bear the
meanings assigned to them below and cognate expressions bear corresponding
meanings&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DMR</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Department of Mineral Resources;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD Group</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;DRD and
its direct and indirect subsidiaries, excluding the Target;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">EMP</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Environmental Management Programmes obtained from the DMR by the DRD for the
purpose of running its business;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Environment</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
environment as defined in section&nbsp;1 of NEMA;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Environmental Approvals</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;-&nbsp;all<a name="_Ref417489327"></a> permits, authorisations, exemptions, permissions,
directives, licences, entitlements and the like issued by any Environmental
Authority pursuant to the Environmental Laws (including environmental
authorisations and EMPs) with respect to DRD's business including all
amendments, variations, modifications or transfers thereof from time to time;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Environmental Authority</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;-&nbsp;any
legal person or body of persons (including any Governmental Authority) having
jurisdiction to determine (whether by delegation or otherwise) any matter
arising under Environmental Law and/or relating to the Environment;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Environmental Law</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;all
Applicable Laws which relate to the environment, to the management of Hazardous
Substances or to human health and safety, including the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">National
Environmental Management Act&nbsp;107 of&nbsp;1998, the National Environmental
Management: Air Quality Act&nbsp;39 of&nbsp;2004, the National Environmental
Management: Biodiversity Act&nbsp;10 of&nbsp;2004, the National Environmental
Management: Waste Act&nbsp;59 of&nbsp;2008, the National Water Act 36 of 1998,
the Environment Conservation Act&nbsp;73 of 1989, the Hazardous Substances
Act&nbsp;15 of&nbsp;1973, OHSA, the National Heritage Resources Act&nbsp;25
of&nbsp;1999 and the National Building Regulations and Building Standards
Act&nbsp;103 of&nbsp;1977;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Health and Safety Laws</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;all
applicable health and safety laws, including the Mine Health and Safety Act 29
of 1996, the OHSA and the common law;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Mining Operations</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;shall
bear the meaning ascribed to that term in section&nbsp;1 of the MPRDA;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Mining Right</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;shall
bear the meaning ascribed to that term in section&nbsp;1 of the MPRDA;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">MPRDA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the Mineral
and Petroleum Resources Development Act No&nbsp;28 of&nbsp;2002;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">NEMA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;-&nbsp;the National
Environmental Management Act No&nbsp;107 of 1998;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.13</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">OHSA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Occupational Health and Safety Act No&nbsp;85 of 1993;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">each Warranty which is not stated to be given as
at a particular date only or in respect of a particular period only is,
notwithstanding the tense used therein, given as at the Signature Date and the
DRD Delivery Date, and during the period between those dates;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">for the purposes of any reference to the
knowledge or state of awareness of DRD in any Warranty, DRD shall, in addition
to its actual knowledge, be deemed to have all knowledge which&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">it would have had, had it made all due and
careful enquiries about its business and the matters in respect of which such
Warranty is given;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the directors, officers and senior management
employees of DRD have or would have had, had they behaved reasonably in the
course of their employment by DRD.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ENVIRONMENTAL COMPLIANCE</font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The DRD Group has conducted its business and the
Mining Operations constituting part thereof in substantial compliance with
Environmental Laws.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No member of the DRD Group has received any
written statutory compliance notice from any Environmental Authority during the
12 month period prior to the Signature Date alleging material non-compliance by
it with Environmental Laws or any Environmental Approvals in relation to its
business and in respect of which regulatory action in respect of the same is
outstanding at the Signature Date, or with which it has failed to comply.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Each member of the DRD Group has completed and
submitted the annual financial provisioning assessments to the extent required
under the MPRDA and applicable Environmental Laws and, after these have been
assessed by the DMR, DRD has made financial provision, or financial provision
has been made on its behalf, in the amounts required by the DMR from time to
time.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">EMPLOYEES&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">As at the Signature Date, none of the members of
the DRD Group, other than DRD, Ergo Mining and ERPM (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Designated
Employers</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;), are or have been a designated employer for the purposes
of the Employment Equity Act No 55 of 1998 (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">EEA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;), at any
time since the date of commencement of the EEA.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Each of the Designated Employers has at all
relevant times since the date of commencement of the EEA up to the Signature
Date, complied with each and every one of its obligations as a designated employer
for the purposes of Chapter&nbsp;3 of the EEA including having timeously filed
the required reports and income differential statements with the Director
General of the Department of Labour, and having prepared employment equity
plan/s for the required period/s.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">As at the Signature Date, none of the Designated
Employers has at any time been the subject of any&nbsp;-</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">request to provide an undertaking to comply with
its obligations as a designated employer, or any compliance order, issued by a
labour inspector; or</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">review of its obligations as a designated
employer by the Director General of the Department of Labour.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ASSETS&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">All the material assets of DRD Group are insured
with a reputable South African insurance company against the risks to which
they are ordinarily subject for amounts which accord with sound business
practice, all premiums due in respect of such insurance have been paid by the
DRD Group and DRD&nbsp;Group has complied with all of the conditions to which
the liability of the insurer under the policies of insurance will be subject. As
at the Signature Date, DRD is not aware of any facts, matters or circumstances
which may give rise to the cancellation of any of the said policies of
insurance, or the repudiation of any claims thereunder, or to such policies not
being renewed in the future, or only being renewed subject to the imposition of
more onerous terms.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">As at the Signature Date, none of the material
assets of the DRD Group is the subject matter of any current or pending
litigation or similar legal proceedings (including arbitration, criminal
proceedings or administrative proceedings) and DRD is not aware of any facts or
circumstances which may lead to any such proceedings.</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The material plant, machinery and equipment
forming part of the assets of the DRD&nbsp;Group are in good working order and
condition, fair wear and tear excepted, have been properly maintained in
accordance with DRD's maintenance programme and, as at the Signature Date, are
capable of carrying out the functions for which they are intended.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">LAND&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The DRD Group is entitled to conduct
its business on the land on which it does so.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">INTERIM PERIOD</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:25.5pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD has not done
anything or omitted to do anything which would result in a breach of the
provisions of&nbsp;12 of this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">HEALTH AND SAFETY LAWS</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:25.5pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The DRD Group
maintains practices and procedures to ensure material compliance with all
Health and Safety Laws applicable to its business.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

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<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DISCLOSURES&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">All information and documents comprising the Disclosure Schedule
or given to Sibanye or its professional advisers by DRD prior to the Signature
Date and/or in the course of Sibanye's due diligence investigation is, as at
the Signature Date, true, complete and not misleading.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">As at the Signature Date, DRD has made a full
and complete disclosure to Sibanye of the affairs of the DRD insofar as its
business is concerned and all material information of whatsoever nature or kind
has been disclosed to Sibanye which would have been material in the decision of
Sibanye to enter into this Agreement, either at all or on the terms and
conditions set out herein.</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;text-transform:uppercase;">&nbsp;</font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD
Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">Annexure&nbsp;B <a name="_Toc499043515"></a><a name="_Ref497816876"></a>&#8211; disclosure schedule</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">INTRODUCTION&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:51.05pt;page-break-after:avoid;text-align:justify;text-indent:-8.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">In this Disclosure Schedule,&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:51.05pt;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">words and expressions defined in the exchange
agreement (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) to which this is&nbsp;Annexure&nbsp;B
will bear the same meaning in this&nbsp;Annexure&nbsp;B as those assigned to
them in the Agreement;&nbsp;and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:51.05pt;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">if any inconsistency is revealed between the
Agreement and this Disclosure Schedule, this Disclosure Schedule will prevail
and will be deemed to be the relevant disclosure.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">EFFECT OF DISCLOSURES</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:51.05pt;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This Disclosure Schedule makes disclosures for
the purposes of limiting the scope and effect of the Warranties given by DRD in
the Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:51.05pt;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD will not be, or be deemed to be, in breach
of any Warranty to the extent that a fact, information, matter or thing is
fairly disclosed (with sufficient details to enable Sibanye to determine the
nature and extent of the limitation and qualification) in this Disclosure
Schedule, and Sibanye acknowledges and agrees that it will not have a claim in
respect of any such fact, information, matter or thing and DRD will have no
liability of any nature whatsoever or howsoever arising to Sibanye, in respect
thereof or arising from, or out of, that fact, information, matter or thing.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:51.05pt;text-align:justify;text-indent:-51.05pt;"><a name="_Ref358058481"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">All disclosures are made generally in relation
to the Warranties and are not to be related to any particular Warranty.&#160;
References in this Disclosure Schedule to clauses, particular paragraphs or
provisions of the Agreement or any Annexure to the Agreement, or to any other
documents, are inserted for convenience only and the disclosures made in this
Disclosure Schedule, whether made generally or by reference to a particular
clause, paragraph or provision, are disclosures made for the purposes of all
the Warranties given by DRD in the Agreement, which are qualified accordingly.
Accordingly, each disclosure contained in this Disclosure Schedule must be
taken as referring to each and every clause, paragraph or provision of the
Agreement and any Annexures to the Agreement to which it can relate. Sibanye will
not be entitled to claim that any fact, information, matter or thing has not
been disclosed to it by reason of the relevant disclosure not being
specifically related </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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Exchange Agreement - Execution - 22 Nov 2017/#4687353v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;margin-left:51.05pt;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">in
this Disclosure Schedule to any particular clause, paragraph or provision of
the Agreement or any Annexures to the Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:51.05pt;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The disclosure of any matter or document shall
not imply any representation or warranty not expressly given in the Agreement,
nor will it be taken to contain any representation or implication by DRD as to
the materiality of the disclosure and the context of any particular Warranty.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:25.5pt;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Ref358055381"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">GENERAL DISCLOSURES</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The following will be deemed to be
disclosures made in this Disclosure Schedule&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">all matters that would be disclosed by a search
in relation to the Company at the Companies and Intellectual Property
Commission in South Africa on the date that is five Business Days before the
Signature Date;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:25.5pt;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">all matters that are fairly disclosed in the
documents disclosed by DRD to Sibanye or its advisers for the purposes of
Sibanye's due diligence investigation and the data disk provided by DRD to
Sibanye on the Signature Date, a copy of which has been lodged with Werksmans
for the purposes of identification;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">3.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;layout-grid-mode:both;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">all matters that are fairly disclosed in the
information (i)&nbsp;filed as a matter of public record under the rules of any
stock exchange on which the DRD Shares are listed, or (ii)&nbsp;published on
the website </font><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">www.drdgold.com</font></u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">, in each case as at
the Signature Date.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>




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<TYPE>EX-12.1
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<title>CERTIFICATION</title>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 216.0pt right 432.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Exhibit 12.1</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">CERTIFICATION</font></u></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">I, Daniel Johannes
Pretorius, certify that:</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; I
have reviewed this Annual Report on Form 20-F of DRDGOLD Limited.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Based on my knowledge, this
Annual Report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with
respect to the period covered by this Annual Report.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Based on my knowledge, the
financial statements, and other financial information included in this Annual
Report, fairly present in all material respects the financial condition,
results of operations and cash flows of the Company as of, and for, the periods
presented in this Annual Report.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company's other certifying
officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating
to the Company, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
Annual Report is being prepared;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Designed such internal control
over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles; </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Evaluated the effectiveness
of the Company's disclosure controls and procedures and presented in this
Annual Report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this Annual
Report based on such evaluation; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Disclosed in this Annual
Report any change in the Company's internal control over financial reporting
that occurred during the period covered by this Annual Report that has
materially affected, or is reasonably likely to materially affect, the
Company's internal control over financial reporting.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company's other certifying
officer and I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the Company's auditors and the audit
committee of the Company's board of directors (or persons performing the
equivalent functions):</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All significant deficiencies
and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
Company's ability to record, process, summarize and report financial
information; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the Company's internal control over financial reporting.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Date:&#160;&#160;&#160;&#160;&#160; October 31, 2018</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;"><u><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">/s/ Daniel Johannes Pretorius</font></u></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">Daniel Johannes Pretorius</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">Chief Executive Officer</font></p>




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<TYPE>EX-13.1
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<title>CERTIFICATION OF CEO AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U</title>


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<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibit
13.1</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS
ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">In connection with the Annual
Report on Form 20-F of DRDGOLD Limited (the &quot;Company&quot;) for the fiscal
year ended June 30, 2018, as filed with the Securities and Exchange Commission
on the date hereof (the &quot;Report&quot;), Daniel Johannes Pretorius, as
Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
2002, that, to the best of his knowledge:</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:90.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-54.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">(1)</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">the Report fully
complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:90.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-54.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">(2)</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">the information
contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;margin-right:199.35pt;margin-top:0cm;text-align:justify;"><u><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">/s/ Daniel Johannes Pretorius</font></u></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;margin-right:199.35pt;margin-top:0cm;text-align:justify;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; Daniel Johannes Pretorius</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;margin-right:199.35pt;margin-top:0cm;text-align:justify;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Title:&#160;&#160;&#160; Chief Executive Officer</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Date:&#160;&#160;&#160; October 31, 2018</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>




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LIMITED</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;line-height:normal;">(to be renamed </font></b><b><font face=Verdana,sans-serif lang=EN-ZA style="font-size:12.0pt;line-height:normal;">WRTRP Proprietary
Limited)</font></b></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">KJT/JAJ</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov 2017/#4687757v1</font></p>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;line-height:normal;">TABLE OF CONTENTS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">1</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">INTERPRETATION&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 1</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">2</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">introduction&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 19</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">3</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">SUSPENSIVE
CONDITIONS</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 19</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">4</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">exchange&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 25</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">5</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">section 42 of
the income tax act</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 27</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">6</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">CLOSING AND
DELIVERY</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 28</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">7</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">ACCESS&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 29</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">8</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">transferring
Land</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 29</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">9</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Post delivery
obligations</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 31</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">10</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">SECTION 34(1) OF THE
INSOLVENCY ACT</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 37</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">11</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">EMPLOYEES&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 38</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">12</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">VALUE&#8209;ADDED
TAX</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 40</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">13</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">rehabilitation
liabilities</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 42</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">14</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">rehabilitation trust
funD</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 43</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">15</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">sibanye's warranties</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 43</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">16</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">INDEMNITies By
sibanye</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 44</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">17</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">LIMITATION OF
LIABILITY</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 46</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">18</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">interim period</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 48</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">19</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">CONFIDENTIALITY&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 53</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">20</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">BREACH&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 55</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">21</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">DISPUTES&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 55</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">22</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">change in applicable
laws</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 56</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">23</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">DOMICILIUM AND
NOTICES</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 56</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">24</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">GENERAL&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 58</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">25</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">GOVERNING LAW</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">.. 60</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">26</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">COSTS&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 60</font></b></font></p>





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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
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<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;line-height:normal;">ANNEXURES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;A &#8211;&nbsp;WARRANTIES</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;B &#8211;&nbsp;DISCLOSURE SCHEDULE</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;C &#8211;&nbsp;MAp</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;D &#8211;&nbsp;employees</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;E &#8211;&nbsp;valuation agreement</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;F &#8211;&nbsp;project development plan</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">&nbsp;</font></b></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">KJT/JAJ</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov 2017/#4687757v1</font></p>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">EXCHANGE
AGREEMENT</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">(in terms of section 42 of the Income
Tax Act)</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">between</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">SIBANYE GOLD LIMITED</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">K2017449061 (SOUTH AFRICA) PROPRIETARY
LIMITED</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">(to be renamed </font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">WRTRP
Proprietary Limited)</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">and including</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">DRDGOLD LIMITED</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027471"></a><a name="_Toc445127197"></a><a name="_Toc301184647"></a><a name="_Toc276452438"></a><a name="_Toc274637591"></a><a name="_Toc274580001"></a><a name="_Toc256089225"></a><a name="_Toc229967763"></a><a name="_Toc163014073"></a><a name="_Toc105470957"></a><a name="_Toc90771081"></a><a name="_Toc75747351"></a><a name="_Toc67301955"></a><a name="_Toc518982426"></a><a name="_Toc510243019"></a><a name="_Ref506028043"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">INTERPRETATION&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">In
this Agreement, clause headings are for convenience and shall not be used in
its interpretation and, unless the context clearly indicates a contrary intention,&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a word or an expression which denotes&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any gender includes the other genders;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a natural person includes an artificial or
juristic person and</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> vice versa</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the singular includes the plural and</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> vice
versa</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the following words and expressions shall
bear the meanings assigned to them below and cognate words and expressions bear
corresponding meanings&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Access Rights</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;Sibanye's
grant of access to DRD to&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Kloof 10 shaft located in the area
commonly known as the Kloof Mining Area that is subject to the Kloof Mining
Right (and to be more clearly delineated in the Use and Access Agreement), for
the purpose of pumping and supplying, at </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the cost of
the Issuing Party, the required quantities of water to the Issuing Party for
the Business;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">rights, servitudes and agreements for
installation, supply and distribution and maintenance of power supply; existing
and proposed pipeline routes; servitudes; wayleaves and surface right permits;
and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Driefontein&nbsp;1 Gold Plant (as demarcated
by a red square in the last photograph of Annexure&nbsp;C) for the purpose of
accessing the Pilot Plant;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Additional Mine Dumps</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
following movable surface tailings dumps which form part of the gold assets of
the Business and are further depicted with red markers in Annexure&nbsp;C&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Driefontein Dumps 3 and 5;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Kloof 1;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Venterspost North and South; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Libanon Dump;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;this
agreement, together with its annexures, as amended from time to time;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Applicable Laws</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;in
relation to any Party, includes all statutes, subordinate legislation, common
law, regulations, ordinances, by&#8209;laws, directives, codes of practice,
circulars, guidance or practice notices, judgments, decisions, standards and
similar provisions&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">which are prescribed, adopted, made,
published or enforced by any Governmental Authority; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">compliance with which is (or was or will be,
at the relevant time referred to in this Agreement) mandatory for that Party; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Business</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
tailings business operated by Sibanye as a going concern and income earning
activity which business comprises&nbsp;-</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Additional Mine Dumps;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the DP2 Plant; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the DP3 Plant;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Driefontein 4;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Employees;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Pilot Plant;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Plan and Materials;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Transferring Land;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Licences to Operate, to the extent that
they are transferable; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Access Rights, to the extent that they
are transferable;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Business Day</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;any
day which is not a Saturday, a Sunday or an official public holiday in South
Africa;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Companies Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
Companies Act No&nbsp;71 of 2008;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Competition Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
Competition Act No&nbsp;89 of 1998;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Competition Authorities</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
Competition Commission of South Africa and/or the Competition Tribunal of South
Africa and/or the Competition Appeal Court of South Africa, being regulatory
and/or judicial authorities established in terms of the Competition Act;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Composite Transaction</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;collectively,
the transactions contemplated in this Agreement and any other agreement
referred to in this Agreement, including the following agreements&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.10.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">this Agreement;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.10.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the DRD&nbsp;Exchange Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.10.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the DRD Guarantee;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.10.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the DRD&nbsp;Option Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.10.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Gold Purchase/Smelting Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.10.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Lease Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.10.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Toll Treatment Agreement; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.10.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Use and Access Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Consideration Shares</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;999
Issuing Party Shares, to be issued to Sibanye in terms of&nbsp;4.3;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">CPP</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Central Processing Plant forming part of the Business;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.13</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">CPP Land</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
land upon which the CPP will be located being subdivided portion of the Farm
Rietfontein No 347 Registration Division&nbsp;I.Q. Portion 35 and 73, Gauteng
Province (which subdivision will be to exclude the current rock dumps on such
land as well as the shaft infrastructure in respect of Kloof&nbsp;1 and
Kloof&nbsp;4 and which subdivision will be delineated in the Use and Access
Agreement);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.14</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Delivery Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
fifth Business Day after the day on which the last of the Suspensive Conditions
is fulfilled or waived, or such later date as may be agreed between the
Parties;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.15</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Disclosure Schedule</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
disclosure schedule which is annexed to this Agreement as Annexure&nbsp;B,
which qualifies the Warranties;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.16</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Dispose</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;sell,
transfer, cede, make over, give, donate, exchange, dispose of, unbundle,
distribute or otherwise alienate or any agreement, obligation or arrangement to
do any of the foregoing;&nbsp;and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Disposal</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot; will be construed
accordingly;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.17</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DMR</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Department of Mineral Resources;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.18</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DP2 Plant</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
Driefontein 2 Plant which is located on Farm Blyvooruitzicht No 116
Registration Division I.Q. Portion 6 and Farm Driefontein No 113 Registration
Division I.Q., Remainder of Portion&nbsp;1, Gauteng Province, and as further
depicted with a yellow marker in Annexure&nbsp;C;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.19</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DP3 Plant</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
Driefontein 3 Plant which is located on Portion&nbsp;6 of the Farm
Blyvooruitzicht No 116, Registration Division I.Q., Gauteng Province, and as
further depicted with a yellow marker in&nbsp;Annexure&nbsp;C;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.20</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;DRDGOLD
Limited (registration number 1895/000926/06), a public company duly
incorporated and registered in accordance with the laws of South Africa (the
ordinary shares of which are listed on the JSE and the NYSE in the form of
American Depository Shares);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.21</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD&nbsp;Circular</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
circular to DRD shareholders relating to the Composite Transaction which
circular shall be accompanied by a notice of the General Meeting;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.22</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD&nbsp;Exchange Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
written agreement to be entered into between Sibanye and DRD simultaneously
with this Agreement in terms of which Sibanye will exchange all of the shares
in the Issuing Party held by Sibanye (being 100% of the Issuing Party Shares)
for DRD&nbsp;Shares comprising approximately 38% of all the DRD&nbsp;Shares in
issue (including any shares held as treasury shares) following the issue of
such DRD Shares in terms of the DRD Exchange Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.23</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD Guarantee</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
written guarantee to be executed by DRD simultaneously with this Agreement in
terms of which DRD guarantees the obligations of the Issuing Party under this
Agreement and the Use and Access Agreement with effect from the &quot;Delivery
Date&quot; as that term is defined in the DRD Exchange Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.24</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD&nbsp;Option Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
written agreement to be entered into between Sibanye and DRD simultaneously
with this Agreement in terms of which Sibanye will be granted an option to
subscribe for such number of DRD&nbsp;Shares as will result in Sibanye holding
50.1% of all the DRD&nbsp;Shares in issue (including any shares held as
treasury shares) following the issue of such DRD Shares;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.25</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD Rehabilitation Trust</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
trustees for the time being of&nbsp;The Crown Rehabilitation Trust Fund
(Master's reference IT 4158/94) (which is in the process of being renamed The
Ergo Rehabilitation Trust Fund), acting in their capacities as such; provided
that DRD shall be entitled prior to the Delivery Date, with the prior written
consent of Sibanye not to be unreasonably withheld, to nominate the trustees of
another trust then in existence established in terms of section&nbsp;37A of the
Income Tax Act to be the DRD&nbsp;Rehabilitation Trust; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.26</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD Shareholders</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
shareholders of DRD from time to time;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.27</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD&nbsp;Shares</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;ordinary
shares of DRD, which ordinary shares are listed on the JSE;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.28</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Driefontein 4</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
moveable working surface tailing dump which forms part of the gold assets of the
Business and is further depicted with a yellow marker in&nbsp;Annexure&nbsp;C;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.29</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Driefontein Mining Right</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
mining right with DMR reference GP&nbsp;30/5/1/2/2 (55) MR;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.30</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DWS</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Department of Water and Sanitation;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.31</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">EMP</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Environmental Management Programmes obtained from the DMR by Sibanye in terms
of the Licences to Operate, but which for the purposes of this Agreement shall
be regarded as a reference to the EMP's insofar as they relate to the Business;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.32</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Employees</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;those
employees of Sibanye who are employed in respect of the Business and who will
be transferred as part of the Business to the Issuing Party on the Delivery
Date in accordance the provisions of&nbsp;11, a comprehensive list of the
employees which are employed by the Sibanye in respect of the Business as at
the Signature Date is set out in&nbsp;Annexure&nbsp;D hereto;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.33</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Encumbrance</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;includes
any mortgage bond, notarial bond, pledge, lien, hypothecation, assignment,
cession&#8209;in&#8209;securitatem debiti, deposit by way of security, option
over, right of retention over, right of first refusal, restriction on disposal
or any other agreement, arrangement or obligation (whether conditional or not)
which has or will have the effect of giving to one Person a security interest
in or preferential </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">treatment in respect of another
Person's assets, but excludes statutory preferences, and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Encumber</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;
and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Encumbered</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot; shall be construed accordingly;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.34</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Environmental Law</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;all
Applicable Laws which relate to the environment, to the management of Hazardous
Substances or to human health and safety, including the National Environmental
Management Act No&nbsp;107 of&nbsp;1998, the National Environmental Management:
Air Quality Act No&nbsp;39 of&nbsp;2004, the National Environmental Management:
Biodiversity Act No&nbsp;10 of&nbsp;2004, the National Environmental Management:
Waste Act No&nbsp;59 of&nbsp;2008, the National Water Act No 36 of 1998, the
Environment Conservation Act No&nbsp;73 of 1989, the Hazardous Substances Act
No&nbsp;15 of&nbsp;1973, OHSA, the National Heritage Resources Act No&nbsp;25
of&nbsp;1999 and the National Building Regulations and Building Standards Act
No&nbsp;103 of&nbsp;1977;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.35</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Excluded Mine Dumps</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
following surface tailings dumps which are currently operational and which may,
as contemplated in&nbsp;9, be transferred as and when they are decommissioned
(ie&nbsp;not on the Signature Date or the Delivery Date)&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.35.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Driefontein 1 and 2;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.35.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Kloof 2; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.35.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Leeudoorn,&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">as
further depicted with green markers in Annexure&nbsp;C;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.36</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Exchange Control Regulations</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
regulations made under the Currency and Exchanges Act No&nbsp;9 of 1993;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.37</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">General Meeting</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
general meeting of DRD Shareholders to be called to consider and vote on all
the resolutions required to implement the Composite Transaction and to waive
the benefit of a mandatory offer to DRD Shareholders in accordance with regulation&nbsp;86
of the Companies Regulations;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.38</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Gold Purchase/Smelting Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
written agreement to be entered into between Sibanye and the Issuing Party to
regulate the smelting of, and gold recovery from, gold loaded carbon produced
at DP2 Plant and/or DP3 Plant at Driefontein&nbsp;1 Gold Plant (as demarcated
by a red square in the last photograph of Annexure&nbsp;C);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.39</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Governmental Authority</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;any
government or governmental (national, provincial, regional, district, municipal
or local), administrative, regulatory, fiscal or judicial authority, agency,
body, court, department, commission, tribunal, registry or any state-owned,
state-controlled or legislatively constituted authority, agency or commission
which principally performs public, governmental or regulatory functions including
the DMR;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.40</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Group</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;in
relation to each Party, that Party and all of its subsidiaries and holding
companies, as well as subsidiaries of such holding companies, in each case from
time to time;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.41</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Hazardous Substance</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;any
natural or artificial substance (whether in solid or liquid form or in the form
of a gas or vapour) capable of causing harm, whether alone or in combination
with any other substance, to any human or any other living organism supported
by the environment, or capable of damaging the environment or public health or
posing a threat to public safety or potentially causing a public nuisance
including any pollutants and any hazardous, toxic, poisonous, radioactive,
noxious, offensive, harmful, corrosive or dangerous substances and all substances
regulated, or for which liability or responsibility is imposed, under the
provisions of the Hazardous Substances Act No&nbsp;15 of&nbsp;1973, the
National Road Traffic Act No&nbsp;93 of&nbsp;1996, OHSA, any regulation
published pursuant thereto or any South African National Standard;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.42</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Health and Safety Laws</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;all
applicable health and safety laws, including the Mine Health and Safety Act
No&nbsp;29 of 1996, the OHSA and the common law;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.43</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Income Tax Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
Income Tax Act No&nbsp;58 of 1962;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.44</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Insolvency Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Insolvency Act No 24 of 1936;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.45</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Issuing Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;K2017449061
(South Africa) Proprietary Limited </font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">(registration number
2017/449061/07) (to be renamed WRTRP Proprietary Limited), a private company
duly incorporated and registered in accordance with the laws of South Africa;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.46</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Issuing Party Shares</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;ordinary
shares of the Issuing Party;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.47</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">JSE</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;JSE
Limited (registration number 2005/022939/06), a public company duly
incorporated and registered in accordance with the laws of South Africa and
licenced as an exchange under the Financial Markets Act No&nbsp;19
of&nbsp;2012;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.48</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Kloof Mining Right&quot;</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;&#8209;&nbsp;
the mining right with DMR reference number GP&nbsp; 30/5/1/2/2 (66) MR;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:115%;">1.2.49</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:115%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:115%;">Labour Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:115%;">&quot;&nbsp;&#8209;&nbsp;the
Labour Relations Act No&nbsp;66 of&nbsp;1995;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.50</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Larger Tailings Retreatment Project</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
larger tailings retreatment project contemplated in&nbsp;9.9 (read together
with Annexure&nbsp;F);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.51</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Lease Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
written agreement to be entered into between Sibanye and the Issuing Party
simultaneously with this Agreement in terms of which the Leased Land will be
leased to the Issuing Party by Sibanye by way of a long term lease;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.52</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Leased Land</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
footprint of the following land reflected as being Leased Land demarcated by
red squares in Annexure&nbsp;C, namely: Farm Blyvooruitzicht No&nbsp;116,
Registration Division I.Q., Portion&nbsp;6 and Farm Driefontein No&nbsp;113,
Registration Division I.Q., Remainder of Portion&nbsp;1, Gauteng Province;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.53</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Liability</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;any
obligation or liability, whether actual, contingent, or otherwise and includes
any liability as surety, co&#8209;principal debtor, guarantor, indemnifier or
otherwise for the liabilities of any other person and further includes any
liability in respect of deferred Tax;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.54</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Licences to Operate</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;all
the licences, permits, permissions, management plans and reports, as well as
amendments, variations or modifications thereof from time to time necessary for
Sibanye to operate the Business lawfully, which include&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref489954264"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.54.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Environmental Authorisations and Waste
Management Licences bearing DMR reference numbers GP30/5/1/2/2/07MR,
GP30/5/1/2/2/55MR and GP35/1/2/2/38MR, issued in terms of Section 24 and/or
Section 24L of NEMA; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref489954266"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.54.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Environmental Authorisation and Waste
Management Licence being DMR reference number GP30/5/1/2/2/66MR, issued in
terms of Section 24L of NEMA, read together with the provisions of NEM:WA;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref489954267"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.54.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a Provisional Air Emission Licence bearing
West Rand District Municipality reference number WR/16-17/AEL7/2, issued in
terms of Section 42 of NEM:AQA;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.54.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Integrated Water Use Licence bearing
Department of Water&nbsp;and&nbsp;Sanitation reference number
10/C22B/ACFGI/4976 and 10/C23E/ACEFGIJ/4527, issued in terms of Section 40 of
the NWA;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.54.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">heritage permissions bearing South African
Heritage Resources Agency reference numbers 8430, 8432, 8433 and 8434, issued
in terms of Section 38 of the NHRA; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.54.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Certificates of Registration bearing National
Nuclear Regulator reference numbers COR70B0283, COR70B0284, COR226B0339,
COR226B0340 and COR70B0281, issued in terms of Section 22 of the NNR;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.55</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Listings Requirements</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Listings Requirements of the JSE;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.56</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Longstop Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;31&nbsp;August
2018 or such other date as may be agreed to in writing between the Parties in
accordance with the provisions of&nbsp;3.1.5;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.57</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Losses</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;actual
or contingent losses, liabilities, damages, costs (including legal costs on the
scale as between attorney and own client) and expenses of any nature
whatsoever;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.58</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Material Adverse Change</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;any
circumstance, event or matter, or combination of circumstances, events or
matters which has a material adverse effect on the affairs, business, financial
condition (including assets, Liabilities, prospects, results of operations and
revenues), operations or property of DRD excluding the following circumstances,
events or matters&nbsp;&#8209;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref249937109"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.58.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">changes in the price of DRD Shares on any
licenced stock exchange, financial or securities markets, interest rates,
exchange rates, commodity prices or other general economic or financial
conditions; or</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.58.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">changes in conditions generally affecting the
mining industry;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref249937115"></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.58.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">changes in Applicable Laws or the
interpretation thereof or accounting practices or the interpretation thereof;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.58.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">compliance with the terms of, or the taking
of any action required by, this Agreement; or</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-102.05pt;"><a name="_Ref417658972"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.58.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Composite Transaction;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.59</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Mining Operations</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;shall
bear the meaning ascribed to that term in section&nbsp;1 of the MPRDA;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.60</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">MPRDA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Mineral and Petroleum Resources Development Act No&nbsp;28 of&nbsp;2002;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.61</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">NEMA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
National Environmental Management Act No&nbsp;107 of 1998;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.62</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">NEM:AQA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
National Environmental Management: Air Quality Act No&nbsp;39 of 2004;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.63</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">NEM:WA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
National Environmental Management :Waste Management Act No&nbsp;59 of 2008;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.64</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">NHRA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
National Heritage Resources Act No&nbsp;25 of 1999;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.65</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">NNRA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
National Nuclear Regulator Act No&nbsp;47 of 1999;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.66</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">NWA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
National Water Act No&nbsp;36 of 1998;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.67</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">NYSE</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the New
York Stock Exchange;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.68</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">OHSA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Occupational Health and Safety Act No&nbsp;85 of 1993;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.69</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Parties</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;collectively,
Sibanye, the Issuing Party and DRD and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot; shall mean any
of them, as the context may require; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.70</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Person</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;includes
any natural or juristic person, association, business, close corporation,
company, concern, enterprise, firm, partnership, joint venture, trust,
undertaking, voluntary association, body corporate, and any similar entity;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.71</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Pilot Plant</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
moveable LogiProc pilot plant established to test the processes, techniques and
assumptions made in the definitive level design of the full scale retreatment
of dumps as part of the Business, located at Driefontein 1 Plant;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.72</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Plan and Materials</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;any
and all drawings, plans, studies (including feasibility studies of a geological
or geotechnical nature), surveys, reports (including sampling and assaying
reports), maps (including geophysical, geological and/or drill maps),
statements, schedules and other data in whatever form of a financial,
technical, labour, marketing, administrative, accounting or other matters
pertaining to the project known as the &quot;West Rand Tailings Retreatment
Project&quot;, which Sibanye owns and/or has commissioned in furtherance of the
Business;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">1.2.73</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Rand Revolving Credit Facility</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
revolving credit facility agreement, dated as of November 14, 2016 among, inter
alios, Sibanye, Kroondal Operations Proprietary Limited and Sibanye Rustenburg
Platinum Mines Proprietary Limited as borrowers and guarantors, and Rand
Uranium Proprietary Limited as a guarantor, Nedbank Limited, FirstRand Bank
Limited, ABSA Bank Limited, The Standard Bank of South Africa Limited and Bank
of China Limited Johannesburg branch as mandated lead arrangers, and Nedbank
Limited as agent, as such agreement may be amended, modified, supplemented,
extended, renewed, refinanced or replaced or substituted from time to time;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.74</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Rehabilitate</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;in
relation to the environment, the taking of all such steps as the holder of the
EMP shall be obliged to take in accordance with such EMP or by any other
legislation or law which may now from time to time hereafter apply and shall
further include the taking of all such steps and remedial measures to prevent
or remedy potential or actual adverse consequences to the environment which are
caused by, or which may in any manner arise from, the past, present or future
conduct of the holder of the EMP in relation to the Business;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_BPDC_LN_INS_1395"></a><a name="_BPDC_LN_INS_1394"></a><a name="_BPDC_LN_INS_1392"></a><a name="_BPDC_LN_INS_1393"></a><a name="_BPDC_LN_INS_1391"></a><a name="_BPDC_LN_INS_1390"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.75</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">RTSF</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Regional Tailing Storage Facility and Return Water Dam proposed to form part of
the Business pursuant to the execution of the project known as the &quot;West
Rand Tailings Retreatment Project&quot;;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.76</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">RTSF Land</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
land upon which the RTSF and the Return Water Dam will be located, comprised
of&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.76.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Farm Cardoville No 647 Registration
Division I.Q., Gauteng Province, measuring: 364,6338 (Three Hundred and Sixty
Four comma Six Three Eight) hectares, as described more fully in, and subject
to all conditions of title as reflected in Deed of Transfer T39184/2009 (in
terms of which it is held by Sibanye);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.76.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Remaining Extent of Portion 6 (a portion of
Portion 1) of the farm the Cardoville No 364 Registration Division I.Q.,
Gauteng Province, measuring: 20,4620 (Twenty comma Four Six Two Zero) hectares,
as described more fully in, and subject to all conditions of title as reflected
in the Deed of Transfer T58927/2009 (in terms of which it is held by Sibanye);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.76.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Portion 8 (a portion of Portion 6) of the
farm Cardoville No 364 Registration Division I.Q., Gauteng Province, measuring:
128,2710 (One Hundred and Twenty Eight comma Two Seven One Zero) hectares, as
described more fully in, and subject to all conditions of title as reflected in
Deed of Transfer T39147/2009 (in terms of which it is held by Sibanye);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.76.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Portion 13 (a portion of Portion 1) of the
farm Cardoville No 364 Registration Division I.Q., Gauteng Province, measuring:
364,0503 (Three Hundred and Sixty Four comma Zero Five Zero Three) hectares, as
described more fully in, and subject to all conditions of title as reflected in
Deed of Transfer T39147/2009 (in terms of which it is held by Sibanye);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.76.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Portion 50 of the farm Kalbasfontein 365
Registration Division I.Q., Gauteng Province, measuring: 175,4749 (One Hundred
and Seventy Five comma Four Seven Four Nine) hectares, as described more fully
in, and subject to all conditions of title as reflected in Deed of Transfer
T58927/2009 (in terms of which it is held by Sibanye);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.76.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Remaining extent of Portion 3 of the farm
Cardoville No 364 Registration Division I.Q., Gauteng Province, measuring: 358,1697
(Three Hundred and Fifty Eight comma One Six Nine Seven) hectares, as described
more fully in, and subject to all conditions of title as reflected in Deed of
Transfer T72983/1999 (in terms of which it is held by Sibanye);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.76.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Remaining extent of Portion 5 (a portion of
Portion 3) of the farm Cardoville No 364 Registration Division I.Q., Gauteng
Province, measuring: 139,4110 (One </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Hundred and Thirty
Nine comma Four One One Zero) hectares, as described more fully in, and subject
to all conditions of title as reflected in Deed of Transfer T72983/1999 (in
terms of which it is held by Sibanye); and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.76.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Portion 11 of the farm Cardoville No 364
Registration Division I.Q., Gauteng Province, measuring: 173,1207 (One Hundred
and Seventy Three comma One Two Zero Seven) hectares, as described more fully
in, and subject to all conditions of title as reflected in Deed of Transfer
T72983/1999 (in terms of which it is held by Sibanye);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.77</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">SARB</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;The South
African Reserve Bank;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.78</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Section 102 Applications</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
applications made by Sibanye in terms of section 102 of the MPRDA for the &#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.78.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the inclusion of certain areas (commonly
referred to as the &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Venterspost North and Dormant Mine Dump</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;
and the &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Venterspost South Dormant Mine Dump</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) into the Mining
Right bearing DMR reference GP30/5/1/2/2/66MR as lodged with the DMR in March
2016;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.78.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the inclusion of certain areas (commonly
referred to as the &quot;Driefontein 4 Working Mine Dump&quot;) into the Mining
Right bearing DMR reference GP30/5/1/2/2/51MR as lodged with the DMR in March
2016; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.79</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;Sibanye
Gold Limited (registration number 2002/031431/06), a public company duly
incorporated and registered in accordance with the laws of South Africa (the
ordinary shares of which are listed on the JSE and the NYSE);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.80</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye Rehabilitation Trust</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
trustees for the time being of The Sibanye Rehabilitation Trust (Master's
reference IT&nbsp;2637/99), acting in their capacities as such;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.81</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Signature Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;when
this Agreement has been signed by both Parties (whether or not in counterpart),
the latest of the dates on which this Agreement (or a counterpart) was signed
by a Party;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.82</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">South Africa</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
Republic of South Africa;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.83</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Suspensive&nbsp;</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Conditions</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
suspensive conditions stipulated in&nbsp;3.1.1;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.84</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Tax</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;includes
any tax, imposition, levy, duty, charge, fee, deduction or withholding of any
nature (including securities transfer tax and stamp, documentary, registration
or other like duty) and any interest, penalty or other amount payable in
connection therewith, lawfully imposed, levied, collected, withheld or assessed
under the laws of South Africa or any other relevant jurisdiction and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Taxes</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;,
&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Taxation</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot; and other cognate terms shall be construed
accordingly;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.85</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Toll Treatment Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
agreement which will </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">inter alia</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> regulate toll treatment of gold bearing
material supplied by Sibanye or third parties it may procure to DPD2 Plant
and/or DPD3 Plant;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.86</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Transferring Attorneys</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;Werksmans
Inc;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.87</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Transferring Land</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;collectively,
the CPP Land and the RTSF Land;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.88</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">TRP</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Takeover Regulation Panel, established pursuant to section&nbsp;196 of the
Companies Act;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.89</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">USD Revolving Credit Facility</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;-&nbsp;</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the
revolving credit facility agreement, dated as of August&nbsp;24, 2015 among,
inter alios, Sibanye, Kroondal Operations Proprietary Limited and Sibanye
Rustenburg Platinum Mines Proprietary Limited, as borrowers and guarantors, and
Rand Uranium Proprietary Limited as a guarantor, the Bank of America Merrill
Lynch International as agent and Bank of America Merrill Lynch International
and HSBC PLC as arrangers, as such agreement may be amended, modified,
supplemented, extended, renewed, refinanced or replaced or substituted from
time to time;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.90</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Use and Access Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
agreement which will </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">inter alia</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> regulate Access Rights, utilities and
Licences to Operate;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.91</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">VAT</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;value
added tax in terms of the VAT Act;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.92</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">VAT Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Value&#8209;Added Tax Act No&nbsp;89 of&nbsp;1991, as amended;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.93</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Warranties</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
warranties, representations and undertakings given by Sibanye to the Issuing
Party in Annexure&nbsp;A and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Warranty</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot; shall be construed
accordingly;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any reference to any statute, regulation or
other legislation shall be a reference to that statute, regulation or other
legislation as at the Signature Date, and as amended or substituted from time
to time;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any reference to holding companies or
subsidiaries shall be construed in accordance with the meanings ascribed to
such terms in the Companies Act;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">if any provision in a definition is a substantive
provision conferring a right or imposing an obligation on any Party then,
notwithstanding that it is only in a definition, effect shall be given to that
provision as if it were a substantive provision in the body of this Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">where any term is defined within a particular
clause other than this&nbsp;<a name=QuickMark></a><a name="QuickMark_bclEnd"></a>1,
that term shall bear the meaning ascribed to it in that clause wherever it is
used in this Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">where any number of days is to be calculated
from a particular day, such number shall be calculated as excluding such
particular day and commencing on the next day. If the last day of such number
so calculated falls on a day which is not a Business Day, the last day shall be
deemed to be the next succeeding day which is a Business Day;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any reference to days (other than a reference
to Business Days), months or years shall be a reference to calendar days,
calendar months or calendar years, respectively;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any term which refers to a South African
legal concept or process (for example, without limiting the foregoing, winding&#8209;up
or curatorship) shall be deemed to include a reference to the equivalent or
analogous concept or process in any other jurisdiction in which this Agreement
may apply or to the laws of which a Party may be or become subject; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the use of the word &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">including</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;,
&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">includes</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot; or &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">include</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot; followed by a
specific example/s shall not be construed as limiting the meaning of the
general wording preceding it and the </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">eiusdem generis</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> rule shall not be
applied in the interpretation of such general wording or such specific
example/s.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The
terms of this Agreement having been negotiated, the rule of interpretation
which prescribes that, in the event of ambiguity, a contract should be
interpreted against the party responsible for its drafting shall not be applied
in the interpretation of this Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">introduction&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-indent:-51.05pt;"><a name="_Ref308169162"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">The
Parties</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> record that&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">at the Signature Date, Sibanye is the owner
of the Business;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye wishes to Dispose of the Business to
the Issuing Party, which wishes to acquire the Business from Sibanye in
exchange for the Consideration Shares and as contemplated in section 42 of the
Income Tax Act.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties accordingly agree to the terms
and conditions set out in this Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027473"></a><a name="_Ref499027387"></a><a name="_Ref488834275"></a><a name="_Toc445127199"></a><a name="_Ref370201911"></a><a name="_Toc301184649"></a><a name="_Toc294687747"></a><a name="_Toc278792373"></a><a name="_Toc275936834"></a><a name="_Ref519330047"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">SUSPENSIVE CONDITIONS</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Suspensive Conditions to be fulfilled</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref519330061"></a><a name="_Ref300737189"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">This whole Agreement (other than&nbsp;1,
this&nbsp;3 and 18 to&nbsp;26 (both inclusive), by which the Parties shall be
bound with effect from the Signature Date) is subject to the suspensive
conditions (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Suspensive Conditions</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) that&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-102.05pt;"><a name="_Ref488911884"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">on or before the Longstop Date,&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Financial Surveillance Department of SARB
shall have approved the DRD&nbsp;Circular pursuant to the Exchange Control
Regulations;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref488912119"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the JSE shall have approved the DRD Circular;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref498347245"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the JSE shall have approved the listing of
the DRD Shares to be issued pursuant to the DRD Exchange Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref488912125"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to the extent required, the TRP shall have
approved the DRD Circular;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref488912249"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the approval required by the Competition Act
for the implementation of the Composite Transaction (and in particular the
DRD&nbsp;Exchange Agreement and the exercise by Sibanye of the option granted
in terms of the DRD&nbsp;Option Agreement) shall have been granted, either
unconditionally or subject to such conditions as have been approved in writing
by that date, by each party to the Composite Transaction (to the extent such
conditions </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">are
imposed on it, it being agreed that such approval shall not be unreasonably
withheld or delayed);</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref488912138"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the DRD Shareholders shall at the General
Meeting have passed an ordinary resolution in accordance with the provisions of
regulation&nbsp;86 of the Companies Regulations, 2011 waiving the benefit of a
mandatory offer which would ordinarily flow from the issue of the DRD Shares to
Sibanye in terms of the DRD Exchange Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref488830350"></a><a name="_Ref489954451"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the DRD Shareholders shall at the General
Meeting have passed the following ordinary and special resolutions with the
requisite majorities, namely&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.7.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the resolution required to increase the
number of authorised DRD Shares from 600&nbsp;000&nbsp;000 to
1&nbsp;500&nbsp;000&nbsp;000 and the amendment of the memorandum of incorporation
of DRD to reflect the aforegoing increase;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><a name="_Ref488830719"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.7.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the resolution required to allot and issue to
Sibanye so many DRD Shares as will after the allotment and issue thereof
constitute approximately (but not less than)&nbsp;38.05% of all of the DRD
Shares in issue; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.7.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the resolution required to allot and issue
such number of DRD Shares as will, together with the DRD Shares referred to
in&nbsp;3.1.1.1.7.2, result in Sibanye owning 50.1% of all of the issued DRD
Shares in the event that Sibanye exercises the option embodied in the DRD
Option Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.7.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the resolution required to approve the
Composite Transaction as a Category&nbsp;1 transaction in terms of the Listings
Requirements;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.7.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the resolution contemplated in terms of
section&nbsp;45 of the Companies Act approving the grant of financial
assistance by DRD to Sibanye for the obligations of the Issuing Party under and
in terms of the DRD Guarantee;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref488912162"></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">those elements of the Licences to Operate
referred to in&nbsp;1.2.54.1 and 1.2.54.2 have been granted to Sibanye;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref488912171"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Section 102 Applications have been
granted to Sibanye;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref488911936"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">each of the following agreements is signed
and becomes unconditional in accordance with its provisions (other than any
suspensive condition relating to the signature of this Agreement)&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.10.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the DRD Exchange Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.10.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the DRD Guarantee;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.10.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the DRD Option Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.10.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Gold Purchase/Smelting Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.10.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Lease Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.10.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Toll Treatment Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.10.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Use and Access Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref489954062"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the DRD Guarantee is signed and becomes
unconditional in accordance with its provisions (other than any suspensive
condition relating to the signature of this Agreement);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref498339406"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Issuing Party is registered as a VAT
vendor in terms of section&nbsp;23 of the VAT Act;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1.13</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to the extent required, the lenders under the
Rand Revolving Credit Facility and the USD Revolving Credit Facility approve
the conclusion and implementation of the Composite Transaction;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref417658585"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">by the date on which the last of the
Suspensive Conditions referred to in&nbsp;3.1.1 is fulfilled or waived, as the
case may be, no Material Adverse Change shall have occurred.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Subject to the succeeding provisions of
this&nbsp;3 to the extent that such provisions place specific obligations on
any Party, each Party shall use reasonable endeavours to procure the fulfilment
of the Suspensive Conditions as soon as practically possible after the
Signature Date and, in any event, by no later than the Longstop Date.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><a name="_Ref189622545"></a><a name="_Ref300741952"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Suspensive Condition/s referred to&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">in&nbsp;3.1.1.1, 3.1.1.1.2, 3.1.1.1.3,
3.1.1.1.4, 3.1.1.1.5 and 3.1.1.1.7, being regulatory in nature, may not be waived;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&#160;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">in&nbsp;3.1.1.1.10 is expressed to be for the
benefit of all of the Parties and may therefore not be waived other than by
written agreement between them;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">in&nbsp;3.1.1.1.6, 3.1.1.1.11, 3.1.1.1.12 and
3.1.1.2 are expressed to be for the benefit of Sibanye and may therefore be
waived by Sibanye giving written notice to that effect to the other Parties;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">in&nbsp;3.1.1.1.8 and 3.1.1.1.9 are expressed
to be for the benefit of DRD and may therefore be waived by DRD giving written
notice to that effect to the other Parties.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">If, by the Longstop Date, the Suspensive
Conditions are not fulfilled for any reason whatever, or not waived in terms
of&nbsp;3.1.3, then&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">this whole Agreement (other than&nbsp;1,
this&nbsp;3, and&nbsp;18 to&nbsp;26 (both inclusive), by which the Parties
shall remain bound) shall be of no force or effect;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Parties shall be entitled to be restored
as near as possible to the positions in which they would have been, had this
Agreement not been entered into; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">no Party shall have any claim against the
other in terms of this Agreement except for such claims (if any) as may arise
from a breach of this&nbsp;3 or from any other provision of this Agreement by
which the Parties remain bound.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref498955536"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties expressly agree that the Longstop
Date may be amended by way of a written agreement amongst them.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Provisions relating to the preparation of the
DRD Circular</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The
Parties agree that such advisors as DRD may nominate shall be responsible for
the preparation of the DRD Circular and that DRD's JSE Sponsors and other
nominated advisors shall submit the DRD Circular and other documents required
to the JSE, the TRP and SARB (collectively, &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Authorities</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) to
obtain the approvals and/or exemption referred to in&nbsp;3.1.1.1, 3.1.1.1.2
and 3.1.1.1.4 and&nbsp;3.1.1.1.6 respectively but that to the extent that any
meeting is held with any of the aforegoing Authorities each Party shall be
entitled to be represented thereat. It is further agreed that&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Parties shall co-operate with each other
and timeously provide the advisors contemplated above with all such documents
and information as those advisors may reasonably require. Notwithstanding the
aforegoing or any other provision of this&nbsp;3.2, Sibanye shall be afforded a
reasonable opportunity to review and make comments on the Circular and/or any other
documents submitted in terms of this&nbsp;3.2;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">in the DRD Circular provision will be made
for a representative nominated by Sibanye to be appointed to the DRD board with
effect from the date of implementation of the DRD Exchange Agreement, subject
to an affirmative vote of DRD&nbsp;Shareholders;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD shall bear and pay all filing fees and
other costs and charges, if any, payable to any Authority in connection with
such approvals and exemption; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">each Party shall bear and pay the cost and
charges of the advisors it appoints in order to assist with such submissions
and/or hearings contemplated in this 3.2.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Recordal in relation to the grant of the
Licences to Operate and the Section&nbsp;102 Application</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">It
is recorded that prior to the Signature Date, Sibanye&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">had applied for those elements of the Licence
to Operate contemplated in&nbsp;3.1.1.1.8 and such applications were accepted
by the relevant Governmental Authority; and </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">had made the Section&nbsp;102 Applications
contemplated in&nbsp;3.1.1.1.9.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Provisions relating to the preparation of the
Competition Filing for the purposes of
obtaining the approval referred to in 3.1.1.1.5</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref263603769"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">It is recorded that
the Composite Transaction will, on implementation, constitute a merger for
purposes of the Competition Act.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&#160;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref151794015"></a><a name="_Ref266874109"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Transferring Attorneys, having been
appointed by Sibanye, shall be responsible for preparing and lodging, on behalf
of the Parties, as soon as reasonably possible after the Signature Date, the
requisite merger filing for the Composite Transaction in accordance with the provisions
of the Competition Act (and the regulations
promulgated thereunder).</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties shall co-operate
with the Transferring Attorneys and timeously provide them with all such
documents and information as may reasonably be required to make the requisite
merger filing.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.4.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">All of the Parties shall be afforded a
reasonable opportunity to review and make comments on non&#8209;confidential
portions of the merger filing prior to the finalisation and submission of that
merger filing to the Competition Authorities.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref179594511"></a><a name="_Ref150777101"></a><a name="_Ref25463605"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.4.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Each Party shall bear and pay its own costs
in respect of the preparation of the merger filing. However, the filing and
administrative fees payable to the Competition Authorities shall be borne and
paid by Sibanye and DRD in
equal shares.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.4.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Other than as set out in this&nbsp;3.4, and
pending the decision of the Competition Authorities, no Party shall&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref205105887"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref263603790"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.4.6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">directly or indirectly lodge, or authorise
any other Person to lodge, any application or filings with the Competition
Authorities (whether orally or in writing) which relate/s to the Composite
Transaction without the prior written consent of Sibanye;
and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.4.6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">without derogating from&nbsp;3.4.6.1, perform
or fail to perform any act that will, or is likely to, diminish the prospects
of success of the applications and filings referred to in&nbsp;3.4.1.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">exchange&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref451873155"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye hereby Disposes of the Business to
the Issuing Party, which hereby agrees to acquire the Business from Sibanye
with effect from the Delivery Date. In
exchange for the Business, the Issuing Party shall issue the Consideration
Shares to Sibanye credited as fully paid up.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref460937391"></a><a name="_Ref479578283"></a><a name="_Ref460939432"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Subject to 18.5, on the Delivery Date&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">all risk and benefit in and to the Business
shall pass from Sibanye to the Issuing Party;&#160; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">save as set out in this Agreement in respect
of the Transferring Land,<a name="_Ref460939203"></a>
Sibanye shall deliver to the Issuing Party the Business in the manner set out
in 6.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref460939540"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">On the Delivery Date, and subject to delivery
of the Business in accordance with&nbsp;4.2 read with 6, the Issuing Party
shall&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">allot and issue the Consideration Shares to
Sibanye, as fully paid up shares, it being recorded that the Consideration
Shares will rank </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">pari passu</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> in all respects with all the other ordinary
shares of the Issuing Party then in issue (all of such other shares being held
by Sibanye);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">deliver to Sibanye a duly signed share
certificate in respect of the Consideration Shares issued to it; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">cause the name of Sibanye to be entered in
the Issuing Party's securities register as the holder of the Consideration
Shares issued to it.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Nothing in this Agreement will operate to
(i)&nbsp;transfer to the Issuing Party any asset of Sibanye other than the
assets comprising part of the Business; or (ii)&nbsp;result in the transfer of
delegation to, or assumption by the Issuing Party of, any Liability of Sibanye
not expressly transferred, delegated or assumed in terms of this Agreement. For
the avoidance of doubt, any Liabilities of Sibanye for&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Tax arising or accrued in respect of any
period on or before the Delivery Date; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Tax arising on the exchange contemplated in
terms of, or under, this Agreement,</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">shall
be retained and settled by Sibanye, which hereby indemnifies the Issuing Party
against any claim in respect of any such Liabilities.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye hereby records that it has never been
Sibanye's intention for the Additional Mine Dumps, the Excluded Mine Dumps or
Driefontein&nbsp;4 to accede to any immoveable property and that as far as
Sibanye is aware, no previous owner of such immovable properties has ever
intended for the Additional Mine Dumps, the Excluded Mine Dumps and
Driefontein&nbsp;4 to accede thereto. Accordingly, the Parties have agreed to
the provisions of this Agreement and the transactions contemplated herein on
the basis that the Additional Mine Dumps, the Excluded Mine Dumps and
Driefontein&nbsp;4 are moveable assets.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref48037580"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Subject to 18.5, if, after the Delivery Date,
Sibanye receives any payment in respect of the Business that is due to the Issuing
Party, it will immediately account therefor to the Issuing Party. Similarly, if
after the Delivery Date the Issuing Party receives any payment in respect of
the Business that is due to Sibanye, it shall immediately account therefor to
Sibanye.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027475"></a><a name="_Ref497751917"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">section 42 of the income tax act</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Disposal of the Business (which the
Parties agree is a going concern capable of separate operation) in exchange for
the Consideration Shares will be implemented as an asset-for-share transaction,
as contemplated in section&nbsp;42 of the Income Tax Act.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The effective date of the transaction shall
be the Delivery Date.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">5.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties hereby record and agree that
section&nbsp;42 of the Income Tax Act applies to the Disposal of the Business
by Sibanye to the Issuing Party in terms of this Agreement. Consequently,
Sibanye and the Issuing Party are obliged to have regard to and give effect to
the provisions of section&nbsp;42 of the Income Tax Act for the purposes of
determining the Tax consequences for both Parties (including income Tax and
capital gains Tax consequences) pursuant to the implementation of the
transactions contemplated in this Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

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<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">CLOSING
AND DELIVERY</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><a name="_Ref176231044"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">At 12h00 on the Delivery Date,
representatives of Sibanye and the Issuing Party shall meet at the premises of
Sibanye, Libanon Business Park, 1 Hospital Street (off Cedar Avenue), Libanon,
Westonaria and&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Plan and Materials</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye
shall place the Issuing Party in possession and control of the Plan and
Materials thereby delivering same to the Issuing Party;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DP2 Plant, DP3 Plant and Pilot Plant </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye
shall place the Issuing Party in possession and control of the DP2 Plant, DP3
Plant and Pilot Plant thereby delivering same to the Issuing Party by way of
constructive delivery;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497814465"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Additional Mine Dumps and Driefontein 4</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">In
the presence of the notary public nominated by Sibanye, which notary public
shall prepare the relevant notarial deed confirming delivery, Sibanye shall
deliver the Additional Mine Dumps and Driefontein&nbsp;4 by way of traditio
longa manu by pointing such Additional Mine Dumps and Driefontein&nbsp;4 out to
the Issuing Party and thereby placing the Issuing Party in control thereof. In
this regard it is recorded that the representatives of Sibanye and the Issuing
Party may need to travel from the location of the initial meeting to each
Additional Mine Dump and/or Driefontein&nbsp;4;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Land&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Pending
the transfer of the Transferring Land to the Issuing Party, Sibanye shall place
the Issuing Party in possession of the Transferring Land on the Delivery Date
in accordance with the provisions of&nbsp;8. Sibanye shall place the Issuing
Party in possession of the Leased Land on the Delivery Date in accordance with
the provisions of the Lease Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Licences to Operate</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The
Licences to Operate will, to the extent required, be more fully addressed in
the Use and Access Agreement.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027477"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">ACCESS&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">It
is recorded that the Access Rights will be delivered in terms of the Use and
Access Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027478"></a><a name="_Ref488844327"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">transferring Land</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&#160;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref411216767"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall transfer ownership of the
Transferring Land to the Issuing Party by registration of transfer thereof to
the Issuing Party in the appropriate Deeds Registry Office (at Sibanye's
expense, with Sibanye agreeing to settle all amounts requested by the
Transferring Attorneys in this regard) as soon as possible after the Delivery
Date, after the grant of all required consents, clearances and approvals. With
effect from the Delivery Date, Sibanye and the Issuing Party agree that&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Issuing Party shall be liable for all
rates, Taxes, levies and similar imposts (including any provision made by the
relevant local authority for utility consumption accounts) levied in respect of
the Transferring Land;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Issuing Party shall be entitled free of
charge, to possess and occupy the Transferring Land (at its own risk) as if it
were the owner thereof even if transfer takes place after that date;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Issuing Party shall be entitled free of
charge, to the use and enjoyment of the Transferring Land (at its own risk) as
if it were the owner thereof (but subject to the terms of the Use and Access
Agreement) even if transfer takes place after that date;&nbsp;and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref399252772"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">written confirmation from the Transferring
Attorneys that the registration of transfer of the Transferring Land has
occurred shall be </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">prima facie </font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">proof of delivery of the Transferring Land
for purposes of this&nbsp;8.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref496080309"></a><a name="_Ref400967287"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Issuing Party hereby appoints Sibanye to
be its lawful attorney and agent with the power of substitution and with full
power and authority to manage, conduct and transact on its behalf on all
matters relating to and for the purposes of securing transfer of the
Transferring Land to the Issuing Party and such powers and authorities shall
continue to be of full force and effect for all purposes and circumstances in
order to register the transfers as contemplated in this&nbsp;8.
Sibanye shall keep the Issuing Party timeously informed of any matters
requiring the Issuing Party's action in relation to and for the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">purposes of securing transfer of the Transferring Land to
the Issuing Party, and of any actions taken by Sibanye on the Issuing Party's
behalf, pursuant to the rights granted to Sibanye under this
8.2.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref411216779"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Such transfers shall be on the basis, </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">inter
alia</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">, that&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Issuing Party has purchased the
Transferring Land subject to all conditions of title and servitudes (whether
registered and unregistered) to which they may be or become subject;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Transferring Land will be subject to any
conditions of title and servitudes (whether registered and unregistered) which
may be imposed by any Governmental Authority as a condition of its consent to
any subdivision or consolidation;&nbsp;and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref496080435"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall not be responsible for any
error in description or deficiency in the extent of the Transferring Land nor
shall it benefit from any excess in extent.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref411217328"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall assume responsibility, at its
cost (including the costs of any repairs required before such certificate can
be lawfully issued), for obtaining the following compliance certificates, to
the extent applicable to the Transferring Land
prior to the registration of transfer thereof&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">electrical certificates of compliance and
test reports required in terms of the Electrical Installation Regulations 2009
made under the OHSA;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">electric fence system certificates of
compliance as required under by Regulations&nbsp;12(4) and 13(1) of the
Electrical Machinery Regulations&nbsp;2011;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">certificates of conformity in respect of any
gas installations existing upon the Transferring Land as required by the </font><font color=#241B14 face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">pressure equipment regulations made under OHSA; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.4.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">rates clearance certificates.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Without derogating from the aforegoing
provisions of this 8, if any separate or short form agreement is required to
give effect to the transfer of the Transferring Land at any deeds registry
office the Transferring Attorneys shall prepare such separate or short form </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">agreement and the Parties shall execute such agreement
unless such agreement conflicts in any respect with the provisions of this
Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027479"></a><a name="_Ref496016925"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Post delivery obligations</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref498954507"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Prior to Sibanye decommissioning any Excluded
Mine Dump (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Decommissioned Dump</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;), Sibanye shall deliver a
written notice of its intention so to do (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Decommissioning Notice</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;)
to the Issuing Party. Within 30&nbsp;Business Days of delivery of the
Decommissioning Notice by Sibanye to the Issuing Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Negotiation
Period</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;), representatives of Sibanye and the Issuing Party shall meet,
on one or more occasions, in an attempt to reach an agreement as to how to deal
with the Decommissioned Dump. If, within the aforesaid 30&nbsp;Business Days,
representatives of Sibanye and the Issuing Party fail to meet or to reach
agreement as to how to deal with the Decommissioned Dump the provisions
of&nbsp;9.2 to&nbsp;9.5 shall apply.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref498954664"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">At the end of the Negotiation Period, unless
Sibanye and the Issuing Party have reached an agreement to the contrary, the
Issuing Party shall have an election either to&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">take ownership and transfer of the
Decommissioned Dump on the basis set out in&nbsp;9.3 (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Option&nbsp;One</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;);
or</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">take ownership and transfer of the
Decommissioned Dump on the basis set out in&nbsp;9.4 (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Option Two</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;).&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The
Issuing Party shall deliver a written notice to Sibanye (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Election
Notice</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) notifying Sibanye whether the Issuing Party elects
Option&nbsp;One or Option&nbsp;Two within 15&nbsp;Business Days after the
expiry of the Negotiation Period; provided that if the Issuing Party fails to
deliver an Election Notice or contends for some other option other than
Option&nbsp;One or Option Two (which other option Sibanye declines in its
discretion to consider further), the Issuing Party shall be deemed to have
elected Option&nbsp;Two.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref498950594"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">If Option&nbsp;One is applicable&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref498950010"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">on the fifth Business Day after delivery of
the Election Notice electing Option&nbsp;One (or the fifth Business Day after
the date on which the Issuing Party shall be deemed to have elected
Option&nbsp;One), representatives of Sibanye and the Issuing Party shall meet
at the address stipulated in&nbsp;6. At that meeting, Sibanye shall, for no
consideration, transfer ownership of, and all risk and benefit in and to, the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Decommissioned Dump and the Issuing
Party shall be obliged to accept the aforesaid transfer of ownership, and all
risk and benefit in and to, the Decommissioned Dump. The transfer of ownership
of the Decommissioned Dump shall be effected by delivery thereof mutatis
mutandis in accordance with 6.3 or otherwise in accordance with, and subject to
fulfilment of any conditions imposed by, the provisions of any Applicable Law;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref498950189"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye hereby warrants, represents and
undertakes to and in favour of the Issuing Party that, on transfer and delivery
of the Decommissioned Dump in accordance with&nbsp;9.3.1,&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.3.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall be the owner of the
Decommissioned Dump and no Encumbrance will exist over the Decommissioned Dump;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.3.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall have fully complied with all
Applicable Laws (including Environmental Laws) with respect to the
Decommissioned Dump;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye hereby indemnifies the Issuing Party
mutatis mutandis in accordance with 16 against any and all Losses the Issuing
Party may suffer or incur as a result of, or in connection with, any breach of
the provisions of&nbsp;9.3.2;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the provisions of 13 and 14 shall apply
mutatis mutandis with respect to the obligations to Rehabilitate any
Decommissioned Dump which obligations attach to the owner of the Decommissioned
Dump (being the Issuing Party against transfer of ownership of the
Decommissioned Dump to it in terms of&nbsp;9.3.1; provided that Sibanye
undertakes to ensure that, unless otherwise agreed in writing between Sibanye
and the Issuing Party having regard to the provisions of any Applicable Law in
force at such point in time,&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.3.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">at least 75% of the amount determined by the
DMR as being required as a provision for Rehabilitation of the Decommissioned
Dump (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Required Provision</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) shall be transferred from the
Sibanye Rehabilitation Trust to the DRD Rehabilitation Trust; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.3.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">no more than 25% of the Required Provision
shall be provided for by way of guarantees from which Sibanye would have to be
released.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref498954422"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">If Option Two is applicable,&nbsp;-</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref498951162"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall within a period of
12&nbsp;months after the delivery of the Election Notice electing
Option&nbsp;Two (or such longer period as may be required in the circumstances)
be obliged to&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">vegetate the Decommissioned Dump to a
standard that provides an effective and adequate control of dust emissions from
the Decommissioned Dump, which standard shall not exceed the standards imposed
by any Applicable Laws that apply at such point in time; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">install such infrastructure (such as launders
and paddocks) so as to contain and prevent any uncontrolled discharge of
effluent from the Decommissioned Dump at that point in time;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref498951316"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall on having fulfilled its
obligations in terms of&nbsp;9.4.1, and without having any ongoing obligations
in respect of maintenance and Rehabilitation, deliver a written notice to the
Issuing Party to the effect that Sibanye has complied with 9.4.1 and on the
fifth Business Day after the date of delivery of such notice, Sibanye and the
Issuing Party shall meet at the address stipulated in&nbsp;6. At that meeting,
Sibanye shall, for no consideration, transfer ownership of, and all risk and
benefit in and to, the Decommissioned Dump and the Issuing Party shall be
obliged to accept the aforesaid transfer of ownership, and all risk and benefit
in and to, the Decommissioned Dump. The transfer of ownership of the
Decommissioned Dump shall be effected by delivery thereof mutatis mutandis in
accordance with 6.3 or otherwise in accordance with, and subject to fulfilment
of any conditions imposed by, the provisions of any Applicable Law;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref498951387"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye hereby warrants, represents and
undertakes to and in favour of the Issuing Party that, on transfer and delivery
of the Decommissioned Dump in accordance with&nbsp;9.4.2,&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall be the owner of the
Decommissioned Dump and no Encumbrance will exist over the Decommissioned Dump;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall have fully complied with all
Applicable Laws (including Environmental Laws) with respect to the
Decommissioned Dump that apply prior to the closure of a dump;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye hereby indemnifies the Issuing Party
mutatis mutandis in accordance with 16 against any and all Losses the Issuing
Party may suffer or incur as a result of, or in connection with, any breach of
the provisions of&nbsp;9.4.3;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the provisions of 13 and 14 shall apply
mutatis mutandis with respect to the obligations to Rehabilitate any
Decommissioned Dump which obligations attach to the owner of the Decommissioned
Dump (being the Issuing Party against transfer of ownership of the
Decommissioned Dump to it in terms of&nbsp;9.3.1; provided that Sibanye
undertakes to ensure that, unless otherwise agreed in writing between Sibanye
and the Issuing Party having regard to the provisions of any Applicable Law in
force at such point in time,&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref498954215"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">at least 75% of the Required Provision for
Rehabilitation of the Decommissioned Dump shall, subject to&nbsp;9.4.6, be
transferred from the Sibanye Rehabilitation Trust to the DRD Rehabilitation
Trust; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">25% of the Required Provision shall be
provided for by way of guarantees from which Sibanye would have to be released;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref498954173"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.4.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall be entitled to
reduce the amount transferred in accordance with&nbsp;9.4.5.1 by an amount
equal to all reasonable and demonstrable costs and expenses incurred by Sibanye
in giving effect to&nbsp;9.4.1 (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Clean&#8209;up Costs</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;). In
addition to the aforegoing, in the event that the Issuing Party determines that
it intends to reprocess any Decommissioned Dump transferred to it in terms of
this&nbsp;9.4, the Issuing Party shall before commencing any such reprocessing
refund and pay to Sibanye an amount equal to the Clean-up Costs.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref498954672"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Any dispute between Sibanye and the Issuing
Party which relates to the provisions of&nbsp;9.1 to&nbsp;9.4 shall be deemed
to be a dispute of a technical nature and shall be resolved in accordance with
the provisions of the Use and Access Agreement which regulate disputes of a
technical nature and such provisions shall apply mutatis mutandis as if
incorporated into this Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">After the Delivery Date, Sibanye shall have
the right, on no less than 20&nbsp;Business Days written notice/s to that
effect given to both DRD and the Issuing Party, to require the Issuing Party
(which shall then be obliged) to&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">grant Sibanye use of, and access to, the
Pilot Plant in order to (i)&nbsp;test selected flow sheets on a continuous
basis with various feed tailings material in conjunction with selected process
water; (ii)&nbsp;optimise the operating conditions to maximise the recovery of
uranium and gold; (iii)&nbsp;verify flotation metal recoveries and mass pulls
at the recommended retention time, reagent addition and air addition for
various representative feed material; (iv)&nbsp;use the pilot plant as a
training facility for metallurgists and operators; process skills training and
development of client operators; and (v)&nbsp;establish the effect of
recirculating process water on metal recovery, reagent consumption and plant
through put (Gypsum formation); provided that Sibanye shall pay a reasonable
proportionate operating fee in respect of such use and access;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref489952219"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">permit Sibanye to deposit and store tailings
from its workings on the RTSF against payment of a reasonable proportionate
operating fee (being a percentage of the day-to-day cost of running the
facility calculated with reference to the tonnes deposited by Sibanye relative
to total deposits), provided that&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.6.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall only be entitled to make
deposits in accordance with&nbsp;9.6.2 to the extent that such deposits would
not compromise the Issuing Party's compliance with the rate of deposition
specified in the applicable Environmental Authorisation and life of mine;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.6.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to the extent that any capital improvements
are required to the RTSF to accommodate the deposit of tailings by Sibanye in
terms of&nbsp;9.6.2 which would not have been made other than to accommodate
such deposits, the reasonable proportionate operating fee payable by Sibanye
shall cover the cost of such capital improvements.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Issuing Party shall not, and DRD shall
not permit the Issuing Party to,&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.7.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">toll treat surface materials of any third
party (not being a member of the DRD Group) at DP2 Plant, DP3 Plant and
Driefontein&nbsp;4 or the RTSF;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.7.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">allow third parties (not being a member of
the DRD Group) to deposit materials on RTSF or Driefontein&nbsp;4,</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">without
the prior written consent of Sibanye, which consent shall not be unreasonably
withheld. Sibanye (or its duly authorised representatives) shall be entitled,
at reasonable </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">times and on no less than 72&nbsp;hours'
notice, to access and inspect DP2&nbsp;Plant, DP3&nbsp;Plant and
Driefontein&nbsp;4 for the purposes of monitoring compliance with this
Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD and the Issuing Party acknowledge and
agree that the tailings storage facility which they intend to construct for the
treatment of gold assets may be inadequate for the requirements of DRD and the
Issuing Party (on the one hand) and those of Sibanye (on the other hand).
Accordingly, DRD and the Issuing Party shall consult with Sibanye in respect of
the design and construction of the RTSF, and provided that Sibanye contributes
additional capital and costs required and that all further legal and third
party contractual approvals and consents are in place, ensure that the RTSF is
designed so as to suit the requirements of all the Parties.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref498668307"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">After the Delivery Date, the Issuing Party
shall commence with the development of a larger tailings retreatment project
(&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Larger Tailings Retreatment Project</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) substantially in
accordance with the outline and time-frames specified in Annexure&nbsp;F hereto
or, failing that, on such other basis as may be agreed in writing between DRD
and Sibanye from time to time. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">It is recorded that, in regard to the
pipeline infrastructure for the Business, certain parts thereof extend over
private properties not owned by Sibanye. Should Sibanye not be able to
negotiate the relevant servitudes with the relevant parties it will be
necessary to re-route the pipeline infrastructure over land owned by Sibanye.
This will require an amendment to the EMP. To the extent that the approval of
the amendment to the EMP delays the development of the Larger Tailings
Retreatment Project, the time frames in&nbsp;Annexure&nbsp;F shall be adjusted
accordingly to cater for the delay in obtaining the approval to the amendment
of the EMP.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027480"></a><a name="_Toc495575060"></a><a name="_Toc495485584"></a><a name="_Ref495468615"></a><a name="_Ref495468468"></a><a name="_Ref495334046"></a><a name="_Toc148847547"></a><a name="_Ref109193643"></a><a name="_Ref109193595"></a><a name="_Toc108946809"></a><a name="_Toc67907070"></a><a name="_Toc530321663"></a><a name="_Ref527782683"></a><a name="_Toc526157148"></a><a name="_Toc523030502"></a><a name="_Ref522589567"></a><a name="_Ref521904192"></a><a name="_Toc517858209"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">SECTION 34(1) OF THE INSOLVENCY ACT</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Univers,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">10.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties agree to dispense with the
necessity of publishing the transaction contemplated in this Agreement in
accordance with section&nbsp;34 of the Insolvency Act. Sibanye shall indemnify
the Issuing Party, and hold it harmless, against all actions, claims, costs,
damages, expenses, judgments, liabilities, losses and/or penalties which the
Issuing Party incurs, suffers and/or sustains as a result of notice of the
transaction contemplated in this Agreement not being so published.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">10.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Issuing Party has no duty to resist any
proceedings to attach or to take possession of any of the assets by any Person
against whom the transaction contemplated in this </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Agreement
is void in terms of the Insolvency Act as a consequence of the transaction not
being so published. However,&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">10.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Issuing Party shall give Sibanye written
notice of any such proceedings as soon as it becomes aware thereof; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">10.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Issuing Party is entitled (but not
obliged) in such circumstances to pay the creditor such amount as may be due
and payable by Sibanye to it and to claim such amount from Sibanye or to
require by notice to Sibanye, who will then become obliged to procure, at its
own cost and expense, that the assets concerned are released from attachment
and returned to the Issuing Party and/or that such creditor's claim is
satisfied, as the case may be.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027481"></a><a name="_Ref496005294"></a><a name="_Toc495575061"></a><a name="_Toc495485585"></a><a name="_Ref299440112"></a><a name="_Toc148847548"></a><a name="_Ref109703980"></a><a name="_Ref109703961"></a><a name="_Ref109703943"></a><a name="_Toc108946810"></a><a name="_Ref108937680"></a><a name="_Toc67907072"></a><a name="_Ref56822300"></a><a name="_Ref52259184"></a><a name="_Toc49318117"></a><a name="_Ref49044209"></a><a name="_Ref42582855"></a><a name="_Toc530321665"></a><a name="_Ref530307983"></a><a name="_Ref530305805"></a><a name="_Ref527860601"></a><a name="_Ref527860469"></a><a name="_Ref527773204"></a><a name="_Ref527202540"></a><a name="_Toc526157150"></a><a name="_Toc523030504"></a><a name="_Toc517858211"></a><a name="_Ref513532716"></a><a name="_Ref513532680"></a><a name="_Ref513532662"></a><a name="_Toc498950673"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">EMPLOYEES&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">On the Delivery Date, transfer of the
Employees to the Issuing Party shall take place in terms of section&nbsp;197 of
the Labour Act, subject to the remaining provisions of this&nbsp;11.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall communicate, liaise and
generally co-operate with each other to notify the Employees in relation to the
disposal of the Business and to procure their orderly transfer from Sibanye to
the Issuing Party.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref38953432"></a><a name="_Ref31713449"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">As soon as possible after the Delivery Date,
but in any event within a period of 30&nbsp;calendar days of such date and as
required by section&nbsp;197 of the Labour Act, the Parties shall jointly
compile and sign a separate agreement in substantially the same form as the
valuation schedule attached to this Agreement as&nbsp;Annexure&nbsp;E (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Valuation
Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) in accordance with the provisions of section&nbsp;197(7)
of the Labour Act, which Valuation Agreement shall reflect a valuation as at
the Delivery Date of any&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref38274997"></a><a name="_Ref32826152"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">leave pay accrued to the Employees;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref38275117"></a><a name="_Ref32750839"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">severance pay calculated at one weeks
remuneration per completed year of service that would have been payable to the
Employees in the event of dismissal by reason of the employer's operational
requirements;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref38275006"></a><a name="_Ref32826114"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any other payments that have accrued to the
Employees, but which have not been paid (including but not limited to
commission earned by sales representatives and any bonus payments or any
pro&nbsp;rata portion thereof), as at the Effective
Date.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye and the Issuing Party shall comply
with all the provisions of the Labour Act, to safeguard the rights and interest
of the Employees whose services the Issuing Party is obliged to take over.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Issuing Party shall recognise and give
effect to the length of service and the service record of the Employees to be
taken over by the Issuing Party for the purposes of determining their
remuneration packages, any awards for long service and the implementation of
any retrenchment programmes which might be instituted by the Issuing Party at any
time after the Delivery Date.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties agree that none of the provisions
of this Agreement, including the provisions of this 11, are intended or to be
construed as&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to confer any rights on any Employee which
may be enforced by any such Employee against any of the Parties to this
Agreement, save as permitted under the Labour Act, and none of the provisions
of this Agreement shall be construed so as to confer any such rights;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to in any way limit or prejudice the Issuing
Party's and Sibanye's rights to negotiate a new employment agreement with any
of the Employees as contemplated in section&nbsp;197(6) of the Labour Act; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.6.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to impose any liability or obligation on
Sibanye to effect payment to any Employee arising from the termination of such
Employee's employment with the Issuing Party after the Effective Date for any
reason whatsoever.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye warrants in favour of the Issuing
Party that&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.7.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">as at the Delivery Date the only Employees of
Sibanye in relation to the Business and which will be affected in terms of the
provisions of this&nbsp;11, will be those Persons whose names are set out in
Annexure&nbsp;D hereto;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.7.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">as at the Delivery Date (save as provided for
in the valuation schedule annexed hereto marked Annexure&nbsp;E), no Employee
will be entitled to any salary, bonus or any other entitlement (including any
entitlement in respect of any leave cycle or period preceding the Delivery Date
or any entitlement under any share option, share incentive or share ownership
scheme), and Sibanye hereby indemnifies and holds the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>


<p style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt 234.0pt right 16.0cm 468.0pt;"><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160; &nbsp;</font></font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;">35</font></b></font></font></b><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;"></font></b></font></font></font></b></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_40"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Issuing
Party harmless against any claims which may be made by any such Employee
against the Issuing Party in relation to any such entitlements.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Should any claim arise against the Issuing
Party by any of the Employees, arising out of a claim for salary, wages or
otherwise in respect of any of the Employees' employment with Sibanye or the
termination thereof, for the period of the Employee's employment with Sibanye
until the Delivery Date (other than a claim in respect of any obligations to be
performed under any contract after the Delivery Date), Sibanye hereby
indemnifies and holds the Issuing Party harmless for any such claim and from
any cost, damage or other disbursement incurred or suffered by the Issuing
Party as a result thereof excluding any liabilities which have transferred to
the Issuing Party.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref111862409"></a><a name="_Ref111697970"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Issuing Party shall be liable with effect
from the Delivery Date for the cost in respect of the Employees, of all the
employer's contributions to the respective pension and/or provident fund/s and
shall be responsible for the collection and payment to the respective pension
and/or provident fund/s of all Employees' contributions in compliance with the
rules of the applicable pension and/or provident fund/s.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Univers,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027482"></a><a name="_Toc495575062"></a><a name="_Toc495485586"></a><a name="_Ref299440715"></a><a name="_Toc148847550"></a><a name="_Toc108946817"></a><a name="_Ref108920242"></a><a name="_Ref107638961"></a><a name="_Toc498950675"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">VALUE&#8209;ADDED TAX</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Univers,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497751880"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">As at the Delivery Date, each of Sibanye and
the Issuing Party will be registered as &quot;vendors&quot; in accordance with
the provisions of the VAT Act.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497751975"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Having regard to&nbsp;12.1, the Parties
record and agree that the Business is being supplied by one vendor to another
vendor and that the provisions of section 42 of the Income Tax Act have been
complied with as contemplated in&nbsp;5.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Accordingly, Sibanye and the Issuing Party
shall, in terms of section 8(25) of the VAT Act be deemed to be the same Person
and no VAT shall be payable on the supply referred to in&nbsp;12.2.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497752188"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Notwithstanding the aforegoing, should VAT be
payable for any reason in respect of the Disposal of the Business the Parties
record and agree that&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Business is a going concern and all of
the assets necessary to carry on an enterprise as envisaged in the VAT Act are
disposed of by Sibanye to the Issuing Party in terms of this Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the supply of Business in terms of this
Agreement will, as at the Delivery Date, constitute an income earning activity
for purposes of the VAT Act;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Business being transferred constitutes an
enterprise capable of separate operation,</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">and,
accordingly, the transfer of the Business contained in this Agreement falls
within the ambit of section 11(1)(e) of the VAT Act and therefore VAT is
payable at the rate of zero percent.&#160; Sibanye will render a tax invoice to the
Issuing Party reflecting that VAT is payable at a rate of zero percent in the
event that this 12.4 is applicable.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Should, after the Delivery Date, the South
African Revenue Service (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">SARS</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) hold that the transfer of (i)
the Business, or (ii)&nbsp;any assets of the Business by Sibanye to the Issuing
Party in terms of this Agreement is subject to VAT at a rate other than zero
percent, the value of the Consideration Shares shall be deemed to be inclusive
of VAT and Sibanye shall be liable for, and shall pay, any VAT (or penalties
and/or interest thereon) that may be levied by SARS in respect of such transfer
and indemnifies the Issuing Party accordingly.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027483"></a><a name="_Ref498336825"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">13</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">rehabilitation liabilities</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref488562309"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">It is recorded that Sibanye&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">will, as part of the Licence to Operate,
obtain approval of an EMP in respect of, amongst others, the Business;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">through guarantees issued, or to be issued,
on behalf of Sibanye (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye Guarantees</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;), Sibanye has made,
and will in respect of the Section&nbsp;102 Applications make, financial
provisions as required by the DMR for the obligations to Rehabilitate all
disturbances of the environments which attach to ownership of the assets of the
Business and which are caused by Sibanye's operations. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">In light of Sibanye ceasing to be the owner
of the assets of the Business on the Delivery Date, the liabilities to
Rehabilitate shall cease to attach to Sibanye and, accordingly, the Parties
shall use their reasonable commercial endeavours in order to procure&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the release of Sibanye from the Sibanye
Guarantees to the extent that they relate exclusively to the Business; and</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Issuing Party shall be bound by all the
provisions of, and shall accept liability for all the obligations and
liabilities of Sibanye in terms of, the Sibanye Guarantees.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Issuing Party shall as owner of the
assets of the Business bear the Liability to effect all Rehabilitation arising
from the operation of the Business, which is required to be effected on or at
any time after the Delivery Date in terms of&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the EMP; and/or</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any other law,</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">irrespective
of whether such disturbance was caused and or when such obligation or Liability
to Rehabilitate arose or arises.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027484"></a><a name="_Ref488848186"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">14</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">rehabilitation trust funD</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">14.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">As soon as reasonably possible after the
implementation of the exchange in terms of the DRD Exchange Agreement, Sibanye
shall procure that the auditors of the Sibanye Rehabilitation Trust provide to
DRD, the Issuing Party and Sibanye with a written schedule (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Rehabilitation
Schedule</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) detailing, setting out and confirming the total amount
standing to the credit of the Sibanye Rehabilitation Trust in respect of the
Business (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Total Trust Amount</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;), which Total Trust Amount
shall include any and all returns or contributions made to the Sibanye
Rehabilitation Trust up to the relevant date of transfer of the Total Trust
Amount to the DRD Rehabilitation Trust pursuant to&nbsp;14.2.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref488931371"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">14.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">As soon as reasonably practical following
receipt by DRD, the Issuing Party and Sibanye of the Rehabilitation Schedule,
Sibanye shall procure that the trustees of the Sibanye Rehabilitation Trust
transfer the Total Trust Amount to the DRD Rehabilitation Trust.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">14.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The provisions of&nbsp;13 and&nbsp;14
constitute a stipulation for the benefit of the DRD&nbsp;Rehabilitation Trust
and the Sibanye Rehabilitation Trust. Such benefits may be accepted by way of a
written notice delivered to the Parties at any time.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">15</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">sibanye's warranties</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref262220902"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">15.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye gives DRD and the Issuing Party the
Warranties on the basis that&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref369620693"></a><a name="_Ref111606928"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">15.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">this Agreement is entered into by DRD and the
Issuing Party relying on the Warranties, each of which is deemed to be both a
material representation inducing DRD and the Issuing Party to enter into this Agreement
and an essential contractual undertaking by Sibanye to ensure that the Warranty
is true and correct;</font></p>

<p style="margin-bottom:.0001pt;margin-left:151.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-151.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">15.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">each Warranty shall be a separate and
independent warranty which, subject to&nbsp;15.1.3, shall not be limited by
reference to or inference from the terms of any other Warranty or by any other
provision in this Agreement<a name="_Ref142801408"></a>;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><a name="_Ref369620123"></a><a name="_Ref369620507"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">15.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the liability of Sibanye in connection with
the Warranties shall be subject to&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">15.1.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the limitations contained in&nbsp;17;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">15.1.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">and qualified by, the disclosures fairly made
by Sibanye in the Disclosure Schedule;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">15.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">save as expressly provided in this&nbsp;15
and Annexure&nbsp;A, Sibanye gives no warranties or representations of any
nature whatever, whether express, tacit or implied by law, in relation to the
Business and/or its assets or any other matter whatsoever.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027486"></a><a name="_Toc445127205"></a><a name="_Ref369681755"></a><a name="_Ref498670110"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">16</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">INDEMNITies By sibanye</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref139809674"></a><a name="_Ref370132947"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">16.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Without prejudice to any of the rights of DRD
or the Issuing Party at law or in terms of any other provision of this
Agreement, Sibanye indemnifies DRD and the Issuing Party (each the &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Indemnified
Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) against all Losses which the
Indemnified Party may suffer or incur as a result of or in connection with any
breach of any Warranty (collectively, &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Indemnified
Loss</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;).&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref221587721"></a><a name="_Ref416448578"></a><a name="_Ref370300488"></a><a name="_Ref370299712"></a><a name="_Ref293663961"></a><a name="_Ref519401178"></a><a name=GhostFillStartNextFill></a><a name="GhostFillStartNextFill_bclEnd"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">16.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Indemnified Party shall not admit any
liability in respect of any claim that may give rise to an Indemnified Loss.
The Indemnified Party shall notify Sibanye in writing of any such claim as soon
as is reasonably possible after the Indemnified Party becomes aware of that
claim, but in any event within 30&nbsp;days after the Indemnified Party becomes
aware of that claim, to enable Sibanye to contest that claim.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref221587750"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">16.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall, at its own expense and with
the assistance of its own legal advisers, be entitled to contest any claim
referred to in&nbsp;16.2 in the name of the Indemnified Party until finally
determined by the highest court to which appeal may be made (or which may
review any decision or judgment made or given in relation thereto) or to settle
any such claim and will be entitled to control the proceedings in regard
thereto, provided that&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref221587782"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref414441127"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">16.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">without prejudice to the Indemnified Party's
rights in terms of&nbsp;16.1, Sibanye shall indemnify the Indemnified Party
against all costs (including legal costs on the scale as between attorney and
own client, any additional legal costs, penalties and interest) that may be
incurred by, awarded against or otherwise become payable by, the Indemnified
Party as a consequence of such steps. Sibanye may, prior to taking such steps,
be required by the Indemnified Party to give reasonable security for the
payment of all such costs. If the Parties are unable to agree upon the nature
or amount of such security, same shall be determined by a third party agreed to
in writing by the Parties, or failing such written agreement, by an attorney of
not less than&nbsp;15 years standing, appointed by the President for the time
being of the Law Society of the Northern Provinces (or its successor body in
Gauteng), whose determination shall be final and binding;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">16.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Indemnified Party shall (at the expense
of Sibanye and, if the Indemnified Party so requires, with the involvement of
the Indemnified Party's own legal advisers) render to Sibanye such assistance
as Sibanye may reasonably require of the Indemnified Party in order to contest
that claim;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">16.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall regularly, and, in any event,
on demand by the Issuing Party, inform the Indemnified Party fully of the
status of the contested claim and furnish the Indemnified Party with all
documents and information relating to the contested claim, which may reasonably
be requested by the Indemnified Party;&nbsp;and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">16.3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall consult with the Indemnified
Party prior to taking any major steps in relation to or settling that contested
claim and, in particular, before making or agreeing to any announcement or
other publicity in relation to that claim.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref414359294"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">16.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall be obliged to pay the
Indemnified Party any amount due to the Indemnified Party in respect of any
Indemnified Loss as soon as the Indemnified Party is obliged to pay the amount
thereof (in any case which involves a payment by the Indemnified Party) or as
soon as the Issuing Party actually suffers the Indemnified Loss (in any case
which does not involve a payment by the Indemnified Party).</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027487"></a><a name="_Toc445127206"></a><a name="_Ref416344252"></a><a name="_Ref416276063"></a><a name="_Ref415654530"></a><a name="_Ref370299425"></a><a name="_Ref369683194"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">17</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">LIMITATION OF LIABILITY</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><a name="_Ref513019489"></a><a name="_Ref513019460"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Notwithstanding
anything to the contrary contained in this Agreement, Sibanye's liability in
terms of or in connection with this Agreement shall be limited as set out in
this&nbsp;17.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref416353417"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Amount&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The
Issuing Party or DRD (as the case may be) shall not be entitled to claim any
amount which would otherwise be due to it in terms of or in connection with
this Agreement&nbsp;&#8211; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">unless such amount, alone or together with
any other claims for amounts due by Sibanye to the Issuing Party and/or DRD in
terms of or in connection with this Agreement, exceeds R50&nbsp;000&nbsp;000,
in which event Sibanye shall, subject to&nbsp;17.2 and&nbsp;17.3 (inclusive) be
obliged to pay the full amount/s claimed to the Issuing Party and/or DRD and
not only the excess over the amount of R50&nbsp;000&nbsp;000;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to the extent that such amount, together with
all other amounts payable by Sibanye to the Issuing Party and/or DRD in terms
of or in connection with this Agreement, exceeds R1&nbsp;300&nbsp;000&nbsp;000.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref422927683"></a><a name="_Ref417031878"></a><a name="_Ref415736818"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Time limitations</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref415653266"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall not be liable for any claim
referred to in&nbsp;17.1 or otherwise (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Claim</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) unless the
Issuing Party or DRD (as the case may be) has given written notice to Sibanye
of the Claim, specifying the factual basis of such Claim in reasonable detail
to the extent then known to the Issuing Party or DRD (as the case may be), on
or before the third anniversary of the Delivery Date.
Save as is specifically provided herein, this&nbsp;17.2 shall not be construed
so as to affect the application of the law of extinctive prescription to any
Claim.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref416276053"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Nature of claims</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall not be liable for&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref519402664"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any Claim for any consequential loss,
including loss of profits, injury to business reputation and/or loss of
business opportunities;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any Claim by the Issuing Party to the extent
that a Claim has been made by DRD arising out of substantially the same course
or set of facts or having the course of action;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any Claim by DRD to the extent that a Claim
has been made by the Issuing Party arising out of substantially the same course
or set of facts or having the same course of action;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any Indemnified Loss suffered or incurred as
a result of any breach of Warranty if and to the extent that&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.3.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">such breach or Indemnified Loss is caused
by&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.3.4.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any matter or thing done, or omitted to be
done, pursuant to and in compliance with this Agreement or otherwise at the
request, or with the approval in writing, of DRD;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.3.4.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any act, omission or transaction of DRD (or
any director, officer, employee or agent or successor&#8209;in&#8209;title of
DRD);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.3.4.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any passing of, or change in, or change of
any generally accepted interpretation or application of, any Applicable Laws
(including any change in any rates of Taxation) which occurs on or after the
Signature Date;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.3.4.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any failure by DRD to use reasonable
endeavours to avoid or mitigate any Indemnified Loss; or</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref416345834"></a><a name="_Ref415664063"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">17.3.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Issuing Party has failed to comply
with&nbsp;16.2 or&nbsp;16.3 and that failure has caused, contributed to or
aggravated the Indemnified Loss.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">If
the Issuing Party or DRD has
the right to recover from a third party a sum which indemnifies or compensates
(in whole or in part) the Issuing Party or DRD, as the
case may be, in respect of any Indemnified Loss, then the Issuing
Party or DRD, as the case may be, shall notify Sibanye in
writing forthwith of it becoming aware of such right to enable Sibanye to take
steps to obtain recovery from such third party and the Issuing
Party or DRD, as the case may be, shall take all
such steps (including ceding or procuring the cession of such right) as Sibanye
may reasonably require (at the cost of Sibanye) in order to enable Sibanye to
enforce such right.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027488"></a><a name="_Ref496086632"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">18</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">interim period</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall procure that, from the
Signature Date until the Delivery Date&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Business will be carried on in
substantially the ordinary course thereof as carried on in the 24 months prior
to the Signature Date (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">In the Ordinary Course</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;);&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">without prejudice to the generality of the
aforegoing, Sibanye will not&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">lease the Transferring Land or the Excluded
Land to a third party or grant any other right over or in respect of such land
which would prejudice the Issuing Party's access to and use thereof as
contemplated in the agreements to give effect to the Composite Transaction;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.1.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Dispose of or Encumber the Business to a
third party;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.1.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">remove, or allow any third party to remove,
the assets of the Business (or any part thereof) from their location as at the
Signature Date for any reason whatsoever;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.1.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">enter into any transaction in respect of the
Business other than In the Ordinary Course;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.1.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">commence, compromise or discontinue any
legal, administrative, regulatory or arbitration proceedings (other than
routine debt collection) in respect of or in connection with the Business;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.1.2.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">make or agree to any material amendment,
variation, deletion, addition, renewal or extension to or of, terminating or
giving any notice of termination of the terms of any Licences to Operate (or
the applications in respect thereof). </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Between the Signature Date and the Delivery
Date, Sibanye shall&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">subject to the provisions of any Applicable
Law and the Listings Requirements, keep DRD appraised of all and any decisions
which Sibanye intends to make in respect of any of the Business that may have a
financial impact in excess of R1&nbsp;000&nbsp;000 or </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">which
would otherwise reasonably be considered as material to an acquiror of the
Business;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&#160;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">grant DRD and its employees, agents,
representatives and advisers access at all reasonable times on at least 24
hours' notice to Sibanye (and in a manner so as not unreasonably to interfere
with the normal business operations) to the Business and all personnel and
documents which may reasonably be required to monitor compliance by Sibanye
with its obligations in terms of this Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref490675611"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">absent any force of majeure, maintain the
Additional Mine Dumps and Driefontein&nbsp;4 using the same environmental
management regime as Sibanye did in the 12&nbsp;month period preceding the
Signature Date;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">give prompt notice to DRD of any adverse
development causing a breach or which is likely to cause a breach of any of the
Warranties; provided that no disclosure by Sibanye in terms of this&nbsp;18.2.3
shall be regarded as amending or supplementing the Disclosure Schedule or shall
prevent or cure any misrepresentation, breach of Warranty or breach of any
undertaking.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Between the Signature Date and the Delivery
Date, Sibanye shall immediately upon becoming aware thereof, disclose to DRD
any circumstances which have or may have a material impact on the Business,
including any&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">actual or potential industrial action;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">pending or threatened action, suit, claim or
proceedings;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">breakage, urgent maintenance or repairs of
plant, machinery and/or equipment comprising part of the Business and having an
impact of more than R1&nbsp;000&nbsp;000.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Insurance policies and occurrence of an
Insurable Event</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">18.4.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">Sibanye
undertakes to the Issuing Party and DRD to maintain in force (and to pay all
premiums related to) its current insurance policies (or similar replacement
insurance policies) in respect of, inter alia, the assets of the Business
(&quot;</font><b><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">Insurance Policies</font></b><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">&quot;) in respect of the period between the
Signature Date and the Delivery Date. It is recorded that the Insurance
Policies are not capable of transfer by Sibanye to the Issuing Party and
therefore will be cancelled with effect from the Delivery Date. The </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">Issuing Party acknowledges that it shall be required to
procure comparable insurance cover in respect of the assets of the Business with
effect from the Delivery Date. Sibanye's current insurance policies are as
indicated in the Insurance and Risk Manual, 01&nbsp;July&nbsp;2017 to
30&nbsp;June&nbsp;2018, which is contained on the data disk provided to DRD by
Sibanye as contemplated in&nbsp;3.2 of the Disclosure Schedule.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">18.4.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">If,
prior to the Delivery Date, an event which relates to or impacts upon any asset
of the Business takes place which to Sibanye's knowledge entitles it to claim
under the Insurance Policies (&quot;</font><b><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">Insurable Event</font></b><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">&quot;), then Sibanye
shall submit a claim in accordance with the Insurance Policies and any amount
received by Sibanye pursuant to such claim (less any deductible or excess paid
in respect of such claim by Sibanye) shall (at Sibanye's election)&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">18.4.2.1</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">be
apportioned, within 10 days after the later of (i)&nbsp;the Delivery Date; and
(ii)&nbsp;receipt of such amount, between Sibanye and the Issuing Party in
proportion to the respective loss actually suffered by each of such Parties in
its capacity as the holder of risk and benefit in the asset, in respect of Sibanye,
prior to the Delivery Date, and in respect of the Issuing Party, after the
Delivery Date; or</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">18.4.2.2</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">be
applied where relevant towards restoring or replacing the relevant damaged or
destroyed parts of the asset.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">18.4.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">After
the Delivery Date, the Issuing Party shall provide all reasonable assistance to
Sibanye, in respect of any insurance claims lodged by Sibanye before the
Delivery Date.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497751384"></a><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">18.5</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">To the extent that the Issuing Party is
unable to commence processing slimes from the Driefontein Dump 3 on the
Delivery Date, then Sibanye shall have the right but not the obligation, from
the Delivery Date until 31&nbsp;August 2018, to toll treat gold bearing
material (whether such material is Sibanye&#8217;s or procured from third parties) on
behalf of Sibanye at DP2 Plant and/or DP3 Plant. The toll treatment fee payable
by Sibanye to the Issuing Party shall be equal to the operating costs of the
DP2 Plant and DP3 Plant, which plants shall be operated by the Issuing Party in
substantially the same manner as they were operated prior to the Delivery Date.
To the extent that Sibanye does not procure any gold bearing material to toll
treat or if Sibanye (in its sole discretion) elects not to toll treat any gold
bearing material, then Sibanye will be responsible for the operating costs or, if
it so elects, the care and maintenance costs of (including any costs arising
from its election to </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">implement
care and maintenance at) the DP2 Plant and DP3 Plant (as the case may be) from
the Delivery Date until 31&nbsp;August 2018.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Subject to&nbsp;18.7, DRD shall be entitled
(but not obliged) to commence construction of the Larger Tailing Retreatment
Project prior to the Delivery Date so as to ensure it does not fall behind the
time frames in Annexure&nbsp;F.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref498672324"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">If DRD commences construction of the Larger
Tailings Retreatment Project prior to the Delivery Date, DRD shall do so&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.7.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">on the basis that at least the Suspensive
Condition in&nbsp;3.1.1.1.5 must have been fulfilled;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.7.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">at its own cost and at its own risk, and DRD
hereby acknowledges and agrees that it shall not be entitled to any
compensation from the Issuing Party and/or Sibanye in respect of construction
undertaken by it prior to the Delivery Date (including if this Agreement does
not come into force and effect as a result of any Suspensive Condition not
being met, other than as a result of a breach of the provisions of&nbsp;3 by
Sibanye). Without derogating from the generality of the aforegoing, to the
extent that DRD commences construction of the Larger Tailings Retreatment
Project prior to the Delivery Date and this Agreement fails to come into force
as a result of any of the Suspensive Conditions not being met, Sibanye shall be
entitled at its election to either (a)&nbsp;keep and retain, for no
compensation, any elements of the Larger Tailings Retreatment Project already constructed,
or (b)&nbsp;require, at no cost, that DRD remove any elements of the Larger
Tailings Retreatment Projects already constructed and that DRD makes good any
damage visible on a reasonable inspection flowing from such removal;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.7.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">strictly on the basis that such construction
in no way interferes with the conduct by Sibanye of its business.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">18.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">If, in order to commence construction of the
Larger Tailings Retreatment Project, DRD elects to waive the Suspensive
Condition in&nbsp;3.1.1.1.8 and/or&nbsp;3.1.1.1.9, Sibanye shall nevertheless
be obliged to continue to exercise reasonable endeavours to give effect to
3.1.1.1.8 and/or 3.1.1.1.9 unless this Agreement ceases to be of force and
effect due to non&#8209;fulfilment of any Suspensive Condition not capable of
being waived by DRD.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">19</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">CONFIDENTIALITY&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref68161547"></a><a name="_Ref35755199"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Subject to&nbsp;19.2, no Party shall, at any
time after the Signature Date, directly or indirectly disclose, or directly or
indirectly use, whether for its own benefit or that of any other Person,&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any information&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">regarding the contents of this Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-102.05pt;"><a name="_Ref293594548"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">relating to the Company, its assets and
affairs, including all communications (whether written, oral or in any other
form) and all reports, statements, schedules and other data concerning any
financial, technical, labour, marketing, administrative, accounting or other
matter,</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">(collectively,
the &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Confidential Information</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;);&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any document or other record (whether in
electronic or any other medium whatsoever) containing Confidential Information
which is supplied to it by the other Party as well as documents, diagrams and
records which are produced by it (whether or not by copying, photocopying or
otherwise reproducing documents or records supplied to it), and containing any
Confidential Information (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Confidential Records</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;).&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref412120109"></a><a name="_Ref263697303"></a><a name="_Ref35755185"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Notwithstanding&nbsp;19.1, Confidential
Information may be disclosed by a Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Disclosing Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;)&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to any expert appointed in terms of this
Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to the extent to which the prior written
consent for such disclosure has been obtained from the other Party/ies;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:150%;">19.2.3</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to the extent to which disclosure is required
by law (excluding contractual obligations) or by the rules of any stock
exchange by which it (or any of its Affiliates) is bound, in which event the
Disclosing Party shall, unless prohibited from doing so by any such law, obtain
the other Party's/Parties' consent, not to be withheld unreasonably, for the
manner of such disclosure; provided that the Disclosing Party shall not be
obliged so to obtain the consent of the other Party/ies if such disclosure </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">is required before the approval can reasonably be
obtained but the Disclosing Party shall in these circumstances promptly notify
the other Party/ies of the full details of such disclosure, including the
reasons why time did not permit such consent to be obtained;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">and Confidential Records may be disclosed by
a Disclosing Party to the Disclosing Party's directors, responsible employees
and professional advisors who require such disclosure for the purpose of the
Disclosing Party's implementing or enforcing this Agreement or obtaining
professional advice or for the purpose of complying with any law. Any conduct
by any such director, employee or professional advisor which would, if that
Person had been party to this&nbsp;19, have been a breach of this&nbsp;19 shall
be deemed to be a breach of this&nbsp;19 by the Disclosing Party;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><a name="_Ref10596597"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to the extent to which it&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.2.5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">is Made Public other than as a result of any
breach of this Agreement or any other agreement. The expression &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Made
Public</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot; shall, for this purpose, have the same meaning as when it is
used in the insider trading provisions of the Financial Markets Act No&nbsp;19
of 2012, which is not limited to the circumstances referred to in
section&nbsp;79 of that Act;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref10940907"></a><a name="_Ref10596611"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.2.5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">corresponds in substance to information
disclosed and/or made available by a third party to the Disclosing Party at any
time without any obligation not to disclose same, unless the Disclosing Party
knows that the third party from whom it received that information is prohibited
from transmitting the information to Disclosing Party by a contractual, legal
or fiduciary obligation to any other party;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref10597987"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">19.2.5.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">is information which was already in the
possession of the Disclosing Party prior to its disclosure by the other Party
to the Disclosing Party or is independently developed by the Disclosing Party
without reference to the Confidential Information.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027490"></a><a name="_Toc445127212"></a><a name="_Ref417306940"></a><a name="_Ref414438353"></a><a name="_Ref370299250"></a><a name="_Ref370299219"></a><a name="_Ref370131993"></a><a name="_Ref370131330"></a><a name="_Ref370130180"></a><a name="_Ref370129855"></a><a name="_Ref370128906"></a><a name="_Toc301184656"></a><a name="_Ref300840982"></a><a name="_Toc294687753"></a><a name="_Toc278792380"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">20</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">BREACH&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref416444596"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Should any Party breach any provision of this
Agreement and fail to remedy such breach within seven days after receiving written
notice requiring such remedy, then (irrespective of the materiality of such
breach or provision) the other Party/ies shall be entitled, without prejudice </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">to its other rights in terms of this
Agreement or in law, including any right to claim damages, to claim immediate
specific performance of all of the defaulting Party's obligations then due for
performance or to cancel this Agreement.
Notwithstanding anything to the contrary contained in this Agreement, no Party
shall be entitled to cancel or rescind this Agreement after the performance by
the Parties of their obligations which are required to be performed on the
Delivery Date in terms of this Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027491"></a><a name="_Ref488915612"></a><a name="_Toc445127213"></a><a name="_Toc301184657"></a><a name="_Toc294687754"></a><a name="_Toc278792381"></a><a name="_Toc264379261"></a><a name="_Toc262718516"></a><a name="_Toc199563900"></a><a name="_Toc196212287"></a><a name="_Toc196211669"></a><a name="_Toc191866229"></a><a name="_Toc176231140"></a><a name="_Toc175473432"></a><a name="_Toc173562187"></a><a name="_Toc173313569"></a><a name="_Toc172951870"></a><a name="_Toc164832796"></a><a name="_Toc153605042"></a><a name="_Toc153091845"></a><a name="_Toc151969723"></a><a name="_Toc151967643"></a><a name="_Toc151967604"></a><a name="_Toc151967426"></a><a name="_Toc151967387"></a><a name="_Toc151967155"></a><a name="_Toc150590276"></a><a name="_Toc144173006"></a><a name="_Toc141232499"></a><a name="_Toc136171249"></a><a name="_Toc121221462"></a><a name="_Toc115688110"></a><a name="_Toc84856025"></a><a name="_Toc77065661"></a><a name="_Toc75580663"></a><a name="_Toc72201729"></a><a name="_Toc58159582"></a><a name="_Toc35758829"></a><a name="_Toc7519161"></a><a name="_Ref5528505"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">21</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">DISPUTES&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref423428026"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">21.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Save as expressly otherwise provided for in
this Agreement, any dispute arising out of or in connection with this
Agreement, including any dispute as to its existence, validity, enforceability
or termination, shall be finally resolved in accordance with the rules of the
Arbitration Foundation of Southern Africa (or its successor-in-title) (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">AFSA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;)
by an arbitrator appointed by AFSA. There shall be a right of appeal as
provided for in article&nbsp;22 of such rules.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">21.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">If AFSA no longer exists then the arbitrators
shall be appointed by the President for the time being of the Law Society of
the Northern Provinces Law Society and the arbitration shall be conducted in
accordance with the Arbitration Act No&nbsp;42 of 1965.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref444254172"></a><a name="_Ref133646842"></a><a name="_Ref510669923"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">21.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Notwithstanding anything to the contrary
contained in this&nbsp;21, any Party shall be entitled to obtain interim relief
on an urgent basis from any competent court having jurisdiction.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">21.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">For the purposes of&nbsp;21.3 and for the
purposes of having any award made by the arbitrator being made an order of
court, each of the Parties hereby submits itself to the non&#8209;exclusive
jurisdiction of the High Court of South Africa, Gauteng Local Division,
Johannesburg.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">21.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">This&nbsp;21 is severable from the rest of
this Agreement and shall remain in full force and effect notwithstanding any
termination or cancellation of this Agreement, or any part thereof.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc445127214"></a><a name="_Toc362878643"></a><a name="_Toc357527415"></a><a name="_Toc295845955"></a><a name="_Toc266990171"></a><a name="_Toc264210791"></a><a name="_Toc197231998"></a><a name="_Toc193106220"></a><a name="_Toc176923328"></a><a name="_Toc175363969"></a><a name="_Toc173313570"></a><a name="_Toc172951871"></a><a name="_Toc164832797"></a><a name="_Toc153605043"></a><a name="_Toc153091846"></a><a name="_Toc151969724"></a><a name="_Toc151967644"></a><a name="_Toc151967605"></a><a name="_Toc151967427"></a><a name="_Toc151967388"></a><a name="_Toc151967156"></a><a name="_Toc150590277"></a><a name="_Toc144173007"></a><a name="_Toc141232500"></a><a name="_Toc136171250"></a><a name="_Toc121221463"></a><a name="_Toc115688111"></a><a name="_Toc84856026"></a><a name="_Toc77065662"></a><a name="_Toc75580664"></a><a name="_Toc72201730"></a><a name="_Toc58159579"></a><a name="_Toc35758826"></a><a name="_Toc7519158"></a><a name="_Toc498489347"></a><a name="_Toc497463604"></a><a name="_Ref497100407"></a><a name="_Toc499027492"></a><a name="_Ref497752828"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">22</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">change in applicable laws</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">If,
after the Delivery Date, there is any change in any Applicable Laws or the
interpretation thereof which would render it necessary for the Issuing Party to
obtain any right, licence, permit or approval under any Applicable Law to
operate the Business which was not required at the Delivery Date, the Parties
shall meet with a view to determining if it would be possible, acting
reasonably, to re-arrange their dealings so as not to impact on the anticipated
</font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt 234.0pt right 16.0cm 468.0pt;"><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160; &nbsp;</font></font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;">49</font></b></font></font></b><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;"></font></b></font></font></font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">commercial outcomes of this Agreement for either Party
pending the Issuing Party obtaining such right, licence, permit or approval.
The provisions of this 22 shall not require either Party to incur any expense
or liability which it would otherwise not have incurred.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027493"></a><a name="_Ref498337879"></a><a name="_Ref498337875"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">23</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">DOMICILIUM AND NOTICES</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">23.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties choose </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">domicilium citandi et
executandi</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Domicilium</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) for all purposes relating to
this Agreement, including the giving of any notice, the payment of any sum, the
serving of any process, as follows&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">23.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye&nbsp;-&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">physical &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Constantia
Office Park</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Bridgeview
House</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Ground
Floor</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">(cnr
14<sup>th</sup> Avenue and Hendrik Potgieter Street)</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Gauteng</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1709</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">e&#8209;mail&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; richard.stewart@sibanyestillwater.com</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">cain.farrel@sibanyestillwater.com</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face="Century Gothic,sans-serif" lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">attention:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Richard
Stewart (EVP:&nbsp;Business Development)</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Cain Farrel (Company Secretary)</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">23.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">the
Issuing Party&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">physical &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Constantia
Office Park</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Bridgeview House</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Ground Floor</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">(cnr
14<sup>th</sup> Avenue and Hendrik Potgieter Street)</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Gauteng</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1709</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">e&#8209;mail&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; richard.stewart@sibanyestillwater.com</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">cain.farrel@sibanyestillwater.com</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">attention:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Richard
Stewart (EVP:&nbsp; Business Development)</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Cain Farrel (Company Secretary)</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">with
a copy of every notice sent to the Issuing Party also to be sent to DRD or
Sibanye, as the case may be dependent on which Party is giving the notice, at
their respective </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">domicilia&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> in this&nbsp;22.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">23.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">DRDGOLD&nbsp;-&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">physical &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2<sup>nd</sup>
Floor, North Tower</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1
Sixty Building </font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">160
Jan Smuts Avenue </font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Rosebank</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2196</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">e&#8209;mail&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">niel.pretorius@drdgold.com</font></u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">;
and</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">riaan.davel@drdgold.com</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">attention:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
CEO and the CFO</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">23.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Any Party shall be entitled from time to
time, by giving written notice to the other, to vary its physical </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">
to any other physical address (not being a post office box or </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">poste restante</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">)
in South Africa and to vary its facsimile and/or email </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> to any
other facsimile number and/or email address.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref196367709"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">23.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Any notice given or payment made by a Party
to any other (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Addressee</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) which is delivered by hand between
the hours of 09:00 and 17:00 on any Business Day to the Addressee's physical </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">
for the time being shall be deemed to have been received by the Addressee at
the time of delivery.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref196367793"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">23.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Any notice given by a Party to any other
which is successfully transmitted by email or facsimile to the Addressee's
email or facsimile </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> for the time being shall be deemed (unless
the contrary is proved by the Addressee) to have been received by the Addressee
at the time of successful transmission thereof or, if such date is not a
Business Day, on the next day which is a Business Day.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">23.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">This&nbsp;23 shall not operate so as to
invalidate the giving or receipt of any written notice which is actually
received by the Addressee other than by a method referred to in this&nbsp;23.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">23.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Any notice in terms of or in connection with
this Agreement shall be valid and effective only if in writing and if received
or deemed to be received by the Addressee.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027494"></a><a name="_Ref488915623"></a><a name="_Toc445127215"></a><a name="_Toc301184660"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">24</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">GENERAL&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref416445214"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">24.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">This Agreement constitutes the sole record of
the agreement between the Parties in relation to the subject matter hereof. No
Party shall be bound by any express, tacit or implied term, representation,
warranty, promise or the like not recorded herein. This Agreement supersedes
and replaces all prior commitments, undertakings or representations, whether
oral or written, between the Parties in respect of the subject matter hereof.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">24.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">No addition to, variation, novation or agreed
cancellation of any provision of this Agreement shall be binding upon the
Parties unless reduced to writing and signed by or on behalf of the Parties.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">24.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">No waiver, indulgence or extension of time
which a Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Grantor</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) may grant to the other/s, nor any
delay or failure by the Grantor to enforce, whether completely or partially,
any of its rights, shall constitute a waiver of or, whether by estoppel or
otherwise, limit any of the existing or future rights of the Grantor in terms
hereof, save in the event and to the extent that the Grantor has signed a
written document expressly waiving or limiting such right.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">24.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Save as expressly provided in this Agreement,
no Party shall be entitled to cede, delegate, Encumber, assign or otherwise
transfer any of its rights and/or obligations in terms of, and/or interest in,
this Agreement to any third party without the prior written consent of the
other Parties.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">24.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">No consent or approval in terms of or in
connection with this Agreement shall be valid or effective unless in writing
and signed by or on behalf of the Party/ies giving such consent or approval.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref412021776"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">24.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">For the purposes of this Agreement&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref415146700"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">24.6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">no data message, as defined in the Electronic
Communications and Transactions Act No&nbsp;25 of&nbsp;2002 (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">ECTA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;),
other than an email or facsimile, shall constitute writing;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref415146299"></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt 234.0pt right 16.0cm 468.0pt;"><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160; &nbsp;</font></font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;">52</font></b></font></font></b><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;"></font></b></font></font></font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">24.6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">no electronic signature or advanced
electronic signature, as defined in ECTA, shall constitute a signature, except
for the purposes of varying any date referred to in this Agreement or giving
any consent or approval in terms of this Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">24.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Without prejudice to any other provision of
this Agreement, any successor&#8209;in&#8209;title, including any executor,
heir, liquidator, business rescue practitioner, curator or trustee, of a Party
shall be bound by this Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">24.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The signature by either Party of a
counterpart of this Agreement shall be as effective as if that Party had signed
the same document as the other Party.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref417304148"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">24.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties warrant to each other that they have
the legal capacity and authority required to conclude and implement this
Agreement and that such conclusion and implementation do not conflict with any
obligation or restriction applicable to either Party, whether in terms of any
law, its constitution or otherwise.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027495"></a><a name="_Ref488915627"></a><a name="_Toc445127216"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">25</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">GOVERNING LAW</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">This
Agreement shall in all respects (including its existence, validity,
interpretation, implementation, termination and enforcement) be governed by the
law of South&nbsp;Africa which is applicable to agreements executed and wholly
performed within South&nbsp;Africa.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499027496"></a><a name="_Ref488916119"></a><a name="_Ref488915630"></a><a name="_Toc445127217"></a><a name="_Toc301184661"></a><a name="_Ref300840987"></a><a name="_Toc294687757"></a><a name="_Ref292446033"></a><a name="_Toc278792384"></a><a name="_Ref276460849"></a><a name="_Toc274924943"></a><a name="_Ref268179472"></a><a name="_Toc268114121"></a><a name="_Toc266990039"></a><a name="_Toc264210794"></a><a name="_Toc197232001"></a><a name="_Ref197143927"></a><a name="_Toc193106223"></a><a name="_Toc176923331"></a><a name="_Toc175363973"></a><a name="_Toc173313574"></a><a name="_Toc165277031"></a><a name="_Toc165198148"></a><a name="_Toc165192298"></a><a name="_Toc81915425"></a><a name="_Toc81899519"></a><a name="_Ref81629324"></a><a name="_Ref81629153"></a><a name="_Toc80519577"></a><a name="_Ref78780235"></a><a name="_Ref78779378"></a><a name="_Toc77065664"></a><a name="_Toc75580666"></a><a name="_Ref75062666"></a><a name="_Toc72201732"></a><a name="_Ref69101104"></a><a name="_Toc58159584"></a><a name="_Ref44229265"></a><a name="_Ref44229155"></a><a name="_Toc35758830"></a><a name="_Ref35353640"></a><a name="_Ref35353594"></a><a name="_Toc7519162"></a><a name="_Ref336295"></a><a name="_Ref536855693"></a><a name="_Toc498489351"></a><a name="_Toc497463608"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">26</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">COSTS&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Other than as specifically provided for
in&nbsp;3, each Party shall bear and pay its own costs in relation to the
negotiation, drafting, finalisation, signing and implementation of this
Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:33.45pt;">
  <td colspan=2 width=100% style="height:33.45pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">Signed at Sandton on 22 November 2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for</font></p>
  </td>
 <td nowrap valign=top width=48% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">Sibanye Gold Limited</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:5.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">who warrants that he is duly</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">authorised hereto</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:33.45pt;">
  <td colspan=2 width=100% style="height:33.45pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">Signed at Sandton
  on 22 November 2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for</font></p>
  </td>
 <td nowrap valign=top width=48% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">K2017449061 (South Africa) Proprietary
  Limited (to be renamed </font><font face=Verdana,sans-serif style="font-size:10.0pt;line-height:normal;">WRTRP
  Proprietary Limited)</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:5.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">who warrants that he is duly</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">authorised hereto</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:33.45pt;">
  <td colspan=2 width=100% style="height:33.45pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">Signed at Sandton on 22 November 2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for</font></p>
  </td>
 <td nowrap valign=top width=48% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">DRDGOLD Limited</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:5.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">who warrants that he is duly</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">authorised hereto</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">KJT/JAJ</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov 2017/#4687757v1</font></p>


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<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;A&nbsp;<a name="_Toc499046657"></a><a name="_Ref496082238"></a><a name="_Toc445127225"></a><a name="_Ref413924286"></a>&#8211;&nbsp;<a name="_Toc445127226"></a><a name="_Ref422927233"></a><a name="_Ref419900136"></a><a name="_Ref417994422"></a><a name="_Ref417994404"></a><a name="_Ref417304014"></a><a name="_Ref417303566"></a><a name="_Ref370382636"></a><a name="_Ref370382586"></a><a name="_Ref370381624"></a><a name="_Ref370301390"></a><a name="_Ref370300234"></a><a name="_Ref370294542"></a><a name="_Ref370288493"></a><a name="_Ref365899959"></a><a name="_Toc301519944"></a>WARRANTIES</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Save as fairly disclosed in the Disclosure
Schedule, Sibanye gives the Issuing Party the warranties, representations and
undertakings in this annexure.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">INTERPRETATION&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">In this annexure, unless the context
clearly indicates a contrary intention,&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the provisions of the agreement to which this
annexure is annexed relating to its interpretation shall apply and the
expressions defined in that agreement shall bear the meanings assigned to them
therein;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the following expressions shall bear the
meanings assigned to them below and cognate expressions bear corresponding
meanings&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Environment</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
environment as defined in section&nbsp;1 of NEMA;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Environmental Approvals</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;all<a name="_Ref417489327"></a> permits, authorisations, exemptions, permissions,
directives, licences, entitlements and the like issued by any Environmental
Authority pursuant to the Environmental Laws (including environmental
authorisations and EMPs) with respect to the Business and/or the Mining
Operations in respect of the Driefontein Mining Right and the Kloof Mining
Right, as the case may be, including all amendments, variations, modifications
or transfers thereof from time to time;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Environmental Authority</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;any
legal person or body of persons (including any Governmental Authority) having
jurisdiction to determine (whether by delegation or otherwise) any matter
arising under Environmental Law and/or relating to the Environment;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Mining Right</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;shall
bear the meaning ascribed to that term in section&nbsp;1 of the MPRDA;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">each Warranty which is not stated to be given
as at a particular date only or in respect of a particular period only is,
notwithstanding the tense used therein, given as at the Signature Date and the
Delivery Date, and during the period between those dates;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">for the purposes of any reference to the
knowledge or state of awareness of Sibanye in any Warranty, Sibanye shall, in
addition to its actual knowledge, be deemed to have all knowledge which&nbsp;&#8211; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">it would have had, had it made all due and
careful enquiries about the Business and the matters in respect of which such
Warranty is given; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the directors, officers and senior management
Employees of Sibanye have or would have had, had they behaved reasonably in the
course of their employment by Sibanye.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">BUSINESS&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Title and Encumbrances</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Save
to the extent that the Licences to Operate and the Access Rights are not
capable of being owned, Sibanye is the owner of the Business and&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Business, and the assets of the Business,
are not subject to, or liable to become subject to, any Encumbrance;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye is not in any manner whatever
prohibited or restricted from alienating or Encumbering the Business and,
without limiting the generality of the foregoing, no Person has any right
(including any option or right of first refusal) to acquire or claim delivery,
ownership or transfer, or the use, occupation, possession or enjoyment, of the
Business; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">there has been no exercise, purported
exercise or claim for any Encumbrance over any asset of the Business and there
is no dispute directly or indirectly relating to any asset of the Business.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Mine Dumps</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The
Additional Mine Dumps and the Excluded Mine Dumps were created prior to
1&nbsp;May 2004.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">ENVIRONMENTAL COMPLIANCE</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye has conducted the Business and the
Mining Operations in respect of the Driefontein Mining Right and the Kloof
Mining Right in substantial compliance with Environmental Laws.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye has not received any written
statutory compliance notice from any Environmental Authority during the 12
month period prior to the Signature Date alleging material non-compliance of
Sibanye in relation to the Business, the Driefontein Mining Right and the Kloof
Mining Right with Environmental Laws or any Environmental Approvals in relation
to the Business, the Driefontein Mining Right and the Kloof Mining Right and in
respect of which regulatory action in respect of the same is outstanding at the
Signature Date, or with which Sibanye has failed to comply.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">In respect of the Business, Sibanye has
completed and submitted the annual financial provisioning assessments to the
extent required under the MPRDA and applicable Environmental Laws and, after
these have been assessed by the DMR, Sibanye has made financial provision, or
financial provision has been made on its behalf, in the amounts required by the
DMR from time to time.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Licences to Operate in existence on the
Signature Date and the Delivery Date are the material licences, permits,
permissions, management plans and reports necessary for Sibanye to operate the
Business lawfully and have been obtained, are in force and are being complied
with in all material respects.&#160; No notice to suspend or revoke the Licences to
Operate has been received by Sibanye.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">EMPLOYEES&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Annexure&nbsp;D of the Agreement contains, as
at the Signature Date, full particulars, in relation to the Business, of&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the total number of Employees; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the names, accrued severance pay, accrued
leave and any other accrued benefits in respect of the Employees. No Employee
will be entitled to any payment, entitlement and/or benefit not provided for
in&nbsp;Annexure&nbsp;D.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye has complied with all Applicable Laws
and all determinations, arbitration awards and collective agreements, which
apply to it in relation to it and the Employees.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_62"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye is not party to any proceedings in
terms of the Labour Act, No 66 of&nbsp;1995, the Employment Equity Act, No 55
of 1998, Basic Conditions of Employment Act, No 75 of 1997 and/or any other
employment related legislation in respect of any present or past employees of
the Business, nor to be best of Sibanye&#8217;s knowledge have any such proceedings
been instituted or application or complaint made against it and Sibanye is not
aware of any facts or circumstances which may lead to such proceedings.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye has no liability in respect of fringe
benefits granted to the Employees, all of which have been taxed in full.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">To the best of Sibanye&#8217;s knowledge the
contributions and levies required to be paid by the employer of the Employees
in terms of the Unemployment Insurance Contributions Act No 4 of 2002, the
Compensation for Occupational Injuries and Diseases Act No 130 of 1993 and the
Skills Development Levies Act No&nbsp;97 of 1998, have been paid by Sibanye.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">All pay as you earn deductions required by
law to be made by Sibanye in relation to the Business have been made, proper
returns have been rendered in respect thereof and all payments which are due to
the fiscus in respect thereof have been made.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_BPDC_LN_INS_1109"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">There is no unfunded deficit in respect of
any pension or retirement fund of which the Employees are members, whether or
not such unfunded deficit has been accrued or is reflected as a liability of
Sibanye.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">ASSETS&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye and its assets are insured to the
extent indicated in the Insurance and Risk Manual, 01&nbsp;July 2017 to
30&nbsp;June 2018, which is attached to the Disclosure Schedule. All premiums
due in respect of such insurance have been paid and Sibanye has complied with
all of the conditions to which the liability of the insurer under the policies
of insurance will be subject. As at the Signature Date, Sibanye is not aware of
any facts, matters or circumstances which may give rise to the cancellation of
any of the said policies of insurance, or the repudiation of any claims
thereunder, or to such policies not being renewed in the future, or only being
renewed subject to the imposition of more onerous terms.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">As at the Signature Date, none of the
material assets of the Business is the subject matter of any current or pending
litigation or similar legal proceedings (including arbitration, criminal
proceedings or administrative proceedings) and Sibanye is not aware of any
facts or circumstances which may lead to any such proceedings.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">5.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The plant, machinery and equipment forming
part of the Business are in good working order and condition, fair wear and
tear excepted, have been properly maintained in accordance with Sibanye's
historical practices and, as at the Signature Date, are capable of carrying out
the functions for which they are intended.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">TRANSFERRING LAND AND LEASED LAND</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">No Mining Operations have been undertaken or
have commenced on any part of the Transferring Land and Leased Land.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Transferring Land's and Leased Land's
zoning do not prohibit the intended use of such land.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">Save
as disclosed in the Disclosure Schedule, Sibanye has no knowledge of any
actual, pending or proposed expropriation for whatever purpose, or which will
or may affect the Transferring Land and/or the Leased Land in any manner
whatsoever, either directly or indirectly.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The use of the Transferring Land and the
Leased Land is not subject to any restrictions imposed as a result of a major
hazardous installation (as defined in OHSA) on or near such land.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">Save
as disclosed in the Disclosure Schedule, the Transferring Land and the Leased
Land is not subject to any servitude, whether personal or praedial, other than
any usual township municipal servitude recorded against the title deeds of the
Project Land, or provided for in any applicable town planning scheme, and no agreement
will have been entered into whereby any restrictive condition or servitude is
to be attached to the Transferring Land and/or the Leased Land.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">Save
as disclosed in the Disclosure Schedule, neither the Transferring Land nor the
Leased Land or any part thereof is subject to any lawful right of occupation by
any person.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">Sibanye
has materially complied with all their legal obligations in respect of
installations in or on the Transferring Land and/or the Leased Land.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">INTERIM PERIOD</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye
has not done anything or omitted to do anything which would result in a breach
of the provisions of 18 of this Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">HEALTH AND SAFETY LAWS</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye
maintains practices and procedures to ensure material compliance with all
Health and Safety Laws applicable to the Business.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DISCLOSURES&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">All
information and documents comprising the Disclosure Schedule or given to DRD or
its professional advisers by Sibanye prior to the Signature Date and/or in the
course of DRD's due diligence investigation is, as at the Signature Date, true,
complete and not misleading.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">9.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">As at the Signature Date, Sibanye has made a
full and complete disclosure to DRD of the affairs of the Sibanye insofar as
the Business and the assets of the Business are concerned and all material
information of whatsoever nature or kind has been disclosed to DRD which would
have been material in the decision of DRD to enter into this Agreement, either
at all or on the terms and conditions set out herein.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">KJT/JAJ</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov 2017/#4687757v1</font></p>


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<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;B&nbsp;<a name="_Toc499046658"></a><a name="_Toc445127227"></a><a name="_Ref370379752"></a><a name="_Ref370379533"></a><a name="_Ref370379509"></a><a name="_Ref370379487"></a><a name="_Ref370379467"></a><a name="_Ref370379442"></a><a name="_Ref370296091"></a><a name="_Ref370220501"></a><a name="_Ref370220497"></a><a name="_Toc301519945"></a>&#8211;&nbsp;DISCLOSURE SCHEDULE</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">INTRODUCTION&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-8.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">In this Disclosure
Schedule,&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">words and expressions defined in the exchange
agreement (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) to which this is Annexure&nbsp;B
will bear the same meaning in this&nbsp;Annexure&nbsp;B as those assigned to
them in the Agreement;&nbsp;and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">if any inconsistency is revealed between the
Agreement and this Disclosure Schedule, this Disclosure Schedule will prevail
and will be deemed to be the relevant disclosure.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">EFFECT OF DISCLOSURES</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">This Disclosure Schedule makes disclosures
for the purposes of limiting the scope and effect of the Warranties given by
Sibanye in the Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye will not be, or be deemed to be, in
breach of any Warranty to the extent that a fact, information, matter or thing
is fairly disclosed (with sufficient details to enable DRD and/or the Issuing
Party, as the case may be, to determine the nature and extent of the limitation
and qualification) in this Disclosure Schedule, and each of DRD and/or the
Issuing Party, as the case may be, acknowledge and agree that it will not have
a claim in respect of any such fact, information, matter or thing and Sibanye
will have no liability of any nature whatsoever or howsoever arising to DRD
and/or the Issuing Party, as the case may be, in respect thereof or arising
from, or out of, that fact, information, matter or thing.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref358058481"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">All disclosures are made generally in
relation to the Warranties and are not to be related to any particular
Warranty.&#160; References in this Disclosure Schedule to clauses, particular
paragraphs or provisions of the Agreement or any Annexure to the Agreement, or
to any other documents, are inserted for convenience only and the disclosures
made in this Disclosure Schedule, whether made generally or by reference to a
particular clause, paragraph or provision, are disclosures made for the
purposes of all the Warranties given by Sibanye in the Agreement, which are
qualified accordingly.&#160; Accordingly, each disclosure contained in this
Disclosure Schedule must be taken as referring to each and every clause,
paragraph or provision of the Agreement and any Annexures to the Agreement to
which it can relate. DRD and/or the Issuing Party will not be entitled to </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">claim that any fact, information, matter
or thing has not been disclosed to it by reason of the relevant disclosure not
being specifically related in this Disclosure Schedule to any particular
clause, paragraph or provision of the Agreement or any Annexures to the
Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The disclosure of any matter or document
shall not imply any representation or warranty not expressly given in the
Agreement, nor will it be taken to contain any representation or implication by
Sibanye as to the materiality of the disclosure and the context of any
particular Warranty.</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Ref358055381"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">GENERAL DISCLOSURES</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The
following will be deemed to be disclosures made in this Disclosure
Schedule&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">all matters that would be disclosed by a
search in relation to the Company at the Companies and Intellectual Property
Commission in South Africa on the date that is five Business Days before the
Signature Date;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">all matters that are fairly disclosed in the
documents disclosed by Sibanye to DRD or its advisers for the purposes of DRD's
due diligence investigation and the data disk provided to DRD by Sibanye on the
Signature Date, a copy of which has been lodged with Werksmans for the purposes
of identification;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">3.3</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">all matters that are fairly disclosed in the
information (i)&nbsp;filed as a matter of public record under the rules of any
stock exchange on which the shares of Sibanye are listed, or
(ii)&nbsp;published on the website </font><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">www.sibanyestillwater.com</font></u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">, in each
case as at the Signature Date.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">KJT/JAJ</font></p>

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<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;D&nbsp;<a name="_Toc499046660"></a><a name="_Ref496005312"></a>&#8211;&nbsp;employees</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;E&nbsp;<a name="_Toc499046661"></a><a name="_Ref496017489"></a>&#8211;&nbsp;valuation
agreement</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><a name="_Ref497753404"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties confirm that they have agreed on
the following values as at the Delivery Date&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the leave pay accrued to the Employees (as at
the Delivery Date) is ZAR[&#9679;];</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497753341"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the severance pay (including all notice pay)
that may be payable to the Employees (as at the Delivery Date) in the event of
their dismissal, subsequent to the Delivery Date, by reason of the Purchaser's
operational requirements is ZAR[&#9679;], the principle being that a rate of
&quot;two weeks per complete year served&quot; will be recognised in the
determination of the severance pay;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">any other payments or entitlements which have
accrued to Employees but which have not been paid is ZAR[&#9679;].</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties specifically record, for the sake
of clarity, that the contingent potential severance pay as at the Delivery Date
has been set out in 1.2 for the purposes only of section 197 of the Labour Act
and the Parties agree that they do not have any actual liability to the
Employees at the Delivery Date in respect of such severance pay.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Should any Employee become entitled at any
time subsequent to the Delivery Date to receive payment of any amount referred
to in&nbsp;1, the Issuing Party shall, with effect from the Delivery Date, be
liable to pay such amount to such Employee.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>








<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;F&nbsp;<a name="_Toc499046662"></a><a name="_Ref497751750"></a>&#8211;&nbsp;project
development plan</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Phase One</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Phase One commences on the Delivery Date and
is envisaged to last 24&nbsp;months. Its key features are the construction and
commencement of first phase production, evaluation and test work, process
design and planning.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The anticipated scope of work during this
period will include&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">from the Delivery Date, there will be a
9&nbsp;month construction period which will include the construction of the
following&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">reclamation pump station and slurry pipeline;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

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</DIV>
<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">process water pump station and pipeline;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DP2 Plant and DP3 Plant upgrades to treat
additional slime;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">upgrading of the slurry disposal pump station
and pipeline;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">potential upgrading and conversion of the
DRI4 Tailings Storage Facility;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a 3 month ramp-up and conventional CIL
treatment phase;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">an evaluation of milling and flotation for a
period of 3 months;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">an evaluation period of 6 months for the
balance of the resources which will include DRI#3, DRI#5, Libanon, Kloof 1,
Venters Post North and Venters Post South. The evaluation of each resource will
be conducted on pilot plant scale (at DP3) and will include&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref497753803"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">bulk samples to be trucked to DP3 for
evaluation;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref497753807"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">CIL, Milling, Flotation and Concentrate
Leaching;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">blending of various resources to determine
the optimal combination and ratio in respect of 1.2.4.1 and 1.2.4.2 above;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.4.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">variation in feed rate and impact on overall
recoveries and project economics;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">following the completion of test work as
stipulated above a period, process and engineering design, financial and
capital models, funding triggers and construction will be decided over the next
3 months.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Phase Two &#8211; Funding</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">On
the assumption and condition that the test work, gold price, and financial
models can justify the anticipated capital requirements, DRDGOLD will engage
with its main shareholders and preferred financial institutions to secure the
best possible funding arrangements.&#160; 6 months will be set aside to raise the
required funding.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Phase Three &#8211; Construction of the West Rand
Tailings Retreatment Project</font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange Agreement - Execution - 22 Nov
2017/#4687757v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">22112017</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">At
this stage a 24 month construction period is anticipated for a reclamation
process of at least 1 million tons per month.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">DRD GUARANTEE</font></b></p>

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<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">issued by</font></b></p>

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<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">DRDGOLD LIMITED</font></b></p>

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<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">to and in favour of</font></b></p>

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<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">SIBANYE GOLD LIMITED</font></b></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
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<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;line-height:normal;">TABLE OF CONTENTS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">1</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">interpretation&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 1</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">2</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">SUSPENSIVE
CONDITION</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 5</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">3</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">guarantee&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 6</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">4</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">DURATION&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 8</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">5</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">RENUNCIATION
OF BENEFITS and waiver of defences</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 8</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">6</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">CONFIDENTIALITY&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 11</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">7</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">DISPUTES&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 13</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">8</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">DOMICILIUM
AND NOTICES</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 14</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">9</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">GENERAL&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 15</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">10</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">GOVERNING
LAW</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">.. 17</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">11</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">COSTS&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 17</font></b></font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD GUARANTEE</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;font-weight:normal;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">issued by</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRDGOLD LIMITED</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to and in favour of</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">SIBANYE GOLD
LIMITED</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499039299"></a><a name="_Ref497818571"></a><a name="_Ref497818449"></a><a name="_Ref497818174"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">interpretation&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">In this Agreement, clause headings are
for convenience and shall not be used in its interpretation and, unless the
context clearly indicates a contrary intention,&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a word or an expression which denotes&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any gender includes the other genders;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a natural person includes an artificial or
juristic person and</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> vice versa</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the singular includes the plural and</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> vice
versa</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the following words and expressions shall bear
the meanings assigned to them below and cognate words and expressions bear
corresponding meanings&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;
or &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">this Guarantee</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;this agreement, together
with its annexures (if any), as amended from time to time;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Applicable Laws</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;in
relation to any Party, includes all statutes, subordinate legislation, common
law, regulations, ordinances, by&#8209;laws, directives, codes of practice,
circulars, guidance or practice notices, judgments, decisions, standards and
similar provisions&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">which are prescribed, adopted, made, published
or enforced by any Governmental Authority; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">compliance with which is (or was or will be, at
the relevant time referred to in this Agreement) mandatory for that Party; </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Companies Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
Companies Act No&nbsp;71 of 2008;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Composite Transaction</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;will
have the meaning ascribed thereto in the DRD Exchange Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">CSDP</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;a nominated
depository institution for central securities depository participant as
contemplated in the Financial Markets Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Delivery Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
Delivery Date in terms of, and as defined in, the DRD Exchange Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Dispose</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;sell,
transfer, cede, make over, give, donate, exchange, dispose of, unbundle,
distribute or otherwise alienate or any agreement, obligation or arrangement to
do any of the foregoing;&nbsp;and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Disposal</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; will be construed
accordingly;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;DRDGOLD
Limited (registration number 1895/000926/06), a public company duly
incorporated and registered in accordance with the laws of South Africa (the
ordinary shares of which are listed on the JSE and the NYSE in the form of
American Depository Shares);</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD Exchange Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Exchange Agreement to be entered into between DRD and Sibanye on or about the
date of conclusion of this Agreement and in terms of which, inter alia, DRD is
to become the owner of all of the issued shares of SPV in return for the issue
to Sibanye of DRD Shares;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Encumbrance</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;includes
any mortgage bond, notarial bond, pledge, lien, hypothecation, assignment, cession&#8209;in&#8209;securitatem
debiti, deposit by way of security, option over, right of retention over, right
of first refusal, restriction on disposal or any other agreement, arrangement
or obligation (whether conditional or not) which has or will have the effect of
giving to one Person a security interest in or preferential treatment in
respect of another Person's assets, but excludes statutory preferences, and
&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Encumber</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Encumbered</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; shall be
construed accordingly;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Financial Markets Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Financial Markets Act No 19 of 2012;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">First Exchange Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Exchange Agreement to be entered into between Sibanye, the Target and DRD on or
about the date of conclusion of this Agreement and in terms of which Sibanye
will dispose of a tailings business to the Target in exchange for the issue by
the Target of shares to Sibanye;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.13</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Governmental Authority</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;-&nbsp;any
government or governmental (national, provincial, regional, district, municipal
or local), administrative, regulatory, fiscal or judicial authority, agency,
body, court, department, commission, tribunal, registry or any state-owned,
state-controlled or legislatively constituted authority, agency or commission
which principally performs public, governmental or regulatory functions
including the DMR;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.14</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Guaranteed Obligations</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
due, punctual and full payment and performance which SPV has, or may from time
to time have, to Sibanye on or after the Delivery Date under or in terms of any
agreement/s to give effect to the Composite Transaction;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.15</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">JSE</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;JSE Limited
(registration number 2005/022939/06), a public company duly incorporated and
registered in accordance with the laws of South Africa and licenced as an
exchange under the Financial Markets Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.16</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Listings Requirements</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Listings Requirements of the JSE;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.17</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Longstop Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;will
have the meaning ascribed thereto in the First Exchange Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.18</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">NYSE</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the New York
Stock Exchange;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.19</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Parties</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;collectively,
DRD and Sibanye and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; shall mean any one of them, as the
context may require;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.20</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Person</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;includes
any natural or juristic person, association, business, close corporation, company,
concern, enterprise, firm, partnership, joint venture, trust, undertaking,
voluntary association, body corporate, and any similar entity;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.21</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;Sibanye
Gold Limited (registration number 2002/031431/07), a public company duly
incorporated and registered in accordance with the laws of South Africa (the ordinary
shares of which are listed on the JSE and the NYSE);</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_6"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.22</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Signature Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;when
this Agreement has been signed by both Parties (whether or not in counterpart),
the latest of the dates on which this Agreement (or a counterpart) was signed
by a Party;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.23</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">South Africa</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
  Republic of South Africa;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.24</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">SPV</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;-&nbsp;K2017449061
(South Africa) Proprietary Limited </font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">(registration number 2017/449061/07) </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">(to be renamed </font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">WRTRP Proprietary Limited), a private company
duly incorporated and registered in accordance with the laws of South Africa;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.25</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Suspensive&nbsp;</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Condition</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
suspensive condition stipulated in&nbsp;2;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any reference to any statute, regulation or
other legislation shall be a reference to that statute, regulation or other
legislation as at the Signature Date, and as amended or substituted from time
to time;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any reference to holding companies or
subsidiaries shall be construed in accordance with the meanings ascribed to
such terms in the Companies Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">if any provision in a definition is a
substantive provision conferring a right or imposing an obligation on any Party
then, notwithstanding that it is only in a definition, effect shall be given to
that provision as if it were a substantive provision in the body of this
Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">where any term is defined within a particular
clause other than this&nbsp;<a name=QuickMark></a><a name="QuickMark_bclEnd"></a>1,
that term shall bear the meaning ascribed to it in that clause wherever it is
used in this Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">where any number of days is to be calculated
from a particular day, such number shall be calculated as excluding such
particular day and commencing on the next day. If the last day of such number
so calculated falls on a day which is not a Business Day, the last day shall be
deemed to be the next succeeding day which is a Business Day;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any reference to days (other than a reference to
Business Days), months or years shall be a reference to calendar days, calendar
months or calendar years, respectively;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any term which refers to a South African legal
concept or process (for example, without limiting the foregoing, winding&#8209;up
or curatorship) shall be deemed to include a reference to the equivalent or
analogous concept or process in any other jurisdiction in which this Agreement
may apply or to the laws of which a Party may be or become subject; and</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the use of the word &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">including</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;,
&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">includes</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; or &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">include</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; followed by a
specific example/s shall not be construed as limiting the meaning of the
general wording preceding it and the </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">eiusdem generis</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> rule shall not be
applied in the interpretation of such general wording or such specific
example/s.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The terms of this Agreement having
been negotiated, the rule of interpretation which prescribes that, in the event
of ambiguity, a contract should be interpreted against the party responsible
for its drafting shall not be applied in the interpretation of this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499039300"></a><a name="_Toc488934915"></a><a name="_Toc447794467"></a><a name="_Toc433984761"></a><a name="_Toc397594564"></a><a name="_Toc343000852"></a><a name="_Toc277144215"></a><a name="_Toc276720440"></a><a name="_Toc275942067"></a><a name="_Toc275941871"></a><a name="_Toc275939631"></a><a name="_Toc275793613"></a><a name="_Ref275444669"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">SUSPENSIVE CONDITION</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref488934026"></a><a name="_Ref246158820"></a><a name="_Ref246136503"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This whole Agreement (other than&nbsp;1,
this&nbsp;2 and 6 to 11 (both inclusive), by which the Parties shall be bound
with effect from the Signature Date) is subject to the suspensive condition
that on or before the Longstop Date, <a name="_Ref484087082"></a>all of the suspensive conditions contained in the First
Exchange Agreement, save for any suspensive condition therein relating to this
Agreement being signed and becoming unconditional, shall have been fulfilled or
waived (as the case may be)<a name="_Ref413761440"></a><a name="_Ref394498066"></a><a name="_Ref389041699"></a>.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name="_Ref201653303"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref276373413"></a><a name="_Ref386450616"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.65pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">S</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">sp</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ve&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.7pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.2pt;line-height:150%;">C</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.65pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">may&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:2.1pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.25pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:2.1pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">b</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.95pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">w</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.15pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">v</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">If the Suspensive Condition is not fulfilled for
any reason whatever, then&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">this whole Agreement (other than&nbsp;1,
this&nbsp;2 and 6 to 11 (both inclusive), by which the Parties shall remain
bound) shall be of no force or effect;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Parties shall be entitled to be restored as
near as possible to the positions in which they would have been, had this
Agreement not been entered into; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">neither Party shall have any claim against the
other in terms of this Agreement except for such claims (if any) as may arise
from a breach of this&nbsp;2 or from any other provision of this Agreement by
which the Parties remain bound.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name="_Toc248025523"></a><a name="_Toc248082924"></a><a name="_Toc248025524"></a><a name="_Toc248082925"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499039301"></a><a name="_Ref497988403"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">guarantee&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD hereby irrevocably and
unconditionally&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">guarantees and undertakes as a principal and
independent obligation (and not merely as an ancillary obligation) to and in
favour of Sibanye the due, punctual and full payment and performance of the
Guaranteed Obligations;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">undertakes to Sibanye that whenever SPV does not
pay any Guaranteed Obligation when due, DRD shall, immediately on demand, pay
that amount as if it was the principal obligor;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">undertakes to Sibanye that whenever SPV does not
perform punctually any Guarantee Obligation, it shall, immediately on demand, perform
such obligations as if it was the principal obligor;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1.4</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">indemnifies (as a separate and primary
obligation) Sibanye immediately on demand against any and all losses,
liabilities, damages, costs or expenses (but excluding any indirect, special,
consequential or incidental loss or damage) suffered by Sibanye if any
indebtedness, payment obligation or other obligation guaranteed by DRD in terms
of this Guarantee is&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1.4.1</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">entirely, partially or conditionally suspended
for the duration of business rescue proceedings; </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1.4.2</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">entirely, partially or conditionally cancelled
on an application to court pursuant to business rescue proceedings;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1.4.3</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">compromised or discharged in whole or part
pursuant to the adoption of a business rescue plan;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1.4.4</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">compromised in terms of section 155 of the Companies
Act; or</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1.4.5</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">unenforceable, invalid, illegal or ineffective or
becomes unenforceable, invalid, illegal or ineffective for any reason whatsoever,</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the amount of the loss in these events
being the amount which Sibanye
would otherwise have been entitled to recover; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">agrees that if any Guaranteed Obligation is or
becomes unenforceable, invalid or illegal, it shall, as an independent and
primary obligation, indemnify Sibanye, immediately on demand against any cost,
loss or liability which Sibanye incur as a result of SPV not paying any amount which
would, but for such unenforceability, invalidity or illegality, have been
payable by it. The amount payable by DRD under this indemnity will not exceed
the amount they would have had to pay under this&nbsp;3 if the amount claimed
had been recoverable on the basis of a guarantee.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD agrees that </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">its
obligations hereunder are principal (and not accessory) obligations.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Nothing herein shall be construed as DRD
guaranteeing its own obligations.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499039302"></a><a name="_Toc463256345"></a><a name="_Toc413307474"></a><a name="_Toc333938146"></a><a name="_Toc320184189"></a><a name="_Toc316897781"></a><a name="_Toc297029575"></a><a name="_Toc287016880"></a><a name="_Toc287016867"></a><a name="_Toc287015364"></a><a name="_Toc228782751"></a><a name="_Toc142312265"></a><a name="_Toc136333454"></a><a name="_Toc130974718"></a><a name="_Toc116462974"></a><a name="_Toc115691469"></a><a name="_Ref106092450"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">DURATION&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref239745085"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This Guarantee is a continuing covering
guarantee and shall remain in full force and effect notwithstanding any
temporary fluctuation in or partial extinction of the Guaranteed Obligations or
any prior payment under this Guarantee, and shall only be terminated in terms
of 4.2.2.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This Guarantee shall&nbsp;-</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref106180193"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">become of full force and effect on the Delivery Date;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><a name="_Ref106180209"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">expire upon all of the Guaranteed Obligations
having been fully and finally discharged; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">be irrevocable as from the date referred to
in&nbsp;4.2.1 until the expiry thereof in terms of&nbsp;4.2.2.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The rights of Sibanye under this Guarantee shall
in no way be affected or diminished if Sibanye at any time obtain additional
suretyships, guarantees, securities or indemnities (or other security) in
connection with the Guaranteed Obligations.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499039303"></a><a name="_Toc463256350"></a><a name="_Toc413307478"></a><a name="_Ref355255182"></a><a name="_Toc333938149"></a><a name="_Toc320184193"></a><a name="_Toc316897785"></a><a name="_Toc297029579"></a><a name="_Toc287016884"></a><a name="_Toc287016871"></a><a name="_Toc287015368"></a><a name="_Toc228782755"></a><a name="_Toc142312269"></a><a name="_Toc136333458"></a><a name="_Toc130974722"></a><a name="_Toc116462978"></a><a name="_Toc115691472"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">RENUNCIATION OF BENEFITS and waiver of defences</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD hereby (without prejudice to or limitation
of any other provision of this Guarantee)&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><a name="_Ref355080851"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">renounces the benefits of all otherwise
applicable legal immunities, defences and exceptions to the extent that they
would be applicable in the absence of this </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">renunciation, including the defences and exceptions of &quot;cession
of actions&quot;, &quot;excussion&quot;, &quot;division&quot;, &quot;</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">de
duobus vel pluribus reis debendi</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;, &quot;</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">non causa debiti</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;,
&quot;</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">errore calculi</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;, &quot;no value received&quot; and
&quot;revision of accounts&quot;, with the meaning and effect of all of which it
declares itself to be fully acquainted;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">agrees that all admissions and acknowledgements
of indebtedness by SPV made after the Delivery Date shall be binding on it; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">without derogating from 5.1.1, waives notice of
acceptance, presentment, demand, notice of dishonour, protest, filing of claims
in the event of a liquidation or similar process, any right it may have of
first requiring Sibanye to proceed against or enforce any other rights or
security or claim payment from any Person before claiming from DRD hereunder
and any other notice whatsoever and any rights it may have to proceed against
or claim payment from SPV or any third party, to take action or obtain judgment
in any court against SPV, to make, file or prove any claim in the winding-up or
dissolution of SPV or to enforce or seek to enforce any guarantee or security
granted by SPV or any third party, before making payment under this Guarantee.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The aforegoing renunciations and waivers apply
irrespective of any provision of any agreement or document to the contrary.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref355081325"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Neither the obligations of DRD set out herein,
nor the rights, powers and remedies conferred upon Sibanye in respect of this
Guarantee shall be discharged, impaired or otherwise affected by&nbsp;-</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">SPV being liquidated, wound&#8209;up (whether
provisionally or finally), being placed under business rescue, supervision or
suffering any similar legal disability or any change in the status, function,
control and/or ownership of SPV;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any failure to fully take any security now or
hereafter agreed to be taken in relation to the obligations of DRD hereunder;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the fact that the Guaranteed Obligations may be
varied or novated, whether by agreement, operation of law or otherwise;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the fact that any other intended security may
not be obtained or be defective or may be released or may cease to be held for
any other reason;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the fact that Sibanye may not exercise any of their
rights against SPV timeously or at all;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the fact that Sibanye may elect any particular
remedy against SPV to the exclusion of any other remedy.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Solely for the sake of clarity and without
prejudice to or limitation of the foregoing provisions of this Guarantee, this
Guarantee does not constitute a suretyship and shall be construed as a primary
undertaking giving rise to a principal obligation by DRD.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:51.05pt;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref355084802"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">5.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:char;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">DRD warrants, represents and undertakes in
favour of Sibanye that&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:76.55pt;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">5.5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:char;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">it is a company with limited liability duly
incorporated and validly existing under the laws of its jurisdiction of
incorporation;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:76.55pt;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">5.5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:char;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">it has&nbsp;-</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:102.05pt;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">5.5.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:char;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">the legal authority, capacity and power to enter
into and perform under; and </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:102.05pt;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">5.5.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:char;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">taken all necessary actions (whether corporate,
internal or otherwise) to authorise its entry into, and performance of its
obligations under,</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">this Guarantee;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:76.55pt;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">5.5.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:char;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">all authorisations, consents, approvals,
resolutions, licences, exemptions, filings and registrations which are required
and/or necessary under all Applicable Laws&nbsp;-</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:102.05pt;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">5.5.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:char;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">to enable it to lawfully enter into, exercise
its rights and comply with its obligations under this Guarantee to which it is
a party; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:102.05pt;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">5.5.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:char;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">to make this Guarantee to which it is a party
admissible in evidence in the South Africa,</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">have been obtained or effected and
are, and will for the duration of the Guarantee remain, in full force and
effect;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:76.55pt;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">5.5.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:char;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:char;line-height:150%;">the obligations expressed to be assumed by it
under this Guarantee are legal and valid and are binding on, and enforceable
against it.</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_12"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499039304"></a><a name="_Ref497828516"></a><a name="_Ref497828500"></a><a name="_Toc497815400"></a><a name="_Toc445127211"></a><a name="_Ref370202399"></a><a name="_Toc301184658"></a><a name="_Ref293594678"></a><a name="_Ref292437200"></a><a name="_Ref292437193"></a><a name="_Ref289949027"></a><a name="_Ref289949019"></a><a name="_Ref289949015"></a><a name="_Ref289939508"></a><a name="_Ref289939495"></a><a name="_Toc289938867"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">CONFIDENTIALITY&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref68161547"></a><a name="_Ref35755199"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Subject to&nbsp;6.2, no Party shall, at any time
after the Signature Date, directly or indirectly disclose, or directly or
indirectly use, whether for its own benefit or that of any other Person,&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any information&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">regarding the contents of this Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-102.05pt;"><a name="_Ref293594548"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">relating to the Company, its assets and affairs,
including all communications (whether written, oral or in any other form) and
all reports, statements, schedules and other data concerning any financial,
technical, labour, marketing, administrative, accounting or other matter,</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">(collectively, the &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Confidential
Information</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;);&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any document or other record (whether in
electronic or any other medium whatsoever) containing Confidential Information
which is supplied to it by the other Party as well as documents, diagrams and
records which are produced by it (whether or not by copying, photocopying or
otherwise reproducing documents or records supplied to it), and containing any
Confidential Information (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Confidential Records</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;).&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref412120109"></a><a name="_Ref263697303"></a><a name="_Ref35755185"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Notwithstanding&nbsp;6.1, Confidential Information
may be disclosed by a Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Disclosing Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;)&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to any expert appointed in terms of this
Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent to which the prior written consent
for such disclosure has been obtained from the other Party/ies;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">6.2.3</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent to which disclosure is required by
law (excluding contractual obligations) or by the rules of any stock exchange
by which it (or any of its Affiliates) is bound, in which event the Disclosing
Party shall, unless prohibited from doing so by any such law, obtain the other
Party's/Parties' consent, not to be withheld unreasonably, for the manner of
such disclosure; provided that the Disclosing Party shall not be obliged so to
obtain the consent of the other Party/ies if such disclosure is required before
the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>


<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt right 16.0cm;text-align:left;"><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;"></font></b></font><font style="mso-bidi-font-size:12.0pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;">10</font></font><font style="mso-bidi-font-size:12.0pt;"><font style="display:none;mso-hide:all;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;"></font></font></font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_13"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">approval can reasonably be obtained but the
Disclosing Party shall in these circumstances promptly notify the other
Party/ies of the full details of such disclosure, including the reasons why
time did not permit such consent to be obtained;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">and Confidential Records may be
disclosed by a Disclosing Party to the Disclosing Party's directors,
responsible employees and professional advisors who require such disclosure for
the purpose of the Disclosing Party's implementing or enforcing this Agreement
or obtaining professional advice or for the purpose of complying with any law. Any
conduct by any such director, employee or professional advisor which would, if
that Person had been party to this&nbsp;6, have been a breach of this&nbsp;6
shall be deemed to be a breach of this&nbsp;6 by the Disclosing Party;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><a name="_Ref10596597"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent to which it&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">is Made Public other than as a result of any
breach of this Agreement or any other agreement. The expression &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Made Public</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;
shall, for this purpose, have the same meaning as when it is used in the
insider trading provisions of the Financial Markets Act, which is not limited
to the circumstances referred to in section&nbsp;79 of that Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref10940907"></a><a name="_Ref10596611"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">corresponds in substance to information
disclosed and/or made available by a third party to the Disclosing Party at any
time without any obligation not to disclose same, unless the Disclosing Party
knows that the third party from whom it received that information is prohibited
from transmitting the information to Disclosing Party by a contractual, legal
or fiduciary obligation to any other party;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref10597987"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">is information which was already in the
possession of the Disclosing Party prior to its disclosure by the other Party
to the Disclosing Party or is independently developed by the Disclosing Party
without reference to the Confidential Information.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No Party shall 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 this Agreement and/or the Composite
Transaction without obtaining the prior approval of the other Party to the
contents thereof and the manner of its presentation and publication; provided
that such approval shall not be unreasonably withheld or delayed; provided
further that if a Party is required to make a public announcement by law it
shall be entitled to do so without the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">approval of the
other Party if it has given the other Party a reasonable opportunity (in the
circumstances) to comment on such public announcement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499039305"></a><a name="_Toc497815402"></a><a name="_Ref488915612"></a><a name="_Toc445127213"></a><a name="_Toc301184657"></a><a name="_Toc294687754"></a><a name="_Toc278792381"></a><a name="_Toc264379261"></a><a name="_Toc262718516"></a><a name="_Toc199563900"></a><a name="_Toc196212287"></a><a name="_Toc196211669"></a><a name="_Toc191866229"></a><a name="_Toc176231140"></a><a name="_Toc175473432"></a><a name="_Toc173562187"></a><a name="_Toc173313569"></a><a name="_Toc172951870"></a><a name="_Toc164832796"></a><a name="_Toc153605042"></a><a name="_Toc153091845"></a><a name="_Toc151969723"></a><a name="_Toc151967643"></a><a name="_Toc151967604"></a><a name="_Toc151967426"></a><a name="_Toc151967387"></a><a name="_Toc151967155"></a><a name="_Toc150590276"></a><a name="_Toc144173006"></a><a name="_Toc141232499"></a><a name="_Toc136171249"></a><a name="_Toc121221462"></a><a name="_Toc115688110"></a><a name="_Toc84856025"></a><a name="_Toc77065661"></a><a name="_Toc75580663"></a><a name="_Toc72201729"></a><a name="_Toc58159582"></a><a name="_Toc35758829"></a><a name="_Toc7519161"></a><a name="_Ref5528505"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">DISPUTES&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref423428026"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Save as expressly otherwise provided for in this
Agreement, any dispute arising out of or in connection with this Agreement,
including any dispute as to its existence, validity, enforceability or
termination, shall be finally resolved in accordance with the rules of the
Arbitration Foundation of Southern Africa (or its successor-in-title) (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">AFSA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;)
by an arbitrator appointed by AFSA. There shall be a right of appeal as
provided for in article&nbsp;22 of such rules.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">If AFSA no longer exists then the arbitrators
shall be appointed by the President for the time being of the Law Society of
the Northern Provinces Law Society and the arbitration shall be conducted in
accordance with the Arbitration Act No&nbsp;42 of 1965.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref444254172"></a><a name="_Ref133646842"></a><a name="_Ref510669923"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Notwithstanding anything to the contrary
contained in this&nbsp;7, any Party shall be entitled to obtain interim relief
on an urgent basis from any competent court having jurisdiction.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">For the purposes of&nbsp;7.3 and for the
purposes of having any award made by the arbitrator being made an order of
court, each of the Parties hereby submits itself to the non&#8209;exclusive
jurisdiction of the High Court of South Africa, Gauteng Local Division,
Johannesburg. </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This&nbsp;7 is severable from the rest of this Agreement
and shall remain in full force and effect notwithstanding any termination or
cancellation of this Agreement, or any part thereof.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><a name="_Toc445127214"></a><a name="_Toc362878643"></a><a name="_Toc357527415"></a><a name="_Toc295845955"></a><a name="_Toc266990171"></a><a name="_Toc264210791"></a><a name="_Toc197231998"></a><a name="_Toc193106220"></a><a name="_Toc176923328"></a><a name="_Toc175363969"></a><a name="_Toc173313570"></a><a name="_Toc172951871"></a><a name="_Toc164832797"></a><a name="_Toc153605043"></a><a name="_Toc153091846"></a><a name="_Toc151969724"></a><a name="_Toc151967644"></a><a name="_Toc151967605"></a><a name="_Toc151967427"></a><a name="_Toc151967388"></a><a name="_Toc151967156"></a><a name="_Toc150590277"></a><a name="_Toc144173007"></a><a name="_Toc141232500"></a><a name="_Toc136171250"></a><a name="_Toc121221463"></a><a name="_Toc115688111"></a><a name="_Toc84856026"></a><a name="_Toc77065662"></a><a name="_Toc75580664"></a><a name="_Toc72201730"></a><a name="_Toc58159579"></a><a name="_Toc35758826"></a><a name="_Toc7519158"></a><a name="_Toc498489347"></a><a name="_Toc497463604"></a><a name="_Ref497100407"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499039306"></a><a name="_Ref497890412"></a><a name="_Ref497890407"></a><a name="_Toc497815404"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">DOMICILIUM AND NOTICES</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties choose </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">domicilium citandi et
executandi</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) for all purposes relating to
this Agreement, including the giving of any notice, the payment of any sum, the
serving of any process, as follows&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">8.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">DRDGOLD&nbsp;-&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">physical&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; 2<sup>nd</sup>
Floor, North Tower </font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1 Sixty Building </font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">160 Jan Smuts Avenue</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Rosebank</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2196</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&#8209;mail&#160;&#160;&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; </font><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">niel.pretorius@drdgold.com</font></u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">; and</font></p>

<p style="margin-bottom:0cm;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">riaan.davel@drdgold.com </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">attention:&#160;&#160;&#160;&#160;&#160;&#160; The CEO and the CFO</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye&nbsp;-&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">physical&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; Constantia
Office Park</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Bridgeview House</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Ground Floor</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">(cnr 14<sup>th</sup> Avenue and
Hendrik Potgieter Street)</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Gauteng</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1709</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&#8209;mail&#160;&#160;&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; richard.stewart@sibanyestillwater.com</font></p>

<p style="margin-bottom:0cm;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">cain.farrel@sibanyestillwater.com</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">attention:&#160;&#160;&#160;&#160;&#160;&#160; Richard Stewart
(EVP:&nbsp;Business Development)</font></p>

<p style="margin-bottom:0cm;margin-left:127.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:27.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&#160;&#160;&#160;&#160;&#160;&#160; Cain Farrel (Company Secretary)</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any Party shall be entitled from time to time,
by giving written notice to the other, to vary its physical </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">
to any other physical address (not being a post office box or </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">poste restante</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">)
in South Africa and to vary its facsimile and/or email </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> to any
other facsimile number and/or email address.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref196367709"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any notice given or payment made by a Party to any
other (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Addressee</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) which is delivered by hand between the
hours of 09:00 and 17:00 on any Business Day to the Addressee's physical </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">
for the time being shall be deemed to have been received by the Addressee at
the time of delivery.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref196367793"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any notice given by a Party to any other which
is successfully transmitted by email or facsimile to the Addressee's email or facsimile
</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> for the time being shall be deemed (unless the contrary is
proved by the Addressee) to have been received by the Addressee at the time of
successful transmission thereof or, if such date is not a Business Day, on the
next day which is a Business Day.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt right 16.0cm;text-align:left;"><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;"></font></b></font><font style="mso-bidi-font-size:12.0pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;">13</font></font><font style="mso-bidi-font-size:12.0pt;"><font style="display:none;mso-hide:all;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;"></font></font></font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This&nbsp;8 shall not operate so as to
invalidate the giving or receipt of any written notice which is actually
received by the Addressee other than by a method referred to in this&nbsp;8.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any notice in terms of or in connection with
this Agreement shall be valid and effective only if in writing and if received
or deemed to be received by the Addressee.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499039307"></a><a name="_Toc497815405"></a><a name="_Ref488915623"></a><a name="_Toc445127215"></a><a name="_Toc301184660"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">GENERAL&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref416445214"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This Agreement constitutes the sole record of
the agreement between the Parties in relation to the subject matter hereof. No
Party shall be bound by any express, tacit or implied term, representation,
warranty, promise or the like not recorded herein. This Agreement supersedes
and replaces all prior commitments, undertakings or representations, whether
oral or written, between the Parties in respect of the subject matter hereof.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No addition to, variation, novation or agreed
cancellation of any provision of this Agreement shall be binding upon the
Parties unless reduced to writing and signed by or on behalf of the Parties.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No waiver, indulgence or extension of time which
a Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Grantor</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) may grant to the other/s, nor any delay or
failure by the Grantor to enforce, whether completely or partially, any of its
rights, shall constitute a waiver of or, whether by estoppel or otherwise,
limit any of the existing or future rights of the Grantor in terms hereof, save
in the event and to the extent that the Grantor has signed a written document
expressly waiving or limiting such right.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Save as expressly provided in this Agreement, no
Party shall be entitled to cede, delegate, Encumber, assign or otherwise
transfer any of its rights and/or obligations in terms of, and/or interest in,
this Agreement to any third party without the prior written consent of the
other Parties.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No consent or approval in terms of or in
connection with this Agreement shall be valid or effective unless in writing
and signed by or on behalf of the Party/ies giving such consent or approval.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref412021776"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">For the purposes of this Agreement&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref415146700"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">no data message, as defined in the Electronic
Communications and Transactions Act No&nbsp;25 of&nbsp;2002 (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ECTA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;),
other than an email or facsimile, shall constitute writing;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
2017/#4687299v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref415146299"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">no electronic signature or advanced electronic
signature, as defined in ECTA, shall constitute a signature, except for the
purposes of varying any date referred to in this Agreement or giving any
consent or approval in terms of this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Without prejudice to any other provision of this
Agreement, any successor&#8209;in&#8209;title, including any executor, heir, liquidator,
business rescue practitioner, curator or trustee, of a Party shall be bound by
this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The signature by either Party of a counterpart
of this Agreement shall be as effective as if that Party had signed the same
document as the other Party.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref417304148"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties warrant to each other that they have
the legal capacity and authority required to conclude and implement this Agreement
and that such conclusion and implementation do not conflict with any obligation
or restriction applicable to either Party, whether in terms of any law, its
constitution or otherwise.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499039308"></a><a name="_Ref497890399"></a><a name="_Toc497815406"></a><a name="_Ref488915627"></a><a name="_Toc445127216"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">GOVERNING LAW</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This Agreement shall in all respects
(including its existence, validity, interpretation, implementation, termination
and enforcement) be governed by the law of South&nbsp;Africa which is
applicable to agreements executed and wholly performed within South&nbsp;Africa.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499039309"></a><a name="_Ref497828521"></a><a name="_Ref497828508"></a><a name="_Toc497815407"></a><a name="_Ref488916119"></a><a name="_Ref488915630"></a><a name="_Toc445127217"></a><a name="_Toc301184661"></a><a name="_Ref300840987"></a><a name="_Toc294687757"></a><a name="_Ref292446033"></a><a name="_Toc278792384"></a><a name="_Ref276460849"></a><a name="_Toc274924943"></a><a name="_Ref268179472"></a><a name="_Toc268114121"></a><a name="_Toc266990039"></a><a name="_Toc264210794"></a><a name="_Toc197232001"></a><a name="_Ref197143927"></a><a name="_Toc193106223"></a><a name="_Toc176923331"></a><a name="_Toc175363973"></a><a name="_Toc173313574"></a><a name="_Toc165277031"></a><a name="_Toc165198148"></a><a name="_Toc165192298"></a><a name="_Toc81915425"></a><a name="_Toc81899519"></a><a name="_Ref81629324"></a><a name="_Ref81629153"></a><a name="_Toc80519577"></a><a name="_Ref78780235"></a><a name="_Ref78779378"></a><a name="_Toc77065664"></a><a name="_Toc75580666"></a><a name="_Ref75062666"></a><a name="_Toc72201732"></a><a name="_Ref69101104"></a><a name="_Toc58159584"></a><a name="_Ref44229265"></a><a name="_Ref44229155"></a><a name="_Toc35758830"></a><a name="_Ref35353640"></a><a name="_Ref35353594"></a><a name="_Toc7519162"></a><a name="_Ref336295"></a><a name="_Ref536855693"></a><a name="_Toc498489351"></a><a name="_Toc497463608"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">COSTS&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Each
Party shall bear and pay its own costs in relation to the negotiation,
drafting, finalisation, signing and implementation of this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-right:72.15pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:33.45pt;">
  <td colspan=2 width=100% style="height:33.45pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">Signed at Sandton on 22 November
  2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for</font></p>
  </td>
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  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">DRDGOLD Limited</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">who warrants that he is duly</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">authorised hereto</font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Guarantee - Execution - 22 Nov
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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  Sandton on 22 November 2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
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  </td>
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  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">Sibanye Gold Limited</font></p>
  </td>
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<tr style="height:5.65pt;">
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  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">who warrants that he is duly</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">authorised hereto</font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">DRD OPTION</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;"> AGREEMENT</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">between</font></b></p>

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<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">DRDGOLD LIMITED</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">and</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">SIBANYE GOLD LIMITED</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>









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  <p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;layout-grid-mode:line;line-height:150%;">enquiries@werksmans.com</font></p>
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  South Africa</font></p>
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  10015 Sandton 2146</font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">KJT/JAJ</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
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<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:12.0pt;layout-grid-mode:line;line-height:normal;">TABLE OF CONTENTS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">1</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">interpretation&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 1</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">2</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">INTRODUCTION&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 7</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">3</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">SUSPENSIVE
CONDITION</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 7</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">4</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">option&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 8</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">5</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">CLOSING
AND DELIVERY</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 9</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">6</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">WARRANTIES&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 11</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">7</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">INDEMNITies&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 13</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">8</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">LIMITATION
OF LIABILITY</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 14</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">9</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">CONFIDENTIALITY&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 17</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">10</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">BREACH&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 19</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">11</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">DISPUTES&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 19</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">12</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">DOMICILIUM
AND NOTICES</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 20</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">13</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">GENERAL&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 22</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">14</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">GOVERNING
LAW</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">.. 23</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:2.0cm;margin-top:0cm;text-indent:-25.5pt;"><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">15</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;text-transform:none;">&#160;&#160;&#160;&#160; </font><b><u><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">COSTS&nbsp;</font></u></b><font style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;text-transform:uppercase;">. 23</font></b></font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">between</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">SIBANYE GOLD
LIMITED</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042962"></a><a name="_Ref497818571"></a><a name="_Ref497818449"></a><a name="_Ref497818174"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">interpretation&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">In this Agreement, clause headings are
for convenience and shall not be used in its interpretation and, unless the
context clearly indicates a contrary intention,&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a word or an expression which denotes&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any gender includes the other genders;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a natural person includes an artificial or
juristic person and</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> vice versa</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the singular includes the plural and</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> vice
versa</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the following words and expressions shall bear
the meanings assigned to them below and cognate words and expressions bear
corresponding meanings&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;this
agreement, together with its annexures (if any), as amended from time to time;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Applicable Laws</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;in
relation to any Party, includes all statutes, subordinate legislation, common
law, regulations, ordinances, by&#8209;laws, directives, codes of practice,
circulars, guidance or practice notices, judgments, decisions, standards and
similar provisions&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">which are prescribed, adopted, made, published
or enforced by any Governmental Authority; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">compliance with which is (or was or will be, at
the relevant time referred to in this Agreement) mandatory for that Party; </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Business Day</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;any
day which is not a Saturday, a Sunday or an official public holiday in South
Africa;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Closing Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;unless
otherwise agreed by the Parties in writing and subject to&nbsp;5.2, the later
of&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref497887984"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the tenth Business Day after the Exercise Date;
and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">if it is not possible to credit the Sibanye
Securities Account with the Option Shares as contemplated in&nbsp;5.4 on the
date referred to in&nbsp;1.2.4.1, the first Business Day after that date on
which it is possible to credit the Sibanye Securities Account with the Option
Shares;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Companies Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
Companies Act No&nbsp;71 of 2008;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Composite Transaction</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;will
have the meaning ascribed thereto in the First Exchange Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">CSDP</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;a nominated
depository institution for central securities depository participant as
contemplated in the Financial Markets Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Delivery Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
Delivery Date in terms of, and as defined in, the First Exchange Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Dispose</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;sell,
transfer, cede, make over, give, donate, exchange, dispose of, unbundle,
distribute or otherwise alienate or any agreement, obligation or arrangement to
do any of the foregoing;&nbsp;and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Disposal</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; will be construed
accordingly;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DMR</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the Department
of Mineral Resources;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;DRDGOLD
Limited (registration number 1895/000926/06), a public company duly
incorporated and registered in accordance with the laws of South Africa (the
ordinary shares of which are listed on the JSE and the NYSE in the form of
American Depository Shares);</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD Exchange Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Exchange Agreement to be entered into between DRD and Sibanye on or about the
date of conclusion of this Agreement and in terms of which, inter alia, DRD is
to become the owner of all of the issued shares of Sibanye SPV in return for
the issue to Sibanye of DRD Shares;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.13</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD Shares</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;ordinary
shares of DRD;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.14</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Encumbrance</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;includes
any mortgage bond, notarial bond, pledge, lien, hypothecation, assignment, cession&#8209;in&#8209;securitatem
debiti, deposit by way of security, option over, right of retention over, right
of first refusal, restriction on disposal or any other agreement, arrangement
or obligation (whether conditional or not) which has or will have the effect of
giving to one Person a security interest in or preferential treatment in
respect of another Person's assets, but excludes statutory preferences, and
&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Encumber</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Encumbered</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; shall be
construed accordingly;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.15</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Exercise Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
date on which the Option Notice is delivered to DRD by Sibanye in accordance
with 4.2.1; </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.16</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Financial Markets Act</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Financial Markets Act No 19 of 2012;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.17</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">First Exchange Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Exchange Agreement to be entered into between Sibanye, Sibanye&nbsp;SPV and DRD
on or about the date of conclusion of this Agreement and in terms of which
Sibanye will dispose of a tailings business to Sibanye&nbsp;SPV in exchange for
the issue by Sibanye&nbsp;SPV of shares to Sibanye;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.18</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Governmental Authority</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;-&nbsp;any
government or governmental (national, provincial, regional, district, municipal
or local), administrative, regulatory, fiscal or judicial authority, agency,
body, court, department, commission, tribunal, registry or any state-owned,
state-controlled or legislatively constituted authority, agency or commission
which principally performs public, governmental or regulatory functions
including the DMR;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.19</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">JSE</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;JSE Limited
(registration number 2005/022939/06), a public company duly incorporated and
registered in accordance with the laws of South Africa and licenced as an
exchange under the Financial Markets Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.20</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Listings Requirements</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Listings Requirements of the JSE;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.21</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Longstop Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;will
have the meaning ascribed thereto in the First Exchange Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.22</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Losses</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;actual
or contingent losses, liabilities, damages, costs (including legal costs on the
scale as between attorney and own client) and expenses of any nature
whatsoever;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.23</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Nominated Account</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;shall
have the meaning ascribed thereto in&nbsp;5.1.2;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.24</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">NYSE</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the New York
Stock Exchange;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.25</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Option</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;has the
meaning ascribed thereto in 4.1;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.26</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Option Notice</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;has
the meaning ascribed thereto in 4.2.1;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.27</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Option Period</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
period commencing on the Delivery Date and expiring 24 months thereafter;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.28</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Option Price</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
price payable by Sibanye to DRD for each Option Share, being equal to&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.28.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the volume weighted average price per DRD Share
at which DRD Shares traded on the JSE during the 30 Trading Days preceding the
Exercise Date; minus</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.28.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">10%;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.29</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Option Shares</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;such
number of DRD Shares as will, after the allotment and issue thereof to Sibanye
in terms of&nbsp;4, result in Sibanye holding 50.1% of all DRD Shares in issue
(including any DRD Shares held as treasury shares);</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.30</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Parties</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;collectively,
DRD and Sibanye and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; shall mean any one of them, as the
context may require;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.31</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Person</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;includes
any natural or juristic person, association, business, close corporation, company,
concern, enterprise, firm, partnership, joint venture, trust, undertaking,
voluntary association, body corporate, and any similar entity;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.32</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;Sibanye
Gold Limited (registration number 2002/031431/07), a public company duly
incorporated and registered in accordance with the laws of South Africa (the ordinary
shares of which are listed on the JSE and the NYSE);</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.33</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye Securities Account</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
securities account established by Sibanye prior to the Delivery Date, into
which the Option Shares will be deposited in terms of&nbsp;5, it being agreed
that Sibanye will, in writing, provide DRD with full details of the Sibanye
Securities Account at least five Business Days prior to the Delivery Date;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.34</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye SPV</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;-&nbsp;K2017449061
(South Africa) Proprietary Limited </font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">(registration number 2017/449061/07)
(to be renamed WRTRP Proprietary Limited), a private company duly incorporated
and registered in accordance with the laws of South Africa;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.35</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Signature Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;when
this Agreement has been signed by both Parties (whether or not in counterpart),
the latest of the dates on which this Agreement (or a counterpart) was signed
by a Party;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.36</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">South Africa</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
  Republic of South Africa;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.37</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Standstill Period</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;shall
have the meaning ascribed thereto in 4.3.1;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.38</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Suspensive&nbsp;</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Condition</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
suspensive condition stipulated in&nbsp;3.1;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.39</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Trading Days</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;any
day on which the JSE is open to settle trades in shares listed on the JSE;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.2.40</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Warranties</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;the
warranties, representations and undertakings given by DRD to Sibanye in terms
of this Agreement and &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Warranty</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; shall be construed accordingly;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any reference to any statute, regulation or
other legislation shall be a reference to that statute, regulation or other
legislation as at the Signature Date, and as amended or substituted from time
to time;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any reference to holding companies or
subsidiaries shall be construed in accordance with the meanings ascribed to
such terms in the Companies Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">if any provision in a definition is a
substantive provision conferring a right or imposing an obligation on any Party
then, notwithstanding that it is only in a definition, effect shall be given to
that provision as if it were a substantive provision in the body of this
Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">where any term is defined within a particular
clause other than this&nbsp;<a name=QuickMark></a><a name="QuickMark_bclEnd"></a>1,
that term shall bear the meaning ascribed to it in that clause wherever it is
used in this Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">where any number of days is to be calculated
from a particular day, such number shall be calculated as excluding such
particular day and commencing on the next day. If the last day of such number so
calculated falls on a day which is not a Business Day, the last day shall be
deemed to be the next succeeding day which is a Business Day;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any reference to days (other than a reference to
Business Days), months or years shall be a reference to calendar days, calendar
months or calendar years, respectively;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any term which refers to a South African legal
concept or process (for example, without limiting the foregoing, winding&#8209;up
or curatorship) shall be deemed to include a reference to the equivalent or analogous
concept or process in any other jurisdiction in which this Agreement may apply
or to the laws of which a Party may be or become subject; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the use of the word &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">including</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;,
&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">includes</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; or &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">include</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot; followed by a
specific example/s shall not be construed as limiting the meaning of the
general wording preceding it and the </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">eiusdem generis</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> rule shall not be
applied in the interpretation of such general wording or such specific
example/s.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The terms of this Agreement having
been negotiated, the rule of interpretation which prescribes that, in the event
of ambiguity, a contract should be interpreted against the party responsible
for its drafting shall not be applied in the interpretation of this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042963"></a><a name="_Toc488934914"></a><a name="_Toc447794466"></a><a name="_Toc433984760"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">INTRODUCTION&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497890175"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties record that as part of the Composite
Transaction&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye wishes to acquire the right to increase
its shareholding in DRD to 50.1% of DRD Shares in issue; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD is prepared to grant Sibanye the right to
increase its shareholding in DRD to 50.1% of the DRD Shares in issue.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">To give effect to 2.1, the Parties agree to the
Option on the terms and conditions set out in this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042964"></a><a name="_Toc488934915"></a><a name="_Toc447794467"></a><a name="_Toc433984761"></a><a name="_Toc397594564"></a><a name="_Toc343000852"></a><a name="_Toc277144215"></a><a name="_Toc276720440"></a><a name="_Toc275942067"></a><a name="_Toc275941871"></a><a name="_Toc275939631"></a><a name="_Toc275793613"></a><a name="_Ref275444669"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">SUSPENSIVE CONDITION</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref488934026"></a><a name="_Ref246158820"></a><a name="_Ref246136503"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This whole Agreement (other than&nbsp;1,
this&nbsp;3 and 9 to 15 (both inclusive), by which the Parties shall be bound
with effect from the Signature Date) is subject to the suspensive condition
that on or before the Longstop Date, <a name="_Ref484087082"></a>all of the suspensive conditions contained in the First
Exchange Agreement, save for any suspensive condition therein relating to this
Agreement being signed and becoming unconditional, shall have been fulfilled or
waived (as the case may be)<a name="_Ref413761440"></a><a name="_Ref394498066"></a><a name="_Ref389041699"></a>.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name="_Ref201653303"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref276373413"></a><a name="_Ref386450616"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.65pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">S</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">sp</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ve&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.7pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.2pt;line-height:150%;">C</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.65pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">may&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:2.1pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.25pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:2.1pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">b</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.95pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">w</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.15pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">v</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">If the Suspensive Condition is not fulfilled for
any reason whatever, then&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">this whole Agreement (other than&nbsp;1,
this&nbsp;3 and 9 to 15 (both inclusive), by which the Parties shall remain
bound) shall be of no force or effect;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Parties shall be entitled to be restored as
near as possible to the positions in which they would have been, had this
Agreement not been entered into; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">3.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">neither Party shall have any claim against the
other in terms of this Agreement except for such claims (if any) as may arise
from a breach of this&nbsp;3 or from any other provision of this Agreement by
which the Parties remain bound.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042965"></a><a name="_Ref497891195"></a><a name="_Ref497891079"></a><a name="_Ref497890760"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">option&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497902951"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Grant&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD hereby grants to Sibanye the
irrevocable right and option (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Option</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) to call on DRD, which
will then be obliged, to allot and issue the Option Shares to Sibanye at the
Option Price on the terms and conditions set out in this&nbsp;4 and against
compliance by Sibanye with the applicable provisions of 5.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497904186"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Exercise&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Subject to&nbsp;4.2.2, Sibanye shall be entitled
to exercise the Option by delivering a written notice to that effect to DRD
(&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Option Notice</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) at any time during
the Option Period. The date on which the Option Notice
is delivered by Sibanye to DRD shall be the &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Exercise Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;.&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref497904202"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Option shall lapse and shall not be capable
of being exercised if, at any time during the Option Period but prior to
delivery of the Option Notice, Sibanye has Disposed of all or any of the DRD
Shares issued to it under the DRD Exchange Agreement and in such event this
Agreement shall terminate automatically.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Dilution&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">It is agreed that&nbsp;<a name="_Ref497905150"></a>DRD
shall not issue any DRD Shares during the period between the Exercise Date and
the Closing Date (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Standstill Period</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;).&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref498676179"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD shall not issue any DRD Shares and/or any
securities convertible into DRD Shares and/or grant any options and/or rights
to require the issue of DRD&nbsp;Shares or securities convertible into DRD
Shares at any time on or after the Delivery Date; provided that the provisions
of this&nbsp;4.3.2&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.3.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">shall lapse and cease to be of any further force
and effect on the Option lapsing in terms of&nbsp;4.2.2 or on such earlier date
as falls on the fifth Business Day after the Parties have complied with their
respective obligations on the Closing Date; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">4.3.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">shall not apply to the issue of any DRD Shares
pursuant to a rights issue in terms of which Sibanye (and the other
shareholders of DRD) are given an opportunity to follow their rights.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><a name="_Toc248025523"></a><a name="_Toc248082924"></a><a name="_Toc248025524"></a><a name="_Toc248082925"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042966"></a><a name="_Ref498420456"></a><a name="_Ref498413979"></a><a name="_Ref497906931"></a><a name="_Ref497818968"></a><a name="_Toc488934918"></a><a name="_Toc447794470"></a><a name="_Toc433984763"></a><a name="_Ref275878088"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">C</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:none;">LOSING AND DELIVERY</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497905562"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">During the first three Business Days of the
Standstill Period&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent that they have not already done so
in terms of this Agreement or otherwise in writing, the Parties shall agree in
writing&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref497905638"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the exact number of DRD Shares as shall constitute
the Option Shares (it being recorded that the Option Shares are defined by
reference to a percentage);</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref497905642"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Option Price payable per Option Share; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref497906082"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD shall in writing nominate a bank account
with a bank in South Africa into which the Option Price payable in respect of
the Option Shares is to be paid (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Nominated Account</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;).&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref498675711"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">If the Parties are unable during the first three
Business Days of the Standstill Period to reach agreement as contemplated
in&nbsp;5.1 either Party may refer the matter to an independent firm of
chartered accountants agreed to in writing by the Parties or, failing
agreement, appointed by the Chairman of the South African Institute of
Chartered Accountants (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Expert</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) who shall on an urgent basis
(and if possible prior to the expiry of the Standstill Period) determine the
matters referred to in&nbsp;5.1.1.1 and&nbsp;5.1.1.2. The determination of the
Expert shall be made as an expert and not as an arbitrator and shall be final
and binding on the Parties and shall be carried into effect. To the extent that
the Expert is unable to make a determination prior to the expiry of the
Standstill Period then, notwithstanding anything to the contrary contained in
this Agreement, the Closing Date shall be delayed and shall be the first
Business Day after the date on which the Expert has made its determination and
on which the Option Shares can be credited to Sibanye's Securities Account.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref293586679"></a><a name="_Ref370131026"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">At 12h00 on the Closing Date, representatives of
Sibanye and DRD shall meet at&nbsp;DRD's offices, 2<sup>nd</sup> Floor, North
Tower, 1&nbsp;Sixty Building, 160&nbsp;Jan Smuts Avenue, Rosebank. At that meeting</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&#8211;&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye shall deliver to DRD&nbsp;reasonable
evidence in writing of payment by way of electronic funds transfer of the
Option Price for all of the Option Shares into the Nominated Account; </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref139951580"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD shall, to the extent that is has not already
done so, deliver to Sibanye&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a copy of a resolution of the board of directors
of DRD approving the allotment and issue of the Option Shares to Sibanye
pursuant to this Agreement and authorising the payment of the relevant listing
fee in respect thereof;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref488850328"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the signed application letter submitted to the
JSE for approval of the listing of the Option Shares on the JSE and the
approval letter stating that the Option Shares will in fact be listed on the
JSE; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref488850793"></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.3.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the irrevocable instruction to the relevant CSDP
to credit the Sibanye Securities Account with the Option Shares.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref497906881"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">In compliance with the Financial Markets Act, the
Option Shares will be issued in dematerialised form to Sibanye, and will be
credited to the Sibanye Securities Account on the Closing Date against payment
by Sibanye for the Option Shares.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">It is recorded that the Parties intend that the matters
referred to in 5.3 and 5.4 above be done and completed simultaneously. The
Parties reciprocally undertake in favour of each other to sign, or cause to be
signed, all such documents, and do, or cause to be done, all such further
things as may be reasonably required to give effect to this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties will be entitled, by agreement in
writing, to waive the requirement for holding a meeting in terms of&nbsp;5.3
and, in those circumstances, to regulate the process through which the
documents contemplated in&nbsp;5 will be exchanged, as they deem fit.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Subject to the Parties entering into good faith
negotiations at the request of Sibanye to agree the terms of a U.S.
registration rights agreement containing standard terms and conditions,
including incidental and demand registration rights with respect to the Option
Shares in favour of Sibanye, the Parties hereby agree that DRD will not be
required to register the Option Shares with the U.S.&nbsp;Securities and
Exchange Commission or list the Option Shares on any securities exchange other
than the JSE.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">5.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye warrants, represents and undertakes that
for a period of 40&nbsp;days after the Closing Date, neither it or its
affiliates, will offer or sell any DRD&nbsp;Shares, including any Option
Shares, to a U.S. Person or for the account or benefit of a U.S.&nbsp;Person.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042967"></a><a name="_Toc488934919"></a><a name="_Ref488926487"></a><a name="_Toc484072608"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">WARRANTIES&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref484070475"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:both;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;letter-spacing:-.05pt;line-height:150%;">G</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">e</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;letter-spacing:.05pt;line-height:150%;">n</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">e</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;letter-spacing:.05pt;line-height:150%;">r</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;letter-spacing:-.05pt;line-height:150%;">a</font></b><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">l&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref262220902"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD gives Sibanye
the Warranties on the basis that&nbsp;-</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref369620693"></a><a name="_Ref111606928"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">this Agreement is entered into by Sibanye
relying on the Warranties, each of which is deemed to be both a material
representation inducing Sibanye to enter into this Agreement and an essential
contractual undertaking by DRD to ensure that the Warranty is true and correct;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:151.1pt;text-align:justify;text-indent:-151.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">each Warranty shall be a separate and
independent warranty which, subject to&nbsp;6.1.3, shall not be limited by
reference to or inference from the terms of any other Warranty or by any other
provision in this Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref497824819"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the liability of DRD in connection with the
warranties shall be subject to the limitations contained in&nbsp;8;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.45pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Option S</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">will&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">be&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.4pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">v</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">al</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">d</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">l</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">y&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;"> as </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">fully paid up to</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any and all approvals, consents and/or waivers as
may be required in order to issue the Option Shares, and to otherwise give effect
to the allotment and issue thereof will have been received and in place, including
any required approvals of DRD's board, DRD's shareholders and the JSE;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.45pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">allotment
and issue of the Option S</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.6pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">will&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.45pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">be&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.45pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">m</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">p</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">l</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">men</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.6pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">in&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.6pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">c</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;"> &#9744; 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mem</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">m&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.15pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">f&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.1pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">c</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">p</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">or</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">at</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.25pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">n&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.2pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">f&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.15pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">DRD,</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.15pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.2pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">C</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">m</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">p</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:1.2pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Act
and t</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.45pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Listings Requirements;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.4pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Option
Shares,</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.35pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">w</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">n&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">d</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">,&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.35pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">sha</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">l</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">l&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.2pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">be&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.35pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">l</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">st</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.3pt;line-height:150%;"> solely </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;"> &#9744; 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<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">6.2.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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Shares,</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.15pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">w</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">h</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">n&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.15pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">s</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">u</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.1pt;line-height:150%;">e</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">d,&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.2pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">shall&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.15pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.05pt;line-height:150%;">n</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">k&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;"> </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">pa</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">r</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">i&nbsp;</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.2pt;line-height:150%;"> </font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">pas</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;">s</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">u&nbsp;</font></i><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.25pt;line-height:150%;"> </font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">w</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;">i</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">th&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.1pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.15pt;line-height:150%;">a</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ll&nbsp;</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:.25pt;line-height:150%;"> </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;letter-spacing:-.05pt;line-height:150%;"> &#9744; 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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Ref142801408"></a><a name="_Toc499042968"></a><a name="_Toc445127205"></a><a name="_Ref369681755"></a><a name="_Toc497815397"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">INDEMNITies&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref139809674"></a><a name="_Ref370132947"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Without prejudice to any of the rights of
Sibanye at law or in terms of any other provision of this Agreement, DRD
(&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Indemnity Grantor</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) indemnifies Sibanye (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Indemnified
&nbsp;</font></b><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) against all Losses which the
Indemnified Party may suffer or incur as a result of or in connection with any
breach of any Warranty (collectively, &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Indemnified
Loss</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;).&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&#160;&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref221587721"></a><a name="_Ref416448578"></a><a name="_Ref370300488"></a><a name="_Ref370299712"></a><a name="_Ref293663961"></a><a name="_Ref519401178"></a><a name=GhostFillStartNextFill></a><a name="GhostFillStartNextFill_bclEnd"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Indemnified Party shall not admit any
liability in respect of any claim that may give rise to an Indemnified Loss.
The Indemnified Party shall notify the Indemnity Grantor in writing of any such
claim as soon as is reasonably possible after the Indemnified Party becomes
aware of that claim, but in any event within 30&nbsp;days after the Indemnified
Party becomes aware of that claim, to enable the Indemnity Grantor to contest that
claim.</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><a name="_Ref221587750"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref369699066"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Indemnity Grantor shall, at its own expense
and with the assistance of its own legal advisers, be entitled to contest any
claim referred to in&nbsp;7.2 in the name of the Indemnified Party until
finally determined by the highest court to which appeal may be made (or which
may review any decision or judgment made or given in relation thereto) or to
settle any such claim and will be entitled to control the proceedings in regard
thereto, provided that&nbsp;&#8209;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><a name="_Ref221587782"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref414441127"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">without prejudice to the Indemnified Party's
rights in terms of&nbsp;7.1, the Indemnity Grantor shall indemnify the
Indemnified Party against all costs (including legal costs on the scale as
between attorney and own client, any additional legal costs, penalties and
interest) that may be incurred by, awarded against or otherwise become payable
by, the Indemnified Party as a consequence of such steps. The Indemnity Grantor
may, prior to taking such steps, be required by the Indemnified Party to give
reasonable security for the payment of all such costs. If the Parties are
unable to agree upon the nature or amount of such security, same shall be
determined by a third party agreed to in writing by the Parties, or failing
such written agreement, by an attorney of not less than&nbsp;15 years standing,
appointed by the President for the time being of the Law Society of the
Northern Provinces (or its successor body in Gauteng), whose determination
shall be final and binding;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Indemnified Party shall (at the expense of
the Indemnity Grantor and, if the Indemnified Party so requires, with the
involvement of the Indemnified Party's own legal advisers) render to the
Indemnity Grantor such assistance as the Indemnity Grantor may reasonably
require of the Indemnified Party in order to contest that claim;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Indemnity Grantor shall regularly, and, in
any event, on demand by the Indemnified Party, inform the Indemnified Party
fully of the status of the contested claim and furnish the Indemnified Party
with all documents and information relating to the contested claim, which may
reasonably be requested by the Indemnified Party;&nbsp;and</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Indemnity Grantor shall consult with the
Indemnified Party prior to taking any major steps in relation to or settling
that contested claim and, in particular, before making or agreeing to any
announcement or other publicity in relation to that claim.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref414359294"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">7.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Indemnity Grantor shall be obliged to pay
the Indemnified Party any amount due to the Indemnified Party in respect of any
Indemnified Loss as soon as the Indemnified Party is obliged to pay the amount
thereof (in any case which involves a payment by the Indemnified Party) or as
soon as the Indemnified Party actually suffers the Indemnified Loss (in any
case which does not involve a payment by the Indemnified Party).</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042969"></a><a name="_Toc497815398"></a><a name="_Toc445127206"></a><a name="_Ref416344252"></a><a name="_Ref416276063"></a><a name="_Ref415654530"></a><a name="_Ref370299425"></a><a name="_Ref369683194"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">LIMITATION OF LIABILITY</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><a name="_Ref513019489"></a><a name="_Ref513019460"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Notwithstanding anything to the
contrary contained in this Agreement, DRD's liability in terms of or in
connection with this Agreement shall be limited as set out in this&nbsp;8.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref416353417"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Amount&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Aggrieved Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;)
shall not be entitled to claim any amount which would otherwise be due to it in
terms of or in connection with this Agreement&nbsp;&#8211; </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">unless such amount, alone or together with any
other claims for amounts due to the Aggrieved Party in terms of or in
connection with this Agreement, exceeds R50&nbsp;000&nbsp;000, in which event
DRD (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Paying Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) shall, subject to&nbsp;8.2 and&nbsp;8.3
(inclusive) be obliged to pay the full amount/s claimed by the Aggrieved Party
and not only the excess over the amount of R50&nbsp;000&nbsp;000;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent that such amount, together with
all other amounts payable by the Paying Party to the Aggrieved Party in terms
of or in connection with this Agreement, exceeds R1&nbsp;300&nbsp;000&nbsp;000.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref422927683"></a><a name="_Ref417031878"></a><a name="_Ref415736818"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Time limitations</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref415653266"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Paying
Party shall not be liable for any claim referred to in&nbsp;8.1 or otherwise
(&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Claim</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) unless the Aggrieved Party has given written notice
to the Paying Party of the Claim, specifying the factual basis of such Claim in
reasonable detail to the extent then known to the Paying Party, on or before the third anniversary of the Delivery Date. Save as is specifically
provided herein, this&nbsp;8.2 shall not be construed so as to affect the
application of the law of extinctive prescription to any Claim.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref416276053"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Nature of claims</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The
Paying Party shall not be liable for&nbsp;&#8209;</font></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref519402664"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any Claim for any consequential loss, including loss
of profits, injury to business reputation and/or loss of business
opportunities;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any Claim by the Aggrieved Party to the extent
that another Claim has been made by the Aggrieved Party arising out of
substantially the same course or set of facts or having the course of action;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any Indemnified Loss suffered or incurred as a
result of any breach of Warranty if and to the extent that&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">such breach or Indemnified Loss is caused
by&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.3.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any matter or thing done, or omitted to be done,
pursuant to and in compliance with this Agreement or otherwise at the request,
or with the approval in writing, of the Aggrieved Party;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.3.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any act, omission or transaction of the Aggrieved
Party (or any director, officer, employee or agent or successor&#8209;in&#8209;title
of the Aggrieved Party);</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.3.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any passing of, or change in, or change of any
generally accepted interpretation or application of, any Applicable Laws
(including any change in any rates of Taxation) which occurs on or after the
Signature Date;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.3.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any failure by the Aggrieved Party to use
reasonable endeavours to avoid or mitigate any Indemnified Loss; or</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref416345834"></a><a name="_Ref415664063"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">8.3.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">the Aggrieved Party has failed to comply
with&nbsp;7.2 or&nbsp;7.3 and that failure has caused, contributed to or
aggravated the Indemnified Loss.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">If the </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Aggrieved Party </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">has the right to recover from a third party a sum which indemnifies or
compensates the </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Paying Party </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">(in whole or in part) in respect of any
Indemnified Loss, then the </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Aggrieved Party </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">shall notify the Paying Party in writing forthwith of it becoming
aware of such right to enable the Paying Party to take steps </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">to obtain recovery from such third party and the </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Aggrieved Party</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">
shall take all such steps (including ceding or procuring the cession of such
right) as the Paying Party may reasonably require (at the cost of the Paying Party)
in order to enable the Paying Party to enforce such right.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042970"></a><a name="_Ref497828516"></a><a name="_Ref497828500"></a><a name="_Toc497815400"></a><a name="_Toc445127211"></a><a name="_Ref370202399"></a><a name="_Toc301184658"></a><a name="_Ref293594678"></a><a name="_Ref292437200"></a><a name="_Ref292437193"></a><a name="_Ref289949027"></a><a name="_Ref289949019"></a><a name="_Ref289949015"></a><a name="_Ref289939508"></a><a name="_Ref289939495"></a><a name="_Toc289938867"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">CONFIDENTIALITY&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref68161547"></a><a name="_Ref35755199"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Subject to&nbsp;9.2, no Party shall, at any time
after the Signature Date, directly or indirectly disclose, or directly or
indirectly use, whether for its own benefit or that of any other Person,&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any information&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">regarding the contents of this Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-102.05pt;"><a name="_Ref293594548"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">relating to the Company, its assets and affairs,
including all communications (whether written, oral or in any other form) and
all reports, statements, schedules and other data concerning any financial,
technical, labour, marketing, administrative, accounting or other matter,</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">(collectively, the &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Confidential
Information</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;);&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">any document or other record (whether in
electronic or any other medium whatsoever) containing Confidential Information
which is supplied to it by the other Party as well as documents, diagrams and
records which are produced by it (whether or not by copying, photocopying or
otherwise reproducing documents or records supplied to it), and containing any
Confidential Information (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Confidential Records</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;).&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref412120109"></a><a name="_Ref263697303"></a><a name="_Ref35755185"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Notwithstanding&nbsp;9.1, Confidential Information
may be disclosed by a Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Disclosing Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;)&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to any expert appointed in terms of this
Agreement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent to which the prior written consent
for such disclosure has been obtained from the other Party/ies;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;line-height:150%;">9.2.3</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent to which disclosure is required by
law (excluding contractual obligations) or by the rules of any stock exchange
by which it (or any of its Affiliates) is bound, in </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt right 16.0cm;text-align:left;"><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;"></font></b></font><font style="mso-bidi-font-size:12.0pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;">15</font></font><font style="mso-bidi-font-size:12.0pt;"><font style="display:none;mso-hide:all;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;"></font></font></font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_18"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">which
event the Disclosing Party shall, unless prohibited from doing so by any such
law, obtain the other Party's/Parties' consent, not to be withheld unreasonably,
for the manner of such disclosure; provided that the Disclosing Party shall not
be obliged so to obtain the consent of the other Party/ies if such disclosure
is required before the approval can reasonably be obtained but the Disclosing Party
shall in these circumstances promptly notify the other Party/ies of the full
details of such disclosure, including the reasons why time did not permit such
consent to be obtained;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">and Confidential Records may be disclosed by a
Disclosing Party to the Disclosing Party's directors, responsible employees and
professional advisors who require such disclosure for the purpose of the
Disclosing Party's implementing or enforcing this Agreement or obtaining
professional advice or for the purpose of complying with any law. Any conduct
by any such director, employee or professional advisor which would, if that Person
had been party to this&nbsp;9, have been a breach of this&nbsp;9 shall be
deemed to be a breach of this&nbsp;9 by the Disclosing Party;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><a name="_Ref10596597"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.2.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">to the extent to which it&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.2.5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">is Made Public other than as a result of any
breach of this Agreement or any other agreement. The expression &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Made Public</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;
shall, for this purpose, have the same meaning as when it is used in the
insider trading provisions of the Financial Markets Act, which is not limited
to the circumstances referred to in section&nbsp;79 of that Act;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref10940907"></a><a name="_Ref10596611"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.2.5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">corresponds in substance to information
disclosed and/or made available by a third party to the Disclosing Party at any
time without any obligation not to disclose same, unless the Disclosing Party
knows that the third party from whom it received that information is prohibited
from transmitting the information to Disclosing Party by a contractual, legal
or fiduciary obligation to any other party;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref10597987"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.2.5.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">is information which was already in the
possession of the Disclosing Party prior to its disclosure by the other Party
to the Disclosing Party or is independently developed by the Disclosing Party
without reference to the Confidential Information.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">9.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No Party shall 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 this Agreement and/or the Composite
Transaction without obtaining the prior approval of the other Party to the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>


<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt right 16.0cm;text-align:left;"><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="mso-tab-count:1;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:9.0pt;"></font></b></font><font style="mso-bidi-font-size:12.0pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;">16</font></font><font style="mso-bidi-font-size:12.0pt;"><font style="display:none;mso-hide:all;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;"></font></font></font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_19"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">contents thereof and the manner of its presentation and
publication; provided that such approval shall not be unreasonably withheld or
delayed; provided further that if a Party is required to make a public
announcement by law or as required by the rules of any stock exchange by which
it is bound, it shall be entitled to do so without the approval of the other
Party if it has given the other Party a reasonable opportunity (in the
circumstances) to comment on such public announcement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042971"></a><a name="_Toc497815401"></a><a name="_Toc445127212"></a><a name="_Ref417306940"></a><a name="_Ref414438353"></a><a name="_Ref370299250"></a><a name="_Ref370299219"></a><a name="_Ref370131993"></a><a name="_Ref370131330"></a><a name="_Ref370130180"></a><a name="_Ref370129855"></a><a name="_Ref370128906"></a><a name="_Toc301184656"></a><a name="_Ref300840982"></a><a name="_Toc294687753"></a><a name="_Toc278792380"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">BREACH&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&#160;&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Ref416444596"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Should any
Party breach any provision of this Agreement and fail to remedy such breach
within seven days after receiving written notice requiring such remedy, then
(irrespective of the materiality of such breach or provision) the other
Party/ies shall be entitled, without prejudice to its other rights in terms of
this Agreement or in law, including any right to claim damages, to claim
immediate specific performance of all of the defaulting Party's obligations
then due for performance or to cancel this Agreement. Notwithstanding anything to the contrary contained in this
Agreement, no Party shall be entitled to cancel or rescind this Agreement at
any time after the DRD Exchange Agreement may no longer be cancelled by the
parties thereto.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042972"></a><a name="_Toc497815402"></a><a name="_Ref488915612"></a><a name="_Toc445127213"></a><a name="_Toc301184657"></a><a name="_Toc294687754"></a><a name="_Toc278792381"></a><a name="_Toc264379261"></a><a name="_Toc262718516"></a><a name="_Toc199563900"></a><a name="_Toc196212287"></a><a name="_Toc196211669"></a><a name="_Toc191866229"></a><a name="_Toc176231140"></a><a name="_Toc175473432"></a><a name="_Toc173562187"></a><a name="_Toc173313569"></a><a name="_Toc172951870"></a><a name="_Toc164832796"></a><a name="_Toc153605042"></a><a name="_Toc153091845"></a><a name="_Toc151969723"></a><a name="_Toc151967643"></a><a name="_Toc151967604"></a><a name="_Toc151967426"></a><a name="_Toc151967387"></a><a name="_Toc151967155"></a><a name="_Toc150590276"></a><a name="_Toc144173006"></a><a name="_Toc141232499"></a><a name="_Toc136171249"></a><a name="_Toc121221462"></a><a name="_Toc115688110"></a><a name="_Toc84856025"></a><a name="_Toc77065661"></a><a name="_Toc75580663"></a><a name="_Toc72201729"></a><a name="_Toc58159582"></a><a name="_Toc35758829"></a><a name="_Toc7519161"></a><a name="_Ref5528505"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">DISPUTES&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref423428026"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">11.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Save as expressly otherwise provided for in this
Agreement, any dispute arising out of or in connection with this Agreement,
including any dispute as to its existence, validity, enforceability or
termination, shall be finally resolved in accordance with the rules of the
Arbitration Foundation of Southern Africa (or its successor-in-title) (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">AFSA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;)
by an arbitrator appointed by AFSA. There shall be a right of appeal as
provided for in article&nbsp;22 of such rules.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">11.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">If AFSA no longer exists then the arbitrators
shall be appointed by the President for the time being of the Law Society of
the Northern Provinces and the arbitration shall be conducted in accordance
with the Arbitration Act No&nbsp;42 of&nbsp;1965.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref444254172"></a><a name="_Ref133646842"></a><a name="_Ref510669923"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">11.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Notwithstanding anything to the contrary
contained in this&nbsp;11, any Party shall be entitled to obtain interim relief
on an urgent basis from any competent court having jurisdiction.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">11.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">For the purposes of&nbsp;11.3 and for the
purposes of having any award made by the arbitrator being made an order of
court, each of the Parties hereby submits itself to the non&#8209;exclusive
jurisdiction of the High Court of South Africa, Gauteng Local Division,
Johannesburg.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">11.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This&nbsp;11 is severable from the rest of this
Agreement and shall remain in full force and effect notwithstanding any termination
or cancellation of this Agreement, or any part thereof.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><a name="_Toc445127214"></a><a name="_Toc362878643"></a><a name="_Toc357527415"></a><a name="_Toc295845955"></a><a name="_Toc266990171"></a><a name="_Toc264210791"></a><a name="_Toc197231998"></a><a name="_Toc193106220"></a><a name="_Toc176923328"></a><a name="_Toc175363969"></a><a name="_Toc173313570"></a><a name="_Toc172951871"></a><a name="_Toc164832797"></a><a name="_Toc153605043"></a><a name="_Toc153091846"></a><a name="_Toc151969724"></a><a name="_Toc151967644"></a><a name="_Toc151967605"></a><a name="_Toc151967427"></a><a name="_Toc151967388"></a><a name="_Toc151967156"></a><a name="_Toc150590277"></a><a name="_Toc144173007"></a><a name="_Toc141232500"></a><a name="_Toc136171250"></a><a name="_Toc121221463"></a><a name="_Toc115688111"></a><a name="_Toc84856026"></a><a name="_Toc77065662"></a><a name="_Toc75580664"></a><a name="_Toc72201730"></a><a name="_Toc58159579"></a><a name="_Toc35758826"></a><a name="_Toc7519158"></a><a name="_Toc498489347"></a><a name="_Toc497463604"></a><a name="_Ref497100407"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042973"></a><a name="_Ref497890412"></a><a name="_Ref497890407"></a><a name="_Toc497815404"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">DOMICILIUM AND NOTICES</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties choose </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">domicilium citandi et
executandi</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) for all purposes relating to
this Agreement, including the giving of any notice, the payment of any sum, the
serving of any process, as follows&nbsp;&#8209;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">12.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:normal;">DRD&nbsp;-&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">physical&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; 2<sup>nd</sup>
Floor, North Tower </font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1 Sixty Building </font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">160 Jan Smuts Avenue</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Rosebank</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">2196</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&#8209;mail&#160;&#160;&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; </font><font color=windowtext face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;text-decoration:none;">niel.pretorius@drdgold.com</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">;
and</font></p>

<p style="margin-bottom:0cm;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">riaan.davel@drdgold.com</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">attention:&#160;&#160;&#160;&#160;&#160;&#160; The CEO and the CFO</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Sibanye&nbsp;-&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">physical&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; Constantia
Office Park</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Bridgeview
House</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Ground
Floor</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">(cnr 14<sup>th</sup>
Avenue and Hendrik Potgieter Street)</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Gauteng</font></p>

<p style="margin-bottom:0cm;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">1709</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">e&#8209;mail&#160;&#160;&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160; richard.stewart@sibanyestillwater.com</font></p>

<p style="margin-bottom:0cm;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">cain.farrel@sibanyestillwater.com</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Century Gothic,sans-serif" lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">attention:&#160;&#160;&#160;&#160;&#160;&#160; Richard Stewart
(EVP:&nbsp;Business Development)</font></p>

<p style="margin-bottom:0cm;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Cain Farrel (Company Secretary)</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_21"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any Party shall be entitled from time to time,
by giving written notice to the other, to vary its physical </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">
to any other physical address (not being a post office box or </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">poste restante</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">)
in South Africa and to vary its facsimile and/or email </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> to any
other facsimile number and/or email address.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref196367709"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any notice given or payment made by a Party to any
other (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Addressee</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) which is delivered by hand between the
hours of 09:00 and 17:00 on any Business Day to the Addressee's physical </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">
for the time being shall be deemed to have been received by the Addressee at
the time of delivery.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref196367793"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any notice given by a Party to any other which
is successfully transmitted by email or facsimile to the Addressee's email or facsimile
</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;"> for the time being shall be deemed (unless the contrary is
proved by the Addressee) to have been received by the Addressee at the time of
successful transmission thereof or, if such date is not a Business Day, on the
next day which is a Business Day.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This&nbsp;12 shall not operate so as to
invalidate the giving or receipt of any written notice which is actually
received by the Addressee other than by a method referred to in this&nbsp;12.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">12.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Any notice in terms of or in connection with
this Agreement shall be valid and effective only if in writing and if received
or deemed to be received by the Addressee.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042974"></a><a name="_Toc497815405"></a><a name="_Ref488915623"></a><a name="_Toc445127215"></a><a name="_Toc301184660"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">13</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">GENERAL&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref416445214"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This Agreement constitutes the sole record of
the agreement between the Parties in relation to the subject matter hereof. No
Party shall be bound by any express, tacit or implied term, representation,
warranty, promise or the like not recorded herein. This Agreement supersedes
and replaces all prior commitments, undertakings or representations, whether
oral or written, between the Parties in respect of the subject matter hereof.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No addition to, variation, novation or agreed
cancellation of any provision of this Agreement shall be binding upon the
Parties unless reduced to writing and signed by or on behalf of the Parties.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No waiver, indulgence or extension of time which
a Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Grantor</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;) may grant to the other/s, nor any delay or
failure by the Grantor to enforce, whether completely or partially, any of its
rights, shall constitute a waiver of or, whether by estoppel or otherwise,
limit any of the existing or future rights of the Grantor in terms hereof, save
in the event and to the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_22"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


</DIV>
<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">extent that the Grantor has
signed a written document expressly waiving or limiting such right.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Save as expressly provided in this Agreement, no
Party shall be entitled to cede, delegate, Encumber, assign or otherwise
transfer any of its rights and/or obligations in terms of, and/or interest in,
this Agreement to any third party without the prior written consent of the
other Parties.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">No consent or approval in terms of or in
connection with this Agreement shall be valid or effective unless in writing
and signed by or on behalf of the Party/ies giving such consent or approval.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref412021776"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">For the purposes of this Agreement&nbsp;&#8211;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref415146700"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">no data message, as defined in the Electronic
Communications and Transactions Act No&nbsp;25 of&nbsp;2002 (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">ECTA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&quot;),
other than an email or facsimile, shall constitute writing;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref415146299"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">no electronic signature or advanced electronic
signature, as defined in ECTA, shall constitute a signature, except for the
purposes of varying any date referred to in this Agreement or giving any
consent or approval in terms of this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Without prejudice to any other provision of this
Agreement, any successor&#8209;in&#8209;title, including any executor, heir,
liquidator, business rescue practitioner, curator or trustee, of a Party shall
be bound by this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The signature by either Party of a counterpart
of this Agreement shall be as effective as if that Party had signed the same
document as the other Party.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref417304148"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">13.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">The Parties warrant to each other that they have
the legal capacity and authority required to conclude and implement this Agreement
and that such conclusion and implementation do not conflict with any obligation
or restriction applicable to either Party, whether in terms of any law, its
constitution or otherwise.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042975"></a><a name="_Ref497890399"></a><a name="_Toc497815406"></a><a name="_Ref488915627"></a><a name="_Toc445127216"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">14</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">GOVERNING LAW</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">This Agreement shall in all respects
(including its existence, validity, interpretation, implementation, termination
and enforcement) be governed by the law of South&nbsp;Africa which is
applicable to agreements executed and wholly performed within South&nbsp;Africa.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">DRD Option Agreement - Execution - 22 Nov
2017/#4687327v1</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 226.1pt right 452.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:6.5pt;layout-grid-mode:line;">22112017</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc499042976"></a><a name="_Ref497828521"></a><a name="_Ref497828508"></a><a name="_Toc497815407"></a><a name="_Ref488916119"></a><a name="_Ref488915630"></a><a name="_Toc445127217"></a><a name="_Toc301184661"></a><a name="_Ref300840987"></a><a name="_Toc294687757"></a><a name="_Ref292446033"></a><a name="_Toc278792384"></a><a name="_Ref276460849"></a><a name="_Toc274924943"></a><a name="_Ref268179472"></a><a name="_Toc268114121"></a><a name="_Toc266990039"></a><a name="_Toc264210794"></a><a name="_Toc197232001"></a><a name="_Ref197143927"></a><a name="_Toc193106223"></a><a name="_Toc176923331"></a><a name="_Toc175363973"></a><a name="_Toc173313574"></a><a name="_Toc165277031"></a><a name="_Toc165198148"></a><a name="_Toc165192298"></a><a name="_Toc81915425"></a><a name="_Toc81899519"></a><a name="_Ref81629324"></a><a name="_Ref81629153"></a><a name="_Toc80519577"></a><a name="_Ref78780235"></a><a name="_Ref78779378"></a><a name="_Toc77065664"></a><a name="_Toc75580666"></a><a name="_Ref75062666"></a><a name="_Toc72201732"></a><a name="_Ref69101104"></a><a name="_Toc58159584"></a><a name="_Ref44229265"></a><a name="_Ref44229155"></a><a name="_Toc35758830"></a><a name="_Ref35353640"></a><a name="_Ref35353594"></a><a name="_Toc7519162"></a><a name="_Ref336295"></a><a name="_Ref536855693"></a><a name="_Toc498489351"></a><a name="_Toc497463608"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">15</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;font-weight:normal;layout-grid-mode:line;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;text-transform:uppercase;">COSTS&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">Each
Party shall bear and pay its own costs in relation to the negotiation,
drafting, finalisation, signing and implementation of this Agreement.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-right:72.15pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:33.45pt;">
  <td colspan=2 width=100% style="height:33.45pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">Signed at Sandton on 22 November
  2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for</font></p>
  </td>
 <td nowrap valign=top width=48% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">DRDGOLD Limited</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">who warrants that he is duly</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">authorised hereto</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-right:72.15pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:33.45pt;">
  <td colspan=2 width=100% style="height:33.45pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">Signed at Sandton on 22 November
  2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for</font></p>
  </td>
 <td nowrap valign=top width=48% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">Sibanye Gold Limited</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">who warrants that he is duly</font></p>
  <p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;">authorised hereto</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>




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<DOCUMENT>
<TYPE>EX-10.5
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<FILENAME>exhibit10005.htm
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 <tr>
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  <p style="background:white;margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;mso-element:frame;mso-element-anchor-horizontal:page;mso-element-anchor-lock:locked;mso-element-anchor-vertical:page;mso-element-frame-height:39.7pt;mso-element-frame-hspace:9.05pt;mso-element-frame-width:508.05pt;mso-element-left:51.65pt;mso-element-top:129.9pt;mso-element-wrap:no-wrap-beside;mso-height-rule:exactly;mso-pattern:solid white;mso-shading:white;"><b><font style="mso-bidi-font-weight:normal;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">EXECUTION VERSION </font></b></font></b></p>

  <p style="background:white;margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;mso-element:frame;mso-element-anchor-horizontal:page;mso-element-anchor-lock:locked;mso-element-anchor-vertical:page;mso-element-frame-height:39.7pt;mso-element-frame-hspace:9.05pt;mso-element-frame-width:508.05pt;mso-element-left:51.65pt;mso-element-top:129.9pt;mso-element-wrap:no-wrap-beside;mso-height-rule:exactly;mso-pattern:solid white;mso-shading:white;"><b><font style="mso-bidi-font-weight:normal;">&nbsp;</font></b></p>
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</font><p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>


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<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">CLOSING
AND AMENDING AGREEMENT</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">between</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">SIBANYE GOLD LIMITED</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">and</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">WRTRP PROPRIETARY LIMITED</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">(formerly named K2017449061 (South
Africa) Proprietary Limited)</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">and </font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">DRDGOLD LIMITED</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>









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  <p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font style="mso-fareast-language:EN-ZA;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">Docex 111 Sandton</font></font></p>
  </td>
 <td valign=top width=33% style="padding:0cm 5.4pt 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font style="mso-fareast-language:EN-ZA;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">enquiries@werksmans.com</font></font></p>
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  <td valign=top width=38% style="padding:0cm 5.4pt 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font style="mso-fareast-language:EN-ZA;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">Sandton 2196 Johannesburg South Africa</font></font></p>
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 <td valign=top width=29% style="padding:0cm 5.4pt 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font style="mso-fareast-language:EN-ZA;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">Tel</font><font style="mso-tab-count:1;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">&#160;&#160; &nbsp;</font></font><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">+27
  11 535 8000</font></font></p>
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 <td valign=top width=33% style="padding:0cm 5.4pt 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font style="mso-fareast-language:EN-ZA;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">www.werksmans.com</font></font></p>
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  <p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font style="mso-fareast-language:EN-ZA;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">Private Bag 10015 Sandton 2146</font></font></p>
  </td>
 <td valign=top width=29% style="padding:0cm 5.4pt 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font style="mso-fareast-language:EN-ZA;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">Fax</font><font style="mso-tab-count:1;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">&#160; &nbsp;</font></font><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">+27
  11 535 8600</font></font></p>
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 <td valign=top width=33% style="padding:0cm 5.4pt 0cm 0cm;">
  <p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font style="mso-fareast-language:EN-ZA;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;line-height:150%;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:21.6pt;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;text-align:justify;"><font style="mso-bidi-font-size:11.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:8.0pt;">&nbsp;</font></font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">OM/OM</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font></p>


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<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">TABLE OF CONTENTS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">1</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">INTERPRETATION&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 1</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">2</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Amendment&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 3</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">3</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">SUSPENSIVE
CONDITIONS TO THE FIRST EXCHANGE AGREEMENT</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 3</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">4</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">approval in
terms of the competition act</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 7</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">5</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">DELIVERY IN
TERMS OF THE FIRST EXCHANGE AGREEMENT</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 9</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">6</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">closing,
delivery and no cancellation of the First Exchange Agreement</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 10</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">7</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">closing,
delivery and no cancellation of the DRD Exchange Agreement</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 11</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">8</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">THE CPP LAND</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 13</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">9</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">undertaking
by Sibanye in terms of the section 102 applications</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 14</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">10</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">employees&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 14</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">11</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">rehabilitation
liabilities</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 15</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">12</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">DOMICILIUM AND
NOTICES</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 16</font></b></font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0pt;margin-top:0cm;text-indent:-25.5pt;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">13</font></u></b><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&#160;&#160;&#160; </font><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">GENERAL&nbsp;</font></u></b><font face=Verdana,sans-serif style="display:none;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">. 18</font></b></font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;text-decoration:none;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">ANNEXURES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;A &#8211;&nbsp;approval of financial
surveillance department of sarb</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;B &#8211;&nbsp;jse approval of drd circular</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;C &#8211;&nbsp;trp approval of drd circular</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;D &#8211;&nbsp;approval in terms of
competition act</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;E &#8211;&nbsp;PRESS ANNOUNCEMENT CONFIRMING
APPROVAL of drd shareholders</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;F &#8211;&nbsp;ENVIRONMENTAL AUTHORISATIONS
AND WASTE MANAGEMENT LICENCES</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;G &#8211;&nbsp;CONFIRMATION OF VAT
REGISTRATION OF ISSUING PARTY</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;H &#8211;&nbsp;lender's consent in terms of
the rand revolving credit facility</font></u></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;I &#8211;&nbsp;employees of the business as
at the delivery date</font></u></b></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">OM/OM</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">CLOSING AND AMENDING </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">AGREEMENT&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">between</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">SIBANYE GOLD LIMITED</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">WRTRP PROPRIETARY LIMITED</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">(formerly named K2017449061 (South Africa)
Proprietary Limited)</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">and </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">DRDGOLD LIMITED</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773447"></a><a name="_Toc516565246"></a><a name="_Toc499027471"></a><a name="_Toc445127197"></a><a name="_Toc301184647"></a><a name="_Toc276452438"></a><a name="_Toc274637591"></a><a name="_Toc274580001"></a><a name="_Toc256089225"></a><a name="_Toc229967763"></a><a name="_Toc163014073"></a><a name="_Toc105470957"></a><a name="_Toc90771081"></a><a name="_Toc75747351"></a><a name="_Toc67301955"></a><a name="_Toc518982426"></a><a name="_Toc510243019"></a><a name="_Ref506028043"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">INTERPRETATION&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">In
this Agreement,-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the following words and expressions shall
bear the meanings assigned to them below and cognate words and expressions bear
corresponding meanings&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;this
agreement, together with its annexures, as amended from time to time;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Business Day</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;any
day which is not a Saturday, a Sunday or an official public holiday in South
Africa;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">CPP&nbsp;Land</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
land upon which the&nbsp;CPP will be located, being
Portions&nbsp;5,&nbsp;11,&nbsp;35 and&nbsp;36 of the Farm Rietfontein
No&nbsp;349, Registration Division&nbsp;I.Q., Gauteng Province and the
remaining extent of the Farm Doornkloof No&nbsp;348, Registration Division&nbsp;I.Q.,
Gauteng Province;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;DRDGOLD
Limited (registration number 1895/000926/06), a public company duly
incorporated and registered in accordance with the laws of South Africa;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD Exchange Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;-&nbsp;the
written exchange agreement (in terms of section&nbsp;42 of the Income Tax Act)
entered into between Sibanye and DRD on 22&nbsp;November 2017;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Engineering Services</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;a
system for the provision of water, electricity, gas, roads, sewerage, storm
water drainage and solid waste collection and removal;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">External Engineering Services</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Engineering Services situated outside the boundaries of the CPP&nbsp;Land, and
which is necessary to serve the CPP&nbsp;Land;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">First Exchange Agreement</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
written exchange agreement (in terms of section&nbsp;42 of the Income Tax Act)
entered into between Sibanye, the Issuing Party and DRD on 22&nbsp;November
2017; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Internal Engineering Services</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;the
Engineering Services within the boundaries of the CPP&nbsp;Land, and which will
be connected to the External Engineering Services;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Issuing Party</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;WRTRP
Proprietary Limited </font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">(registration number 2017/449061/07) </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">(formerly
named K2017449061 (South Africa) Proprietary Limited)</font><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">, a
private company duly incorporated and registered in accordance with the laws of
South Africa, also known as &quot;</font><b><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">Target</font></b><font face=Verdana,sans-serif lang=EN-ZA style="font-size:10.0pt;line-height:150%;">&quot; in terms of the DRD
Exchange Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Option</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;shall
have the meaning ascribed thereto in the DRD Option Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Option Period</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;-&nbsp;shall
have the meaning ascribed thereto in the DRD Option Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.13</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Remaining CPP&nbsp;Land</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8209;&nbsp;that
portion of the CPP Farm Rietfontein which does not form and constitute the CPP
Land;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.14</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;Sibanye
Gold Limited (registration number 2002/031431/06), a public company duly
incorporated and registered in accordance with the laws of South Africa;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref514136936"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.1.15</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Signature Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;when
this Agreement has been signed by all Parties (whether or not in counterpart),
the latest of the dates on which this Agreement (or counterpart) was signed by
a Party; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">capitalised terms which are not defined in
this Agreement shall have the meaning ascribed thereto in the First Exchange
Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the same rules of interpretation as have been
prescribed in the First Exchange Agreement will apply.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt 234.0pt right 16.0cm 468.0pt;"><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;">2</font></b></font></font></b><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;"></font></b></font></font></font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773448"></a><a name="_Ref517791684"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Amendment&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties hereby agree, by their signatures
to this Agreement, to amend the First Exchange Agreement by&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">deleting&nbsp;3.1.1.1.3 of the First Exchange
Agreement;&nbsp;and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">deleting the reference made to&nbsp;3.1.1.1.3
of the First Exchange Agreement in clause&nbsp;3.1.3 of the First Exchange
Agreement. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The provision of&nbsp;3.1.1.1.3 of the First
Exchange Agreement stipulates that on or before the Longstop Date, the&nbsp;JSE
shall have approved the listing of the&nbsp;DRD Shares to be issued pursuant to
the DRD&nbsp;Exchange Agreement. The Parties have agreed to amend the First
Exchange Agreement by deleting&nbsp;3.1.1.1.3 in acknowledgment by both Parties
of the fact that it will not be possible to obtain, on or before the Delivery
Date, a copy of the&nbsp;JSE's approval of the listing of the&nbsp;DRD Shares
which are to be issued.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773449"></a><a name="_Toc516565247"></a><a name="_Ref508097763"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">SUSPENSIVE CONDITIONS TO THE FIRST EXCHANGE AGREEMENT</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The
Parties, by their signature hereto, agree to, acknowledge and confirm each of
the statements in this&nbsp;3.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Fulfilment of Suspensive Conditions</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref508099831"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties confirm that all of the
Suspensive Conditions in&nbsp;3.1.1.1 of the First Exchange Agreement were and
are hereby fulfilled and/or waived and/or deleted on or before the Longstop
Date. In this regard it is recorded and agreed that&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a copy of the e-mail of an authorised dealer
confirming that the approval of the Financial Surveillance Department of SARB,
in terms of which the DRD Circular was approved pursuant to the Exchange
Control Regulations as contemplated in 3.1.1.1.1 of the First Exchange
Agreement, is not required is attached hereto as Annexure&nbsp;A. Having regard
to the aforesaid e-mail, the Parties have waived, or hereby waive, the
Suspensive Condition in 3.1.1.1.1 of the First Exchange Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt 234.0pt right 16.0cm 468.0pt;"><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;">3</font></b></font></font></b><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;"></font></b></font></font></font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a copy of the approval of the JSE in terms of
which the DRD Circular was approved, as contemplated in 3.1.1.1.2 of the First
Exchange Agreement, is attached hereto as Annexure&nbsp;B;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Parties have agreed, in terms of&nbsp;2
of this Agreement to the deletion of clause&nbsp;3.1.1.1.3 of the First
Exchange Agreement; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a copy of the approval of the TRP in terms of
which it approved the DRD Circular, as contemplated in 3.1.1.1.4 of the First
Exchange Agreement, is attached hereto as Annexure&nbsp;C;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a copy of the approval of the Composite
Transaction in terms of the Competition Act, as contemplated in 3.1.1.1.5 of
the First Exchange Agreement, is attached hereto as Annexure&nbsp;D;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">at the General Meeting of DRD Shareholders
held on 28&nbsp;March&nbsp;2018&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD Shareholders passed the requisite
resolution waiving the benefit of the mandatory offer which would ordinarily
flow from the issue of the DRD&nbsp;Shares to Sibanye in terms of the DRD
Exchange Agreement, as contemplated in 3.1.1.1.6 of the First Exchange
Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">each of the ordinary and special resolutions
contemplated in&nbsp;3.1.1.1.7 of the First Exchange Agreement was passed by
the requisite majorities.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">A
copy of the press announcement made by DRD reflecting the outcome of the votes
on the resolutions at the General Meeting is attached hereto as
Annexure&nbsp;E;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a copy of&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref489954264"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.7.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Environmental Authorisations and Waste
Management Licences bearing DMR reference numbers GP30/5/1/2/2/07MR,
GP30/5/1/2/2/55MR and GP35/1/2/2/38MR, issued in terms of Section 24 and/or
Section 24L of NEMA;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref489954266"></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt 234.0pt right 16.0cm 468.0pt;"><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;">4</font></b></font></font></b><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;"></font></b></font></font></font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.7.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Environmental Authorisation and Waste
Management Licence being DMR reference number GP30/5/1/2/2/66MR, issued in
terms of Section 24L of NEMA, read together with the provisions of NEM:WA,</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">granted
to Sibanye, as contemplated in&nbsp;3.1.1.1.8 of the First Exchange Agreement,
are collectively attached hereto as Annexure&nbsp;F</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> </font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">(and
such approvals bear the following DMR reference numbers
GP&nbsp;20/5/1/2/3/2/1&nbsp;(07)&nbsp;EM,
GP&nbsp;30/5/1/2/3/2/1&nbsp;(38)&nbsp;EM, GP&nbsp;30/5/1/2/3/2/1&nbsp;(66)&nbsp;EM
and GP&nbsp;30/5/1/2/3/2/1&nbsp;(51)&nbsp;EM);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref516560873"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">by its signature hereto, DRD waives the
Suspensive Condition relating to the grant of the Section&nbsp;102 Applications
to Sibanye, as contemplated in 3.1.1.1.9 of the First Exchange Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Parties, being all of the parties to each
of the agreements contemplated in 3.1.1.1.10 of the First Exchange Agreement,
confirm that each of such agreements have been signed and become unconditional
(other than any suspensive condition relating to the First Exchange Agreement)
as contemplated in 3.1.1.1.10 of the First Exchange Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Parties confirm that the DRD Guarantee
has been signed and become unconditional (other than any suspensive condition
relating to the First Exchange Agreement) as contemplated in 3.1.1.1.11 of the
First Exchange Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a copy of the Notice of Registration
reflecting that the Issuing Party is registered as a VAT Vendor in terms of
section&nbsp;23 of the VAT Act, as contemplated in&nbsp;3.1.1.12 of the First
Exchange Agreement, is attached hereto as&nbsp;Annexure&nbsp;G;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.1.12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the consent of the lenders under the Rand
Revolving Credit Facility, as contemplated in&nbsp;3.1.1.1.13 of the First
Exchange Agreement, was granted on 29&nbsp;January 2018 and is attached hereto
as Annexure&nbsp;H. The consent of the Lenders under the USD Revolving Credit
Facility, as contemplated in 3.1.1.1.13 of the First Exchange Agreement, is not
required as a result of the substitution of that facility and the Parties
accordingly dispense with the need for obtaining such consent and waive the Suspensive
Condition in 3.1.1.1.13 of the First Exchange Agreement insofar as it pertains
to the USD Revolving Credit Facility.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref508099839"></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties confirm that on the date upon
which the Suspensive Conditions contained in 3.1.1 of the First Exchange
Agreement were fulfilled or waived no Material Adverse Change had occurred.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Having regard to 3.1.1 and 3.1.2,&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the First Exchange Agreement; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">3.1.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">each of the other agreements forming part of
the Composite Transaction referred to in 1.2.10 of the First Exchange Agreement,</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">are
in full force and effect and cannot fail as a result of non-fulfilment of any
of the suspensive conditions thereto.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773450"></a><a name="_Toc516565248"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">approval in terms of the competition act</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref508175428"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">It is recorded that the approval in terms of
the Competition Act which is attached as Annexure&nbsp;D to this Agreement is
in respect of the Composite Transaction, but that insofar as the exercise of
the Option is concerned such approval is only valid until 6&nbsp;February 2020
(&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Competition End Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;). The
Competition End Date is the last date which falls within 24 months of the date
upon which the approval in terms of the Competition Act which is
Annexure&nbsp;D hereto was granted.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref508176372"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Having regard to what is recorded in 4.1, the
Parties agree that if the Option is exercised by Sibanye during the Option Period
but after the Competition End Date&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">it shall be necessary to obtain a further
approval for the implementation of the transaction embodied in the DRD Option
Agreement from the Competition Authorities in terms of the Competition Act
(&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Fresh Approval</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;);&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the provisions of 3.4 of the First Exchange
Agreement shall apply mutatis mutandis to the preparation and lodgement of the
required merger filing pursuant to which the Fresh Approval will be sought,
provided that&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye shall bear and pay the costs in
respect of the preparation of the merger filing as well as any filing and
administrative fees payable to the Competition Authorities;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><a name="_Ref512861162"></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye undertakes to submit the application
for the Fresh Approval within a period of one month of the Exercise Date as
defined in the DRD Option Agreement;&nbsp;and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye undertakes that once the application
for the Fresh Approval has been made within the one month period referred to
above in&nbsp;4.2.2.2, Sibanye is to take all reasonable steps to ensure that
the Fresh Approval is granted as soon as practically possible;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref511804947"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the transaction contemplated in the DRD
Option Agreement shall not be implemented prior to the Fresh Approval having
been obtained and such implementation (including closing and delivery as
contemplated in&nbsp;5 of the DRD Option Agreement) shall therefore be subject
to the Fresh Approval being unconditionally granted by the Competition
Authorities in terms of the Competition Act or being granted subject to such
conditions as any Party affected thereby confirms in writing to the others is
acceptable to it (by no later than 48&nbsp;hours after receipt of such Fresh
Approval), which confirmation shall not be unreasonably withheld;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">in the event of the Fresh Approval not being
granted on the basis set out in&nbsp;4.2.3 within 9&nbsp;months of the date of
exercise of the Option, then the Option (and any exercise thereof) shall cease
to be of any further force or effect and the transaction contemplated in the
DRD Option Agreement shall not be implemented or given effect to.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">To give effect to the aforegoing, the DRD
Option Agreement is hereby amended as follows&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the definition of &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Closing Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;
as contained in 1.2.4 of the DRD Option Agreement shall be replaced with the
following new definition&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.95pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;1.2.4&#160;&#160;&#160;&#160; &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Closing Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;unless
otherwise agreed by the Parties in writing and subject to&nbsp;5.2, the later
of&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:177.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-75.15pt;"><a name="_Ref497887984"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.4.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
tenth Business Day after the Exercise Date if the Exercise Date falls on or
before 6&nbsp;February 2020; or</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:177.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-75.15pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.4.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; subject to 5.9, the tenth
Business Day after the date upon which the transaction in
this Agreement is unconditionally approved by </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:177.2pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the
Competition Authorities under and in terms of the Competition Act 89 of 1998 or
is approved subject to such conditions as the Party affected thereby may
confirm in writing to the other Parties is acceptable to it (by no later than
48 hours after the receipt of such approval), such confirmation not to be
unreasonably withheld;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:155.95pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">provided
that if it is not possible to credit the Sibanye Securities Account with the
Option Shares as contemplated in&nbsp;5.4 on the date referred to
in&nbsp;1.2.4.1 or 1.2.4.2 (as the case may be), the Closing Date shall be the
first Business Day after the date specified in 1.2.4.1 or 1.2.4.2 (as the case
may be) on which it is possible to credit the Sibanye Securities Account with
the Option Shares;&quot;;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the addition of the following new 5.9
immediately after the existing 5.8 of the DRD Option Agreement&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.95pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;5.9&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the sake of clarity and
avoidance of any doubt, it is agreed that if the Exercise Date falls on or
after 7&nbsp;February&nbsp;2020 and the transaction contemplated in this
Agreement is not approved by the Competition Authorities under and in terms of
the Competition Act 89 of 1998 within 9&nbsp;months of the Exercise Date or is
approved subject to conditions which are not acceptable to the Party affected
thereby within 9&nbsp;months of the Exercise Date, the transaction in this
Agreement shall not be implemented or given effect to.&quot;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773451"></a><a name="_Toc516565249"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">DELIVERY IN TERMS OF THE FIRST EXCHANGE AGREEMENT</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref512865350"></a><a name="_Ref512858317"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">5.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Notwithstanding that the Parties agreed in
the First Exchange Agreement that the Delivery Date is the fifth Business Day
after the day on which the last of the Suspensive Conditions is fulfilled or
waived, or such later date as may be agreed between the Parties, the Parties
hereby agree to amend that date so that the Delivery Date is 25&nbsp;July&nbsp;2018.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref514147288"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">5.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Having regard to 5.1, the Parties wish to
amend the First Exchange Agreement by deleting the definition of Delivery Date
in paragraph 1.2.14 of the First Exchange Agreement and substituting it with
the following new definition&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.14
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Delivery Date</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;25&nbsp;July&nbsp;2018&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_11"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773452"></a><a name="_Toc516565250"></a><a name="_Ref508178365"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">closing, delivery and no cancellation of the First Exchange Agreement<sup>
&nbsp;</sup></font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref514150241"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Notwithstanding the provisions to the First
Exchange Agreement, the Parties hereby agree that closing and delivery in terms
of the First Exchange Agreement shall be effected on
the Delivery Date as contemplated in&nbsp;5.2 as follows&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Parties will meet and sign this
Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">as contemplated in&nbsp;4.3 of the First
Exchange Agreement&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Consideration Shares will be allotted and
issued to Sibanye;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a duly signed share certificate in respect of
the Consideration Shares will be delivered to Sibanye;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye's name will be entered into the
Issuing Party's securities register as the holder of the Consideration
Shares;&nbsp;and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">as contemplated in&nbsp;6 of the First
Exchange Agreement&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye will place the Issuing Party in
possession of the Plan and Materials by delivering same to the Issuing Party; </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye will place the Issuing Party in
possession and control of the DP2&nbsp;Plant, DP3&nbsp;Plant and Pilot Plant by
way of constructive delivery;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Issuing Party will be placed in
possession of the Transferring Land in accordance with the provisions of&nbsp;8
of the First Exchange Agreement and place the Issuing Party in possession of
the Leased Land in accordance with the provisions of the Lease Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1.3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">delivery of the Additional Mine Dumps and
Driefontein&nbsp;4 occurs way of </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">traditio longa manu </font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">in the presence of
a notary public;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.1.3.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the notary public confirms in writing that
the delivery of the Additional Mine Dumps and Driefontein&nbsp;4 took
place;&nbsp;and</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt 234.0pt right 16.0cm 468.0pt;"><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;">9</font></b></font></font></b><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;"></font></b></font></font></font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Having regard to what is recorded
in&nbsp;6.1, the First Exchange Agreement may not be cancelled or rescinded as
is in any event stipulated in&nbsp;20 of the First Exchange Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773453"></a><a name="_Toc516565251"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">closing, delivery and no cancellation of the DRD
Exchange Agreement<sup> &nbsp;</sup></font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref514150264"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Notwithstanding the provisions to the DRD
Exchange Agreement, the Parties hereby agree that closing and delivery in terms
of the First Exchange Agreement should be effected as follows&nbsp;&#8211;
</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref519615585"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">on the DRD Delivery Date, which for the
avoidance of any doubt, is the first Business Day after the Delivery Date as
referred to above in&nbsp;5.2, DRD delivers to Sibanye proof that the signed
application letter to the JSE has in fact been lodged for the approval of the
listing of the Allotted Shares as contemplated in 6.1.2.2 of the DRD Exchange
Agreement. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref514138340"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">on the third Business Day after the DRD
Delivery Date, the Parties agree that a meeting is held and that closing and
delivery in terms of the DRD Exchange Agreement should be effected as
follows&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">as contemplated in&nbsp;6.1 of the DRD
Exchange Agreement Sibanye shall deliver to DRD&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the share certificates in respect of the
Target Shares together with duly signed and currently dated share transfer
forms in respect thereof (reflecting DRD as transferee);</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:150%;">an extract from the updated securities
register of the Target reflecting the transfer of the Target Shares into the
name of </font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">DRD</font><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:150%;">;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a copy of a resolution of the board of
directors of the Target&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.1.3.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">approving the transfer of the Target Shares
in accordance with this Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.1.3.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">authorising the registration of transfer of
the Target Shares and the issue of a new share certificate in respect of the
Target Shares to DRD;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_13"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.1.3.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">accepting the resignations of Richard Andrew
Stewart and Charl&nbsp;Keyter as directors of the Target; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.1pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-153.1pt;"><a name="_Ref411512273"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.1.3.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">appointing Kevin Peter Kruger and Henriette
Hooijer as directors of the Target with effect from the DRD&nbsp;Delivery Date;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref411512034"></a><a name="_Ref190577924"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.1.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the written resignations of all of the
directors and the public officer of the Target who are in office immediately
prior to the DRD&nbsp;Delivery Date and each such resignation shall confirm
that the Person resigning has no claims against the Target;
and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref413768801"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.1.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">all of the Target's books, records, documents
and assets;&nbsp;and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">as contemplated in&nbsp;6.1.2 of the DRD
Exchange Agreement, <a name="_Ref139951580"></a>DRD shall deliver to Sibanye&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">a copy of a resolution of the board of
directors of DRD approving the allotment and issue of the Allotted Shares to
Sibanye pursuant to this Agreement and authorising the payment of the relevant
listing fee in respect thereof;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref488850328"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the approval letter of the JSE stating that
the Allotted Shares will in fact be listed on the JSE;&nbsp;and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-127.6pt;"><a name="_Ref488850793"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.2.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the irrevocable instruction to the relevant
CSDP to credit the Sibanye Securities Account with the Allotted Shares; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref519669912"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">notwithstanding what the Parties previously
agreed in clause&nbsp;6.2 of the DRD Exchange Agreement, the Parties now agree,
by their signatures hereto and in compliance with the Financial Markets Act,
that the Allotted Shares will be issued in dematerialised form to Sibanye, and
will be credited to the Sibanye Securities Account on the third Business Day
after the DRD Delivery Date.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Notwithstanding&nbsp;&#8211;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">that the Parties previously agreed in
clause&nbsp;6.1.1.4 of the DRD Exchange Agreement, that Sibanye would deliver
on the DRD Delivery Date to DRD copies of the written </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">resignation
of the auditors of the Target, the Parties now agree, by their signatures
hereto, that the resignation letter from the auditors of the Target is no
longer required;&nbsp;and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">what the Parties previously agreed in
clause&nbsp;6.3 of the DRD Exchange Agreement, the Parties now agree, by their
signatures hereto, that all matters referred to above in&nbsp;7.1.1 will be
done and completed simultaneously and all matters referred to above
in&nbsp;7.1.2 and 7.1.3 will be done and completed simultaneously. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">7.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Having regard to what is recorded
in&nbsp;7.1, the First Exchange Agreement may not be cancelled or rescinded as
is in any event stipulated in&nbsp;14 of the DRD Exchange Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773454"></a><a name="_Toc519704706"></a><a name="_Toc516565252"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">THE CPP LAND</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Recordal&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">It is recorded and agreed that&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">pursuant to the First Exchange Agreement,
Sibanye wished to Dispose of and the Issuing Party wished to acquire, </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">inter&nbsp;alia</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">,
the CPP&nbsp;Land;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.13 of the First Exchange Agreement
defines the CPP&nbsp;Land as&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-102.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.1.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the land upon which the CPP will be
located being subdivided portion of the Farm Rietfontein No 347 Registration
Division&nbsp;I.Q. Portion 35 and 73, Gauteng Province (which subdivision will
be to exclude the current rock dumps on such land as well as the shaft
infrastructure in respect of Kloof&nbsp;1 and Kloof&nbsp;4 and which
subdivision will be delineated in the Use and Access Agreement);</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">8.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the Parties wish to amend the First Exchange
Agreement by the deletion of the existing 1.2.13 and the replacement thereof
with the following new&nbsp;1.2.13&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:155.95pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-49.6pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1.2.13&#160;&#160; &quot;</font></i><b><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">CPP&nbsp;Land</font></i></b><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;&nbsp;&#8211;&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the
land upon which the&nbsp;CPP will be located, being
Portions&nbsp;5,&nbsp;11,&nbsp;35 and&nbsp;36 of the Farm Rietfontein
No&nbsp;349, Registration Division&nbsp;I.Q., Gauteng Province and the
remaining extent of the Farm Doornkloof No&nbsp;348, Registration
Division&nbsp;I.Q., Gauteng Province</font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;.&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">undertaking by Sibanye in terms of the section 102
applications</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Notwithstanding
the fact that&nbsp;DRD waives the Suspensive Condition relating to the grant of
the Section&nbsp;102 Applications to Sibanye in&nbsp;3.1.1.8, Sibanye
undertakes, by its signature hereto, to make all reasonable commercial
endeavours to obtain the section&nbsp;102 Applications as soon as practicably
possible after the Delivery Date as defined in&nbsp;5.2.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773456"></a><a name="_Toc516565254"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">10</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">employees&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref511807066"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">10.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">It is recorded that the Employees listed in
Annexure&nbsp;D to the First Exchange Agreement were the Employees of the
Business as at the Signature Date. However, as at the Delivery Date the
Employees of the Business will be those Employees listed in Annexure&nbsp;I and
that the Valuation Agreement will be in respect of those Employees listed in
Annexure&nbsp;I.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">10.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Having regard to 10.1, the Parties wish to
amend the First Exchange Agreement by&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">10.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the deemed insertion into the First Exchange
Agreement of a new Annexure&nbsp;G to be entitled &quot;Employees of the
Business as at the Delivery Date&quot; which new Annexure&nbsp;G shall be
identical to Annexure&nbsp;I to this Agreement;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">10.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">by the addition of the following new words
immediately after the words &quot;Annexure&nbsp;D hereto&quot; but before
semi-colon where such words and semi-colon appear in 1.2.32 of the First
Exchange Agreement&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;.
For the avoidance of any doubt an updated list of employees of Sibanye were
employed in respect of the Business as at the Delivery Date will be attached to
this Agreement as Annexure&nbsp;G&quot;;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">10.2.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the substitution of the reference to
&quot;Annexure&nbsp;D&quot; in 11.7.1 of the First Exchange Agreement with a
reference to &quot;Annexure&nbsp;G&quot;;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">10.2.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the substitution of the following new 4.1 for
the existing 4.1 in Annexure&nbsp;A to the First Exchange Agreement&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:127.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;4.1&#160; Annexure G of the Agreement
contains, as at the Delivery Date, full particulars, in relation to the
Business, of&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.1.1&#160;&#160;&#160; the
total number of Employees; and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:153.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.95pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">4.1.2&#160;&#160;&#160;&#160;&#160;&#160; the
names, accrued severance pay, accrued leave and any other accrued benefits in
respect of the Employees. No Employee will be entitled to any payment,
entitlement and/or benefit not provided for in&nbsp;Annexure G.&quot;.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773457"></a><a name="_Toc516565255"></a><a name="_Toc499027483"></a><a name="_Ref498336825"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">11</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">rehabilitation liabilities</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Notwithstanding what the Parties agreed to in
6 of the First Exchange Agreement, as a result of subsequent developments and
negotiations, the Parties determined that it would be more expeditious to
pursue the Section&nbsp;102&nbsp;Applications on the basis set out in the
amendment to 13 of the First Exchange Agreement that is contained in 11.2 of
this Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref488562309"></a><a name="_Ref510104537"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties wish to amend the First Exchange
Agreement by &#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.2.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the deletion of 13.1 and 13.2 of the First
Exchange Agreement and the substitution of the following new 13.1
therefore&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.95pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;13.1&#160;&#160;&#160;&#160;&#160; It is recorded and agreed
that, in order for the Section&nbsp;102&nbsp;Applications to be granted, DRD
issued, or procured the issue on its behalf, of such guarantees as were
required by the DMR but specifically excluding such guarantees (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Excluded
Guarantees</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) as were required by the DMR other than for the purposes
of the Section&nbsp;102 Applications (such Excluded Guarantees having been
issued or procured by Sibanye).&quot;;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">11.2.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">the consequential renumbering of the existing
13.3 of the First Exchange Agreement as 13.2.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773458"></a><a name="_Toc516565256"></a><a name="_Toc499027493"></a><a name="_Ref498337879"></a><a name="_Ref498337875"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">12</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">DOMICILIUM AND NOTICES</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties choose </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">domicilium citandi et
executandi</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Domicilium</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) for all purposes relating to
this Agreement, including the giving of any notice, the payment of any sum, the
serving of any process, as follows&nbsp;&#8209;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.1.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Sibanye&nbsp;-&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">physical &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Constantia
Office Park</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Bridgeview
House</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt 234.0pt right 16.0cm 468.0pt;"><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;">14</font></b></font></font></b><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;"></font></b></font></font></font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Ground Floor</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">(cnr
14<sup>th</sup> Avenue and Hendrik Potgieter Street)</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Gauteng</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1709</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">e&#8209;mail&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; richard.stewart@sibanyestillwater.com</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">cain.farrel@sibanyestillwater.com</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">attention:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Richard
Stewart (EVP:&nbsp;Business Development)</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Cain Farrel (Company Secretary)</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">12.1.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">the
Issuing Party&nbsp;-</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">physical &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Constantia
Office Park</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Bridgeview House</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Ground Floor</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">(cnr
14<sup>th</sup> Avenue and Hendrik Potgieter Street)</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Gauteng</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1709</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">e&#8209;mail&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; richard.stewart@sibanyestillwater.com</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">cain.farrel@sibanyestillwater.com</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">attention:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Richard
Stewart (EVP:&nbsp; Business Development)</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Cain Farrel (Company Secretary)</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">with
a copy of every notice sent to the Issuing Party also to be sent to DRD or
Sibanye, as the case may be dependent on which Party is giving the notice, at
their respective </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">domicilia&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> in this&nbsp;12.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-76.55pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">12.1.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">DRDGOLD&nbsp;-&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">physical &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2<sup>nd</sup>
Floor, North Tower</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">1
Sixty Building </font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">160
Jan Smuts Avenue </font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Rosebank</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.6pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">2196</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt 234.0pt right 16.0cm 468.0pt;"><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;">15</font></b></font></font></b><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;"></font></b></font></font></font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">e&#8209;mail&#160;&#160; &#8209;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">niel.pretorius@drdgold.com</font></u><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">;
and</font></p>

<p style="margin-bottom:.0001pt;margin-left:153.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:25.45pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">riaan.davel@drdgold.com</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:102.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">attention:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
CEO and the CFO</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Any Party shall be entitled from time to
time, by giving written notice to the other, to vary its physical </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">
to any other physical address (not being a post office box or </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">poste restante</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">)
in South Africa and to vary its facsimile and/or email </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> to any
other facsimile number and/or email address.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref196367709"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Any notice given or payment made by a Party
to any other (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Addressee</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) which is delivered by hand between
the hours of 09:00 and 17:00 on any Business Day to the Addressee's physical </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">
for the time being shall be deemed to have been received by the Addressee at
the time of delivery.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref196367793"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Any notice given by a Party to any other
which is successfully transmitted by email or facsimile to the Addressee's
email or facsimile </font><i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Domicilium&nbsp;</font></i><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;"> for the time being shall be deemed (unless
the contrary is proved by the Addressee) to have been received by the Addressee
at the time of successful transmission thereof or, if such date is not a
Business Day, on the next day which is a Business Day.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">This&nbsp;12 shall not operate so as to
invalidate the giving or receipt of any written notice which is actually
received by the Addressee other than by a method referred to in this&nbsp;12.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">12.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Any notice in terms of or in connection with
this Agreement shall be valid and effective only if in writing and if received
or deemed to be received by the Addressee.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-25.5pt;"><a name="_Toc519773459"></a><a name="_Toc516565257"></a><a name="_Toc499027494"></a><a name="_Ref488915623"></a><a name="_Toc445127215"></a><a name="_Toc301184660"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">13</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:normal;text-transform:uppercase;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">GENERAL&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref416445214"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">This Agreement constitutes the sole record of
the agreement between the Parties in relation to the subject matter hereof. No
Party shall be bound by any express, tacit or implied term, representation,
warranty, promise or the like not recorded herein. This Agreement supersedes
and replaces all prior commitments, undertakings or representations, whether
oral or written, between the Parties in respect of the subject matter hereof.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt 234.0pt right 16.0cm 468.0pt;"><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;">16</font></b></font></font></b><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;"></font></b></font></font></font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">No addition to, variation, novation or agreed
cancellation of any provision of this Agreement shall be binding upon the
Parties unless reduced to writing and signed by or on behalf of the Parties.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">No waiver, indulgence or extension of time
which a Party (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Grantor</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;) may grant to the other/s, nor any
delay or failure by the Grantor to enforce, whether completely or partially,
any of its rights, shall constitute a waiver of or, whether by estoppel or
otherwise, limit any of the existing or future rights of the Grantor in terms
hereof, save in the event and to the extent that the Grantor has signed a
written document expressly waiving or limiting such right.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Save as expressly provided in this Agreement,
no Party shall be entitled to cede, delegate, Encumber, assign or otherwise
transfer any of its rights and/or obligations in terms of, and/or interest in,
this Agreement to any third party without the prior written consent of the
other Parties.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">No consent or approval in terms of or in
connection with this Agreement shall be valid or effective unless in writing
and signed by or on behalf of the Party/ies giving such consent or approval.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-51.05pt;"><a name="_Ref412021776"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">For the purposes of this Agreement&nbsp;&#8211;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref415146700"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.6.1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">no data message, as defined in the Electronic
Communications and Transactions Act No&nbsp;25 of&nbsp;2002 (&quot;</font><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">ECTA</font></b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&quot;),
other than an email or facsimile, shall constitute writing;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:76.55pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-76.55pt;"><a name="_Ref415146299"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.6.2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">no electronic signature or advanced
electronic signature, as defined in ECTA, shall constitute a signature, except
for the purposes of varying any date referred to in this Agreement or giving
any consent or approval in terms of this Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.7</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">Without prejudice to any other provision of
this Agreement, any successor&#8209;in&#8209;title, including any executor,
heir, liquidator, business rescue practitioner, curator or trustee, of a Party
shall be bound by this Agreement.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.8</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The signature by either Party of a
counterpart of this Agreement shall be as effective as if that Party had signed
the same document as the other Party.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-51.05pt;"><a name="_Ref417304148"></a><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">13.9</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">The Parties warrant to each other that they have
the legal capacity and authority required to conclude and implement this
Agreement and that such conclusion and implementation </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;margin-right:0pt;tab-stops:center 219.75pt 234.0pt right 16.0cm 468.0pt;"><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="mso-tab-count:1;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160; &nbsp;</font></font><font style="display:none;mso-hide:all;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"></font></font><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;">17</font></b></font></font></b><b><font style="mso-bidi-font-weight:normal;"><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;"><font style="display:none;mso-hide:all;"><b><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;"></font></b></font></font></font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018</font><font style="mso-bidi-font-size:11.0pt;mso-fareast-font-family:Times New Roman;mso-fareast-theme-font:major-fareast;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:51.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">do not conflict with any obligation or
restriction applicable to either Party, whether in terms of any law, its
constitution or otherwise.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:33.45pt;">
  <td colspan=2 width=100% style="height:33.45pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">Signed on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for</font></p>
  </td>
 <td nowrap valign=top width=48% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">Sibanye Gold Limited</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">who warrants that he is duly</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">authorised hereto</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:33.45pt;">
  <td colspan=2 width=100% style="height:33.45pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">Signed on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for</font></p>
  </td>
 <td nowrap valign=top width=48% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">WRTRP Proprietary Limited</font><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">
  (formerly named K2017449061 (South Africa) Proprietary Limited</font><font face=Verdana,sans-serif style="font-size:10.0pt;line-height:normal;">)&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">who warrants that he is duly</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">authorised hereto</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:33.45pt;">
  <td colspan=2 width=100% style="height:33.45pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">Signed on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2018</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for</font></p>
  </td>
 <td nowrap valign=top width=48% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">DRDGOLD Limited</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:5.65pt;">
  <td nowrap valign=top width=52% style="height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=top width=48% style="border:none;height:5.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">who warrants that he is duly</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;">authorised hereto</font></p>
  </td>
 </tr>
</table></div>











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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">OM/OM</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
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<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;"></font></b></p>

<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;A&nbsp;<a name="_Toc519779369"></a><a name="_Toc516565542"></a><a name="_Ref512433072"></a><a name="_Ref512433012"></a><a name="_Ref512432977"></a><a name="_Ref512432870"></a><a name="_Toc499552555"></a><a name="_Ref496082238"></a><a name="_Toc445127225"></a><a name="_Ref413924286"></a><a name="_Ref508104603"></a>&#8211;&nbsp;approval
of financial surveillance department of sarb</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">[SEE
ATTACHED] </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">OM/OM</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font></p>


</DIV>
<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;B&nbsp;<a name="_Toc519779370"></a><a name="_Toc516565543"></a><a name="_Ref508104612"></a>&#8211;&nbsp;jse approval of drd circular</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">[SEE
ATTACHED] </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">OM/OM</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font></p>


</DIV>
<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;C&nbsp;<a name="_Toc519779371"></a><a name="_Toc516565545"></a><a name="_Ref508104626"></a>&#8211;&nbsp;trp approval of drd circular</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">[SEE
ATTACHED] </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">OM/OM</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font></p>


</DIV>
<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;D&nbsp;<a name="_Toc519779372"></a><a name="_Toc516565546"></a><a name="_Ref508175239"></a><a name="_Ref508104632"></a>&#8211;&nbsp;approval in terms
of competition act</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">[SEE
ATTACHED] </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">OM/OM</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font></p>


</DIV>
<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;E&nbsp;<a name="_Toc519779373"></a><a name="_Toc516565547"></a><a name="_Ref508104640"></a>&#8211;&nbsp;PRESS ANNOUNCEMENT CONFIRMING APPROVAL of drd
shareholders</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">[SEE
ATTACHED] </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">OM/OM</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font></p>


</DIV>
<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;F&nbsp;<a name="_Toc519779374"></a><a name="_Toc516565548"></a><a name="_Ref508174399"></a>&#8211;&nbsp;ENVIRONMENTAL AUTHORISATIONS AND WASTE
MANAGEMENT LICENCES</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">[SEE
ATTACHED] </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">OM/OM</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font></p>


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<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;G&nbsp;<a name="_Toc519779375"></a><a name="_Toc516565549"></a><a name="_Ref508174541"></a>&#8211;&nbsp;CONFIRMATION OF VAT REGISTRATION OF ISSUING
PARTY</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">[SEE
ATTACHED] </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:76.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">OM/OM</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font></p>


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<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;H&nbsp;<a name="_Toc519779376"></a><a name="_Toc516565550"></a><a name="_Ref511804688"></a><a name="_Ref508174732"></a>&#8211;&nbsp;lender's consent in
terms of the rand revolving credit facility</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">[SEE
ATTACHED] </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:178.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">OM/OM</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">19072018/SIBA24179.7</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 234.0pt right 468.0pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Closing and Amending Agreement -Execution
Version./#5021272v1</font></p>


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<p style="margin-bottom:9.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:normal;text-transform:uppercase;">Annexure&nbsp;I&nbsp;<a name="_Toc519779377"></a><a name="_Toc516565551"></a><a name="_Ref511807005"></a>&#8211;&nbsp;employees of the business as at the delivery date</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:178.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Verdana,sans-serif lang=EN-GB style="font-size:10.0pt;line-height:150%;">[SEE
ATTACHED] </font></b></p>

<p style="margin-bottom:10.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>




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<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>12
<FILENAME>exhibit10006.htm
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<title>New LAA - Secunda Ext 24.doc</title>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">EXECUTION VERSION</font></p>


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<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:108.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:108.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:0cm;margin-left:0cm;margin-right:0cm;margin-top:108.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:12.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">REVOLVING CREDIT FACILITY
AGREEMENT</font></b></p>

<p style="margin:0cm;margin-bottom:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:12.0pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">entered into between</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;text-transform:uppercase;">ABSA BANK LIMITED</font></b></p>

<p align=center style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">(acting through its
Corporate and Investment Banking Division) </font></b></p>

<p align=center style="margin:0cm;margin-bottom:12.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(as Mandated Lead Arranger
and Original Lender and Hedge Provider</font></b><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">)&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:12.0pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">and</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;text-transform:uppercase;">DRDGOLD LIMITED</font></b></p>

<p align=center style="margin:0cm;margin-bottom:12.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(as Borrower)</font></b></p>

<p style="margin:0cm;margin-bottom:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:12.0pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">and</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;text-transform:uppercase;">Ergo Mining Proprietary Limited </font></b></p>

<p align=center style="margin:0cm;margin-bottom:12.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(as Hedge Counterparty and
Obligor)</font></b></p>

<p style="margin:0cm;margin-bottom:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:12.0pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">and</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">THE COMPANIES LISTED
IN PART I OF SCHEDULE 1</font></b></p>

<p align=center style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">(the Original
Guarantors) </font></b></p>









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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0pt;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">TABLE
OF CONTENTS</font></b></p>

<p align=left style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0pt;margin-top:12.0pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
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  <td valign=top width=14% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0pt;margin-top:12.0pt;text-align:left;"><b><font face=Arial,sans-serif style="font-size:11.0pt;">NO.</font></b></p>
  </td>
 <td valign=top width=72% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=left style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0pt;margin-top:12.0pt;text-align:left;"><b><font face=Arial,sans-serif style="font-size:11.0pt;">DESCRIPTION</font></b></p>
  </td>
 <td valign=top width=14% style="padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0pt;margin-top:12.0pt;text-align:right;"><b><font face=Arial,sans-serif style="font-size:11.0pt;">PAGE NO.</font></b></p>
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<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">1.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">DEFINITIONS AND
INTERPRETATION</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 5</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SECTION&nbsp;2: THE FACILITIES</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 40</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">2.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">THE FACILITIES</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 40</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">3.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">PURPOSE&nbsp;</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 42</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">4.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">CONDITIONS OF UTILISATION</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 42</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SECTION&nbsp;3:&#160; UTILISATION</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 46</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">5.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">UTILISATION&nbsp;</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 46</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SECTION&nbsp;4:&#160; REPAYMENT, PREPAYMENT AND
CANCELLATION</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 47</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">6.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">REPAYMENT&nbsp;</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 47</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">7.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">PREPAYMENT AND
CANCELLATION</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 48</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SECTION&nbsp;5:&#160; COSTS OF UTILISATION</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 61</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">8.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">INTEREST&nbsp;</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 61</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">9.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">INTEREST PERIODS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 62</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">10.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">CHANGES TO THE CALCULATION
OF INTEREST</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 63</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">11.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">FEES&nbsp;</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 65</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SECTION&nbsp;6:&#160; ADDITIONAL PAYMENT
OBLIGATIONS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 66</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">12.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">TAX GROSS UP AND INDEMNITIES</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 66</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">13.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">INCREASED COSTS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 71</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">14.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">OTHER INDEMNITIES</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 74</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">15.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">MITIGATION BY THE LENDERS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 74</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">16.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">COSTS AND EXPENSES</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 75</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SECTION&nbsp;7:&#160; GUARANTEE</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 77</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">17.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">GUARANTEE AND INDEMNITY</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 77</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SECTION&nbsp;8:&#160; REPRESENTATIONS,
UNDERTAKINGS AND EVENTS OF DEFAULT</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 83</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">18.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">REPRESENTATIONS&nbsp;</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 83</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">19.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">INFORMATION UNDERTAKINGS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 91</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">20.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">FINANCIAL COVENANTS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 97</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">21.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">GENERAL UNDERTAKINGS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 102</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">22.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">EVENTS OF DEFAULT</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 112</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SECTION&nbsp;9:&#160; CHANGES TO PARTIES</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 120</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">23.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">CHANGES TO THE LENDERS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 120</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">24.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">CHANGES TO THE OBLIGORS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 124</font></font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SECTION 10: THE
FINANCE PARTIES</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 126</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">25.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">ROLE OF THE ARRANGER</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 126</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">26.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">CONDUCT OF BUSINESS BY THE
FINANCE PARTIES</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 126</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SECTION&nbsp;11:&#160; ADMINISTRATION</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 127</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">27.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">PAYMENT MECHANICS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 127</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">28.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">NOTICES&nbsp;</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 129</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">29.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">CALCULATIONS AND
CERTIFICATES</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 132</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">30.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">PARTIAL INVALIDITY</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 133</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">31.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">PUBLICITY&nbsp;</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 133</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">32.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">REMEDIES AND WAIVERS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 133</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">33.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">AMENDMENTS AND WAIVERS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 134</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">34.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">CONFIDENTIALITY&nbsp;</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 134</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">35.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">RENUNCIATION OF BENEFITS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 139</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">36.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">COUNTERPARTS&nbsp;</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 139</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">37.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">WAIVER OF IMMUNITY</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 139</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">38.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SOLE AGREEMENT</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 140</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">39.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">NO IMPLIED TERMS AND
PREVALENCE</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 140</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">40.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">INDEPENDENT ADVICE</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 140</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SECTION&nbsp;12 : GOVERNING LAW AND
ENFORCEMENT</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 141</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">41.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">GOVERNING LAW</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 141</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">42.</font><font face=Calibri,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;text-transform:none;">&#160;&#160;&#160;&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">JURISDICTION&nbsp;</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 141</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE 1 &#8211;&#160; THE ORIGINAL PARTIES</font></b><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 147</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE 2 &#8211; CONDITIONS PRECEDENT</font></b><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 148</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE 3 &#8211; REQUESTS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 153</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE 4 &#8211; FORM OF TRANSFER CERTIFICATE</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 155</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">Schedule 5 &#8211;&#160; FORM OF ACCESSION LETTER</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 158</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE 6 &#8211; FORM OF RESIGNATION LETTER</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 158</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE 7 &#8211; FORM OF COMPLIANCE CERTIFICATE</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 160</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE 8 &#8211; EXISTING SECURITY</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 162</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE 9 &#8211; LMA FORM OF CONFIDENTIALITY
UNDERTAKING</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">.. 163</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE 10 &#8211; MATERIAL COMPANIES</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 170</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE 11 &#8211; PERMITTED TRANSFEREES</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 171</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE 12 - EXISTING FINANCIAL INDEBTEDNESS</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 176</font></font></p>

<p style="margin-bottom:0cm;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">SCHEDULE&nbsp;13:&#160; EXISTING INTER-COMPANY
LOANS AT 2 JULY 2018</font><font style="display:none;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">. 177</font></font></p>

<p align=left style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0pt;margin-top:12.0pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">THIS AGREEMENT </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">is
dated [</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:14.0pt;">&#8226;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">] 2018 and entered into
between:</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">(1)</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">DRDGold Limited (the &#8220;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Borrower</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">&#8221;);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">(2)</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">The Companies listed in Part I of Schedule 1
(The Original Parties) as original guarantors (together with the Borrower, the
&#8220;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Original Obligors</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">&#8221;); and</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">(3)</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Absa Bank Limited (acting through its Corporate
and Investment Banking Division) as lender (the &#8220;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Mandated Lead Arranger</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">&#8221;,
&#8220;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Hedge Provider</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">&#8221; and &#8220;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">Original Lender</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;line-height:150%;">&#8221;).&nbsp;</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">IT
IS AGREED</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;"> as follows:</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><a name="_Toc517185339"></a><a name="_Toc513233420"></a><a name="_Toc511668236"></a><a name="_Toc400533787"></a><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION&nbsp;1:&#160;
INTERPRETATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727925"></a><a name="_Toc517185340"></a><a name="_Toc513233421"></a><a name="_Toc511668237"></a><a name="_Toc400533788"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">DEFINITIONS AND
INTERPRETATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387070274"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Definitions&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">In this
Agreement:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Absa</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means Absa Bank Limited (acting through its Corporate and
Investment Banking division) (registration number 1986/004794/06), a public
company and registered bank duly incorporated according to the company and
banking laws of South Africa;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Acceptable Bank</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Absa, FirstRand Bank Limited, Investec Bank Limited, Nedbank Limited and
The Standard Bank of South Africa Limited; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a bank or financial institution which has an international rating for
its long-term unsecured and non-credit enhanced debt obligations of A+ or
higher by Standard &amp; Poor's Ratings Services or A1 or higher by Moody's
Investor Services Limited, or a comparable rating from an internationally
recognised credit rating agency; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any other bank or financial institution approved by the Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Accession Letter</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a document substantially in
the form set out in Schedule&nbsp;5 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Form of Accession Letter</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Additional Guarantor</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a company which becomes an
Additional Guarantor in accordance with clause&nbsp;24.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Additional
Guarantors</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Affiliate</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means, in relation to any person, a
Subsidiary of that person or a Holding Company of that person or any other
Subsidiary of that Holding Company;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Agreement</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means this agreement and its schedules, as
amended from time to time;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Auditors</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any one of KPMG,
PriceWaterhouseCoopers, Ernst &amp; Young or Deloitte or any other firm of
auditors approved in advance by the Lender;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Authorisation</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means an authorisation, consent,
approval, resolution, licence, permit, exemption, filing, notarisation,
lodgement or registration;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Availability Period</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means, subject to the fulfilment
of the Conditions Precedent, the period from and including Financial Close and
ending on the earlier of:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.9.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the date on which all of the commitments in relation to the Available
Facility is cancelled, in terms of this Agreement; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.9.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the date which is 1 (one) Month prior to the Final Repayment Date;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Available Commitment</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the Lender&#8217;s Commitment
under the Facility minus (subject as set out below):</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.10.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the amount of its participation in any outstanding Loans under the
Facility; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.10.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in relation to any proposed Utilisation, the amount of its participation
in any Loans that are due to be made under the Facility on or before the
proposed Utilisation Date,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">provided
that for the purposes of calculation the Available Commitment in relation to
any proposed Utilisation under the Facility, the Loans that are due to be
repaid or prepaid on or before the proposed Utilisation Date shall not be
deducted from the Lender&#8217;s Commitment;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Available Facility</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means, in relation to a Facility,
the aggregate for the time being of the Lender's Available Commitment;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref391543307"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Borrower</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;
means DRDGOLD</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:.2pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Limited&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:.25pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(registration number</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:.55pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1895/000926/06), a</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:-.25pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">company&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:.2pt;line-height:150%;"> duly registered and </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">incorporated&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:.75pt;line-height:150%;"> with limited liability </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:-.4pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">accordance&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:.15pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">with the</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:-.05pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">laws&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:-.5pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">of&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:-.45pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">South&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:-.45pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Africa;&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref391544232"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.13.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Break
Costs</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the amount (if any) by which:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511592749"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.13.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the interest
(excluding the Margin) which the Lender should have received for the period
from the date of receipt of all or any part of its participation in a Loan or
Unpaid Sum to the last day of the current Interest Period in respect of that
Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid
on the last day of that Interest Period,</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">6</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">exceeds:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511592728"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.13.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the amount which
the Lender would be able to obtain by placing an amount equal to the principal
amount or Unpaid Sum received by it on deposit with a leading bank in the
Johannesburg Interbank Market for a period starting on the Business Day
following receipt or recovery and ending on the last day of the current
Interest Period;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.14.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Break Gains&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means the amount (if any) by which the amount
referred to in in clause 1.1.13.2 exceeds the amount referred to in clause
1.1.13.1;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.15.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Business Day</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a day (other than a Saturday, a
Sunday or official public holiday) on which banks are open for general business
in Johannesburg;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.16.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Code&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means the US Internal Revenue Code of 1986;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.17.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Commitment</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means an amount of
ZAR300&nbsp;000&nbsp;000 (three hundred million Rand):</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.17.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to the extent not cancelled, reduced or transferred by the Lender under
this Agreement, and </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.17.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">exclusive of any accrued and unpaid or capitalised interest;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.18.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Commitment Fee&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means the commitment fee computed at the rate of
35% (thirty five percent) of the applicable Margin per annum, payable by the
Borrower to the Lender, on the Available Commitment under the Facility during
the Availability Period and which fee shall accrue on a daily basis and shall
be payable on each Quarter Date;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.19.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Companies Act</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the Companies Act, 71 of 2008;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.20.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Compliance Certificate</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a certificate
substantially in the form set out in Schedule&nbsp;7 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Form of Compliance
Certificate</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.21.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Default</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.21.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">an Event of Default;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.21.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">or any event or circumstance specified in clause&nbsp;22 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Events of
Default</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) which would (with the expiry of any applicable grace period, the
giving of </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">7</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">notice, the making of any determination under
the Finance Documents or any combination of any of the foregoing) be an Event
of Default;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.22.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Discharge Date</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means the date on which:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.22.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Loans (other than contingent liabilities in respect of continuing
indemnities under the Finance Documents under which no claim has been made and
which remains un-charged) have been irrevocably and unconditionally finally
paid and discharged in full (whether or not as a result of enforcement); and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.22.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">no Finance Party has any commitment whatsoever to provide finance or any
other form of credit support or financial accommodation to any person under the
Finance Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.23.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Disruption Event</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means either or both of:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.23.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a material disruption to those payment or communications systems or to
those financial markets which are, in each case, required to operate in order
for payments to be made in connection with the Facilities (or otherwise in
order for the transactions contemplated by the Finance Documents to be carried
out) which disruption is not caused by, and is beyond the control of, any of
the Parties; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.23.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the occurrence of any other event which results in a disruption (of a
technical or systems-related nature) to the treasury or payments operations of
a Party preventing that, or any other Party:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.23.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">from performing its payment obligations under the Finance Documents; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.23.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">from communicating with other Parties in accordance with the terms of
the Finance Documents,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">and
which (in either such case) is not caused by, and is beyond the control of, the
Party whose operations are disrupted;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.24.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Distribution&#8221;&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means any payment by way of interest or principal,
dividend, capital reduction, return of capital, fee, royalty or other
distribution or payment by or on behalf </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">8</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">of a company to
or for the account of any direct or indirect shareholder of that company or
Affiliate or direct or indirect shareholder, of that shareholder;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.25.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Eligible Institution</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any Lender or other bank,
financial institution, trust, fund or other entity selected by the Borrower;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.26.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Environment</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means humans, animals, plants and all
other living organisms including the ecological systems of which they form part
and the following media:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.26.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">air (including air within natural or man-made structures, whether above
or below ground);</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.26.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">water (including territorial, coastal and inland waters, water under or
within land and water in drains and sewers); and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.26.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">land (including, land under water);</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.27.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Environmental Claim</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any claim, proceeding,
formal notice or investigation by any person in respect of any Environmental
Law;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.28.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Environmental Law</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any applicable law or
regulation which relates to:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.28.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the pollution or protection of the Environment;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.28.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">harm to or the protection of human health;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.28.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the conditions of the workplace; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.28.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the generation, handling, storage, use, release, emission or spillage of
any substance which, alone or in combination with any other, is capable of
causing harm to the Environment, including any waste;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.29.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Environmental Permits</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any permit and other
Authorisation and the filing of any notification, report or assessment required
under any Environmental Law for the operation of the business of member of the
Group conducted on or from the properties owned or used by any member of the
Group;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.30.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Ergo</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means Ergo Mining Proprietary Limited (registration
number&nbsp;2007/004886/07), a company duly registered and incorporated with
limited liability in accordance with laws of South Africa; </font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">9</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.31.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:both;line-height:150%;">Event
of Default</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any event or circumstance specified as
such in clause&nbsp;22 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Events of Default</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.32.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Existing Financial Indebtedness&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means the Group&#8217;s existing
financial indebtedness as set out in Schedule 12 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Existing Financial
Indebtedness</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.33.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Existing Inter-Company Loans</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means the Group&#8217;s existing
inter-company loans as set out in Schedule 13 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Existing Inter-Company Loans</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.34.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Existing Security&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means the Group&#8217;s existing Security as set
out in Schedule 8 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Existing Security</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">); &nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.35.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Facility</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the revolving credit facility made
available under this Agreement as described in clause&nbsp;2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Facilities</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.36.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Facility Letter</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means the letter from the Original Lender to
the Borrower and the Hedge Counterparty documenting certain facilities made
available by the Original Lender, all on the terms and conditions contained
therein;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.37.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">FATCA</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511814473"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.37.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">sections 1471 to
1474 of the Code or any associated regulations;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511814490"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.37.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any treaty, law
or regulation of any other jurisdiction, or relating to an intergovernmental
agreement between the US and any other jurisdiction, which (in either case)
facilitates the implementation of any law or regulation referred to in
paragraph 1.1.37.1 above, or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.37.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any agreement pursuant to the implementation of any treaty, law or
regulation referred to in paragraphs&nbsp;1.1.37.1 or 1.1.37.2 above with the
US Internal Revenue Service, the US government or any governmental or taxation
authority in any other jurisdiction;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.38.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">FATCA Deduction</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means a deduction or withholding from a payment
under a Finance Document required by FATCA;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.39.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">FATCA Exempt Party</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means a Party that is entitled to receive
payments free from any FATCA Deduction;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.40.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Fee Letter</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any letter or letters dated on or
about the Signature Date between the Lender and the Borrower setting out any of
the fees referred to in clause&nbsp;11 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Fees</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">10</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_11"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.41.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Final
Repayment Date&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means 2 (two) years from Financial Close;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.42.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Finance Document</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means this Agreement, any Fee
Letter, any Subordination Agreement, any Facility Letter, any Accession Letter,
the Further Rights Letter, each Security Document, each Utilisation Request,
any Hedging Agreement, any Transfer Certificate and each Compliance Certificate
and any other document designated as such by the Lender and the Borrower;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.43.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Finance Parties</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the Mandated Lead Arranger and
the Lender, Hedge Provider and &#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Finance&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Party</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means each or
either of them as context may require;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.44.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Financial Close&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means the date on which the Lender confirms in
writing to the Borrower that all the conditions precedent have been fulfilled,
waived or deferred to the satisfaction of the Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial Indebtedness</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any indebtedness for or
in respect of:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref385431714"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">moneys borrowed;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any amount raised by acceptance under any acceptance credit facility or
dematerialised equivalent;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any amount raised pursuant to any note purchase facility or the issue of
bonds, notes, debentures, loan stock or any similar instrument;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the amount of any liability in respect of any lease or hire purchase
contract which would, in accordance with IFRS, be treated as a balance sheet
liability (other than any liability in respect of a lease or hire purchase
contract which would in accordance with IFRS in force prior to 1 January 2019,
have been treated as an operating lease);</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">receivables sold or discounted (other than any receivables to the extent
they are sold on a non-recourse basis);</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any amount raised under any other transaction (including any forward
sale or purchase agreement) of a type not referred to any other sub-clause of
this definition having the commercial effect of a borrowing;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Treasury Transaction entered into in connection with protection
against or benefit from fluctuation in any rate or price (and, when calculating
the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">11</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_12"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">value of that derivative transaction, only the
marked to market value (or, if any actual amount is due as a result of the
termination or close-out of that derivative transaction, that amount) shall be
taken into account);</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref385431715"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any amount
raised by the issue of shares which are redeemable;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511818606"></a><a name="_Ref385431720"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any
counter-indemnity obligation in respect of a guarantee, indemnity, bond,
standby or documentary letter of credit or any other instrument issued by a
bank or financial institution; </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any amount of any liability under an advance or deferred purchase
agreement if one of the primary reasons behind entering into the agreement is
to raise finance or to finance the acquisition or construction of the asset or
service in question;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref391546162"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any amount raised under any other
transaction (including any forward sale or purchase, sale and sale back or sale
and leaseback agreement) having the commercial effect of a borrowing or
otherwise classified as borrowings under IFRS; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.45.12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the amount of any liability in respect of any guarantee or indemnity for
any of the items referred to in clauses&nbsp;1.1.45.1 to&nbsp;1.1.45.9;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.46.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial Year</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the annual accounting period of
the Group, ending on 30 June in each calendar year;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.47.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Further Rights Letter&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means a letter agreement entitled Further
Rights Letter entered into or to be entered into between the Borrower and the
Lender on or about the Signature Date;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.48.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Guardrisk Cell Captive A170</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means&nbsp;Guardrisk Insurance
Company Limited (registration number 1992/001639/06), a company duly registered
and incorporated with limited liability in accordance with laws of South
Africa; </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.49.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Group</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the Borrower, each Subsidiary and
incorporated Joint Venture (if any) in respect of which any member of the
Group:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.49.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">owns 50% (fifty percent) or more of the Shares;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">12</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.49.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">casts or
controls the casting of 50% (fifty percent) or more of the maximum number of
votes; or</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.49.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">is able to give direction with respect to the operating and financial
policies of any Joint Venture, from time to time with which the directors or
other equivalent officers of that person are obliged to comply;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.50.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Group Structure Chart&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means the written group structure diagram
reflecting the Group, in the agreed form and signed by a director of the
Borrower;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.51.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Guarantor</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means an Original Guarantor or an
Additional Guarantor, unless it has ceased to be a Guarantor in accordance with
clause&nbsp;24 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Changes to the Obligors</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.52.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Guarantor Coverage Test&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means the aggregate of turnover, EBITDA
of the Obligors (calculated on the same basis as EBITDA as defined in clause
20.1.2) and tangible assets of the Obligors (calculated on an unconsolidated
basis and excluding all intra-Group items and investments in Subsidiaries of
any member of the Group) representing at least 90% (ninety percent) of the
consolidated turnover, EBITDA and tangible assets of the Group, in each case
calculated by reference to the then most recent financial statements of each
Obligor and the then most recent financial statements of the Group;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.53.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Hedging Agreement</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any document or instrument
entered into between the Hedge Provider and the Hedge Counterparty or the Hedge
Provider and the Borrower in the form of a 2002 ISDA Master Agreement or a ISDA
long form confirmation, which governs the terms and conditions related to a
Treasury Transaction;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.54.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Hedge&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Counterparty</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means, Ergo;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.55.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Hedge Provider</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means, Absa;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.56.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Holding Company</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means, in relation to a person, any
other person in respect of which it is a Subsidiary;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.57.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">IFRS</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means international accounting standards within
the meaning of the IAS Regulation 1606/2002 to the extent applicable to the
relevant financial statements;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">13</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.58.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Internally
Generated Cash&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means funds generated from the operating activities of the
Group in the ordinary course of business but excludes, any Disposal Proceeds,
or any Insurance Proceeds and any proceeds arising from any Refinancing;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.59.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Interest Period</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means, in relation to a Loan, each
period determined in accordance with clause&nbsp;9 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Interest periods</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)
and, in relation to an Unpaid Sum, each period determined in accordance with
clause&nbsp;8.3 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Default interest</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.60.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">JIBAR</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means, for an Interest Period of any Loan or
Unpaid Sum:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref385432839"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.60.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the applicable
Screen Rate; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.60.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">if no Screen Rate is available for the Interest Period of that Loan or
Unpaid Sum, the Reference Bank Rate,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">as of
11h00 on the Quotation Day for the offering of deposits in ZAR for a period
comparable to that Interest Period;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.61.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Johannesburg Interbank Market</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the South African
interbank market;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.62.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Joint Venture&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means any joint venture entity, whether a
company, unincorporated firm, undertaking, association, joint venture or
partnership or any other entity comprising an association of two or more
persons to undertake a business enterprise through a combination of assets
and/or expertise;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.63.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">JSE Limited</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means the Johannesburg Stock Exchange Limited (Registration
No. 2005/022939/06) a public company with limited liability incorporated in
accordance with the company laws of South Africa and a licensed financial
exchange in terms of the Financial Markets Act, 2012;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.64.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Key Management</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means Niel Pretorius, Riaan Davel and any other
member of management of the Group which replaces any of the aforesaid persons
in accordance with clause 21.27;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.65.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Lender</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.65.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Original Lender; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.65.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any bank, financial institution, trust, fund or other entity which has
become a Party in accordance with clause&nbsp;23 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Changes to the Lenders</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">),&nbsp;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">14</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">which in each case has not ceased to be a Party in
accordance with the terms of this Agreement;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.66.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Loan</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.66.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a loan made or to be made under the Facility, or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.66.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the principal amount outstanding, for the time being, of that loan;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.67.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Long Stop Date&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means the period of 14 (fourteen) days from the
Signature Date or such later date as may be agreed by the Borrower and the
Lender; </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.68.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mandated Lead Arranger</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means Absa;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.69.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Margin</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means 325 (three hundred and twenty five)
basis points nominal annual compounded quarterly in arrears;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.70.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Material Adverse Effect</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a change in any facts
and/or circumstances which have, in the reasonable opinion of the Lender, a
material adverse effect on:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.70.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the business, operations, property, assets, condition (financial
otherwise) or prospects of any member of the Group;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.70.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the ability of any Obligor to perform any of its obligations under the
Finance Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.70.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the legality, validity or enforceability of any of the Finance Documents
or the rights or remedies of any Finance Party under any of the Finance
Documents; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.70.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the legality, validity or enforceability of, or the effectiveness or
ranking of, any Security granted or purported to be granted pursuant to, any
Finance Document;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511188834"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.71.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Material&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Company</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511188852"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.71.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Obligor;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.71.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any&#160; wholly owned Subsidiary of an Obligor&#160; and&#160; any member of the Group
duly registered and incorporated in accordance with laws of South Africa, whose
contribution to EBITDA (as defined in clause 20.1.2), revenue or </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">15</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_16"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">tangible assets represents 5% (five percent) or more of
the consolidated EBITDA, revenue or tangible assets (respectively) of the Group
or designated by the Borrower as a Material Company; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.71.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any direct and indirect Holding Company of a company referred to in&#160;
1.1.71.1 above;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.72.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Month</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a period starting on one day in a
calendar month and ending on the numerically corresponding day in the next
calendar month, except that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.72.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(subject to clause&nbsp;1.1.72.3) if the numerically corresponding day
is not a Business Day, that period shall end on the next Business Day in that
calendar month in which that period is to end if there is one, or if there is
not, on the immediately preceding Business Day;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.72.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">if there is no numerically corresponding day in the calendar month in
which that period is to end, that period shall end on the last Business Day in
that calendar month; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref385433548"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.72.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">if an Interest
Period begins on the last Business Day of a calendar month, that Interest
Period shall end on the last Business Day in the calendar month in which that
Interest Period is to end.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The above rules will only
apply to the last Month of any period;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.73.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Niel Pretorius</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means an adult male with South African identity
number&nbsp;670325 5149 083;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.74.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Obligor</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the Borrower or a Guarantor or the
Hedge Counterparty;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.75.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Obligors&#8217; Agent</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means the Borrower, appointed to act on behalf
of each Obligor in relation to the Finance Documents pursuant to clause 2.3;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.76.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">OFAC</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the Office of Foreign Assets Control of
the Department of Treasury of the United States of America;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.77.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Original Financial Statements</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.77.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in relation to the Borrower, the audited consolidated financial
statements of the Group for the Financial Year ended 30 June 2017;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">16</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_17"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.77.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in relation to
each Original Obligor other than the Borrower, its audited financial statements
for its Financial Year ended 30 June 2017;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.78.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Original Guarantors</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means the persons listed in Part&nbsp;1 of
Schedule 1;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref391543312"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.79.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Original
Obligor</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the Borrower or an Original Guarantor or the Hedge
Counterparty, as the context may require;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.80.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Party</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a party to this Agreement, and &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Parties</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;
some or all of them;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511244500"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.81.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted
Disposal</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any sale, lease, licence, transfer or other disposal:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.81.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">of trading stock or cash made by any member of the Group in the ordinary
course of trading of the disposing party;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.81.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">as a result of Security permitted in terms of clause&nbsp;21.6.3;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.81.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">of assets in exchange for other assets comparable or superior as to
type, value and quality;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.81.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">of obsolete or redundant vehicles, property, plant and equipment for
cash;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.81.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">of assets (other than shares) for cash where the higher of the
market/book value and net consideration receivable (when aggregated with the
higher of the market/book value and net consideration receivable for any other
sale, lease, license, transfer or other disposal not allowed under the
preceding clauses or as a Permitted Transaction) does not exceed ZAR30,000,000
(thirty million Rand) (or its equivalent) in total during the Term and does not
exceed ZAR15,000,000 (fifteen million Rand) (or its equivalent) in any Financial
Year of the Borrower; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.81.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">made with the consent of the Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.82.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted Distribution</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.82.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Distribution by an Obligor to another Obligor to enable it to meet its
payment obligations under the Finance Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.82.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Distribution to the Borrower by a wholly-owned Subsidiary;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.82.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Distribution by any member of the Group to any Obligor;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">17</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_18"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.82.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Distribution
by any member of the Group that is not an Obligor to any other member of the
Group that is not an Obligor;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.82.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Distribution by the Borrower to its Shareholders, provided that:</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.82.5.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">at the proposed date of that Distribution no Default is continuing or
will occur as a result of giving effect to that Distribution; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.82.5.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">there will not be a breach of clause 20 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial Covenants</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) for
the next 12 (twelve) Months following such Distribution; or</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.82.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any other Distribution made with the prior written consent of the
Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted Encumbrance</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511998948"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any lien arising
by operation of law and in the ordinary course of trading, and not as a result
of any default or omission by any member of the Group;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any netting or set-off arrangement entered into by any member of the
Group in the ordinary course of its banking arrangements for the purpose of
netting debit and credit balances;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any payment or close out netting or set-off arrangement pursuant to any
Treasury Transaction or foreign exchange transaction entered into by a member
of the Group which constitutes Permitted Financial Indebtedness or a Permitted
Treasury Transaction;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Security arising under:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any lease or hire purchase contract, a liability under which would, in
accordance with IFRS, be treated as a balance sheet liability other than a
lease or hire purchase contract which would, in accordance with IFRS in force
prior to 1 January 2019, have been treated as an operating lease;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any retention of title, hire purchase or conditional sale arrangement or
arrangements having a similar effect in respect of goods supplied to an Obligor
in the ordinary course of trading </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">18</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_19"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">and on the
supplier's standard or usual terms, and not as a result of any default or
omission by that Obligor,</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.4.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">which in each case, qualifies as Permitted Financial Indebtedness;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Security over goods and documents of title to goods under
documentary credit transactions entered into in the ordinary course of trading;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Security over or affecting any asset acquired by a member of the
Group after the Signature Date if:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Security was not created in contemplation of the acquisition of that
asset by a member of the Group;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.6.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the principal amount secured has not been increased in contemplation of,
or since the acquisition of that asset by a member of the Group; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.6.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Security is removed or discharged within 3 (three) Months of the
date of acquisition of such asset;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Security over or affecting any asset of any company which becomes a
member of the Group after the Signature Date, where the Security is created
prior to the date on which that company becomes a member of the Group, if:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.7.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Security was not created in contemplation of the acquisition of that
company;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.7.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the principal amount secured has not increased in contemplation of or
since the acquisition of that company; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.7.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Security removed or discharged within 3 (three) Months of that
company becoming a member of the Group; </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Security expressly permitted in writing by the Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Security entered into pursuant to any Finance Document;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511998960"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Security set out in Schedule 8
(</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Existing Security)</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">; &nbsp;</font></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">19</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_20"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">all amounts secured in favour of
Guardrisk Cell Captive A170 from time to time for guarantees issued on behalf
of any member of the Group by Guardrisk Cell Captive A170 related to
environmental claims; </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">all amounts standing to the credit of a trust account or in respect of
disputes surcharged secured in favour of Guardrisk Cell Captive A170 from time
to time for guarantees issued by Guardrisk Cell Captive A170 on behalf of any
member of the Group; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.83.13.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Security securing indebtedness the outstanding principal amount of
which (when aggregated with the outstanding principal amount of any other
indebtedness which has the benefit of Security given by any Obligor other than
any permitted under clauses 1.1.83.1 to 1.1.83.10 above inclusive) does not
exceed (in any currency or currencies) ZAR15 000&nbsp;000 (fifteen million
Rand) for the duration of the Term;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.84.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial Indebtedness</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.84.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial Indebtedness arising under any of the Finance Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.84.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial Indebtedness arising under a Permitted Loan or a Permitted
Guarantee; </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.84.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial Indebtedness incurred with the prior written consent of the
Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.84.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Financial Indebtedness set out in Schedule 12 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Existing Financial
Indebtedness</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.84.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any indebtedness arising under any trade credit in the ordinary course
of trading activities, on the creditor&#8217;s standard or usual terms and which has
a credit term of not more than 90&nbsp;(ninety) days; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.84.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Financial Indebtedness incurred by an Obligor or a member of the
Group and the repayment of which is subordinate to the repayment of the Loans;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.85.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted Guarantee</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.85.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the endorsement of negotiable instruments in the ordinary course of
trade;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">20</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.85.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any guarantee,
standby letters of credit, bonds or other like instruments (or any indemnities
given to an issuing bank in connection with such guarantees, standby letters of
credit, bonds or other like instruments) arising under the Finance Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.85.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any performance or similar bond, indemnity or counter guarantee
guaranteeing performance by a member of the Group under any contract entered
into in the ordinary course of trade by another member of the Group;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.85.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any indemnity or counter-indemnity given by the Borrower or any Obligor
to Guardrisk Cell Captive A170 or Standard Bank Limited in respect to any
guarantee that Guardrisk Cell Captive A170 or Standard Bank Limited has issued
or may issue in the future in respect of actual or potential environmental
claims against the Group as set out in Schedule 8 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Existing Security</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">); &nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.85.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any guarantee of a Joint Venture to the extent permitted by clause 21.12
(</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Joint Ventures</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">); &nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.85.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any guarantee, standby letter of credit, bonds or other like instruments
permitted under clause 21.17 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial Indebtedness</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">); &nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.85.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any guarantee comprising a netting or set-off arrangement entered into
by an Obligor with an Acceptable Bank in the ordinary course of its banking
arrangements for the purposes of netting debit and credit balances of other
members of the Group with that Acceptable Bank; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.85.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any other guarantee issued with the prior written consent of the Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.86.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Permitted Joint Venture&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means any investment in any Joint
Venture:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.86.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">made in the ordinary course of business of a member of the Group; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.86.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">where it is permitted by the Lender in writing;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.87.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted Loan</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511199764"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.87.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any existing
loan listed in Schedule 13 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Existing Inter-Company Loans</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.87.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any new inter-company loan that may arise as a result of the delegation
and/or set-off of any Existing Inter-Company Loans listed in Schedule 13 </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">21</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_22"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(Existing Inter-Company Loans), or part thereof, to
another member of the Group;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.87.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any new inter-company loan that may arise as a result of any issue of
Shares by any Obligor to its immediate Holding Company on loan account; </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.87.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any new inter-company loan that may arise as a result of any issue of
Shares by any member of the Group which is not an Obligor to its immediate
Holding Company on loan account;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.87.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any loan made by a member of the Group which is not an Obligor to
another member of the Group which is not an Obligor; </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.87.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a loan made by an Obligor to another Obligor; </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511199786"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.87.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any loan made
that may result from the sweeping of internally generated cash, Excluded
Disposal Proceeds or Excluded Insurance Proceeds to the central treasury
function of the Group;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.87.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any loan made by an Obligor to a member of the Group which is not an
Obligor (other than any Existing Inter-Company Loans) so long as the aggregate
amount of the Financial Indebtedness under any such loans does not exceed
ZAR25,000,000 (twenty five million Rand) (or its equivalent) in total during
the Term; </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.87.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a loan which is a Permitted Shareholder Loan; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.87.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any loans or credit permitted by the Lender in writing;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.88.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted Share Issue</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.88.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any issue of Shares by the Borrower to any of its Shareholders provided
that no Change of Control occurs;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.88.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any issue of Shares by any Obligor to its immediate Holding Company; </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref514852630"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.88.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any issue of
Shares by any member of the Group which is not an Obligor to its immediate
Holding Company; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.88.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any issue of Shares pursuant to the Sibanye Transaction;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">22</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_23"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.89.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted
Shareholder Loan</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.89.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Shareholder Loan which constitutes Subordinated Debt; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.89.2.</font></i><i><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any other Shareholder Loan made or borrowed with the prior written
consent of the Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.89.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any loan contemplated in clause&nbsp;1.1.88.3;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.90.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted Transaction</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.90.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any disposal required, Financial Indebtedness incurred, guarantee,
indemnity or Security given, or other transaction arising, under the Finance
Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.90.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the solvent liquidation or reorganisation of any member of the Group
provided that any payments or assets distributed as a result of such
liquidation or reorganisation are distributed to an Obligor; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.90.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">transactions other than: </font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.90.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any sale, lease, license, transfer or other disposal; and </font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.90.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the granting or creation of Security or the incurring or permitting to
subsist of Financial Indebtedness,</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">conducted
in the ordinary course of trading on arm&#8217;s length terms;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.90.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any transaction with the prior written consent of the Lender; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.90.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Sibanye Transaction;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.91.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted Transferees</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means any person listed as a permitted
transferee in Schedule 11 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted Transferees</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.92.</font><font color=blue face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted Treasury Transaction</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.92.1.</font><font color=blue face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a
Treasury Transaction entered into with the prior written approval of the Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.92.2.</font><font color=blue face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a
Treasury Transaction documented by a Hedging Agreement; and</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">23</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.92.3.</font><font color=blue face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Treasury Transaction entered into for the hedging of actual
or projected real exposures arising in the ordinary course of trading
activities of a member of the Group and not for speculative purposes;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.93.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Pledge and Cession in Security Agreement</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means the pledge and
cession in security agreement entered into or to be entered into on or about
the Signature Date between the Lender and the Borrower;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.94.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Quotation Day</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means, in relation to any period for which
an interest rate is to be determined, the first day of that period unless
market practice differs in the Johannesburg Interbank Market, in which case the
Quotation Day will be determined by the Lender in accordance with market
practice in the Johannesburg Interbank Market (and if quotations would normally
be given by leading banks in the Johannesburg Interbank Market on more than one
day, the Quotation Day will be the last of those days);</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.95.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Reference Banks</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the principal Johannesburg
offices of Absa, FirstRand Bank Limited, Nedbank Limited and The Standard Bank
of South Africa Limited or such other banks as may be appointed by the Lender
in consultation with the Borrower;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.96.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Reference Bank Rate&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means the arithmetic mean of the rates
(rounded upwards to 4 decimal places) as supplied to the Lender, at its
request, quoted by the Reference Banks to leading banks in the Johannesburg
Interbank Market;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.97.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Refinancing&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means the repayment, prepayment, cancellation or
replacement of the Facility (in whole) funded, directly or indirectly, by way
of the incurrence by the Borrower and/or any other member of the Group of
indebtedness or the issue of Shares by the Borrower or any other member of the
Group and </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Refinance&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> and </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Refinanced </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">shall be construed
accordingly;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.98.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Repeating Representations</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means each of the
representations set out in clause&nbsp;18.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Status</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) to clause&nbsp;18.6
(</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Authorisations</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), clause&nbsp;18.10 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Default</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), clause 18.11 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No
misleading information</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)), clause&nbsp;18.12 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial statements</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)),
clause 18.18 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No breach of laws</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), clause&nbsp;18.20 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Authorised
signatories</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), clause&nbsp;18.21 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No immunity</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) and clause 18.26 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Ranking</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);
&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.99.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Resignation Letter</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means a letter substantially in the form set
out in Schedule 6 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Form of Resignation Letter</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">24</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.100.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Riaan Davel</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means an
adult male with South African identity number&nbsp;750928 5091 081;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.101.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Rollover Loan</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means one or more Loans:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.101.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">made or to be made on the same day that a maturing Loan is due to be
repaid;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.101.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the aggregate amount of which is equal to or less than the amount of the
maturing Loan; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.101.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">made or to be made for the purpose of refinancing a maturing Loan;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.102.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sanctioned Entity</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;
means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.102.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a person, sovereign, country or
territory which is listed on a Sanctions List or is subject to Sanctions; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.102.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a person which is ordinarily resident in a country or territory which is
listed on a Sanctions List or is subject to Sanctions;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.103.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sanctioned Transaction</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the use of the proceeds
of a Facility or Treasury Transaction for the purpose of financing or providing
any credit, directly or indirectly, to:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.103.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Sanctioned Entity; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.103.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any other person or entity, if a member of the Group has actual
knowledge that the person or entity proposes to use the proceeds of the
financing or credit for the purpose of financing or providing any credit,
directly or indirectly, to a Sanctioned Entity,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in each
case to the extent that to do so is prohibited by, or would cause any breach
of, Sanctions;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.104.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sanctions</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means trade, economic or financial
sanctions, laws, regulations, embargoes or restrictive measures imposed,
administered or enforced from time to time by any Sanctions Authority;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.105.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sanctions Authority</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387389031"></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">25</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_26"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.105.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the United Nations;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.105.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the European Union;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.105.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Council of Europe (founded under the Treaty of London, 1946);</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.105.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the government of the United States of America;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387389035"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.105.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the government of the United
Kingdom;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.105.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the government of the Republic of France,</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.105.6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any of their governmental authorities and agencies, including, without
limitation, the Office of Foreign Assets Control for the US Department of
Treasury (</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">OFAC</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), the US Department of Commerce, the US State Department
or the US Department of the Treasury, Her Majesty's Treasury (</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">HMT</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) and
the French Ministry of Finance (</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">MINEFI</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.106.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sanctions List</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.106.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the SDN List maintained by OFAC;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.106.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Consolidated List of Financial Sanctions Targets and the Investments
Ban List maintained by Her Majesty's treasury; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.106.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any similar list maintained, or a public announcement of a Sanctions
designation made by any Sanctions Authority,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in each
case as amended, supplemented or substituted from time to time;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.107.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Screen Rate</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the mid-market rate for deposits in
ZAR for the relevant period which appears on the Reuters Screen SAFEY Page
alongside the caption &quot;YLD&quot; at the applicable time (or any
replacement Reuters page which displays that rate, or on the appropriate page
of such other information service which publishes that rate from time to time
in place of Reuters). If such page or service ceases to be available, the
Lender may specify another page or service displaying the appropriate rate
after consultation with the Borrower;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.108.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">SDN List</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the Specially Designated Nationals and
Blocked Persons List, as published by OFAC from time to time, and available on
the world-wide internet at the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">26</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">following website -
http://www.treas.gov/offices/enforcement/ofac/sdn/index.html or any official
successor website, which identifies terrorist organisations, individual
terrorists and states which sponsor terrorism that are, in each instance,
restricted from doing business with the United States of America or American companies
or Americans;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.109.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Security</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a mortgage bond, notarial bond,
cession in security, pledge, hypothec, lien, charge, assignment or other
security interest securing any obligation of any person or any other agreement
or arrangement having a similar effect;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.110.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Security Document</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means each of the documents listed
as being a Security Document in clause&nbsp;2.3 of Part&nbsp;I of Schedule 2
(Conditions precedent) together with any other document entered into by any
Obligor creating or expressed to create any Security over all or any part of
its assets in respect of the obligations of any of the Obligors under any of
the Finance Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.111.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Shareholder&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means any direct or indirect holder (whether
beneficial, legal or registered) of Shares or any Affiliate of any direct or
indirect (whether beneficial, legal or registered) holder of Shares;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.112.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Shareholder Loan&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means any loan made or to be made to an
Obligor by or on behalf of a Shareholder and any other indebtedness owing on
loan account by an Obligor to a Shareholder;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.113.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Shares&#8221;&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means, as the context may require, all or any shares in
any member of the Group from time to time;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.114.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sibanye-Stillwater</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means Sibanye Gold Limited (trading as
Sibanye-Stillwater (Registration No.&nbsp;2002/031431/06), a public company
duly incorporated in accordance with the laws of South Africa;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.115.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sibanye Transaction</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means the transaction or series of
transactions in terms of which the Borrower acquires certain processing plants
and tailing assets through the acquisition of 100% (one hundred per cent) of
the shareholding in WRTRP from Sibanye-Stillwater in exchange for the allotment
and issue of new Shares in the Borrower to Sibanye-Stillwater and the related
transactions as fully described in the circular disseminated to the
Shareholders of the Borrower dated 26&nbsp;February&nbsp;2018 and available on
the Borrower&#8217;s website;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">27</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.116.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Signature Date</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;
means the date upon which this Agreement is signed by the Party signing last in
time;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.117.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">South Africa</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the Republic of South Africa;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.118.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Subordination Agreement&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means the subordination agreement
entered into or to be entered into on or about the Signature Date amongst the
Subordinated Parties and the Lender in terms of which the Subordinated Parties
subordinate all of their claims against each other to the claims of the Lender
under and in terms of this Agreement and the other Finance Documents, all on
the terms and conditions contained therein;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.119.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Subordinated Debt&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means any indebtedness incurred by any
Obligor advanced by other members of the Group, any Shareholder or any external
party (in any form whatsoever), the right to the repayment of, or any payment
(including interest or other amounts due thereunder) in respect of, which has
been subordinated to the claims of the Finance Parties under the Finance
Documents in accordance with the terms of the Subordination Agreement or
otherwise on terms and conditions satisfactory to the Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.120.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Subordinated Parties&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means, collectively, each Subordinated
Party as defined in the Subordination Agreement and any party who accedes to the
Subordination Agreement;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.121.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Subsidiary</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a &quot;subsidiary&quot; as defined
in the Companies Act and shall include any person who would, but for not being
a &quot;company&quot; under the Companies Act, qualify as a
&quot;subsidiary&quot; as defined in the Companies Act;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.122.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any tax, levy, impost, duty or other charge
or withholding of a similar nature (including any penalty or interest payable
in connection with any failure to pay or any delay in paying any of the same);</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.123.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Term</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means the period commencing on the Signature Date and
ending on the Discharge Date;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.124.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Total Commitment</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a maximum aggregate Rand
amount equivalent to ZAR300&nbsp;000&nbsp;000 (three hundred million Rand)
provided by the Lender to the Borrower;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.125.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Transfer</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; has the meaning given to it in
clause&nbsp;23.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Cessions and delegations by the Lenders</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">28</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_29"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.126.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Transfer Certificate</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;
means a certificate substantially in the form set out in Schedule&nbsp;4 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Form
of Transfer Certificate</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) or any other form agreed between the Lender and
the Borrower;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.127.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Treasury Transaction</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means any derivative transaction entered
into in connection with protection against or benefit from fluctuations in any
rate, price, index or credit rating with the Borrower or the Hedge
Counterparty;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.128.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Unpaid Sum</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means any sum due and payable but unpaid
by an Obligor under the Finance Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.129.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Utilisation</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a utilisation of a Facility;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.130.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Utilisation Date</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the date of a Utilisation,
being the date on which the relevant Loan is to be made;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.131.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Utilisation Request</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a notice substantially in
the form set out in Part&nbsp;I of Schedule&nbsp;3 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Requests</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.132.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">VAT</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means (i)&nbsp;any value added tax as provided
for in the Value Added Tax Act, 1991, (ii)&nbsp;any general service tax and
(iii)&nbsp;any other tax of a similar nature; </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.133.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">WRTRP</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means West Rand Tailing Retreatment Project Proprietary
Limited (registration number 2017/449061/07), a company duly registered and
incorporated with limited liability in accordance with the laws of South
Africa; </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.134.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ZAR</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means South African Rand, the lawful currency of
South Africa; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.1.135.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2002 ISDA Master Agreement</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means, the 2002 version of
the ISDA Master Agreement created by the International Swaps and Derivatives
Association.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Construction&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Hlk513043652"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Unless a contrary indication appears, any reference in this Agreement
to:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Finance Party</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;, any &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Lender</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;, any
&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Obligor</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; or any &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Party</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; shall be construed
so as to include its successors in title, permitted cessionaries and permitted
transferees;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Assets</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; includes present and future properties, plant,
revenues and rights of every description;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">29</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Authority</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; includes any court or any governmental,
intergovernmental or supranational body, agency, department or any regulatory,
self-regulatory or other authority;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Finance Document</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; or any other agreement or
instrument is a reference to that Finance Document or other agreement or
instrument as amended, novated, supplemented, extended or restated;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the use of the word &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">including</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; or &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">include</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;
followed by specific examples will not be construed as limiting the meaning of
the general wording preceding it, and the </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">eiusdem generis</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> rule must not
be applied in the interpretation of such general wording or such specific
examples;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Indebtedness</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; includes any obligation (whether
incurred as principal or as surety) for the payment or repayment of money,
whether present or future, actual or contingent;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Person</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; includes any individual, firm, company,
corporation, government, state or agency of a state or any association, trust,
joint venture, consortium or partnership (whether or not having separate legal
personality);</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Regulation</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; includes any regulation, rule, official
directive, request or guideline (whether or not having the force of law) of any
governmental, intergovernmental or supranational body, agency, department or of
any regulatory, self-regulatory or other authority or organisation;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a provision of law is a reference to that provision as amended or
re-enacted;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387833463"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">an expression
which denotes:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.10.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any gender includes the other genders;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.10.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a natural person includes an artificial or juristic person and vice
versa; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.10.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the singular includes the plural and vice versa; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.1.11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a time of day is a reference to Johannesburg time.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Section, clause and Schedule headings are for ease of reference only.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">30</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_31"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Unless a contrary indication appears, a term used in any other Finance
Document or in any notice given under or in connection with any Finance
Document has the same meaning in that Finance Document or notice as in this
Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387833513"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Where any term is defined within a particular clause other than
clause&nbsp;1.1, that term shall bear the meaning ascribed to it in that clause
wherever it is used in this Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A Default (other than an Event of Default) is &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">continuing</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;
if it has not been remedied or waived and an Event of Default is &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">continuing</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;
if it has not been waived.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The rule of construction that, in the event of ambiguity, a contract
shall be interpreted against the party responsible for the drafting thereof,
shall not apply in the interpretation of the Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The expiry or termination of any Finance Documents shall not affect
those provisions of the Finance Documents that expressly provide that they will
operate after any such expiry or termination or which of necessity must
continue to have effect after such expiry or termination, notwithstanding that
the clauses themselves do not expressly provide for this.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Finance Documents shall to the extent permitted by applicable law be
binding on and enforceable by the administrators, trustees, permitted
cessionaries, business rescue practitioners or liquidators of the Parties as
fully and effectually as if they had signed the Finance Documents in the first
instance and reference to any Party shall be deemed to include such Party's
administrators, trustees, permitted cessionaries, business rescue practitioners
or liquidators, as the case may be.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Where figures are referred to in numerals and in words in any Finance
Document, if there is any conflict between the two, the words shall prevail.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.2.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Unless a contrary indication appears, where any number of days is to be
calculated from a particular day, such number shall be calculated as including
that particular day and excluding the last day of such period. </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387742014"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Third party rights</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Except as expressly provided for in this Agreement or in any other
Finance Document, no provision of any Finance Document constitutes a
stipulation for the benefit of any person who is not a party to that Finance
Document.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">31</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Notwithstanding any term of any Finance Document, the consent of any
person who is not a party to that Finance Document is not required to rescind
or vary that Finance Document at any time except to the extent that the
relevant variation or rescission (as the case may be) relates directly to the
right conferred upon any applicable third party under a stipulation for the
benefit of that party that has been accepted by that third party.</font></p>




<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;&nbsp;</font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><a name="_Toc528727926"></a><a name="_Toc517185341"></a><a name="_Toc513233422"></a><a name="_Toc511668238"></a><a name="_Toc400533789"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">32</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION&nbsp;2: THE FACILITIES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727927"></a><a name="_Toc517185342"></a><a name="_Toc513233423"></a><a name="_Toc511668239"></a><a name="_Toc400533790"></a><a name="_Ref385344724"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">THE FACILITIES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Facilities</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Subject
to the terms of this Agreement, the Lender makes available to the Borrower a
ZAR revolving credit facility in an aggregate amount equal to the Total
Commitment.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387761059"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Finance Parties' rights and obligations</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The obligations of each Finance Party under the Finance Documents are
separate and independent. Failure by a Finance Party to perform its obligations
under the Finance Documents does not affect the obligations of any other Party
under the Finance Documents. No Finance Party is responsible for the
obligations of any other Finance Party under the Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The rights of each Finance Party under or in connection with the Finance
Documents are separate and independent rights and any debt arising under the
Finance Documents to a Finance Party from an Obligor shall be a separate and
independent debt.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A Finance Party may, except as otherwise stated in the Finance
Documents, separately enforce its rights under the Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Toc400533791"></a><a name="_Ref511195334"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Obligors&#8217; Agent</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Obligor (other than the Borrower) by its execution of this
Agreement or an Accession Letter irrevocably appoints the Borrower (acting
through one or more authorised signatories) to act on its behalf as its agent
in relation to the Finance Documents and irrevocably authorises:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.3.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Borrower on its behalf to supply all information concerning itself
contemplated by this Agreement to the Finance Parties (and to give all notices
and instructions), to execute on its behalf any Accession Letter, to make such
agreements and to effect the relevant amendments, supplements and variation
capable of being given, made or effected by any Obligor notwithstanding that
they may affect the Obligor, without further reference to or the consent of that
Obligor; and</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">33</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.3.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">each Finance Party to give any notice, demand or other communication
intended for that Obligor pursuant to the Finance Documents to the Borrower,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">and in
each case the Obligor shall be bound as though the Obligor itself had given the
notices and instructions (including, without limitation, the Utilisation
Requests) or executed or made the agreements or effected the amendments,
supplements or variations, or received the relevant notice, demand or other
communication.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Every act, omission, agreement, undertaking, settlement, waiver,
amendment, supplement, variation, notice or other communication given or made
by the Obligors&#8217; Agent, or given to the Obligors&#8217; Agent under any Finance
Document on behalf of another Obligor or in connection with an Finance Document
(whether or not&#160; known to any other Obligor and whether occurring before or
after such other Obligor became an Obligor under any Finance Document) shall be
binding for all purposes on that Obligor as if that Obligor had expressly made,
given or concurred with it. In the event of any conflict between any notices or
other communications of the Obligors&#8217; Agent and any other Obligor, those of the
Obligors&#8217; Agent shall prevail.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727928"></a><a name="_Toc517185343"></a><a name="_Toc513233424"></a><a name="_Toc511668240"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">PURPOSE&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387761086"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Purpose&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower shall utilise the Facility for the purpose
of:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">3.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">funding the capital expenditure for Phase 1 of the West Rand Tailing
Retreatment Project, and/or</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">3.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Group&#8217;s working capital requirements.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Monitoring&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No
Finance Party is bound to monitor or verify the application of any amount
borrowed pursuant to this Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727929"></a><a name="_Toc517185344"></a><a name="_Toc513233425"></a><a name="_Toc511668241"></a><a name="_Toc400533792"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">CONDITIONS OF
UTILISATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Initial Conditions Precedent</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower may not deliver a Utilisation Request unless the Lender has received
all of the documents and other evidence listed in Part&nbsp;I of
Schedule&nbsp;2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Conditions Precedent</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) in form </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">34</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">and
substance satisfactory to the Lender. The Lender shall notify the Borrower as
soon as reasonably possible after having been so satisfied.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386795538"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Further conditions precedent</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Lender will only be obliged to comply with clause&nbsp;5.4 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Lender&#8217;s
participation</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) if on the date of the Utilisation Request and on the
proposed Utilisation Date:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in the case of a Rollover Loan, no Event of Default is continuing or
would result from the proposed Loan and, in the case of any other Loan, no
Default is continuing or would result from the proposed Loan;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Repeating Representations to be made by each Obligor are true in all
material respects; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref519789504"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in respect of the first Utilisation only:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.2.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Original Lender has received a letter from Sibanye Gold Limited
(trading as Sibanye-Stillwater) and the Borrower, confirming that the effective
date, as defined in the Sibanye Transaction documents, has been reached and
that the Sibanye Transaction has been finalised;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.2.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">WRTRP has become a wholly owned Subsidiary of the Borrower and has
acceded to the this Agreement as a Guarantor;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.2.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Borrower has delivered the following documents to the Original
Lender in a form and substance satisfactory to the Original Lender:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.2.3.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the original share certificates in respect of the pledged shares in
WRTRP;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.2.3.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the original share transfer forms signed by the pledgor of the pledged
shares and blank as to transferee; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.2.3.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a resolution of the directors of WRTRP acknowledging such pledge and
agreeing to give effect to any transfer of the pledged shares pursuant to the
terms of such pledge.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Waiver or deferral of Conditions Precedent</font></b></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">35</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each condition precedent referred to in clause 4 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Conditions of
Utilisation</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) is for the benefit solely of the Finance Party. The Lender
may, by written notice to the Borrower, waive or defer delivery of any
condition precedent, in whole or in part, and subject to such other conditions
(if any) as it may determine.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If the Lender advances any Loan under the Facility in circumstances
where the Lender was not obliged to advance such a Loan because of a condition
referred to in or contemplated by clause 4.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Initial conditions precedent</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)
or clause 4.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Further conditions precedent</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) not having been satisfied,
waived or deferred pursuant to this clause 4.3 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Waiver or deferral of
conditions precedent</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">):&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.3.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">such advance shall constitute a valid advance of such Loan made subject
to and in accordance with the provisions of this Agreement and the other
relevant Finance Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.3.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Financial Close date shall have occurred on the date of such
advance; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.3.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">this Agreement and the other Finance Documents will have become
unconditional,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">without
prejudice to the right of the Lender to require subsequent fulfilment of such
condition in a written notice to this effect, delivered at any time and unless
otherwise specified in such written notice, such condition shall be fulfilled
by the relevant Obligor or Obligors, as the case may be, within 5 (five)
Business Days of the date of such written notice. A failure to fulfil any
condition within the stipulated time shall constitute an Event of Default.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Maximum number of Loans</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower may not deliver a Utilisation Request if as a result of the proposed
Utilisation more than 3 (three) Loans would have been advanced in any Month. </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Failure to close</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If Financial Close has not occurred by the Long Stop
Date (or such later date as may be agreed by the Borrower and the Lender), the
Total Commitments shall immediately, automatically and without a requirement
for notice to be given to any person, be cancelled and reduced to zero.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></p>




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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">37</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION&nbsp;3:&#160;
UTILISATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727931"></a><a name="_Toc517185346"></a><a name="_Toc513233427"></a><a name="_Toc511668243"></a><a name="_Toc400533794"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">UTILISATION&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387821190"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Delivery of a Utilisation Request</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A
Borrower may utilise a Facility by delivery to the Lender of a duly completed
Utilisation Request not later than 11h00, 2 (two) Business Days before the
Utilisation Date for a proposed Loan.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Completion of a Utilisation Request</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Utilisation Request is irrevocable and will not be regarded as
having been duly completed unless:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.2.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the proposed Utilisation Date is a Business Day within the Availability
Period applicable to the Facility; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.2.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the currency and amount of the Utilisation comply with clause&nbsp;5.3 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Currency
and amount</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Only one Loan may be requested in each Utilisation Request.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386789056"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Currency and amount</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The currency specified in a Utilisation Request must be ZAR.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The amount of a proposed Loan must be an amount which is not more than
the Available Facility and which is a minimum of ZAR 5,000,000 (five million
Rand) or, if less, the Available Facility.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386788826"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Lender&#8217;s participation</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If the conditions set out in this Agreement have been
met the Lender shall advance and make each Loan available by the Utilisation
Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Cancellation of Commitment</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Commitments which, at that time, are unutilised shall be immediately cancelled
at the end of the Availability Period.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><a name="_Toc528727932"></a><a name="_Toc517185347"></a><a name="_Toc513233428"></a><a name="_Toc511668244"></a><a name="_Toc400533795"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">38</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION&nbsp;4:&#160; REPAYMENT, PREPAYMENT AND
CANCELLATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727933"></a><a name="_Toc517185348"></a><a name="_Toc513233429"></a><a name="_Toc511668245"></a><a name="_Toc400533796"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">REPAYMENT&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386789374"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Repayment of Loans</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref386790190"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower shall repay each Loan on the last day of its Interest
Period.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Without prejudice to the Borrower's obligation under clause&nbsp;6.1.1,
if one or more Loans are to be made available to the Borrower:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">on the same day that a maturing Loan is due to be repaid by the
Borrower; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in whole or in part for the purpose of refinancing the maturing Loan,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the
aggregate amount of the new Loans shall be treated as if applied in or towards
repayment of the maturing Loan,</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">if the amount of the maturing Loan exceeds the aggregate amount of the
new Loans:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.2.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Borrower will only be required to pay an amount in cash in the
relevant currency equal to that excess; and </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.2.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender&#8217;s participation in the new Loans shall be treated as having
been made available and applied by the Borrower in or towards repayment of the
Lender&#8217;s participation in the maturing Loan and the Lender will not be required
to make its participation in the new Loans available in cash;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.2.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">if the amount of the maturing Loan is equal to or less than the
aggregate of the new Loans:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.2.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Borrower will not be required to make any payment in cash; and </font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.2.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender will be required to make its participation in the new Loans
available in cash only to the extent that its participation (if any) in the new
Loans exceeds the Lender&#8217;s participation (if any) in the maturing Loan and the
remainder of the Lender&#8217;s </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">39</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_40"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">participation in the new
Loans shall be treated as having been made available and applied by the Borrower
in or towards repayment of the Lender&#8217;s participation in the maturing Loan.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">All amounts whatsoever owing under this Agreement shall be paid in full
by the Borrower to the Lender on the Final Repayment Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727934"></a><a name="_Toc517185349"></a><a name="_Toc513233430"></a><a name="_Toc511668246"></a><a name="_Toc400533797"></a><a name="_Ref386795515"></a><a name="_Ref386795309"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">PREPAYMENT AND
CANCELLATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref391905809"></a><a name="_Ref387071001"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mandatory Prepayment Illegality</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If it
becomes unlawful in any applicable jurisdiction for the Lender to perform any
of its obligations as contemplated by this Agreement or to fund or maintain its
participation in any Loan:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender shall promptly notify the Borrower upon becoming aware of
that event;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">upon the Lender notifying the Borrower, the Available Commitment of the
Lender will be immediately cancelled; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Borrower shall repay all the outstanding Loans on the last day of
the Interest Period for each Loan occurring after the Lender has notified the
Borrower or, if earlier, the date specified by the Lender in the notice
delivered to the Borrower (being no earlier than the last day of any applicable
grace period permitted by law).</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref514346881"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mandatory Prepayment Change of control</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><a name="_Ref386792907"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If any person or group of persons acting in concert gains control of the
Borrower:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Borrower shall promptly notify the Lender upon becoming aware of
that event;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender shall not be obliged to fund a Utilisation; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">upon the Borrower notifying the Lender, the Lender shall be entitled, by
not less than 10 (ten) Business Days' notice to the Borrower, to cancel the
Total Commitments and declare all outstanding Loans, together with accrued
interest, and all other amounts accrued under the Finance Documents immediately
due and payable, whereupon the Total Commitments will be cancelled and all such
outstanding amounts will become immediately due and payable.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">40</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_41"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">For the purpose of clause&nbsp;7.2.1 &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">control</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; of the
Borrower means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the power (whether by way of ownership of shares, proxy, contract,
agency or otherwise) to:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.2.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">for so long as the shares are listed, cast, or control the casting of,
more than 35% (thirty five percent) of the maximum number of votes that might
be cast at a general meeting of that person; or </font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.2.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">if the shares are not listed, cast, or control the casting of, more than
50% (fifty per cent) of the maximum number of votes that might be cast at a
general meeting of that person; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.2.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">appoint or remove all, or the majority, of the directors or other
equivalent officers of that person; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.2.1.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">give directions with respect to the operating and financial policies of
the <a name="_Hlk511201757"></a>Borrower with which the directors or other
equivalent officers of the Borrower are obliged to comply; and/or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the holding of more than 50% (fifty percent) of the issued share capital
of the Borrower (excluding any part of that issued share capital that carries
no right to participate beyond a specified amount in a distribution of either
profits or capital).</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">For the purpose of clause&nbsp;7.2.1, &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">acting in concert</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;
means, a group of persons who, pursuant to an agreement or understanding
(whether formal or informal), actively co-operate, through the acquisition
directly or indirectly of shares in the Borrower by any of them, either
directly or indirectly, to obtain or consolidate control of the Borrower.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.2.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The provisions of this clause 7.2 shall not apply to any change of
control occurring as a result of the conclusion and/or implementation of the
Sibanye Transaction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386793241"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mandatory Prepayment Sanctions</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387662529"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If any member of the Group:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.3.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">is or becomes a Sanctioned Entity;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">41</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_42"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.3.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">participates in any manner in any Sanctioned Transaction,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the
Obligors&#8217; Agent shall notify the Lender promptly upon becoming aware of that
event.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If any event contemplated by clause&nbsp;7.3.1 occurs, the following
shall apply:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.3.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender shall not be obliged to fund any Utilisation;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.3.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender shall, by not less than 10 (ten) Business Days' notice to the
Obligors&#8217; Agent, cancel the Total Commitments and declare all outstanding
Loans, together with accrued interest, and all other amounts accrued under the
Finance Documents immediately due and payable, whereupon the Total Commitments
will be cancelled and all such outstanding amounts will become immediately due
and payable.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511183108"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mandatory prepayments pursuant to disposals</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">For the purpose of this clause 7.4:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.4.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Disposal Proceeds&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means the cash consideration received
(including any amount owing to and set off by any purchaser) by any member or
members of the Group for any disposal made by any member of the Group to any
person who is not a member of the Group, or of all or part of the business,
undertaking or assets of any member of the Group (including the amount of any
inter-company debt of any member of the Group disposed of which is repaid in
cash in connection with that disposal) and after deducting:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.4.1.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any expenses incurred by any member of the Group (which remains a member
of the Group after the implementation of that disposal) with respect to that
disposal to persons who are not members of the Group; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.4.1.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Tax incurred and required to be paid by the seller in connection
with that disposal (as reasonably determined by the Borrower, on the basis of
professional advice and existing rates taking account of any available credit,
deduction or allowance);</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.4.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Material Disposal Proceeds</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means Disposal Proceeds other than
Excluded Disposal Proceeds;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">42</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.4.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Excluded Disposal Proceeds</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><a name="_Ref511244758"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.4.1.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Disposal Proceeds of a disposal under clause 1.1.81 of the
definition of &#8220;</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted Disposal</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221;; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.4.1.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Disposal Proceeds of a disposal (other than any Disposal Proceeds
arising from any disposal referred to in clause&nbsp;7.4.1.3.1), which, when
aggregated with the Disposal Proceeds of all other disposals of assets by
members of the Group made at any time during the Term of the Facility, exceeds
ZAR30,000,000 (thirty million Rand), but only to the extent that those Disposal
Proceeds are reinvested in the Group within 90 (ninety) days&#160; of receipt;&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower shall, on any date which it receives any Material Disposal
Proceed, notify the Lender in writing (a &#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Material&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Disposal Proceeds
Notice</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221;) of the amount of such Material Disposal Proceeds and shall, using
the full amount of the Material Disposal Proceeds, prepay the Loans together
with accrued unpaid interest thereon on the amount of such Material Disposal
Proceeds on the last day of the Interest Period following receipt by the
Borrower of the Material Disposal Proceeds Notice by the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511183175"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mandatory Prepayment: Insurance Proceeds</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">For the purposes of this clause 7.5:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Insurance Proceeds&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means the proceeds of any insurance claim
under any insurance maintained by any member of the Group.</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Net Insurance Proceeds</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means Insurance Proceeds (other than
Excluded Insurance Proceeds) received by any member or members of the Group
after deducting any expenses in relation to that claim which are incurred by
any member of the Group to persons who are not members of the Group;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Excluded Insurance Proceeds&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means any Insurance Proceeds which
the Obligors&#8217; Agent notifies the Lender are, or are to be, applied:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.1.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to meet a third-party claim against any member of the Group or any
employee, director or officer of any member of the Group;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">43</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.1.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to cover operating losses, business interruption losses or any other
loss of revenue of any member of the Group in respect of which the relevant
insurance claim was made;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><a name="_Ref511247530"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.1.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in the replacement, reinstatement and/or repair of the assets of the
Group or otherwise in amelioration of the loss in respect of which the relevant
insurance claim was made (or to reimburse any member of the Group for any
amount applied in replacing, reinstating and/or repairing such assets;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.1.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">if:&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.1.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">such Insurance Proceeds are so applied within 90 (ninety) days of
receipt or, in the case of clause 7.5.1.3.3, such longer period as may
reasonably be required to replace, reinstate and/or repair the relevant asset
(as reasonably determined by the Borrower, on the basis of professional advice
and as evidenced by (i) a resolution of the board of directors of the Borrower
passed within thirty days of receipt (if applicable) or (ii) such other
evidence as may be available that details the manner in which such Insurance
Proceeds are to be applied); or</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.1.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the aggregate amount of all such Insurance Proceeds received by the
Group which are not so applied does not exceed ZAR30,000,000 (thirty million
Rand). </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.5.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower shall on any date on which it receives the Net Insurance
Proceeds, notify the Lender in writing (a &#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Net&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Insurance Proceeds
Notice</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221;) of the amount of such Net Insurance Proceeds and shall, using the
full amount of Net Insurance Proceeds, prepay the Loans together with accrued
and unpaid interest thereon on the last day of the Interest Period following
receipt by the Borrower of the Net Insurance Proceeds Notice by the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mandatory Prepayment: De-listing</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">trading in any of the securities issued by the Borrower (&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Borrower
Securities</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;) listed on any securities exchange operated by the
JSE&nbsp;Limited is suspended for a period </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">44</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">exceeding 5
(five) Business Days (other than a suspension in trading which affects the trading
of some or all of the shares traded on the JSE Limited generally); or</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.6.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Borrower Securities cease to be listed on a securities exchange
operated by the JSE Limited or any action is taken by the Borrower or the JSE
Limited to seek such a de-listing of the Borrower Securities;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.6.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Borrower shall promptly notify the Lender upon becoming aware of
that event, and the following shall apply:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.6.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender shall not be obliged to fund any Utilisation; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.6.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">on not less than 2 (two) Business Days&#8217; notice from the Lender to the
Borrower, the Available Commitment of that Lender may be cancelled, and if the
Lender so requires, the Borrower shall repay the Loans made to that Borrower on
the last day of the Interest Period for each Loan occurring after the Lender has
notified the Borrower or, if earlier, the date specified by the Lender in the
notice delivered to the Borrower (being no earlier than the last day of any
applicable grace period permitted by law). </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511189113"></a><a name="_Ref512842954"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Equity cure </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower shall ensure that 100% (one hundred percent) of any Cure Amount
received by the Borrower pursuant to clause 20.4 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Equity cure</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) is
applied in prepaying outstanding Loans in accordance with clause&nbsp;27.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Partial
payments</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) promptly upon receipt of the relevant Cure Amount but in any
event within 30 (thirty) days after the end of the Relevant Measurement Period.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref512843364"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Voluntary cancellation</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower may, if it gives the Lender not less than
5 (five) Business Days (or such shorter period as the Lender may agree) prior
written notice, cancel the whole or any part (being a minimum amount of
ZAR5,000,000 (five million Rand)) of the Available Facility. Any cancellation
under this clause&nbsp;7.8 shall reduce the Commitments of the Lender rateably
under the Facility. </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Voluntary prepayment of Loans</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.9.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower may, if it gives the Lender not less than 5 (five) Business
Days (or such shorter period as the Lender may agree) prior written notice,
prepay the whole or any </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">45</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">part of the Loan (but if in
part, being an amount that reduces the amount of the Facility by a minimum
amount of ZAR5,000,000 (five million Rand)) from Internally Generated Cash.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.9.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A Loan may only be voluntarily prepaid on the last day of an Interest
Period. </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Refinancing&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.10.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower may Refinance the entire amount of the Facility, if it
gives the Lender not less than 15 (fifteen) Business Days written notice to
that effect. The Borrower shall not make any prepayment in respect of a Loan
from the proceeds of a Refinancing, unless, at the same time, it repays or
prepays to the Lender the full principal amount of all the Loans which then
remain outstanding. </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511189801"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.10.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If the
Borrower elects to Refinance the Facility, it will be liable to the Lender for
the following Refinancing penalties in respect of the Facility:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.10.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.00% (one percent) of the amount so Refinanced during the period
commencing on Financial Close and terminating on the first anniversary of the
Financial Close date (&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">First Anniversary</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221;);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.10.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">0.50% (zero point five percent) of the amount so Refinanced between the
period commencing on the first day following the First Anniversary until the
date falling 24 (twenty four) Months after Financial Close.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref514863995"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.10.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause
7.10.2 shall not be applicable if the Refinancing is made out of Internally
Generated Cash flows or where the Lender participates in the Refinancing by funding
at least 50% (fifty percent) (on a pro rata basis) of the Refinancing. </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.10.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Save as otherwise contemplated in clause&nbsp;7.10.3 above, if the
Lender participates in any Refinancing, then the Refinancing penalty payable by
the Borrower to the Lender in accordance with the provisions of
clause&nbsp;7.10.2 shall be determined by reference to the difference between
the amounts outstanding under the Facility so Refinanced and the amount of the
Lender&#8217;s participation in such Refinancing.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.10.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause 7.10.2 above shall not be applicable if the Borrower Refinances
or otherwise mandatorily prepays the Loans pursuant to and in accordance with
the provisions of clause&nbsp;7.11 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Right of replacement or repayment and
cancellation in relation to the Lender</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) below.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511999893"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">46</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Right of
replacement or repayment and cancellation in relation to the Lender</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref386794942"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If:&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any sum payable to the Lender by an Obligor is required to be increased
under clause&nbsp;12.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax gross-up</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">); &nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender claims indemnification from the Borrower under
clause&nbsp;12.3 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax indemnity</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) or clause&nbsp;13.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Increased costs</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);
or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender delivers a notification under clause&nbsp;10.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Market
Disruption</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), &nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the
Obligors&#8217; Agent may, whilst the circumstance giving rise to the requirement for
that increase or indemnification continues and provided no Default is then
continuing, give the Lender notice of cancellation of the Commitment and its
intention to procure the repayment of the Loan.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">On receipt of a notice of cancellation referred to in
clause&nbsp;7.11.1, the Commitment shall immediately be reduced to zero.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">On the last day of each Interest Period which ends after the Obligors&#8217;
Agent has given notice of cancellation under clause&nbsp;7.11.1 (or, if
earlier, the date specified by the Obligors Agent in that notice), the Borrower
shall repay the Loan.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511914853"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If:&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any of the circumstance set out in clause&nbsp;7.11.1 above apply to the
Lender; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">an Obligor becomes obliged to pay any amount in accordance with
clause&nbsp;7.1 (Illegality) to the Lender,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the
Borrower may on [5 (five)] Business Days&#8217; prior notice to the Lender and replace
the Lender by requiring the Lender (and to the extent permitted by law, that
Lender shall) transfer pursuant to clause 23 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Changes to the Lenders</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)
all (and not part only) of its rights and obligations under this Agreement to
an Eligible Institution which confirms its willingness to assume and does
assume all the obligations of the transferring Lender in accordance with clause
23 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Changes to the Lenders</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) for a purchase price in cash payable at the
time of the transfer in an amount equal to the outstanding principal amount of
the Lender's participation in the outstanding Loans </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">47</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">and
all accrued interest and other amounts payable in relation thereto under the
Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The replacement of a Lender pursuant to clause 7.11.4 above shall be
subject to the following conditions:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.5.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender shall have no obligation to find a replacement Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.5.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in no event shall the Lender replaced under clause&nbsp;7.11.4 above be
required to pay or surrender any of the fees received by such Lender pursuant
to the Finance Documents; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511914953"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.5.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender shall
only be obliged to transfer its rights and obligations pursuant to clause
7.11.4 above once it is satisfied that it has complied with all necessary
&quot;know your customer&quot; or other similar checks under all applicable
laws and regulations in relation to that transfer.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.11.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A Lender shall perform the checks described in clause&nbsp;7.11.5.3
above as soon as reasonably practicable following delivery of a notice referred
to in clause 7.11.4 above and shall notify the Lender and the Borrower when it
is satisfied that it has complied with those checks.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Restrictions&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.12.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any notice of cancellation or prepayment given by any Party under this
clause&nbsp;7 shall be irrevocable and, unless a contrary indication appears in
this Agreement, shall specify the date or dates upon which the relevant
cancellation or prepayment is to be made and the amount of that cancellation or
prepayment.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.12.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any prepayment under this Agreement shall be made together with accrued
interest on the amount prepaid and, subject to any Break Costs.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.12.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Unless a contrary indication appears in this Agreement, any part of the
Facility which is prepaid or repaid may be re-borrowed in accordance with the
terms of this Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.12.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower shall not repay or prepay all or any part of the Loans or
cancel all or any part of the Commitments except at the times and in the manner
expressly provided for in this Agreement.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">48</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.12.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No amount
of the Total Commitments cancelled under this Agreement may be subsequently
reinstated.</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><a name="_Toc517185350"></a><a name="_Toc513233431"></a><a name="_Toc511668247"></a><a name="_Toc400533798"></a><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;text-transform:uppercase;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><a name="_Toc528727935"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">49</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION&nbsp;5:&#160;
COSTS OF UTILISATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727936"></a><a name="_Toc517185351"></a><a name="_Toc513233432"></a><a name="_Toc511668248"></a><a name="_Toc400533799"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">INTEREST&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Calculation of interest</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The rate
of interest on each Loan for each Interest Period is the percentage rate per
annum which is the aggregate of the applicable:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Margin; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">JIBAR.&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Payment of interest</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower shall pay accrued interest on the Loan on the last day of each
Interest Period.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref385432034"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Default interest</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If an Obligor fails to pay any amount payable by it under a Finance
Document (other than the Hedging Agreement which contains its own default
interest provisions that will apply to Treasury Transactions entered into
thereunder) on its due date, interest shall accrue on the overdue amount from
the due date up to the date of actual payment (both before and after judgment)
at a rate which, subject to clause&nbsp;8.3.2, is 2% (two percent) higher than
the rate of interest which would have been payable if the overdue amount had,
during the period of non-payment, constituted a Loan for successive Interest
Periods, each of a duration selected by the <a name="_Hlk511203057"></a>Lender
(acting reasonably). Any interest accruing under this clause&nbsp;8.3 shall be
immediately payable by the Obligor on demand by the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref386795890"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If the Unpaid Sum consists of all or part of a Loan which became due on
a day which was not the last day of an Interest Period relating to that Loan:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.3.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the first Interest Period for the Unpaid Sum shall have a duration equal
to the unexpired portion of the current Interest Period relating to that Loan;
and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.3.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the rate of interest applying to the Unpaid Sum during that first
Interest Period shall be 2% (two percent) higher than the rate which would have
applied if the Unpaid Sum had not become due.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Default interest (if unpaid) arising on any overdue amount will be
compounded with the Unpaid Sum at the end of each Interest Period applicable to
that Unpaid Sum but will remain immediately due and payable.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Notification of rates of interest</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Lender shall promptly notify the Borrower of the determination of a rate of
interest under this Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727937"></a><a name="_Toc517185352"></a><a name="_Toc513233433"></a><a name="_Toc511668249"></a><a name="_Toc400533800"></a><a name="_Ref385431980"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">INTEREST PERIODS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387821209"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">9.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Interest Periods</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">9.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Loan has an Interest Period of 3 (three) Months. </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">9.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">An Interest Period for a Loan shall not extend beyond the Final
Repayment Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">9.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Interest Period for a Loan shall start on the Utilisation Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">9.1.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A Loan has one Interest Period only.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">9.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Non-Business Days</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If an
Interest Period would otherwise end on a day which is not a Business Day, that
Interest Period will instead end on the next Business Day in that calendar
Month (if there is one) or the preceding Business Day (if there is not).</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727938"></a><a name="_Toc517185353"></a><a name="_Toc513233434"></a><a name="_Toc511668250"></a><a name="_Toc400533801"></a><a name="_Toc511166702"></a><a name="_Toc511168819"></a><a name="_Toc511169326"></a><a name="_Toc511183310"></a><a name="_Toc511166703"></a><a name="_Toc511168820"></a><a name="_Toc511169327"></a><a name="_Toc511183311"></a><a name="_Toc511166704"></a><a name="_Toc511168821"></a><a name="_Toc511169328"></a><a name="_Toc511183312"></a><a name="_Toc511166705"></a><a name="_Toc511168822"></a><a name="_Toc511169329"></a><a name="_Toc511183313"></a><a name="_Toc511166706"></a><a name="_Toc511168823"></a><a name="_Toc511169330"></a><a name="_Toc511183314"></a><a name="_Toc511166707"></a><a name="_Toc511168824"></a><a name="_Toc511169331"></a><a name="_Toc511183315"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">CHANGES TO THE CALCULATION OF INTEREST</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Absence of quotations</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Subject
to clause&nbsp;10.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Market Disruption</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), if JIBAR is to be determined by
reference to the Reference Banks but a Reference Bank does not supply a
quotation by the noon on the Quotation Day, the JIBAR shall be determined on
the basis of the quotations of the remaining Reference Banks.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386808641"></a><a name="_Ref511998066"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Market
Disruption</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If
before close of business in Johannesburg on the Quotation Day for the relevant
Interest Period for the Facility, the Original Lender receives notifications
from any other Lender or other Lenders (whose participations in a Loan exceed
30% (thirty percent) of the Loan) that the cost to it of funding its
participation in that from whatever source it may reasonably select would be </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">51</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_52"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in excess of JIBAR then clause&nbsp;0 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Cost of funds</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)
shall apply to that Loan for the relevant Interest Period. <a name="_Ref512849479"></a></font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Cost of funds</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If a Market Disruption Event occurs in relation to a Loan for any
Interest Period and this clause 0 applies, then the rate of interest on each
Lender's share of that Loan for the Interest Period shall be the percentage
rate per annum which is the sum of:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.3.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Margin; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.3.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the rate notified to the Lender by that Lender as soon as practicable
and in any event before interest is due to be paid in respect of that Interest
Period, to be that which expresses as a percentage rate per annum the cost to
that Lender of funding its participation in that Loan from whatever source(s)
it may reasonably select.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">In this Agreement &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Market Disruption Event</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.3.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">at or about noon on the Quotation Day for the relevant Interest Period
JIBAR is to be determined by reference to the Reference Banks and none or only
one of the Reference Banks supplies a rate to the Lender to determine JIBAR for
the relevant Interest Period; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.3.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">before&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:1.4pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">close&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:1.6pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">of&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:1.4pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">business&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:1.85pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:1.15pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Johannesburg&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:2.25pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">on&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:1.55pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:1.55pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Quotation&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:2.3pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Day&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:1.05pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">for&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:1.45pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the relevant</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:2.2pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Interest&nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;letter-spacing:1.9pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Period:&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.3.2.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the cost to it or them of obtaining matching deposits in the
Johannesburg Interbank Market would be in excess of JIBAR for the relevant
Interest Period; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.3.2.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">matching deposits will not be available to it or them in the
Johannesburg Interbank Market in the ordinary course of business to fund its or
their participation in that Loan for the relevant Interest Period.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511916908"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Alternative
basis of interest or funding</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref386809063"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If a
Market Disruption Event occurs and the Lender or the Obligors&#8217; Agent so
requires, the Lender and the Obligors&#8217; Agent shall enter into negotiations (for
a period of not </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">52</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">more than 30 (thirty) days) with a
view to agreeing a substitute basis for determining the rate of interest.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any alternative basis agreed pursuant clause&nbsp;10.4.1 shall, with the
prior consent of the Lender and the Obligors&#8217; Agent, be binding on all Parties.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Break Costs and Break Gains</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.5.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower shall, within 3 (three) Business Days of demand by a
Finance Party, pay to that Finance Party its Break Costs attributable to all or
any part of a Loan or Unpaid Sum being paid by the Borrower on a day other than
the last day of an Interest Period for that Loan or Unpaid Sum.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.5.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A Lender shall, within 5 (five) Business Days of demand by the Borrower,
pay to the Borrower the amount of any Break Gain which is attributable to all
or any part of the participation of the Lender in any Loan advanced under the
Facility being repaid or prepaid on a day other than an Interest Payment Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.5.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Lender shall, as soon as reasonably practicable after a demand by
the Obligors&#8217; Agent, provide a certificate confirming the amount of its Break
Costs or Break Gains (as applicable) for any Interest Period in which they
accrue and setting out in reasonable detail the calculation thereof. </font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727939"></a><a name="_Toc517185354"></a><a name="_Toc513233435"></a><a name="_Toc511668251"></a><a name="_Toc400533802"></a><a name="_Ref385431368"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">FEES&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">11.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Upfront fee</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><a name="_Hlk517184118"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower shall pay to the Lender a non-refundable
upfront fee in the amount and at the times agreed upon in the Fee Letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">11.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Commitment Fee</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower shall pay to the Lender a Commitment Fee.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">11.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Legal fees</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower shall pay to Poswa Inc., the pre-agreed legal fee in the amount agreed
upon between the Borrower and Poswa Inc., prior to the first Utilisation Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">11.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Termination&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Fee&nbsp;</font></b></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower shall pay to the Lender a termination fee in
the amount and at the times agreed upon in the Fee Letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></p>




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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">54</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION&nbsp;6:&#160;
ADDITIONAL PAYMENT OBLIGATIONS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727941"></a><a name="_Toc517185356"></a><a name="_Toc513233437"></a><a name="_Toc511668253"></a><a name="_Toc400533804"></a><a name="_Ref386809387"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">TAX GROSS UP AND INDEMNITIES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax definitions</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">In clause&nbsp;12 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax gross up and indemnities</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">):&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.1.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Protected Party</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a Finance Party which is or
will be subject to any liability, or required to make any payment, for or on
account of Tax in relation to a sum received or receivable (or any sum deemed
for the purposes of Tax to be received or receivable) under a Finance Document;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.1.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax Credit</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a credit against, relief or
remission for, or repayment of any Tax;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.1.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax Deduction</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a deduction or withholding for or
on account of Tax from a payment under a Finance Document, other than a FATCA
Deduction; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.1.1.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax Payment</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means either the increase in a payment
made by an Obligor to a Finance Party under clause&nbsp;12.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax gross-up</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)
or a payment under clause&nbsp;12.3 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax indemnity</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Unless a contrary indication appears, in this clause&nbsp;12, a
reference to &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">determines</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a determination made in the
absolute discretion of the person making the determination acting reasonably.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386793809"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax gross-up</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor shall make all payments to be made by it without any Tax Deduction,
unless a Tax Deduction is required by law.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Obligors&#8217; Agent shall promptly upon becoming aware that an Obligor
must make a Tax Deduction (or that there is any change in the rate or the basis
of a Tax Deduction) notify the Lender accordingly. Similarly, a Lender shall
notify the Obligors&#8217; Agent on becoming so aware in respect of a payment payable
to that Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If a Tax Deduction is required by law to be made by an Obligor, the
amount of the payment due from that Obligor shall be increased to an amount
which (after making </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">55</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Tax Deduction) leaves an
amount equal to the payment which would have been due if no Tax Deduction had
been required.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.2.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If an Obligor is required to make a Tax Deduction, that Obligor shall
make that Tax Deduction and any payment required in connection with that Tax
Deduction within the time allowed and in the minimum amount required by law. </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.2.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Within 30 (thirty) days of making either a Tax Deduction or any payment
required in connection with that Tax Deduction, the Obligor making that Tax
Deduction shall deliver to the Lender for the Finance Party entitled to the
payment evidence reasonably satisfactory to that Finance Party that the Tax
Deduction has been made or (as applicable) any appropriate payment paid to the
relevant taxing authority.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386793876"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax indemnity</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref386809689"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor shall (within 3 (three) Business Days of demand by the Lender) pay to a
Protected Party an amount equal to the loss, liability or cost which that
Protected Party determines will be or has been (directly or indirectly)
suffered for or on account of Tax by that Protected Party in respect of a
Finance Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387070074"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause&nbsp;12.3.1
shall not apply:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.3.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">with respect to any Tax assessed on a Finance Party under the law of the
jurisdiction in which that Finance Party is incorporated or, if different, the
jurisdiction (or jurisdictions) in which that Finance Party is treated as
resident for tax purposes if that Tax is imposed on or calculated by reference
to the net income received or receivable (but not any sum deemed to be received
or receivable) by that Finance Party; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.3.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to the extent a loss, liability or cost is:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.3.2.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">compensated for by an increased payment under clause&nbsp;12.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax
gross-up</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">); or</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.3.2.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">relates to FATCA Deduction required to be made by a Party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A Protected Party making, or intending to make a claim under
clause&nbsp;12.3.1 shall promptly notify the Lender of the event which will
give, or has given, rise to the claim, following which the Lender shall notify
the Borrower. </font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">56</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.3.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A
Protected Party shall, on receiving a payment from an Obligor under this
clause&nbsp;12.3, notify the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax Credit</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If an
Obligor makes a Tax Payment and the relevant Finance Party determines that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Tax Credit is attributable either to an increased payment of which
that Tax Payment forms part, or to that Tax Payment; </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">that Finance Party has obtained, utilised and retained that Tax Credit,</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the
Finance Party shall pay an amount to the Obligor which that Finance Party
determines will leave it (after that payment) in the same after-Tax position as
it would have been in had the Tax Payment not been required to be made by the
Obligor.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Stamp taxes</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor shall pay and (within 3 (three) Business Days of demand) indemnify each
Finance Party against, and shall pay to the relevant Finance Party, any cost,
loss or liability that Finance Party incurs in relation to all stamp duty,
registration and other similar Taxes payable in respect of any Finance
Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Value added tax</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">All amounts set out or expressed to be payable under a Finance Document
by any Party to a Finance Party which (in whole or in part) constitute the
consideration for a supply or supplies for VAT purposes shall be deemed to be
exclusive of any VAT which is chargeable on such supply or supplies, and
accordingly, subject to clause&nbsp;12.6.2, if VAT is or becomes chargeable on
any supply made by any Finance Party to any Party under a Finance Document,
that Party shall pay to the Finance Party (in addition to and at the same time
as paying any other consideration for such supply) an amount equal to the
amount of such VAT (and such Finance Party shall promptly provide an
appropriate VAT invoice to such Party).</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387068894"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.6.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If VAT is
or becomes chargeable on any supply made by any Finance Party (the &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Supplier</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;)
to any other Finance Party (the &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Recipient</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;) under a Finance
Document, and any Party other than the Recipient (the &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Subject Party</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;)
is required by the terms of any Finance Document to pay an amount equal to the
consideration for such supply to the Supplier (rather than being required to
reimburse the Recipient in respect of that </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">57</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">consideration),
such Party shall also pay to the Supplier (in addition to and at the same time
as paying such amount) an amount equal to the amount of such VAT. The Recipient
will promptly pay to the Subject Party an amount equal to any credit or
repayment obtained by the Recipient from the relevant tax authority which the
Recipient reasonably determines is in respect of such VAT.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.6.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Where a Finance Document requires any Party to reimburse or indemnify a
Finance Party for any costs or expenses, that Party shall reimburse or
indemnify (as the case may be) such Finance Party for the full amount of such
cost or expense, including such part thereof as represents VAT, save to the
extent that such Finance Party reasonably determines that it is entitled to
credit or repayment in respect of such VAT from the relevant tax authority.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Toc400533805"></a><a name="_Ref387071026"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">FATCA&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Information&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511189999"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Subject to
paragraph 12.7.2 below, each Party shall, within ten Business Days of a
reasonable request by another Party:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">confirm to that other Party whether it is:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.1.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a FATCA Exempt Part; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.1.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">not a FATCA Exempt Party;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">supply to that other Party such forms, documentation and other information
relating to its status under FATCA as that other Party reasonably requests for
the purposes of that other Party's compliance with FATCA;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">supply to that other Party such forms, documentation and other
information relating to its status as that other Party reasonably requests for
the purposes of that other Party's compliance with any other law, regulation,
or exchange of information regime.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511190082"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If a Party
confirms to another Party pursuant to paragraph 12.7.1 above that it is a FATCA
Exempt Party and it subsequently becomes aware that it is not or has ceased to
be a FATCA Exempt Party, that Party shall notify that other Party reasonably
promptly.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">58</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Paragraphs
above shall not oblige the Lender to do anything, and paragraphs above shall
not oblige any other Party to do anything, which would or might in its
reasonable opinion constitute a breach of:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any law or regulation;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any fiduciary duty; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any duty of confidentiality.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.7.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If a Party fails to confirm whether or not it is a FATCA Exempt Party or
to supply forms, documentation or other information requested in accordance
with paragraphs above (including, where paragraph above applies), then such
Party shall be treated for the purposes of the Finance Documents (and payments
under them) as if it is not a FATCA Exempt Party until such time as the Party
in question provides the requested confirmation, forms, documentation or other
information.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727942"></a><a name="_Toc517185357"></a><a name="_Toc513233438"></a><a name="_Toc511668254"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">13.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">INCREASED COSTS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386793948"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Increased
costs</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Subject to clause 13.3&nbsp;(</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Exceptions</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) the Borrower shall,
within 5 (five) Business Days of a demand by the Lender, pay for the account of
a Finance Party the amount of any Increased Costs incurred by that Finance
Party or any of its Affiliates as a result of:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the introduction of or any change in (or in the interpretation,
administration or application of) any law or regulation;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">compliance with any law or regulation made after the Signature Date; and
</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the implementation or application of, or compliance with, Basel III or
any law or regulation that implements or applies Basel III (except, in each
case, to the extent that any such costs were reasonably capable of being
calculated by the relevant Finance Party as at the Signature Date or the date
on which it became a party to this Agreement).</font></p>

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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">59</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">In
clause&nbsp;13.1.2:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Increased
Costs</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.2.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a reduction in the rate of return from the Facility or on a Finance
Party's (or its Affiliate's) overall capital (including as a result of any
reduction in the rate of return on capital brought about by more capital being
required to be allocated by such Finance Party);</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.2.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">an additional or increased cost; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.2.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a reduction of any amount due and payable under any Finance Document,</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">which
is incurred or suffered by a Finance Party or any of its Affiliates to the
extent that it is attributable to that Finance Party having entered into its
Commitment or funding or performing its obligations under any Finance Document;
and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Basel&nbsp;III</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.2.2.1.</font></b><b><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the agreements on capital requirements, a leverage ratio and
liquidity standards contained in &quot;Basel&nbsp;III: A global regulatory framework
for more resilient banks and banking systems&quot;, &quot;Basel&nbsp;III:
International framework for liquidity risk measurement, standards and
monitoring&quot; and &quot;Guidance for national authorities operating the
countercyclical capital buffer&quot; published by the Basel Committee on
Banking Supervision in December 2010, each as amended, supplemented or
restated;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.2.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the rules for global systemically important banks contained in
&quot;Global systemically important banks: assessment methodology and the
additional loss absorbency requirement &#8211; Rules text&quot; published by the
Basel Committee on Banking Supervision in November 2011, as amended,
supplemented or restated; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.1.2.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any other guidance, standards or directives published by the Basel
Committee on Banking Supervision relating to &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Basel</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">III</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;.&nbsp;</font></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Increased
cost claims</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A Finance Party intending to make a claim pursuant to clause&nbsp;13.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Increased
costs</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) shall notify the Lender of the event giving rise to the claim,
following which the Lender shall promptly notify the Borrower.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Finance Party shall provide a certificate (i) confirming the amount
of its Increased Costs; (ii) setting out the details of the event giving rise
to the claim for Increased Costs; and (iii) setting out the calculation thereof
in reasonable detail. </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387069231"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Exceptions&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause&nbsp;13.1
(</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Increased costs</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) does not apply to the extent any Increased Cost is:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">attributable to a Tax Deduction (as defined in clause&nbsp;12.3.2
(appearing under (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax Definitions</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)) required by law to be made by an
Obligor;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">attributable to a FATCA Deduction required to be made by a Party;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">compensated for by clause&nbsp;12.3 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax indemnity</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) (or would
have been compensated for under clause&nbsp;12.3 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax indemnity</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) but was
not so compensated solely because any of the exclusions in clause&nbsp;12.3.2
applied); or</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.3.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">attributable to the wilful misconduct or gross negligence by the
relevant Finance Party or its Affiliates of any law or regulation</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">.&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727943"></a><a name="_Toc517185358"></a><a name="_Toc513233439"></a><a name="_Toc511668255"></a><a name="_Toc400533806"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">14.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">OTHER INDEMNITIES<a name="_Toc511166714"></a><a name="_Toc511168831"></a><a name="_Toc511169338"></a><a name="_Toc511183322"></a><a name="_Toc511166715"></a><a name="_Toc511168832"></a><a name="_Toc511169339"></a><a name="_Toc511183323"></a><a name="_Toc511166716"></a><a name="_Toc511168833"></a><a name="_Toc511169340"></a><a name="_Toc511183324"></a><a name="_Toc511166717"></a><a name="_Toc511168834"></a><a name="_Toc511169341"></a><a name="_Toc511183325"></a><a name="_Toc511166718"></a><a name="_Toc511168835"></a><a name="_Toc511169342"></a><a name="_Toc511183326"></a><a name="_Toc511166719"></a><a name="_Toc511168836"></a><a name="_Toc511169343"></a><a name="_Toc511183327"></a><a name="_Toc511166720"></a><a name="_Toc511168837"></a><a name="_Toc511169344"></a><a name="_Toc511183328"></a><a name="_Toc511166721"></a><a name="_Toc511168838"></a><a name="_Toc511169345"></a><a name="_Toc511183329"></a></font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Environmental
indemnity</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor indemnifies each Finance Party and its officers, employees, agents and
delegates (the &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Indemnified Parties</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;) against any loss or
liability suffered or incurred by that Indemnified Party (except to the extent
caused by such Indemnified Party's gross negligence or wilful misconduct)
which: </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">14.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">arises by virtue of any actual breach of any Environmental Law (whether
by any Obligor, an Indemnified Party or any other person); or</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">14.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">arises in connection with an Environmental Claim,</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">61</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_62"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">which relates to the Group, any assets of the Group or
the operation of all or part of the business of the Group (or, in each case,
any member of the Group) and which would not have arisen if the Finance
Documents or any of them had not been executed by that Finance Party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727944"></a><a name="_Toc517185359"></a><a name="_Toc513233440"></a><a name="_Toc511668256"></a><a name="_Toc400533807"></a><a name="_Toc511166723"></a><a name="_Toc511168840"></a><a name="_Toc511169347"></a><a name="_Toc511183331"></a><a name="_Toc511166724"></a><a name="_Toc511168841"></a><a name="_Toc511169348"></a><a name="_Toc511183332"></a><a name="_Toc511166725"></a><a name="_Toc511168842"></a><a name="_Toc511169349"></a><a name="_Toc511183333"></a><a name="_Toc511166726"></a><a name="_Toc511168843"></a><a name="_Toc511169350"></a><a name="_Toc511183334"></a><a name="_Toc511166727"></a><a name="_Toc511168844"></a><a name="_Toc511169351"></a><a name="_Toc511183335"></a><a name="_Toc511166728"></a><a name="_Toc511168845"></a><a name="_Toc511169352"></a><a name="_Toc511183336"></a><a name="_Toc511166729"></a><a name="_Toc511168846"></a><a name="_Toc511169353"></a><a name="_Toc511183337"></a><a name="_Toc511166730"></a><a name="_Toc511168847"></a><a name="_Toc511169354"></a><a name="_Toc511183338"></a><a name="_Toc511166731"></a><a name="_Toc511168848"></a><a name="_Toc511169355"></a><a name="_Toc511183339"></a><a name="_Toc511166732"></a><a name="_Toc511168849"></a><a name="_Toc511169356"></a><a name="_Toc511183340"></a><a name="_Toc511166733"></a><a name="_Toc511168850"></a><a name="_Toc511169357"></a><a name="_Toc511183341"></a><a name="_Toc511166734"></a><a name="_Toc511168851"></a><a name="_Toc511169358"></a><a name="_Toc511183342"></a><a name="_Toc511166735"></a><a name="_Toc511168852"></a><a name="_Toc511169359"></a><a name="_Toc511183343"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">15.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">MITIGATION BY THE
LENDERS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387071108"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">15.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mitigation&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387071084"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">15.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Finance Party shall, in consultation with the Borrower, take all reasonable
steps to mitigate any circumstances which arise and which would result in any
amount becoming payable under or pursuant to, or cancelled pursuant to, any of
clause&nbsp;7.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Illegality</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), clause&nbsp;12 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax gross-up and
indemnities</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) or clause&nbsp;13.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Increased costs</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">15.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause&nbsp;15.1.1 does not in any way limit the obligations of any
Obligor under the Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">15.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Limitation of liability</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">15.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower indemnifies each Finance Party against all costs and
expenses reasonably incurred by that Finance Party as a result of steps taken
by it under clause&nbsp;15.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mitigation</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">15.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A Finance Party is not obliged to take any steps under clause&nbsp;15.1
(</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mitigation</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) if, in the opinion of that Finance Party (acting
reasonably) to do so might be prejudicial to it.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727945"></a><a name="_Toc517185360"></a><a name="_Toc513233441"></a><a name="_Toc511668257"></a><a name="_Toc400533808"></a><a name="_Ref387743898"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">16.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">COSTS AND EXPENSES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">16.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Transaction expenses</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower shall promptly on demand pay the Lender the amount of all costs and
expenses (including legal fees) reasonably incurred and properly evidenced by
the Lender in connection with the negotiation, preparation, printing,
registration, execution and syndication of:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">16.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Finance Documents and any other documents referred to in this
Agreement; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">16.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any other Finance Documents executed after the Signature Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">16.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Amendment costs</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If:</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">62</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">16.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">an Obligor
requests an amendment, waiver or consent, the Borrower shall, within 5 (five)
Business Days of demand, reimburse the Lender for the amount of all costs and
expenses (including legal fees) reasonably incurred and properly evidenced by
the Lender in responding to, evaluating, negotiating or complying with that
request or requirement; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">16.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">there is any change in law or any regulation which requires an
amendment, waiver or consent under the Finance Documents, the Borrower shall,
within 3&nbsp;(three) Business Days of demand, reimburse each Finance Party for
the amount of all costs and expenses (including legal fees) reasonably incurred
and properly evidenced by that Finance Party in connection with evaluating,
negotiating or complying with any such requirement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">16.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Enforcement
costs</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower shall, within 5 (five) Business Days of
demand, pay to each Finance Party the amount of all costs and expenses
(including legal fees on the scale as between attorney and own client whether
incurred before or after judgement) incurred and properly evidenced by that
Finance Party in connection with the enforcement of, or the preservation of any
rights under, any Finance Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><a name="_Toc517185361"></a><a name="_Toc513233442"></a><a name="_Toc511668258"></a><a name="_Toc400533809"></a><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;text-transform:uppercase;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><a name="_Toc528727946"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">63</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION&nbsp;7:&#160;
GUARANTEE</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727947"></a><a name="_Toc517185362"></a><a name="_Toc513233443"></a><a name="_Toc511668259"></a><a name="_Toc400533810"></a><a name="_Ref387132255"></a><a name="_Ref387132254"></a><a name="_Ref387072608"></a><a name="_Ref387072592"></a><a name="_Ref387072423"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">17.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">GUARANTEE AND
INDEMNITY</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387072563"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Guarantee&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">and indemnity</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Guarantor irrevocably
and unconditionally jointly and severally, as a principal obligor and not
merely as a surety and on the basis of discrete obligations enforceable against
it:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">guarantees to each Finance Party punctual performance by each other Obligor
of all that Obligor's obligations under the Finance Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">undertakes to each Finance Party that whenever an Obligor does not pay
any amount when due under or in connection with any Finance Document, that
Guarantor shall immediately on demand pay that amount as if it was the
principal obligor; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">agrees with each Finance Party that if any obligation guaranteed by it
is or becomes unenforceable, invalid or illegal, it will, as an independent and
primary obligation, indemnify that Finance Party immediately on demand against
any cost, loss or liability it incurs as a result of an Obligor not paying any
amount which would, but for such unenforceability, invalidity or illegality,
have been payable by it under any Finance Document on the date when it would
have been due. The amount payable by a Guarantor under this indemnity will not
exceed the amount it would have had to pay under this clause&nbsp;17 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Guarantee
and Indemnity</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) if the amount claimed had been recoverable on the basis of a
guarantee.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Continuing guarantee</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">This
guarantee is a continuing guarantee and will extend to the ultimate balance of
sums payable by any Obligor under the Finance Documents, regardless of any
intermediate payment or discharge in whole or in part.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Reinstatement&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If any payment by an Obligor or any discharge, release
or arrangement given by a Finance Party (whether in respect of the obligations
of any Obligor or any security for those obligations or otherwise) is avoided
or reduced for any reason (including, without limitation, as a result of
insolvency, business rescue proceedings, liquidation, winding-up or otherwise)
the liability of </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">64</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">each Obligor shall continue as if the
payment, discharge, avoidance or reduction had not occurred.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Waiver of defences</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
obligations of each Guarantor under this clause&nbsp;17 will not be affected by
any act, omission, matter or thing which, but for this clause&nbsp;17, would
reduce, release or prejudice any of its obligations under this clause&nbsp;17
(without limitation and whether or not known to it or any Finance Party)
including:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any time, waiver or consent granted to, or composition with, any Obligor
or other person;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the release of any other Obligor or any other person under the terms of
any composition or arrangement with any creditor of any member of the Group;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.4.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the taking, variation, compromise, exchange, renewal or release of, or
refusal or neglect to perfect, take up or enforce, any rights against, or
security over assets of, any Obligor or other person or any non-presentation or
non-observance of any formality or other requirement in respect of any
instrument or any failure to realise the full value of any security;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.4.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any incapacity or lack of power, authority or legal personality of or
dissolution or change in the members or status of an Obligor or any other person;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.4.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any amendment, novation, supplement, extension restatement (however
fundamental and whether or not more onerous) or replacement of any Finance
Document or any other document or security including any change in the purpose
of, any extension of or any increase in any facility or the addition of any new
facility under any Finance Document or other document or security;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.4.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any unenforceability, illegality, invalidity suspension or cancellation
of any obligation of any person under any Finance Document or any other
document or security;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.4.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any insolvency, liquidation, winding-up, business rescue or similar
proceedings (including receipt of any distribution made under or in connection
with those proceedings);</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.4.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any other Finance Document not being executed by or being binding
against any other Guarantor or any other party; or</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">65</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.4.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any other
fact or circumstance arising on which a Guarantor might otherwise be able to
rely on a defence based on prejudice, waiver or estoppel.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Immediate recourse</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Guarantor waives any right it may have of first requiring any Finance Party (or
any trustee or agent on its behalf) to proceed against or enforce any other
rights or security or claim payment from any person before claiming from that
Guarantor under this clause&nbsp;17. This waiver applies irrespective of any
law or any provision of a Finance Document to the contrary.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Appropriations&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Until
all amounts which may be or become payable by the Obligors under or in
connection with the Finance Documents have been irrevocably paid in full, each
Finance Party (or any trustee or agent on its behalf) may:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">refrain from applying or enforcing any other moneys, security or rights
held or received by that Finance Party (or agent or other person on its behalf)
in respect of those amounts, or apply and enforce the same in such manner and
order as it sees fit (whether against those amounts or otherwise) and no
Guarantor shall be entitled to the benefit of the same; and </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.6.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">hold in an interest-bearing suspense account any moneys received from
any Guarantor or on account of any Guarantor's liability under this
clause&nbsp;17.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Deferral of Guarantors' rights</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.7.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Until all amounts which may be or become payable by the Obligors under
or in connection with the Finance Documents have been irrevocably paid in full
and unless the Lender&#160; otherwise directs, no Guarantor will exercise any rights
which it may have by reason of performance by it of its obligations under the
Finance Documents or by reason of any amount being payable, or liability
arising, under this clause&nbsp;17:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.7.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to be indemnified by an Obligor;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.7.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to claim any contribution from any other guarantor or provider of
security for any Obligor's obligations under the Finance Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.7.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to take the benefit (in whole or in part and whether by way of
subrogation, cession of action or otherwise) of any rights of the Finance
Parties under </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">66</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Finance Documents or of any other
guarantee or security taken pursuant to, or in connection with, the Finance
Documents by any Finance Party;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.7.1.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to bring legal or other proceedings for an order requiring any Obligor
to make any payment, or perform any obligation, in respect of which any
Guarantor has given a guarantee, undertaking or indemnity under
clause&nbsp;17.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Guarantee and indemnity</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.7.1.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to exercise any right of set-off against any Obligor; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.7.1.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to claim, rank, or prove or vote as a creditor or shareholder of any
Obligor in competition with any Finance Party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.7.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If a Guarantor receives any benefit, payment or distribution in relation
to such rights, it shall hold that benefit, payment or distribution to the
extent necessary to enable all amounts which may be or become payable to the
Finance Parties by the Obligors under or in connection with the Finance
Documents to be repaid in full on trust for, or otherwise for the benefit of,
the Finance Parties and shall promptly pay or transfer the same to the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Release of Guarantors' right of contribution</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.8.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If any Guarantor (a &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Retiring Guarantor</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;) ceases to be
a Guarantor in accordance with the terms of the Finance Documents for the
purpose of any sale or other disposal of that Retiring Guarantor then on the
date such Retiring Guarantor ceases to be a Guarantor:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.8.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">that Retiring Guarantor is released by each other Guarantor from any
liability (whether past, present or future and whether actual or contingent) to
make a contribution to any other Guarantor arising by reason of the performance
by any other Guarantor of its obligations under the Finance Documents; and </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.8.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">each other Guarantor waives any rights it may have by reason of the
performance of its obligations under the Finance Documents to take the benefit
(in whole or in part and whether by way of subrogation or otherwise) of any
rights of the Finance Parties under any Finance Document or of any other
security taken pursuant to, or in connection with, any Finance Document where
such rights or security are granted by or in relation to the assets of the
Retiring Guarantor.</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Additional
security</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.9.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">This
guarantee is in addition to and is not in any way prejudiced by any other
guarantee or security now or subsequently held by any Finance Party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><a name="_Toc517185363"></a><a name="_Toc513233444"></a><a name="_Toc511668260"></a><a name="_Toc400533811"></a><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;text-transform:uppercase;">&nbsp;</font></b></p>

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<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION&nbsp;8:&#160;
REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727949"></a><a name="_Toc517185364"></a><a name="_Toc513233445"></a><a name="_Toc511668261"></a><a name="_Toc400533812"></a><a name="_Ref387665009"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">18.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">REPRESENTATIONS&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor makes the representations and warranties set out in this clause&nbsp;18
to each Finance Party on the Signature Date. </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386620816"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Status&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">It is a corporation, duly incorporated and validly existing under the
laws of its jurisdiction of incorporation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">It has the power to own its assets and carry on its business as it is
being conducted.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Binding obligations</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The obligations expressed to be assumed by it in each Finance Document
are legal, valid, binding and enforceable obligations.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Without limiting the generality of clause 18.2.1, each Security Document
to which it is a party created the security interests which that Security
Document purports to create and those security interests are valid and
effective.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Non-conflict with other obligations</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
entry into and performance by it of, and the transactions contemplated by, the
Finance Documents do not and will not conflict with:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any law or regulation applicable to it;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">its constitutional documents; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any agreement or instrument binding upon it or any of its Subsidiaries
or any of its or any of its Subsidiaries' assets or constitute a default or
termination event (however described) under any such document, in each case to
an extent or in a manner which has a Material Adverse Effect or could result in
any liability on the part of a Finance Party to any third party or require the
creation of any Security over any asset in favour of a third party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Power and authority</font></b></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">69</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_70"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">It has the
power to enter into, perform and deliver, and has taken all necessary action to
authorise its entry into, performance and delivery of, the Finance Documents to
which it is a party and the transactions contemplated by those Finance
Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No limit on its powers will be exceeded as a result of the borrowing,
grant of security or giving of guarantees or indemnities contemplated by the
Finance Documents to which it is a party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386620856"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Governing law
and enforcement</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.5.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The choice of South African law as the governing law of the Finance
Documents will be recognised and enforced in its jurisdiction of incorporation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.5.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any judgment obtained in South Africa in relation to a Finance Document
will be recognised and enforced in its jurisdiction of incorporation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511621636"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Authorisations&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">All
Authorisations required:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.6.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to enable it lawfully to enter into, exercise its rights and comply with
its obligations in the Finance Documents to which it is a party; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.6.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to make the Finance Documents to which it is a party admissible in
evidence in jurisdiction of incorporation,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">have
been obtained or effected and are in full force and effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.6.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">All Authorisations material to the lawful conduct of the business, trade
and ordinary activities of each member of the Group have been obtained or
effected and are in full force and effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">FATCA&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">As at
the Signature Date and Financial Close, no Obligor is subject to a reporting
obligation under FATCA, except in confirming its status on a relevant W8-BEN
form to the Financing Party. </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Deduction of Tax</font></b></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">70</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_71"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">It is not required to make any deduction for or on
account of Tax from any payment it may make under any Finance Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No filing or stamp taxes</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Under
the law of its jurisdiction of incorporation it is not necessary that any of
the Finance Documents be filed, recorded or enrolled with any court or other
authority in that jurisdiction or that any stamp, registration or similar tax
be paid on or in relation to the Finance Documents or the transactions
contemplated by the Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386620874"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No default</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387141954"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.10.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Default or Event of Default is
continuing or might reasonably be expected to result from the entry into of, or
the performance of any transaction contemplated by, the Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.10.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No other event or circumstance is outstanding which constitutes a
default under any other agreement or instrument which is binding on it or any
of its Subsidiaries or to which its (or any of its Subsidiaries') assets are
subject which might, in the reasonable opinion of the Lender, have a Material
Adverse Effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511200282"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No misleading information
</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.11.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any factual information provided by any member of the Group for the
purposes of the Finance Documents was true and accurate in all material
respects as at the date it was provided or as at the date (if any) at which it
is stated.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.11.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The financial projections contained in the information provided to the
Lender have been prepared on the basis of recent historical information and on
the basis of reasonable assumptions.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.11.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No written information has been given or withheld that results in the
information or projections referred to above being untrue or misleading in any
material respect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511200337"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial statements</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.12.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Its Original Financial Statements were prepared in accordance with IFRS
consistently applied, unless expressly disclosed to the Lender in writing to
the contrary before the Signature Date.</font></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">71</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_72"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.12.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Its Original Financial Statements
fairly represent its financial condition and operations (consolidated in the
case of the Borrower) during the relevant Financial Year, unless expressly
disclosed to the Lender in writing to the contrary before the Signature Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref386621037"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.12.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">There has been no material adverse
change in its business or financial condition (or the business or consolidated
financial condition of the Group, in the case of the Borrower) since the latest
date to which any of the Original Financial Statements were drawn up.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386621061"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.13.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Group
Structure Chart</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Group Structure Chart is true, complete and
accurate in all material respects and shows the following information:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.13.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">each member of the Group, including current name and company registration
number, its jurisdiction of incorporation and/or its jurisdiction of
establishment, a list of direct and indirect shareholders and indicating if a
company is not a company with limited liability; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.13.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">all minority interests in any member of the Group and any person in
which any member of the Group holds shares in its issued share capital or
equivalent ownership interest in such person.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511200381"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.14.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Pari passu</font></i></b><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">
ranking</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Its
payment obligations under the Finance Documents rank at least </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">pari passu</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">
with the claims of all its other unsecured and unsubordinated creditors, except
for obligations mandatorily preferred by law applying to companies generally.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511221233"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.15.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">proceedings
pending or threatened</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No
litigation, arbitration or administrative proceedings of or before any court,
arbitral body or agency which, if adversely determined, might reasonably be
expected to have a Material Adverse Effect have (to the best of its knowledge
and belief) been started or threatened against it or any of its Subsidiaries.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.16.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Material
Companies</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
member of the Group which, as at the Signature Date, is a Material Company is
listed in Schedule&nbsp;10 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Material Companies</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">).&nbsp;</font></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">72</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_73"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.17.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Insolvency and financial
distress</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.17.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No:&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.17.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">corporate action, legal proceeding or other procedure or step described
in clause&nbsp;22.7 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Insolvency and business rescue proceedings</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">); or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.17.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">creditors' process described in clause&nbsp;22.8 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Creditors' process</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">),&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">has been
taken or threatened in relation to it or any other member of the Group; and
none of the circumstances described in clause&nbsp;22.6 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Insolvency</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) applies
to a member of the Group.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.17.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Neither it nor any member of the Group is Financially Distressed (as
defined in the Companies Act).</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511221383"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.18.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">breach of laws</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.18.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">It has not (and none of its
Subsidiaries has) breached any law or regulation which breach has or is reasonably
likely to have a Material Adverse Effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.18.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No labour disputes are current or, to the best of its knowledge and
belief, threatened against any member of the Group which have or are reasonably
likely to have a Material Adverse Effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511221327"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.19.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Environmental laws</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.19.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each member of the Group is in compliance with clause&nbsp;21.3 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Environmental
compliance</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) and to the best of its knowledge and belief no circumstances
have occurred which would prevent such compliance in a manner or to an extent
which has or is reasonably likely to have a Material Adverse Effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.19.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Environmental Claim has commenced or (to the best of its knowledge
and belief) is threatened against any member of the Group where that claim has
or is reasonably likely, if determined against that member of the Group, to
have a Material Adverse Effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386621092"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">73</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_74"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.20.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Authorised signatories</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any person specified as its authorised signatory under
Schedule&nbsp;2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Conditions precedent</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) or clause&nbsp;19.6 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Information:
miscellaneous</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) is authorised to sign documents and other notices arising
out of or in connection with the Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386621103"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.21.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No immunity</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">In any
proceedings taken in South Africa or in any other jurisdiction, it will not be
entitled to claim for itself or any of its assets immunity from suit,
execution, attachment or other legal process in relation to any Finance
Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.22.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No adverse consequences</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.22.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">It is not necessary under the laws
of its jurisdiction of incorporation:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.22.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in order to enable any Finance Party to enforce its rights under any
Finance Document; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.22.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">by reason of the execution of any Finance Document or the performance by
it of its obligations under any Finance Document,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">that any
Finance Party should be licensed, qualified or otherwise entitled to carry on
business in that jurisdiction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.22.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Finance Party is or will be deemed to be resident, domiciled or
carrying on business in any jurisdiction of incorporation of an Obligor by
reason only of the execution, performance and enforcement of any Finance
Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref392067443"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.23.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial Year end date</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Financial Year end date of each member of the Group is 30 June, other than the
Financial Year end date of WRTRP which shall be amended to 30 June within a
period of 60 (sixty) days following the conclusion of the Sibanye Transaction. </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.24.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sanctions&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Neither
it nor any member of the Group is party to or participates in any Sanctioned
Transaction, has contravened any Sanctions, is a Sanctioned Entity or appears
on a Sanctions List.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Toc305772874"></a><a name="_Ref256600106"></a><a name="_Ref511200450"></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">74</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_75"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.25.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Assets&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">It has a good, valid and marketable title to, or valid
leases or licences of, and all appropriate authorisations to use, the assets
necessary to carry on its business as presently conducted.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511200552"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.26.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Ranking&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Security reflected in the Security Documents has or
will have first ranking priority and it is not subject to any prior ranking or </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">pari
passu</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> ranking Security.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511222235"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.27.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Material Adverse Effect</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.27.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Material Adverse Effect has occurred.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.27.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The entry into and performance by it of, and the transactions
contemplated by, the Finance Documents will not or are not likely to have a
Material Adverse Effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.28.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Legal
and beneficial ownership</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Obligor
is the sole legal and beneficial owner of the respective assets over which it
purports to grant Security.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.29.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial
Indebtedness and Security</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.29.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Obligor has any Financial Indebtedness (including but not limited to
contingent liabilities) outstanding which is not permitted by the terms of this
Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.29.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Security (or quasi security) exists over the whole or any part of its
assets or the assets of any member of the Group other than as permitted in this
Agreement.<a name="_BPDC_LN_INS_1237"></a><a name="_BPDC_LN_INS_1236"></a><a name="_BPDC_LN_INS_1235"></a><a name="_BPDC_LN_INS_1234"></a></font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref391909101"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.30.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Repetition&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Repeating Representations are deemed to be made by each Obligor by reference to
the facts and circumstances then existing on:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.30.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the date of each Utilisation Request, and the first day of each Interest
Period; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.30.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in the case of an Additional Obligor, the day on which the company
becomes an Additional Obligor; and</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">75</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_76"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.30.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">when a representation and warranty
in clause&nbsp;18.10.1 (appearing under (No default)) is repeated on the date
of a Utilisation Request for a Rollover Loan, the reference to a Default must
be construed as a reference to an Event of Default.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727950"></a><a name="_Toc517185365"></a><a name="_Toc513233446"></a><a name="_Toc511668262"></a><a name="_Toc400533813"></a><a name="_Ref387235233"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">19.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">INFORMATION UNDERTAKINGS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
undertakings in this clause&nbsp;19 remain in force from the Signature Date for
so long as any amount is outstanding under the Finance Documents or any
Commitment is in force.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387235727"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial statements
</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower shall supply to the Lender:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387332478"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">as soon as
the same become available, but in any event within 120 (one hundred and twenty)
days after the end of each of its Financial Year or such longer period as may
be agreed to between the Lender and the Borrower:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387235525"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.1.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">its audited
consolidated financial statements for that Financial Year; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.1.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the audited financial statements of each Obligor for that Financial Year
(consolidated if required); and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387332480"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">as soon as
the same become available, but in any event within 90 (ninety) days after the
end of each half of each of its Financial Year:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.1.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">its unaudited consolidated interim financial statements for that
financial half year; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref520119533"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">as soon as
the same become available, but in any event within (i) 30 (thirty) days after
the end of each Financial Quarter of each calendar year (other than the
Financial Quarter ending on the Financial Year end date) and (ii) 60 (sixty)
days after the end of each Financial Year:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref511217331"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.1.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">its consolidated
management accounts for that Financial Quarter on a year to date basis; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.1.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the management accounts of each Obligor for that Financial Quarter on a
year to date basis.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387332519"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Compliance
Certificate</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref512889891"></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">76</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower shall supply to the Lender, with each set of financial statements
delivered and each set of consolidated management accounts delivered pursuant
to clause 19.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial statements</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), a Compliance Certificate setting
out (in reasonable detail) computations as to compliance with clause&nbsp;20 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial
covenants</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) as at the date as at which those financial statements were drawn
up.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Compliance Certificate shall be signed by 2 (two) directors of the
Borrower, 1 (one) of which shall be the Chief Financial Officer of the Group.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Requirements as to financial statements</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each set of financial statements delivered pursuant to clause&nbsp;19.1
(</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial statements</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) shall be certified by a director of the relevant
company as fairly representing its financial condition as at the date as at
which those financial statements were drawn up. </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower shall ensure that each set of financial statements
delivered and each set of management accounts delivered pursuant to clause 19.1
(</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial statements</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) includes a balance sheet, profit and loss account
and cashflow statement. In addition, the Borrower shall ensure that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">each set of financial statements for the relevant Financial Year shall
be audited by the Auditors;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the interim financial statements for the relevant half year shall not be
reviewed by the Auditors;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">each set of management accounts:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.2.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">presents the results and performance of the Group for the relevant
Financial Quarter and for the Financial Year to date on a consolidated basis;
and</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.2.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">presents the pro forma performance of the Group for the 12 (twelve)
month period ending on the last day of the relevant Financial Quarter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref519692958"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower shall procure that each set of financial statements of an Obligor
delivered pursuant to clause&nbsp;19.1 (Financial statements) is prepared using
IFRS, accounting practices and financial reference periods consistent with
those applied in </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">77</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the preparation of the Original
Financial Statements for that Obligor unless, in relation to any set of
financial statements, it notifies the Lender that there has been a change in
IFRS, the accounting practices or reference periods and its Auditors (or, if
appropriate, the Auditors of the Obligor) deliver to the Lender:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a description of any change necessary for those financial statements to
reflect the IFRS, accounting practices and reference periods upon which that
Obligor's Original Financial Statements were prepared; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">sufficient information, in form and substance as may be reasonably
required by the Lender, to enable the Lenders to determine whether
clause&nbsp;20 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial covenants</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) has been complied with and make an
accurate comparison between the financial position indicated in those financial
statements and that Obligor's Original Financial Statements.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.3.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any reference in this Agreement to those financial statements shall be
construed as a reference to those financial statements as adjusted to reflect
the basis upon which the Original Financial Statements were prepared.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Group companies</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">With
each Compliance Certificate delivered pursuant to clause&nbsp;19.2, or at the
request of the Lender the Borrower shall supply a report certified by the Chief
Financial Officer of the Group, stating which of its Subsidiaries is a Material
Company and confirming compliance with the Guarantor Coverage Test.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Year-end&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower shall not (and shall procure that no other member of the Group shall)
change its Financial Year without the prior written consent of the Lender
(which consent shall not be unreasonably withheld or delayed). </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387155665"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Information:
miscellaneous</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor shall supply to the Lender:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">all documents dispatched by an Obligor to its shareholders (or any class
of them) or its creditors generally (or any class of them) at the same time as
they are dispatched, provided that in respect of documents dispatched to its
shareholder, the Obligor shall </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">78</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">supply same to the
Lender where the information contained in such documents would be adverse to
the Lender;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.6.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">promptly upon becoming aware of them, details and copies of any changes
proposed to or made to its constitutional documents or the constitutional
documents of it or any Obligor, including the filing of any Memorandum of
Incorporation under the Companies Act;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.6.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">promptly from the Signature Date and upon becoming aware of them, the
details of any litigation, arbitration, administrative proceedings, liquidation
applications, winding up applications or business rescue applications which are
current, threatened or pending against it or any other member of the Group, and
which may, if adversely determined, has or is reasonably likely to have a
Material Adverse Effect;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.6.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">promptly, such further information regarding the financial condition,
business and operations of any member of the Group as the Lender may reasonably
request;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387236048"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.6.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">promptly,
notice of any change in any of its authorised signatories signed by any of its
directors or its company secretary (as the case may be) accompanied by specimen
signatures of any new authorised signatories; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.6.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">promptly upon request, such additional information or documentation as
the Lender may require in order to verify that any signatory referred to in
clause&nbsp;19.6.5 has been duly authorised.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Notification of default</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.7.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Obligor shall notify the Lender of any Default (and the steps, if
any, being taken to remedy it) promptly upon becoming aware of its occurrence
(unless that Obligor is aware that a notification has already been provided by
another Obligor).</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.7.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Promptly upon a request by the Lender, each Obligor shall supply to the
Lender a certificate signed by any 1 (one) of its directors on its behalf
certifying that no Default is continuing (or if a Default is continuing,
specifying the Default and the steps, if any, being taken to remedy it).</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387676426"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">79</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;Know your customer&quot; checks</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.8.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If:&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.8.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the introduction
of or any change in (or in the interpretation, administration or application
of) any law or regulation made after the Signature Date;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.8.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any change in the status of an Obligor after the Signature Date; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387236398"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.8.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a proposed
Transfer by a Lender of any of its rights and obligations under this Agreement
to a party that is not a Lender prior to such Transfer,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">obliges
the Lender (or, in the case of clause&nbsp;19.8.1.3, any prospective new
Lender) to comply with &quot;know your customer&quot; or similar identification
procedures (whether in terms of the Financial Intelligence Centre Act, 2001 or
otherwise) in circumstances where the necessary information is not already
available to it, each Obligor shall promptly upon the request of the Lender
supply, or procure the supply of, such documentation and other evidence as is
reasonably requested by the Lender (for itself or, in the case of the event
described in clause&nbsp;19.8.1.3, on behalf of any prospective new Lender) in
order for the Lender or, in the case of the event described in
clause&nbsp;19.8.1.3, any prospective new Lender to carry out and be satisfied
it has complied with all necessary &quot;know your customer&quot; or other
similar checks under all applicable laws and regulations pursuant to the
transactions contemplated in the Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387236554"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.8.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower shall, by not less than 10 (ten) Business Days' prior written notice
to the Lender, notify the Lender of its intention to request that 1 (one) of
its Subsidiaries becomes an Additional Guarantor pursuant to clause&nbsp;24 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Changes
to the Obligors</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387675685"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.8.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Following
the giving of any notice pursuant to clause&nbsp;19.8.2, if the accession of
such Additional Guarantor obliges the Lender to comply with &quot;know your
customer&quot; or similar identification procedures in circumstances where the
necessary information is not already available to it, the Borrower shall
promptly upon the request of the Lender supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Lender (for
itself or on behalf of any prospective new Lender) in order for the Lender or
any prospective new Lender to carry out and be satisfied it has complied with
all necessary &quot;know your customer&quot; or other similar checks under all
applicable laws and regulations pursuant to the accession of such Subsidiary to
this Agreement as an Additional Obligor.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727951"></a><a name="_Toc517185366"></a><a name="_Toc513233447"></a><a name="_Toc511668263"></a><a name="_Toc400533814"></a><a name="_Ref387235639"></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">20.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">FINANCIAL COVENANTS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387676564"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial
definitions in this Agreement</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">:&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Cash&#8221; </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means in respect of any Measurement Period, cash as
defined in accordance with the IFRS, excluding restricted cash.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511599346"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;EBITDA&quot;&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">
means, in respect of any Measurement Period, the consolidated net operating
profit of the Group (as determined in accordance with IFRS in each case during
such Measurement Period) before the inclusion of the following items:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any interest (including interest related to the unwinding of any
provision), commission, fees, discounts, prepayment fees, premiums or charges
and other finance payments whether paid, payable or capitalised by any member
of the Group (calculated on a consolidated basis);</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax charged (including deferred tax) per the income statement;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">interest received on any cash and cash equivalents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.2.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">depreciation, amortisation of intangible assets or impairment of all
assets of members of the Group (and taking no account of the reversal of any
previous impairment charge made in that Measurement Period); </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.2.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the amount of any profit (or adding back the amount of any loss) of any
member of the Group which is attributable to minority interests;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.2.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any non-cash adjustments in accordance with IFRS;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.2.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the amount of any profit of any Non-Group Entity to the extent that the
amount of the profit included in the financial statements of the Group exceeds
the amount actually received in cash by members of the Group through
distributions by the Non-Group Entity;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.2.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">unrealised gains or losses on any financial instrument (other than any
derivative instrument which is accounted for on a hedge accounting basis);</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.2.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">gain or loss arising from an upward or downward revaluation of any other
asset at any time after 30&nbsp;June&nbsp;2017; and</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.2.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">before taking into account any
Pension Items, </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in each
case, to the extent added, deducted or taken into account, as the case may be,
for the purposes of determining operating profits of the Group before taxation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial Quarter</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the period commencing on the
day after one Quarter Date and ending on the next Quarter Date;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Interest Cover Ratio</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means the ratio of EBITDA to
Total Net Interest in respect of any Measurement Period;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Measurement Date</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means the last day of each Financial Quarter,
provided that for all financial covenants, the first Measurement Date shall be
30 September 2018;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Measurement Period</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means each period of 12 (twelve)
Months ending on or about the last day of the Financial Year and each period of
12 (twelve) Months ending on a Measurement Date;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Net Debt to EBITDA Ratio</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means, for each Measurement
Period, the ratio comprised by Net Debt to the Group&#8217;s EBITDA;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Net Debt</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221;&nbsp;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">means Total Debt after deducting Cash and cash
equivalents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Non-Group Entity</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means any investment or entity (which is not
itself a member of the Group (including associates and Joint Ventures)) in
which any member of the Group has an ownership interest;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Pension Items</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221; means any income or charge attributable to a
post-employment benefit scheme other than the current service costs
attributable to the scheme;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Quarter Date</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means each of 31 March, 30 June, 30
September and 31 December</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">of each calendar year;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Total Debt&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means the aggregate outstanding principal, capital
or nominal amount (any fixed or minimum premium payable on prepayment or
redemption which is due and payable at the time of calculation) outstanding in
respect of Financial Indebtedness, together with capitalised interest thereon
outstanding;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.1.13.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8220;Total Net Interest&#8221;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> means in respect of any Measurement Period,
interest charged on Financial Indebtedness in respect of the Group (on the
basis that, in relation to the first Measurement Period, such amount shall be
annualised to the extent required) </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">82</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">after deducting all
interest received on Cash and cash equivalents (calculated on a consolidated
basis for that Measurement Period). </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387332439"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial condition</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Borrower shall ensure that as at each Measurement Date and for the Measurement
Period to which such Measurement Date relates:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.2.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Interest Cover Ratio shall not be less than 4x for the Measurement
Period ending 30 September 2018 and for each Measurement Period thereafter;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.2.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Net Debt to EBITDA Ratio shall not exceed 2.00x. </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Obligor shall ensure that the Guarantor Coverage Test is maintained
and/or complied with at all times.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial testing</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The financial covenants set out in clause&nbsp;20.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial
condition</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) shall be calculated in accordance with IFRS and tested by
reference to each of the financial statements and management accounts delivered
pursuant to clause 19.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial statements</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)) and/or each Compliance
Certificate delivered pursuant to clause&nbsp;19.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Compliance Certificate</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If the annual financial statements are not available when any covenant
referred to in clause&nbsp;20.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial condition</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) is tested and where
relevant information cannot be readily extracted when requested by the Lender,
the Borrower shall with 5 (five) Business Days following a request by the
Lender, provide additional supporting schedules signed by two directors of the
Borrower, in order to verify the accuracy of the information thus provided.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref512842578"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Equity cure</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If the requirements of clause 20.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial condition</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) are not
met in respect of any financial covenant (each, a &#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Relevant Financial
Covenant</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221;) for any Measurement Period (each, a &#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Relevant Measurement
Period</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221;), the Obligors&#8217; Agent may elect, by written notice (each, a &#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Cure
Notice</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221;) to the Lender setting out the amount of any cash proceeds of a
Permitted Share Issue or the proceeds of a Shareholder Loan which is
Subordinated Debt received or to be received by the Borrower (each, a &#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Cure &nbsp;</font></b><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">83</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Amount</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221;), delivered together with the Compliance
Certificate relating to the Relevant Measurement Period, to apply the Cure
Amount either during the Relevant Measurement Period or not later than 30 (thirty)
days after the end of the Relevant Measurement Period in prepaying the Facility
in accordance with clause 7.7 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Equity cure</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) (each, an &#8220;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Equity Cure</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#8221;).&nbsp;</font><b><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">
&nbsp;</font></i></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The relevant Cure Amount received and applied in prepaying the Facility
in accordance with clause 7.7 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Equity cure</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) shall be treated as follows
in re-calculating the Relevant Financial Covenants for the Relevant Measurement
Period and the immediately following Measurement Period:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.4.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in relation to the Net Debt to EBITDA Ratio, by reducing the Total Debt
as at the Measurement Date at the end of the Relevant Measurement Period; and </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.4.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in relation to the Interest Cover Ratio, by reducing the Total Net
Interest for the Relevant Measurement Period as if the Cure Amount had been
applied in prepayment of the Facility at the commencement of the Relevant
Measurement Period.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.4.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If, after the prepayment of the Facility in accordance with
clause&nbsp;7.7 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Equity cure</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), the requirements of the Relevant
Financial Covenants are met, there shall be deemed to have been no breach of the
Relevant Financial Covenants and any resulting Default or Event of Default
shall be deemed remedied and waived for the Relevant Measurement Period.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.4.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No more than 2 (two) Equity Cures may occur prior to the Final Repayment
Date and Equity Cures shall not be permitted in respect of 2 (two) or more
consecutive Measurement Periods.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727952"></a><a name="_Toc517185367"></a><a name="_Toc513233448"></a><a name="_Toc511668264"></a><a name="_Toc400533815"></a><a name="_Ref387332577"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">21.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">GENERAL UNDERTAKINGS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
undertakings in this clause&nbsp;21 remain in force from the Signature Date for
so long as any amount is outstanding under the Finance Documents or any
Commitment is in force.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Authorisations&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor shall promptly:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">obtain, comply with and do all that is necessary to maintain in full
force and effect; and</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">84</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_85"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">supply
certified copies to the Lender of, </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any
Authorisation required to enable it to perform its obligations under the
Finance Documents and to ensure the legality, validity, enforceability or
admissibility in evidence in its jurisdiction of incorporation of any Finance
Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Compliance with laws</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor shall (and the Borrower shall ensure that each other member of the
Group will) comply in all respects with all laws that are material to the
conduct of its business.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387142388"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Environmental
compliance</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor shall (and the Borrower shall ensure that each member of the Group
will):</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">comply with all Environmental Law;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">obtain, maintain and ensure compliance with all requisite Environmental
Permits;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">implement procedures to monitor compliance with and to prevent liability
under any Environmental Law,</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">where
failure to do so has or is reasonably likely to have a Material Adverse Effect
or is reasonably likely to result in any liability for a Finance Party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Environmental claims</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor shall (through the Borrower), promptly upon becoming aware of the same,
inform the Lender in writing of:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Environmental Claim against it or any other member of the Group
which is current, pending or threatened; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any facts or circumstances which are reasonably likely to result in any
Environmental Claim being commenced or threatened against it or any member of
the Group,</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">where
the claim, if determined against that member of the Group, has or is reasonably
likely to have a Material Adverse Effect, or is reasonably likely to result in
any liability for a Finance Party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Taxation&nbsp;</font></b></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">85</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_86"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.5.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor shall ensure that it pays and discharges all Taxes imposed upon it or
its assets within the time period allowed without incurring penalties unless
and only to the extent that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.5.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">such payment is being contested in good faith;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.5.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">adequate reserves are being maintained for those Taxes and the costs
required to contest them which have been disclosed in its latest Financial
Statements; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.5.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">such payment can be lawfully withheld and failure to pay those Taxes
does not have or is not reasonably likely to have a Material Adverse Effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.5.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Obligor shall (and the Borrower shall ensure that no other member of
the Group will) change its residence for Tax purposes, without the prior
written consent of the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387309661"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Negative
pledge</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387333091"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Obligor
shall create or permit to subsist any Security over any of its assets. </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387333020"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.6.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Obligor
shall:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.6.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">sell, transfer or otherwise dispose of any of its assets on terms
whereby they are or may be leased to or re-acquired by an Obligor or any other
member of the Group;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.6.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">sell, transfer or otherwise dispose of any of its receivables on
recourse terms;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.6.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">enter into or permit to subsist any title retention arrangement;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.6.2.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">enter into or permit to subsist any arrangement under which money or the
benefit of a bank or other account may be applied, set-off or made subject to a
combination of accounts; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.6.2.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">enter into or permit to subsist any other preferential arrangement
having a similar effect,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in
circumstances where the arrangement or transaction is entered into primarily as
a method of raising Financial Indebtedness or of financing the acquisition of
an asset.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511665125"></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">86</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_87"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.6.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clauses&nbsp;21.6.1
and&nbsp;21.6.2 do not apply to any Permitted Encumbrance.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Disposals&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387333716"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.7.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Obligor shall, enter into a single transaction or a series of
transactions (whether related or not) and whether voluntary or involuntary to
sell, lease, transfer or otherwise dispose of any asset.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.7.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause&nbsp;21.7.1 does not apply to any sale, lease, transfer or other
disposal:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387333788"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.7.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">which is a
Permitted Disposal; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387333789"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.7.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">which is a
Permitted Transaction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Merger&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No
Obligor shall enter into any amalgamation, demerger, merger or corporate
reconstruction without the prior written consent of the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Acquisitions&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.9.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Obligor shall <a name="_Ref387334071"></a>acquire (whether by way of any
single transaction or a series of directly or indirectly related transactions)
a company or any shares or securities or a business or undertaking (or, in each
case, any interest in any of them) or incorporate a company.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511610495"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.9.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause&nbsp;21.9.1
does not apply to:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.9.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">an acquisition of a company, of shares, securities or a business or
undertaking (or, in each case, any interest in any of them) or the
incorporation of a company which meets the following criteria:</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.9.2.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">no Event of Default has occurred and/or is continuing on the closing
date for the acquisition or would occur as a result of the acquisition; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.9.2.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the relevant entity which is being acquired has positive earnings before
interest, tax, depreciation and amortisation for a period of 12 (twelve)
consecutive months and will have positive earnings before interest, tax,
depreciation and amortisation </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">87</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_88"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">during the 12 (twelve)
month period immediately after date of acquisition; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:205.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-59.8pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.9.2.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Borrower demonstrates to the Lender that on a pro forma basis that
all financial covenants as contemplated in clause 20.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial condition</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)
will be met for the next 4 (four) Measurement Dates following the acquisition;
or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.9.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any acquisition by any Obligor in an aggregate amount not exceeding
ZAR30,000,000 (thirty million Rand) during the Term; or </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.9.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any other acquisition made with the prior written consent of the Lender.
</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Constitutional
documents</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor shall ensure that no change is made to its constitutional documents
where that change has or, is reasonably likely to have a Material Adverse
Effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Change
of business</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor shall procure that no substantial change is made to the general nature
of its business or the Group taken as a whole from that carried on as at the
Signature Date, without the prior written consent of the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref392073046"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Joint
ventures </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><a name="_Ref392066603"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.12.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Except
as permitted under clause&nbsp;21.12.2, no Obligor shall (and the Borrower
shall ensure that no other member of the Group will):</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.12.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">enter into, invest in or acquire (or agree to acquire) any shares,
stocks, securities or other interest in any Joint Venture; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.12.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">transfer any assets or lend to or guarantee or give an indemnity for or
give Security for the obligations of a Joint Venture or maintain the solvency
of or provide working capital to any Joint Venture (or agree to do any of the
foregoing).</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref392066551"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.12.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause&nbsp;21.12.1 does not apply
to any acquisition of (or agreement to acquire) any interest in a Joint Venture
or transfer of assets (or agreement to transfer assets) to a Joint Venture or
loan made to or guarantee given in respect of the obligations of a </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">88</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Joint Venture if such transaction is permitted in terms
of clause 21.9.2, a Permitted Disposal, a Permitted Loan, a Permitted Guarantee
or a Permitted Joint Venture.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref392067043"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.13.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Arm's length basis</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.13.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Except as permitted by clause&nbsp;21.13.2, no Obligor shall (and the
Borrower shall ensure that no other member of the Group will) enter into any transaction
with any person except on arm's length terms and for full market value.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref392066999"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.13.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The following transactions shall
not be a breach of this clause&nbsp;21.13:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.13.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">intra-Group loans permitted under clause&nbsp;21.14 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Loans or credit</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">);
and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.13.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any Permitted Transaction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref392067079"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.14.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Loans
or credit</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387334221"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.14.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Except
as permitted under clause&nbsp;21.14.2, no Obligor shall (and the Borrower
shall ensure that no other member of the Group will) be a creditor in respect
of any Financial Indebtedness.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387334195"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.14.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause&nbsp;21.14.1 does not apply
to:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.14.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Permitted Loan; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.14.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Permitted Transaction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.15.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Guarantees or indemnities</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.15.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Except as permitted under
clause&nbsp;21.15.2, no Obligor shall (and the Borrower shall ensure that no
other member of the Group will) incur or allow to remain outstanding any
guarantee in respect of any obligation of any person.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511191588"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.15.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause&nbsp;21.15.2.1 does not
apply to a guarantee which is:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387845940"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.15.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Permitted Guarantee; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.15.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Permitted Transaction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref392073103"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.16.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Distributions&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511243617"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">89</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.16.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Except as permitted under clause
21.16.2, no Obligor shall (and the Borrower shall ensure that no other member
of the Group shall):</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.16.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">declare, make, pay or resolve to make, pay or declare, any Distribution;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.16.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">pay, prepay, repay, dispose of, exchange or repurchase any Subordinated
Debt.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511243564"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.16.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause 21.16.1 does not apply to a
Permitted Distribution.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511611081"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.17.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial
Indebtedness</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387845939"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.17.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Except
as permitted under clause&nbsp;21.17.2, no Obligor shall (and the Borrower
shall ensure that no other member of the Group will) incur or allow to remain
outstanding any Financial Indebtedness.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387334372"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.17.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause&nbsp;21.17.1 does not apply
to Financial Indebtedness which is:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.17.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Permitted Financial Indebtedness; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.17.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Permitted Transaction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.18.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Treasury
Transactions</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref518841833"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.18.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Except as permitted under clause
21.18.2, no Obligor shall (and the Borrower shall ensure that no other member
of the Group will) enter into a Treasury Transaction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref518841796"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.18.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause 21.18.1 does not apply to a
Treasury Transaction which is a Permitted Treasury Transaction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.19.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Auditors&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No
Obligor shall (and the Borrower shall ensure that no other member of the Group
will) change its auditor, except to an Auditor, without the prior written
approval of the Lender (which consent shall not be unreasonably withheld or
delayed).</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511633819"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.20.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Insurance&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.20.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Obligor shall maintain insurances on and in relation to its
business and assets against those risks and to the extent as is usual for
companies carrying on the same or substantially similar business.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">90</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.20.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">All insurances must be with
reputable independent insurance companies or underwriters.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.21.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Preservation of assets</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Obligor shall maintain in good working order and
condition (ordinary wear and tear excepted) all of its assets necessary or
desirable in the conduct of its business.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.22.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Guarantor Coverage </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><a name="_Ref387844501"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">With effect from the Signature
Date, each Obligor shall ensure that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.22.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any member of the Group which is a
Material Company as at the Signature Date is a Guarantor;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.22.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any member of the Group which becomes a Material Company after the
Signature Date becomes a Guarantor in accordance with clause 24.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Additional
Guarantors</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) within 45 (forty five) days.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.23.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sanctions&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.23.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Notwithstanding any other
provision in this Agreement, no Obligor shall:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.23.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">use the proceeds of any Loan or Treasury Transaction for the purpose of
financing directly or indirectly (or otherwise make available) the activities
of any person or entity which is currently listed on a Sanctions List or in a
country which is currently subject to any Sanctions, to the extent such
financing would constitute a Sanctioned Transaction; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.23.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">contribute or otherwise make available the proceeds of any Loan or
Treasury Transaction to any other person or entity if such party is a Sanctioned
Entity or such Obligor has actual knowledge that such party intends to use such
proceeds for or in connection with a Sanctioned Transaction or for the purpose
of financing the activities of any Sanctioned Person, to the extent such
financing would currently be prohibited by Sanctions;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.23.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">directly participate in a Sanctioned Transaction.</font></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">91</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_92"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.23.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Obligor shall take all
reasonable steps to ensure that appropriate controls and safeguards are in
place, designed to prevent it or any other member of the Group from participating,
directly or indirectly, in a Sanctioned Transaction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.24.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Share
Capital</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No
Obligor shall issue any Shares except pursuant to:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.24.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Permitted Share Issue; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.24.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Permitted Transaction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.25.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Accounting Policies</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Obligor shall not (and the Borrower shall ensure
that no other member of the Group will) change its accounting practices, unless
such changes are prescribed by IFRS, and financial reference periods from those
applied in the preparation of the Original Financial Statements without the
prior written consent of the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.26.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Anti-Corruption
Law</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.26.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Obligor shall (and the Borrower shall ensure that no other member of
the Group will) directly or indirectly use the proceeds of the Facility for any
purpose which would breach the Prevention and Combatting of Corrupt Activities
Act, 2004, the United Kingdom Bribery Act 2010, the United States Foreign
Corrupt Practices Act of 1977 or other similar legislation in other
jurisdictions.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.26.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Obligor shall (and the Borrower shall ensure that each other member
of the Group will):</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.26.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">conduct its business in compliance with all applicable anti-corruption
laws; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.26.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">maintain policies and procedures designed to promote and achieve
compliance with such laws.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref511629122"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.27.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Key
Management </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If any of the Key Management ceases (whether by reason
of death, retirement at normal retirement age or through ill health or
otherwise) to be employed by an Obligor, as soon as reasonably practicable
thereafter but in any event within 10 (ten) days of becoming aware of </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">92</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_93"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">such proposed cessation, the Obligors&#8217; Agent shall notify
the Lender in writing of such cessation (including reasons therefor) and the
Borrower shall use reasonable commercial endeavours to find and appoint an
adequately qualified replacement for such Key Management member within 120 (one
hundred and twenty) days after the date of such cessation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.28.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Pari Passu</font></i></b><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">
Ranking</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Obligor shall ensure that at all times any
unsecured claims of the Finance Parties against it under the Finance Documents
rank at least </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">pari passu </font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">with the claims of all its unsecured and
unsubordinated creditors except those creditors whose claims mandatorily
preferred by laws of general application to companies.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727953"></a><a name="_Toc517185368"></a><a name="_Toc513233449"></a><a name="_Toc511668265"></a><a name="_Toc400533816"></a><a name="_Ref385428040"></a><a name="_Toc511183355"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">22.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">EVENTS OF DEFAULT</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each of
the events or circumstances set out in this clause&nbsp;22 is an Event of
Default (save for clause&nbsp; 22.19 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Acceleration</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387666092"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Non-payment&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">An
Obligor does not pay on the due date any amount payable pursuant to a Finance
Document at the place and in the currency in which it is expressed to be
payable unless:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">its failure to pay is caused by:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387665987"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.1.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">administrative or
technical error; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387666016"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.1.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Disruption
Event; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">payment is made within:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.1.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(in the case of clause&nbsp;22.1.1.1) 3 (three) Business Days of its due
date; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.1.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(in the case of clause&nbsp;22.1.1.2) 3 (three) Business Days of its due
date; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.1.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in the case of a Treasury Transaction whether by way of netting, set off
or otherwise as set out in a Hedging Agreement</font><u><font color=blue face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font></u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">within
3&nbsp;(three) Business Days of its due date in accordance with the Hedging
Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387666116"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial
covenants</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
requirement of clause&nbsp;20 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial covenants</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) is not satisfied.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">93</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Other
obligations</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387666179"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">An Obligor does not comply with any provision of the Finance Documents
(other than those referred to in clause&nbsp;22.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Non-payment</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) and
clause&nbsp;</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.2&nbsp;</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Financial covenants</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Event of Default under clause 22.3.1 will occur if the failure to
comply is capable of remedy and is remedied within 10 (ten) Business Days, of
the earlier of the Lender giving notice to the Borrower and any Obligor
becoming aware of the failure to comply.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Misrepresentation&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><a name="_Ref387844646"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any representation or statement made or deemed to be made
by an Obligor in the Finance Documents or any other document delivered by or on
behalf of any Obligor under or in connection with any Finance Document is or
proves to have been incorrect or misleading in any material respect when made
or deemed to be made and, if capable of remedy, it is not remedied within 10
(ten) days of the earlier of the Lender giving notice to the Borrower and any
Obligor becoming aware of the misrepresentation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387671641"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Cross default</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387671659"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.5.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any Financial
Indebtedness of any member of the Group is not paid when due nor within any
originally applicable grace period.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.5.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any Financial Indebtedness of any member of the Group is declared to be
or otherwise becomes due and payable prior to its specified maturity as a
result of an event of default (however described).</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.5.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any commitment for any Financial Indebtedness of any member of the Group
is cancelled or suspended by a creditor of any member of the Group as a result
of an event of default (however described).</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387671661"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.5.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
creditor of any member of the Group becomes entitled to declare any Financial
Indebtedness of any member of the Group due and payable prior to its specified
maturity as a result of an event of default (however described).</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.5.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Event of Default will occur under this clause&nbsp;22.5 if the
aggregate amount of Financial Indebtedness or commitment for Financial
Indebtedness falling within clauses&nbsp;22.5.1 to&nbsp;22.5.4 is less than
ZAR15,000,000 (fifteen million Rand) (or its equivalent in another currency or
currencies) in aggregate during the Term.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387142270"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">94</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Insolvency&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A member of the Group is or is deemed by any authority or legislation to
be unable or admits inability to pay its debts as they fall due, suspends
making payments on any of its debts or, by reason of actual or anticipated
financial difficulties, commences negotiations with one or more of its
creditors with a view to rescheduling any of its indebtedness.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.6.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A member of the Group is or is deemed by any authority or legislation to
be Financially Distressed (as defined in the Companies Act).</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.6.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The value of the assets of any member of the Group is less than its
liabilities (taking into account contingent and prospective liabilities).</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.6.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A moratorium is declared in respect of any indebtedness of any member of
the Group.<a name="_Ref387140514"></a></font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387673229"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Insolvency
and business rescue proceedings</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511173243"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.7.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
corporate action, legal proceedings or other procedure or step is taken in
relation to:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.7.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the suspension of payments, a moratorium of any indebtedness,
liquidation, winding-up, dissolution, administration, judicial management,
business rescue or reorganisation (by way of voluntary arrangement, scheme of
arrangement or otherwise) of any member of the Group other than a solvent
liquidation or reorganisation of any member of the Group which is not an
Obligor;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.7.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a composition, compromise, assignment or arrangement with any creditor
of any member of the Group; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.7.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the appointment of a liquidator (other than in respect of a solvent
liquidation of a member of the Group which is not an Obligor), receiver,
administrative receiver, administrator, compulsory manager, judicial manager,
business rescue practitioner or other similar officer in respect of any member
of the Group or any of its assets,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">or any
analogous procedure or step is taken in any jurisdiction;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.7.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A meeting
is proposed or convened by the directors of any member of the Group, a
resolution is proposed or passed, application is made or an order is applied
for or granted, to authorise the entry into or implementation of any business
rescue proceedings (or any similar proceedings) in respect of any member of the
Group or any analogous procedure or step is taken in any jurisdiction.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387140577"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Creditors'
process</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
attachment, sequestration, implementation of any business rescue plan, distress
or execution affects any asset or assets of a member of the Group having an
aggregate value of ZAR15,000,000 (fifteen million Rand) and is not discharged
or stayed within 10 (ten) Business Days.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Ownership of
the Obligors</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">An Obligor (other than the Borrower) is not or ceases
to be a wholly-owned Subsidiary of the Borrower without the prior written
consent of the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Unlawfulness&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">It is or
becomes unlawful for an Obligor to perform any of its obligations under the
Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref514860016"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Expropriation&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.11.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The authority or ability of any Obligor to conduct its business is
wholly or substantially curtailed by any seizure, expropriation,
nationalisation, intervention, restriction or other action by or on behalf of
any governmental, regulatory or other authority or other person.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.11.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">By the authority of any governmental, regulatory or other authority or
other person:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.11.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the management of any Obligor is wholly or substantially replaced; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.11.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">all or a majority of the shares of any Obligor or the whole or any part
of its assets or revenues is seized, expropriated or compulsorily acquired.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.11.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Event of Default under clause 22.11 will occur if the seizure,
expropriation, nationalisation, intervention, restriction or other action by or
on behalf of any governmental, regulatory or other authority or other person is
less than ZAR15 000 000 (fifteen million Rand) in aggregate for the Term.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">96</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Cessation of business</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
Obligor suspends or ceases to carry on (or threatens to suspend or cease to
carry on) all or a material part of its business.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.13.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Audit qualification</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Auditors of the Obligors qualify the audited annual
consolidated financial statements of the Obligors.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.14.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Repudiation&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">An
Obligor repudiates a Finance Document or evidences an intention to repudiate a
Finance Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.15.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Material
adverse change</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A
Material Adverse Effect occurs.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.16.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Litigation&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.16.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any litigation, arbitration, administrative, governmental, regulatory or
other investigations, proceedings or disputes are commenced or threatened in
relation to the Finance Documents or the transactions contemplated in the
Finance Documents or against any Obligor or its assets which has or is
reasonably likely to be determined adversely to the interests of an Obligor and
which, will, if adversely determined, have or is reasonably likely to have a
Material Adverse Effect.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref512845860"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.16.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause 21.16.1 above shall not
apply to any litigation, arbitration, administrative, governmental, regulatory
or other investigations, proceedings or disputes which are frivolous, vexatious
ore contested in good faith.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.17.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Judgments
and Orders</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref511629987"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.17.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any member of the Group fails to
discharge in full, within 10 (ten) Business Days of the due date, an amount
payable pursuant to a final judgment or final order made or given by any court
or other authority of competent jurisdiction). No Event of Default will occur
under this clause 22.17.1, if the aggregate of all such amounts payable by the
Obligors at any time is less than ZAR15,000,000 (fifteen million Rand) (or its
equivalent) or are discharged within 15 (fifteen) Business Days.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">97</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.17.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">For the purposes of clause 22.17.1
above, a final judgment or order means a judgment or order which:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.17.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">is not appealable;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.17.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">is appealable, but in respect of which the period for the lodging of an
appeal has lapsed and the applicable member of the Group has failed to
institute appeal proceedings;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.17.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">is not capable of rescission; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.17.2.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">is capable of rescission, but in respect of which the period for
applying for rescission has lapsed and the applicable member of the Group has
failed to apply for rescission or has applied for rescission of such judgment
or order and the application for rescission has been denied.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387665883"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.18.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Licenses&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
License, consent or Authorisation which is material in the context of the
business of the Group and relating to the business of any member of the Group
ceases to be of force and effect, and such situation is not remedied within 10
(ten) Business Days after the earlier of the relevant member of the Group
becoming aware thereof or the relevant member of the Group receiving notice
from the Lender to do so.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><a name="_Ref515569484"></a><a name="_Ref512846367"></a><a name="_Ref511630718"></a><a name="_Ref511629895"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.19.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> &nbsp;</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#160;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Key
Management</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Obligors&#8217; Agent fails to comply with the provisions
of clause 21.27.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.20.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Acceleration&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">On and at any time after the occurrence of an Event of
Default the Lender may by notice to the Borrower:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.20.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">cancel all or any part of the Total Commitments whereupon they shall
immediately be cancelled;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.20.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">declare that all or part of the Loans, together with accrued interest,
and all other amounts accrued or outstanding under the Finance Documents be
immediately due and payable, whereupon they shall become immediately due and
payable; or</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">98</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.20.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;"> </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">declare that all or part of the
Loans be payable on demand, whereupon they shall immediately become payable on
demand by the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><a name="_Toc517185369"></a><a name="_Toc513233450"></a><a name="_Toc511668266"></a><a name="_Toc400533817"></a><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;text-transform:uppercase;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><a name="_Toc528727954"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">99</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION&nbsp;9:&#160;
CHANGES TO PARTIES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727955"></a><a name="_Toc517185370"></a><a name="_Toc513233451"></a><a name="_Toc511668267"></a><a name="_Toc400533818"></a><a name="_Ref385432975"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">23.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">CHANGES TO THE LENDERS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386624004"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Cessions and
delegations by the Lenders</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Subject
to this clause&nbsp;23, the Lender (the &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Existing Lender</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;) may
cede and/or delegate (a &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Transfer</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;) any or all of its rights
and/or obligations under any Finance Document to any of the persons described
in Schedule&nbsp;11 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Permitted Transferees</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) (a &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">New Lender</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;).
The Borrower and each other Obligor consents to any splitting of claims which
may arise as a result of a Transfer permitted by this Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387674847"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Conditions of
Transfer</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387674312"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
consent of the Borrower is not required for a Transfer by an Existing Lender to
any New Lender. The consent of the Borrower is required for a Transfer to any
other prospective transferee.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Where the consent of the Borrower to a Transfer is required in terms of
clause&nbsp;23.2.1, that consent must not be unreasonably withheld or delayed.
The Borrower will be deemed to have given its consent 5 (five) Business Days
after the Existing Lender has requested it unless consent is expressly refused
by the Borrower within that time.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">A Transfer will only be effective if the procedure set out in
clause&nbsp;23.4 (Procedure for transfer) is complied with.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387674620"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.2.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If:&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.2.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">a Lender Transfers any of its rights or obligations under the Finance
Documents; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.2.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">as a result of circumstances existing at the date the Transfer or change
occurs, an Obligor would be obliged to make a payment to the New Lender under
clause&nbsp;12 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tax gross-up and indemnities</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) or clause&nbsp;13.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Increased
Costs</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">),&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">then the
New Lender is only entitled to receive payment under those clauses to the same
extent as the Existing Lender would have been if the Transfer or change had not
occurred. </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Limitation of responsibility of Existing Lenders</font></b></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">100</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Unless
expressly agreed to the contrary, an Existing Lender makes no representation or
warranty and assumes no responsibility to a New Lender for:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the legality, validity, effectiveness, adequacy or enforceability of the
Finance Documents or any other documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the financial condition of any Obligor;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the performance and observance by any Obligor of its obligations under
the Finance Documents or any other documents; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.1.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the accuracy of any statements (whether written or oral) made in or in
connection with any Finance Document or any other document,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">and any
representations or warranties implied by law are excluded.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each new Lender confirms to the Existing Lender and the other Finance
Parties that it:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">has made (and shall continue to make) its own independent investigation
and assessment of the financial condition and affairs of each Obligor and its
related entities in connection with its participation in this Agreement and has
not relied exclusively on any information provided to it by the Existing Lender
in connection with any Finance Document; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">will continue to make its own independent appraisal of the
creditworthiness of each Obligor and its related entities whilst any amount is
or may be outstanding under the Finance Documents or any Commitment is in
force.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387766501"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Nothing in
any Finance Document obliges an Existing Lender to:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">accept a re-Transfer from a New Lender of any of the rights and
obligations Transferred under this clause&nbsp;23; or </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.3.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">support any losses directly or indirectly incurred by the New Lender by
reason of the non-performance by any Obligor of its obligations under the
Finance Documents or otherwise.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387766350"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Procedure for
transfer</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387675226"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">101</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Subject to
the conditions set out in clause&nbsp;23.2 (Conditions of Transfer) a Transfer
is effected in accordance with clause&nbsp;23.4.3 when the Lender executes an
otherwise duly completed Transfer Certificate delivered to it by the Existing
Lender and the New Lender. The Lender shall, subject to clause&nbsp;23.4.2, as
soon as reasonably practicable after receipt by it of a duly completed Transfer
Certificate appearing on its face to comply with the terms of this Agreement
and delivered in accordance with the terms of this Agreement, execute that
Transfer Certificate.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387674885"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Lender
shall only be obliged to execute a Transfer Certificate delivered to it by the
Existing Lender and the new Lender once it is satisfied it has complied with
all necessary &quot;know your customer&quot; or other similar checks under all
applicable laws and regulations that apply to it (if any) in relation to the
transfer to such new Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387674942"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.4.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">On the Transfer Date:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.4.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Transfer
shall take effect under the Finance Documents so that the rights and/or
obligations which are the subject of the Transfer shall be ceded and/or
delegated by the Existing Lender to the new Lender (being the &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Transferred
Rights and Obligations</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;);&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.4.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">each of the Obligors shall perform their obligations and exercise their
rights in relation to the Transferred Rights and Obligations in favour of or
against the New Lender, as the case may be;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.4.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender, the Arranger, the New Lender and other Lenders shall acquire
the same rights and assume the same obligations between themselves as they
would have acquired and assumed had the new Lender been an Original Lender with
the rights and/or obligations comprising the Transferred Rights and
Obligations;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.4.3.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Existing Lender shall be released from further obligations to each
other Lender under the Finance Documents to the extent of the Transferred
Rights and Obligations; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.4.3.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the New Lender shall become a Party as a &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Lender</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;.&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.4.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">For purposes of this clause&nbsp;23.4.3, &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Transfer Date</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;
means, in relation to a Transfer, the later of: (i)&nbsp;the proposed Transfer
Date specified in the Transfer Certificate; and (ii)&nbsp;the date on which the
Lender executes the Transfer Certificate;</font></p>

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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">102</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Copy of Transfer Certificate to Borrower </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Lender shall send to the Borrower a copy of each Transfer Certificate executed
by it in accordance with clause&nbsp;23.4.1 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Procedure for transfer</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) as
soon as reasonably practicable after it has executed any such Transfer
Certificate.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727956"></a><a name="_Toc517185371"></a><a name="_Toc513233452"></a><a name="_Toc511668268"></a><a name="_Toc400533819"></a><a name="_Ref385343764"></a><a name="_Toc511183359"></a><a name="_Toc511183360"></a><a name="_Toc511183361"></a><a name="_Toc511183362"></a><a name="_Toc511183363"></a><a name="_Toc511183364"></a><a name="_Toc511183365"></a><a name="_Toc511183366"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">24.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">CHANGES TO THE OBLIGORS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Cessions and
delegations by Obligors</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Obligor may cede any of its rights or delegate any
of its obligations under the Finance Documents, without the prior written
consent of the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref385343877"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Additional
Guarantors</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Subject to compliance with the provisions of clauses&nbsp;19.8.2
and&nbsp;19.8.3 (appearing under </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(&quot;Know your customer&quot; checks</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">)),
the Borrower may request that any of its Subsidiaries becomes an Additional
Guarantor.&#160; That Subsidiary shall become an Additional Guarantor if:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.2.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Borrower delivers to the Lender a duly completed and executed
Accession Letter; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.2.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender has received all of the documents and other evidence listed
in Part&nbsp;II of Schedule&nbsp;2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Conditions Precedent</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) in relation to
that Additional Guarantor, each in form and substance satisfactory to the
Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Lender shall notify the Borrower promptly upon being satisfied that
it has received (in form and substance satisfactory to it) all the documents
and other evidence listed in Part&nbsp;II of Schedule&nbsp;2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Conditions
Precedent</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref512847350"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Resignation
of a Guarantor</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Obligors&#8217; Agent may request that a Guarantor ceases to be a
Guarantor by delivering to the Lender a Resignation Letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Lender shall accept a Resignation Letter and notify the Obligors&#8217; Agent
of its acceptance if:</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">103</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.3.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Default is
continuing or would result from the acceptance of the Resignation Letter (and
the Obligors&#8217; Agent has confirmed this is the case); and </font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.3.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No payment is due from the Guarantor under any Finance Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Repetition of representations</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Delivery
of an Accession Letter constitutes confirmation by the relevant Subsidiary that
the Repeating Representations are true and correct in relation to it as at the
date of delivery as if made by reference to the facts and circumstances then
existing.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><a name="_Toc517185372"></a><a name="_Toc513233453"></a><a name="_Toc511668269"></a><a name="_Toc400533820"></a><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;text-transform:uppercase;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><a name="_Toc528727957"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">104</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION
10: THE FINANCE PARTIES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Ref511195797"></a><a name="_Toc400533823"></a><a name="_Toc528727958"></a><a name="_Toc517185373"></a><a name="_Toc513233454"></a><a name="_Toc511668270"></a><a name="_Toc511183369"></a><a name="_Toc511183370"></a><a name="_Toc511183371"></a><a name="_Toc511183372"></a><a name="_Toc511183373"></a><a name="_Toc511183374"></a><a name="_Toc511183375"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">25.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ROLE OF THE ARRANGER</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Except
as specifically provided in the Finance Documents, the Mandated Lead Arranger
has no obligations of any kind to any other Party under or in connection with
any Finance Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">25.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Fiduciary duties</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> &nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">25.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Nothing in any Finance Document constitutes the Mandated Lead Arranger
as a trustee or fiduciary of any other person.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">25.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Mandated Lead Arranger shall be bound to account to the Lender for
any sum or the profit element of any sum received by it for its own account.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">25.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Business with the Group</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Mandated Lead Arranger may accept deposits from, lend money to and generally
engage in any kind of banking or other business with any member of the Group.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727959"></a><a name="_Toc517185374"></a><a name="_Toc513233455"></a><a name="_Toc511668271"></a><a name="_Ref511632008"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">26.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">CONDUCT OF BUSINESS BY THE FINANCE
PARTIES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No
provision of this Agreement will:</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">26.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">interfere with the right of any Finance Party to arrange its affairs
(tax or otherwise) in whatever manner it thinks fit;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">26.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">oblige any Finance Party to investigate or claim any credit, relief,
remission or repayment available to it or the extent, order and manner of any
claim; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">26.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">oblige any Finance Party to disclose any information relating to its
affairs (tax or otherwise) or any computations in respect of Tax.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&nbsp;</font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><a name="_Toc528727960"></a><a name="_Toc517185375"></a><a name="_Toc513233456"></a><a name="_Toc511668272"></a><a name="_Toc400533825"></a><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION&nbsp;11:&#160;
ADMINISTRATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727961"></a><a name="_Toc517185376"></a><a name="_Toc513233457"></a><a name="_Toc511668273"></a><a name="_Toc400533826"></a><a name="_Ref387139022"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">27.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">PAYMENT MECHANICS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref386789733"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Payments to
the Lender</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">On each date on which an Obligor is required to make a payment under a
Finance Document, that Obligor shall make the same available to the Lender
(unless a contrary </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">105</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_106"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">indication appears in a Finance
Document) in ZAR for value by no later than 12h00 (Johannesburg time) on the
due date and in such funds specified by the Lender by way of a funds flow
schedule or otherwise. </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Payment shall be made to such account in South Africa with such bank as
the Lender specifies.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387744241"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Partial
payments</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387759642"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If the
Lender receives a payment that is insufficient to discharge all the amounts
then due and payable by an Obligor under the Finance Documents, the Lender
shall apply that payment towards the obligations of that Obligor under the
Finance Documents in the following order:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387759583"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.2.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">first, in or
towards payment pro rata of any unpaid fees, costs and expenses of the Lender
under the Finance Documents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.2.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">secondly, in or towards payment pro rata of any accrued interest, fees,
Break Costs or commission due but unpaid under this Agreement or the Hedging
Agreement, as the case may be;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.2.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">thirdly, in or towards payment pro rata of any principal due but unpaid
under this Agreement or the Hedging Agreement, as the case may be; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387759587"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.2.1.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">fourthly, in or
towards payment pro rata of any other sum due but unpaid under the Finance
Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Lender may vary the order set out in clauses&nbsp;27.2.1.1
to&nbsp;27.2.1.4.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Clause&nbsp;27.2.1 will override any appropriation made by an Obligor.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No set-off by Obligors</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">All
payments to be made by an Obligor under the Finance Documents shall be
calculated and be made without (and free and clear of any deduction for)
set-off or counterclaim.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Business Days</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any payment which is due to be made on a day that is not a Business Day
shall be made on the next Business Day in the same calendar Month (if there is
one) or the preceding Business Day (if there is not). If the day for
performance of any obligation </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">106</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to be performed in
terms of any Finance Document should fall on a day which is not a Business Day,
the relevant day for performance shall be the succeeding Business Day.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">During any extension of the due date for payment of any principal or
Unpaid Sum under this Agreement interest is payable on the principal or Unpaid
Sum at the rate payable on the original due date</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Currency of account</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.5.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ZAR is the currency of account and payment for any sum due from an
Obligor under any Finance Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387759732"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.5.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
payment in respect of costs, expenses or Taxes shall be made in the currency in
which the costs, expenses or Taxes are incurred.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387759733"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.5.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any amount
expressed to be payable in a currency other than ZAR shall be paid in that
other currency.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Disruption&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to Payment Systems etc.</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If either the Lender determines (in its discretion)
that a Disruption Event has occurred or the Lender is notified by the Borrower
that a Disruption Event has occurred:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref512002113"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender
may, and shall if requested to do so by the Borrower, consult with the Borrower
with a view to agreeing with the Borrower such changes to the operation or
administration of the Facility as the Lender may deem necessary in the
circumstances;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.6.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the Lender shall not be obliged to consult with the Borrower in relation
to any changes mentioned in clause&nbsp;27.6.1 above if, in its reasonable
opinion, it is not practicable to do so in the circumstances and, in any event,
shall have no obligation to agree to such changes; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.6.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any such changes agreed upon by the Lender and the Borrower shall
(whether or not it is finally determined that a Disruption Event has occurred)
be binding upon the Parties as an amendment to (or, as the case may be, waiver
of) the terms of the Finance Documents notwithstanding the provisions of
clause&nbsp;33 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Amendments and waivers</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">).&nbsp;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">107</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">28.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&#160;<a name="_Toc528727962"></a><a name="_Toc517185377"></a><a name="_Toc513233458"></a><a name="_Toc511668274"></a><a name="_Toc400533828"></a><a name="_Ref387846031"></a><a name="_Toc511183379"></a><a name="_Toc511183380"></a><a name="_Toc511183381"></a><a name="_Toc511183382"></a><a name="_Toc511183383"></a><a name="_Toc511183384"></a><a name="_Toc511183385"></a><a name="_Toc511183386"></a><a name="_Toc511183387"></a><a name="_Toc511183388"></a><a name="_Toc511183389"></a>NOTICES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Communications in writing</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
communication to be made under or in connection with the Finance Documents
shall be made in writing and, unless otherwise stated, may be made by fax or
letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387743433"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Addresses&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication
or document to be made or delivered under or in connection with the Finance
Documents is: </font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in the
case of the Obligors:</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">DRDGold Limited</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1 Sixty Jan Smuts
Building</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2<sup>nd</sup>
Floor &#8211; North Tower</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">160 Jan Smuts
Avenue</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Rosebank</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2196</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Telefax No.:
086&nbsp;524 3061</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Attention:
Francois Bouwer</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Email: francois.bouwer@drdgold.com
</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in the
case of the Lender</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">:&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><a name="_Hlk511199216"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Absa Bank Limited (acting through its Corporate and
Investment Banking Division)</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">15 Alice Lane</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sandown</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sandton</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2196</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Telefax No.:
011&nbsp;895 7847</font></p>

<p style="margin-bottom:.0001pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Attention:
Transaction Administration (IMPEX)</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Email: cibafricapmclient@barclays.com
</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the case of each any bank, financial institution, trust, fund or other
entity which has become a Party in accordance with clause&nbsp;23 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Changes
to the Lenders</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) and each Additional Guarantor that notified in writing to
the Lender on or prior to the date on which it becomes a Party;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">108</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">or any substitute address or fax number or department or
officer as the Party may notify to the Lender (or the Lender may notify to the
other Parties, if a change is made by the Lender) by not less than three
Business Days' notice.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Domicilia&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.4.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each of the Parties chooses its physical address provided under or in
connection with clause&nbsp;28.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Addresses</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) as its </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">domicilium
citandi et executandi </font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">at which documents in legal proceedings in connection
with this Agreement or any other Finance Document may be served.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.4.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any Party may by written notice to the other Parties change its </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">domicilium
citandi et executandi</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> from time to time to another address, not being a
post office box or a poste restante, in South Africa, provided that any such
change shall only be effective on the fourteenth day after deemed receipt of
the notice by the other Parties pursuant to clause&nbsp;28.5 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Delivery</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387760506"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Delivery&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.5.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any communication or document made or delivered by one person to another
under or in connection with the Finance Documents will only be effective when
received by the recipient and, unless the contrary is proved, shall be deemed
to be received:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.5.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">if by way of fax, be deemed to have been received on the first Business
Day following the date of transmission provided that the fax is received in
legible form;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.5.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">if delivered by hand, be deemed to have been received at the time of
delivery; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.5.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">if by way of courier service, be deemed to have been received on the
seventh Business Day following the date of such sending,</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">and if a
particular department or officer is specified as part of its address details
provided under clause&nbsp;28.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Addresses</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), if addressed to that
department or officer.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.5.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any communication or document to be made or delivered to the Lender will
be effective only when actually received by the Lender and then only if it is
expressly marked for the attention of the department or officer identified with
the Lender&#8217;s signature below (or any substitute department or officer as the
Lender shall specify for this purpose).</font></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">109</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_110"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.5.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">All
notices from or to an Obligor shall be sent through the Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.5.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any communication or document made or delivered to the Borrower in
accordance with this clause&nbsp;28.5 will be deemed to have been made or
delivered to each of the Obligors.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Notification of address and fax</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">number&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Promptly
upon receipt of notification of an address or fax number or change of address
or fax number pursuant to clause&nbsp;28.2 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Addresses</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">) or changing its
own address or fax number, the Lender shall notify the other Parties.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">English language</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
notice or other document given under or in connection with any Finance Document
must be in English.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727963"></a><a name="_Toc517185378"></a><a name="_Toc513233459"></a><a name="_Toc511668275"></a><a name="_Toc400533829"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">29.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">CALCULATIONS AND CERTIFICATES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">29.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Accounts&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">In any
litigation or arbitration proceedings arising out of or in connection with a
Finance Document, the entries made in the accounts maintained by a Finance
Party are, in the absence of manifest error, prima facie evidence of the
matters to which they relate.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">29.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Certificates and determinations</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
certification or determination by a Finance Party of a rate or amount under any
Finance Document is, in the absence of manifest error, prima facie evidence of
the matters to which it relates.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">29.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Day count convention</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
interest, commission or fee accruing under a Finance Document will accrue from
day to day and is calculated on the basis of the actual number of days elapsed
and a year of 365 days (irrespective of whether the year in question is a leap
year).</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727964"></a><a name="_Toc517185379"></a><a name="_Toc513233460"></a><a name="_Toc511668276"></a><a name="_Toc400533830"></a><a name="_Ref387760661"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">30.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">PARTIAL INVALIDITY</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">If, at
any time, any provision of the Finance Documents is or becomes illegal,
invalid, unenforceable or inoperable in any respect under any law of any
jurisdiction, neither the legality, validity, </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">110</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_111"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">enforceability
or operation of the remaining provisions nor the legality, validity,
enforceability or operation of such provision under the law of any other
jurisdiction will in any way be affected or impaired. The term
&quot;inoperable&quot; in this clause&nbsp;30 shall include inoperable by way
of suspension or cancellation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc400533831"></a><a name="_Toc528727965"></a><a name="_Toc517185380"></a><a name="_Toc513233461"></a><a name="_Toc511668277"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">31.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">PUBLICITY &nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">31.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">All publicity in connection with this Agreement shall be managed by the
Mandated Lead Arranger in consultation with the Borrower.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">31.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Borrower and the Obligors agree that the relevant Finance Party may
publish its 'Mandated Lead Arranger' status and any other status as may have
formally been granted to them in relation to this Agreement or to any
transaction described herein and that such Finance Party may in this regard,
notwithstanding any of the other provisions of this Agreement and particularly
those described in clause&nbsp;34 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Confidentiality</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), supply all of the
required information for Dealogic and Bloomberg league table submissions in
relation to the Facility.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727966"></a><a name="_Toc517185381"></a><a name="_Toc513233462"></a><a name="_Toc511668278"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">32.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">REMEDIES AND WAIVERS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No
failure to exercise, nor any delay in exercising, on the part of any Finance
Party, any right or remedy under the Finance Documents or other indulgence
shall operate as a waiver, nor shall any single or partial exercise of any
right or remedy otherwise affect that Party&#8217;s rights in terms of or arising
from any Finance Document or estop such Party from enforcing, at any time and
without notice, strict and punctual compliance with each and every provision or
term of any Finance Document. No consent to any waiver or novation of a Party&#8217;s
rights in terms of or arising from any Finance Document shall be effective
unless it is in writing. No single or partial exercise of any right or remedy
shall prevent any further or other exercise or the exercise of any other right
or remedy. The rights and remedies provided in this Agreement are cumulative
and not exclusive of any rights or remedies provided by law.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727967"></a><a name="_Toc517185382"></a><a name="_Toc513233463"></a><a name="_Toc511668279"></a><a name="_Toc400533833"></a><a name="_Ref387759968"></a><a name="_Toc511183394"></a><a name="_Toc511183395"></a><a name="_Toc511183396"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">33.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">AMENDMENTS AND
WAIVERS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><a name="_Ref392769480"></a><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Required consents</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">33.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any term of the Finance Documents may be amended or waived only with the
consent of the Lenders and the Obligors and any such amendment or waiver will
be binding on all Parties.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">33.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No amendment or waiver contemplated by this clause&nbsp;33 shall be of
any force or effect unless in writing and signed by or on behalf of the
relevant Parties. </font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727968"></a><a name="_Toc517185383"></a><a name="_Toc513233464"></a><a name="_Toc511668280"></a><a name="_Toc400533834"></a><a name="_Ref385424719"></a><a name="_Toc511183398"></a><a name="_Toc511183399"></a><a name="_Toc511183400"></a><a name="_Toc511183401"></a><a name="_Toc511183402"></a><a name="_Toc511183403"></a><a name="_Toc511183404"></a><a name="_Toc511183405"></a><a name="_Toc511183406"></a><a name="_Toc511183407"></a><a name="_Toc511183408"></a><a name="_Toc511183409"></a><a name="_Toc511183410"></a><a name="_Toc511183411"></a><a name="_Toc511183412"></a><a name="_Toc511183413"></a><a name="_Toc511183414"></a><a name="_Toc511183415"></a><a name="_Toc511183416"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">111</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">34.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">CONFIDENTIALITY&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Confidentiality definitions</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">In
clause&nbsp;34:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Confidential Information</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means all information
relating to the Borrower, any Obligor, the Group, the Finance Documents or a
Facility of which a Finance Party becomes aware in its capacity as, or for the
purpose of becoming, a Finance Party or which is received by a Finance Party in
relation to, or for the purpose of becoming a Finance Party under, the Finance
Documents or a Facility from either:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref385424782"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.1.1.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">any member of
the Group or any of its advisers; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref385424783"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.1.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">another Finance
Party, if the information was obtained by that Finance Party directly or
indirectly from any member of the Group or any of its advisers,</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.1.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in whatever form, and includes information given orally and any
document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but
excludes information that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.1.1.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">is or becomes public information other than as a direct or indirect
result of any breach by that Finance Party of this clause&nbsp;34;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.1.1.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">is identified in writing at the time of delivery as non-confidential by
any member of the Group or any of its advisers; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.1.1.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">is known by that Finance Party before the date the information is
disclosed to it in accordance with clauses&nbsp;34.1.1.1 or&nbsp;34.1.1.2 or is
lawfully obtained by that Finance Party after that date, from a source which
is, as far as that Finance Party is aware, unconnected with the Group and
which, in either case, as far as that Finance Party is aware, has not been
obtained in breach of, and is not otherwise subject to, any obligation of
confidentiality;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.1.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Confidentiality Undertaking</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot; means a confidentiality
undertaking substantially in the recommended form of the LMA as set out in
Schedule&nbsp;9 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">LMA Form of</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Confidentiality Undertaking</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">); and</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">112</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.1.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Representative</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;
means, in relation to any person, that person's directors, officers, senior employees,
attorneys, accountants, bankers, agents, representatives, nominees, trustees or
other financial or non-financial advisors.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Confidential Information</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Finance Party agrees to keep all Confidential Information confidential and not
to disclose it to anyone, save to the extent permitted by clause&nbsp;34.3 (</font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Disclosure
of Confidential Information</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">), and to ensure that all Confidential
Information is protected with security measures and a degree of care that would
apply to its own confidential information.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387761526"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Disclosure of
Confidential Information</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
Finance Party may disclose:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387761549"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to any of
its Affiliates and any of its or their officers, directors, employees,
professional advisers, auditors, partners and Representatives such Confidential
Information as that Finance Party shall consider appropriate if any person to
whom the Confidential Information is to be given pursuant to this
clause&nbsp;34.3.1 is informed in writing of its confidential nature and that
some or all of such Confidential Information may be price-sensitive information
except that there shall be no such requirement to so inform if the recipient is
subject to professional obligations to maintain the confidentiality of the
information or is otherwise bound by requirements of confidentiality in
relation to the Confidential Information;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to any other person:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387762851"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.2.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to (or through)
whom it Transfers (or may potentially Transfer) all or any of its rights and
obligations under this Agreement and to any of that person's Affiliates,
Representatives and professional advisers;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387762854"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.2.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">with (or
through) whom it enters into (or may potentially enter into), whether directly
or indirectly, any sub-participation or other credit participation in relation
to, or any other transaction under which payments are to be made or may be made
by reference to, one or more Finance Documents and/or one or more Obligors and
to any of that person's Affiliates, Representatives and professional advisers;</font></p>

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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">113</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.2.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">appointed by any
Finance Party or by a person to whom clause&nbsp;34.3.2.1 or 34.3.2.2 applies
to receive communications, notices, information or documents delivered pursuant
to the Finance Documents on its behalf;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387763416"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.2.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">who invests in
or otherwise finances (or may potentially invest in or otherwise finance),
directly or indirectly, any transaction referred to in clause&nbsp;34.3.2.1 or
34.3.2.2;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387763422"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.2.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to whom
information is required or requested to be disclosed by any court of competent
jurisdiction or any governmental, banking, taxation or other regulatory
authority or similar body, the rules of any relevant stock exchange or pursuant
to any applicable law or regulation;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387763423"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.2.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to whom
information is required to be disclosed in connection with, and for the
purposes of, any litigation, arbitration, administrative or other
investigations, proceedings or disputes;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><a name="_Ref387763426"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.2.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">who is a Party;
or</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.2.8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">with the consent of the Borrower;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in each case, such Confidential Information as that Finance Party shall
consider appropriate if:</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.3.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in relation to clauses&nbsp;34.3.2.1, 34.3.2.2 and&nbsp;34.3.2.3, the
person to whom the Confidential Information is to be given has entered into a
Confidentiality Undertaking except that there shall be no requirement for a
Confidentiality Undertaking if the recipient is a professional adviser and is
subject to professional obligations to maintain the confidentiality of the
Confidential Information;</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.3.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in relation to clause&nbsp;34.3.2.4, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking or is
otherwise bound by requirements of confidentiality in relation to the
Confidential Information they receive and is informed that some or all of such
Confidential Information may be price-sensitive information; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-50.2pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.3.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">in relation to clauses&nbsp;34.3.2.5, 34.3.2.6 and&nbsp;34.3.2.7, the
person to whom the Confidential Information is to be given is informed of its
confidential nature and that some or all of such Confidential Information may
be price-</font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">114</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
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<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:146.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">sensitive information except that there
shall be no requirement to so inform if, in the opinion of that Finance Party,
it is not practicable so to do in the circumstances; and </font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.3.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">to any rating agency (including its professional advisers) such
Confidential Information as may be required to be disclosed to enable such
rating agency to carry out its normal rating activities in relation to the
Finance Documents and/or the Obligors if the rating agency to whom the
Confidential Information is to be given is informed of its confidential nature
and that some or all of such Confidential Information may be price-sensitive
information.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Entire&nbsp;</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">agreement&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">This
clause&nbsp;34 constitutes the entire agreement between the Parties in relation
to the obligations of the Finance Parties under the Finance Documents regarding
Confidential Information and supersedes any previous agreement, whether express
or implied, regarding Confidential Information.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Inside
information</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each of the Finance Parties acknowledges that some or
all of the Confidential Information is or may be price-sensitive information
and that the use of such information may be regulated or prohibited by
applicable legislation including securities law relating to insider dealing and
market abuse and each of the Finance Parties undertakes not to use any
Confidential Information for any unlawful purpose.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Notification of disclosure</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each of
the Finance Parties agrees (to the extent permitted by law and regulation) to
inform the Borrower:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.6.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">of the circumstances of any disclosure of Confidential Information made
pursuant to clause&nbsp;34.3.2.5 (appearing under (Disclosure of Confidential
Information)) except where such disclosure is made to any of the persons
referred to in that paragraph during the ordinary course of its supervisory or
regulatory function; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.6.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">upon becoming aware that Confidential Information has been disclosed in
breach of this clause&nbsp;34.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Continuing obligations</font></b></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">115</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_116"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The obligations in this clause&nbsp;34 are continuing
and, in particular, shall survive and remain binding on each Finance Party for
a period of 12 (twelve) Months from the earlier of:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.7.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the date on which all amounts payable by the Obligors under or in
connection with the Finance Documents have been paid in full and all
Commitments have been cancelled or otherwise cease to be available; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.7.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the date on which such Finance Party otherwise ceases to be a Finance
Party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727969"></a><a name="_Toc517185384"></a><a name="_Toc513233465"></a><a name="_Toc511668281"></a><a name="_Toc400533835"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">35.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">RENUNCIATION OF BENEFITS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor renounces, to the extent permitted under applicable law, the benefits
of each of the legal exceptions of excussion, division, revision of accounts,
no value received, </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">errore calculi</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">, </font><i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">non causa debiti, non numeratae
pecuniae</font></i><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;"> and cession of actions, and declares that it understands the meaning
of each such legal exception and the effect of such renunciation. </font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727970"></a><a name="_Toc517185385"></a><a name="_Toc513233466"></a><a name="_Toc511668282"></a><a name="_Toc400533836"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">36.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">COUNTERPARTS&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Finance Document may be executed in any number of counterparts, and this has
the same effect as if the signatures on the counterparts were on a single copy
of the Finance Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727971"></a><a name="_Toc517185386"></a><a name="_Toc513233467"></a><a name="_Toc511668283"></a><a name="_Toc400533837"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">37.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">WAIVER OF IMMUNITY</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor waives generally all immunity it or its assets or revenues may
otherwise have in any jurisdiction, including immunity in respect of:</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">37.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the giving of any relief by way of injunction or order for specific
performance or for the recovery of assets or revenues; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">37.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">the issue of any process against its assets or revenues for the
enforcement of a judgment or, in an action in rem, for the arrest, detention or
sale of any of its assets and revenues.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727972"></a><a name="_Toc517185387"></a><a name="_Toc513233468"></a><a name="_Toc511668284"></a><a name="_Toc400533838"></a><a name="_Toc391640547"></a><a name="_Toc391640177"></a><a name="_Toc391639448"></a><a name="_Toc391639254"></a><a name="_Toc391638954"></a><a name="_Toc391638895"></a><a name="_Toc391638509"></a><a name="_Toc391632958"></a><a name="_Toc391632820"></a><a name="_Toc391630629"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">38.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">SOLE AGREEMENT<a name="_Toc253450833"></a><a name="_Toc254198314"></a></font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Finance Documents constitute the sole record of the agreement between the
Parties in regard to the subject matter thereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727973"></a><a name="_Toc517185388"></a><a name="_Toc513233469"></a><a name="_Toc511668285"></a><a name="_Toc400533839"></a><a name="_Toc391640548"></a><a name="_Toc391640178"></a><a name="_Toc391639449"></a><a name="_Toc391639255"></a><a name="_Toc391638955"></a><a name="_Toc391638896"></a><a name="_Toc391638510"></a><a name="_Toc391632959"></a><a name="_Toc391632821"></a><a name="_Toc391630630"></a><a name="_Ref45636570"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">39.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">NO IMPLIED TERMS<a name="_Toc253450834"></a><a name="_Toc254198315"></a> AND PREVALENCE</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">No Party
shall be bound by any express or implied term, representation, warranty,
promise or the like, not recorded in any Finance Document in regard to the
subject matter thereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727974"></a><a name="_Toc517185389"></a><a name="_Toc513233470"></a><a name="_Toc511668286"></a><a name="_Toc400533840"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">116</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_117"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">40.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">INDEPENDENT ADVICE</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each
Obligor acknowledges that it has been free to secure independent legal and
other advice as to the nature and effect of all of the provisions of the Finance
Documents and that it has either taken such independent legal and other advice
or dispensed with the necessity of doing so. Further, each of the Obligors
acknowledges that all of the provisions of each Finance Document and the
restrictions therein contained are part of the overall intention of the Parties
in connection with the Finance Documents.</font></p>




<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><a name="_Toc517185390"></a><a name="_Toc513233471"></a><a name="_Toc511668287"></a><a name="_Toc400533841"></a></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><a name="_Toc528727975"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">117</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_118"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:center;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;text-transform:uppercase;">SECTION&nbsp;12
: GOVERNING LAW AND ENFORCEMENT</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727976"></a><a name="_Toc517185391"></a><a name="_Toc513233472"></a><a name="_Toc511668288"></a><a name="_Toc400533842"></a><a name="_Ref387761223"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">41.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">GOVERNING LAW</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">This
Agreement and each of the other Finance Documents and any non-contractual
obligations arising out of or in connection with any of them are governed by
South African law.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><a name="_Toc528727977"></a><a name="_Toc517185392"></a><a name="_Toc513233473"></a><a name="_Toc511668289"></a><a name="_Toc400533843"></a><a name="_Ref387761224"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">42.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">JURISDICTION&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">42.1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The Parties hereby irrevocably and unconditionally consent to the
non-exclusive jurisdiction of the High Court of South Africa, Gauteng Local
Division, Johannesburg (or any successor to that division) in regard to all
matters arising from the Finance Documents (including a dispute relating to the
existence, validity or termination of this Agreement or any non-contractual
obligation arising out of or in connection with this Agreement) (a &quot;</font><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Dispute</font></b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">&quot;).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">42.2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Each Obligor agrees that the High Court courts of South Africa, Gauteng
Local Division, Johannesburg is the most appropriate and convenient courts to
settle Disputes and accordingly no Party will argue to the contrary.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">42.3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">This clause&nbsp;42 is for the benefit of the Finance Parties only and
as a result, no Finance Party shall be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction. To the extent
allowed by law, the Finance Parties may take concurrent proceedings in any
number of jurisdictions.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:3.1pt;margin-top:42.0pt;page-break-after:avoid;text-align:justify;text-indent:0cm;"><a name="_Hlk520195398"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">118</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_119"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:3.1pt;margin-top:42.0pt;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:180%;">SIGNED at
____________________________ on _______________________ 2018</font></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">For and on behalf:</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:216.05pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ABSA BANK LIMITED (ACTING THROUGH ITS
CORPORATE AND INVESTMENT BANKING DIVISION)</font></b></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:216.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(as Mandated Lead Arranger)</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:36.0pt;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:221.4pt;width:100%;">
 <tr style="height:30.75pt;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Signature</font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;border-bottom:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Name of Signatory</font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Designation of Signatory</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:3.1pt;margin-top:42.0pt;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:180%;">SIGNED
at ____________________________ on _______________________ 2018</font></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">For and on behalf:</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:216.05pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ABSA BANK LIMITED (ACTING THROUGH ITS
CORPORATE AND INVESTMENT BANKING DIVISION)</font></b></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:216.05pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(as Mandated Lead Arranger)</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0cm;margin-right:0cm;margin-top:36.0pt;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:221.4pt;width:100%;">
 <tr style="height:30.75pt;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Signature</font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;border-bottom:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Name of Signatory</font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Designation of Signatory</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:3.1pt;margin-top:42.0pt;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:180%;">&nbsp;</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">119</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_120"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:3.1pt;margin-top:42.0pt;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:180%;">SIGNED&nbsp;at&nbsp;_________________________&nbsp;on
__________________________2018</font></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">For and on behalf of:</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:216.05pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ABSA BANK LIMITED (ACTING THROUGH ITS CORPORATE AND
INVESTMENT BANKING DIVISION)</font></b></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:216.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(as
Original Lender)</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:221.4pt;width:100%;">
 <tr style="height:30.75pt;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Signature</font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;border-bottom:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Name of Signatory: </font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Designation of Signatory:</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:3.1pt;margin-top:42.0pt;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:180%;">SIGNED&nbsp;at&nbsp;_________________________&nbsp;on
__________________________2018</font></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">For and on behalf of:</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:216.05pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ABSA BANK LIMITED (ACTING THROUGH ITS CORPORATE AND
INVESTMENT BANKING DIVISION)</font></b></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:216.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(as
Original Lender)</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:221.4pt;width:100%;">
 <tr style="height:30.75pt;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Signature</font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;border-bottom:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Name of Signatory: </font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Designation of Signatory:</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">120</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_121"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">SIGNED
at </font><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;on this </font><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;day of </font><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;2018.&nbsp;</font></p>

<p align=right style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">For and on
behalf of</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ABSA BANK LIMITED (ACTING THROUGH ITS
CORPORATE AND INVESTMENT BANKING DIVISION)</font></b></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:8.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(as Hedge
Provider)</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;text-align:justify;"><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ___</font></u></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:8.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Signatory:</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:8.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Capacity:</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:8.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Who warrants his authority hereto</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">SIGNED at </font><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;on
this </font><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;day of </font><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;2018.&nbsp;</font></p>

<p align=right style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">For and on
behalf of</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ABSA BANK LIMITED (ACTING THROUGH ITS
CORPORATE AND INVESTMENT BANKING DIVISION)</font></b></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:8.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(as Hedge
Provider)</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;text-align:justify;"><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ___</font></u></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:8.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Signatory:</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:8.0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Capacity:</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;margin-left:190.8pt;text-align:left;text-indent:36.0pt;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Who warrants his authority hereto</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">121</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_122"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:3.1pt;margin-top:42.0pt;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:180%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:3.1pt;margin-top:42.0pt;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:180%;">SIGNED&nbsp;at&nbsp;_________________________&nbsp;on
__________________________2018</font></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">For and on behalf of:</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:216.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">DRDGOLD LIMITED</font></b></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:216.05pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">(as Borrower and Original Obligor)</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:216.0pt;margin-right:0pt;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:221.4pt;width:100%;">
 <tr style="height:30.75pt;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Signature</font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;border-bottom:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Name of Signatory: </font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Designation of Signatory:</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">122</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">SIGNED
at </font><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;on this </font><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;day
of </font><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&#160;2018.&nbsp;</font></p>

<p align=right style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:right;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">For and on
behalf of</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:8.0cm;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ERGO MINING PROPRIETARY LIMITED</font></b></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:8.0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">(as Original Obligor and Hedge Counterparty)</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:262.25pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:262.25pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;page-break-after:avoid;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;margin-left:221.4pt;width:100%;">
 <tr style="height:30.75pt;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Signature</font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;border-bottom:solid windowtext 1.0pt;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Name of Signatory: </font></p>
  </td>
 </tr>
<tr style="height:30.75pt;">
  <td valign=top width=100% style="border:none;height:30.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;margin-right:35.65pt;margin-top:0cm;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;layout-grid-mode:line;">Designation of Signatory:</font></p>
  </td>
 </tr>
</table></div>



<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0pt;margin-right:3.1pt;margin-top:42.0pt;text-align:center;text-indent:0cm;"><a name="_Toc528727978"></a></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">123</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin-bottom:.0001pt;margin-left:0pt;margin-right:3.1pt;margin-top:42.0pt;text-align:center;text-indent:0cm;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:180%;">SCHEDULE
1 &#8211;&#160; THE ORIGINAL PARTIES</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><a name="_Hlk504131165"></a><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">PART&nbsp;I</font></b></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The Original
Obligors</font></b></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:34.65pt;width:100%;">
 <tr style="height:13.55pt;">
  <td valign=top width=48% style="background:#BFBFBF;border:solid windowtext 1.0pt;height:13.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Name of Borrower</font></b></p>
  </td>
 <td valign=top width=52% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:13.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:right;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Registration
  number (or equivalent)</font></b></p>
  </td>
 </tr>
<tr style="height:13.55pt;">
  <td valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">DRDGold Limited</font></p>
  </td>
 <td valign=top width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:right;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1895/000926/06</font></p>
  </td>
 </tr>
<tr style="height:13.55pt;">
  <td valign=top width=48% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Name of Original Guarantor</font></b></p>
  </td>
 <td valign=top width=52% style="background:#BFBFBF;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:right;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Registration
  number (or equivalent)</font></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">ERGO Mining Proprietary Limited</font></p>
  </td>
 <td valign=top width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:right;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2007/004886/07</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:34.65pt;width:100%;">
 <tr style="height:13.55pt;">
  <td valign=top width=47% style="background:#BFBFBF;border:solid windowtext 1.0pt;height:13.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Name of Hedge Counterparty</font></b></p>
  </td>
 <td colspan=2 valign=top width=53% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:13.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:right;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Registration
  number (or equivalent)</font></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td colspan=2 valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">ERGO Mining Proprietary Limited</font></p>
  </td>
 <td valign=top width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:right;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2007/004886/07</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=47% style="border:none;">&nbsp;</td>
 <td width=1% style="border:none;">&nbsp;</td>
 <td width=52% style="border:none;">&nbsp;</td>
 </tr>
</table></div>



<p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><a name="_Hlk483399805"></a><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><a name="_Toc528727979"></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">124</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0cm;margin-bottom:.0001pt;"><b><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">SCHEDULE 2 &#8211; CONDITIONS
PRECEDENT</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">PART&nbsp;I</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Conditions Precedent to Initial Utilisation</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">ORIGINAL OBLIGORS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A copy of the constitutional documents of each
Original Obligor.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A copy of a resolution of the board of
directors of each Original Obligor:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.2.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">approving the terms of, and the transactions
contemplated by, the Finance Documents to which it is a party and resolving
that it execute the Finance Documents to which it is a party;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387765112"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.2.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">authorising a specified person or persons to
execute the Finance Documents to which it is a party on its behalf; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.2.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">authorising a specified person or persons, on
its behalf, to sign and/or despatch all documents and notices (including, if
relevant, any Utilisation Request) to be signed and/or despatched by it under
or in connection with the Finance Documents to which it is a party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A specimen of the signature of each person
authorised by the resolution referred to in clause&nbsp;1.2.2 of this
Part&nbsp;I of Schedule&nbsp;2.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.4.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">To the extent required by the Companies Act or
other applicable law, and with reference to the constitutional documents of an
Obligor, a copy of a resolution duly passed by the holders of the issued shares
of that Obligor, approving the terms of, and the transactions contemplated by,
the Finance Documents to which that Obligor is a party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.5.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A certificate of the Borrower and each other
Original Obligor (signed by a director) confirming that borrowing or
guaranteeing or hedging, as appropriate, the Total Commitments would not cause
any borrowing, guaranteeing or similar limit binding on it to be exceeded.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.6.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A certificate of an authorised signatory of the
Borrower and each other Original Obligor certifying that each copy document
relating to it specified in this Part&nbsp;I of Schedule&nbsp;2 is correct,
complete and in full force and effect as at a date no earlier than the
Signature Date.</font></p>

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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">125</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.7.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A legal opinion of Poswa Inc., legal advisers
to the Lender in South Africa, on the legality, validity and enforceability of
the Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.8.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A legal opinion of Edward Nathan Sonnenbergs
Inc., legal advisers to the Obligors in South Africa, on the capacity and
authority of the Obligors to execute the Finance Documents.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">FINANCE DOCUMENTS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:0cm;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A duly executed
original of each of the following Finance Documents:</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">this Agreement;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">each Fee Letter;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref391547544"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">the following Security Documents executed by
the Original Obligors specified below opposite the relevant Security Document:</font></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:55.05pt;width:100%;">
 <tr>
  <td valign=top width=50% style="background:#BFBFBF;border:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif style="font-size:11.0pt;">Name of parties</font></b></p>
  </td>
 <td valign=top width=50% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif style="font-size:11.0pt;">Security Document</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;">The Original Obligors and the Lender</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif style="font-size:11.0pt;">Pledge and Cession in Security Agreement</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.4.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">the Further Rights Letter; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.5.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">the Subordination Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">OTHER DOCUMENTS AND EVIDENCE</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A copy of any other Authorisation or other
document, opinion or assurance which the Lender considers to be necessary or
desirable (if it has notified the Borrower accordingly) in connection with the
entry into and performance of the transactions contemplated by any Finance
Document or for the validity and enforceability of any Finance Document.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Each of the following in respect of the Pledge
and Cession Agreement:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.2.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">the original share certificates in respect of
the pledged shares;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.2.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">the original share transfer forms signed by the
pledgor of the pledged shares and blank as to transferee; and</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.2.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">a resolution of the directors of the companies
of the pledged shares of which are pledged acknowledging such pledge and
agreeing to give effect to any transfer of the pledged shares pursuant to the
terms of such pledge.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The Original Financial Statements of each
Original Obligor.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.4.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Evidence that the fees, costs and expenses then
due from the Borrower pursuant to clause&nbsp;11 (</font><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Fee</font></i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">s) and
clause&nbsp;16 (</font><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Costs and expenses</font></i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">) have been paid or will be paid.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.5.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Such documentation and other evidence as is
reasonably requested by the Lender (for itself or on behalf of any other
Finance Party) in order for each other Finance Party to carry out and be
satisfied it has complied with all necessary &quot;know your customer&quot; or
similar identification procedures under applicable laws and regulations
(including the Financial Intelligence Centre Act, 2001) pursuant to the
transactions contemplated in the Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.6.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The Group Structure Chart.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.7.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A letter from each Obligor&#8217;s insurance broker
in relation to the cover in effect for the Group&#8217;s business confirming, among
other things, that insurances are in place against such risks, in such amounts,
with such waivers and upon such terms as are consistent with the provisions of
clause 21.20 of this Agreement.</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin-bottom:6.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">PART&nbsp;II</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Conditions
Precedent required to be delivered by an Additional Guarantor</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">An Accession Letter, duly executed by the
Additional Guarantor and the Obligors&#8217; Agent.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A copy of the constitutional documents of the
Additional Guarantor.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><a name="_Ref387765398"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A copy of a resolution of the board of
directors of the Additional Guarantor:</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">approving the terms of, and the transactions
contemplated by, the Accession Letter and the Finance Documents and resolving
that it execute the Accession Letter;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">authorising a specified person or persons to
execute the Accession Letter on its behalf; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">authorising a specified person or persons, on
its behalf, to sign and/or despatch all other documents and notices (including,
in relation to an Additional Borrower, any Utilisation Request or Selection
Notice) to be signed and/or despatched by it under or in connection with the
Finance Documents.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">4.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A specimen of the signature of each person
authorised by the resolution referred to in clause&nbsp;3 of this Part&nbsp;II
of Schedule&nbsp;2.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">5.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">To the extent required by the Companies Act or
other applicable law, with reference to the constitutional documents of an
Additional Obligor, a copy of a resolution duly passed by the holders of the
issued shares of that Additional Guarantor, approving the terms of, and the
transactions contemplated by, the Finance Documents to which that Additional
Guarantor is a party.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">6.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A certificate of the Additional Obligor (signed
by a director) confirming that borrowing and/or guaranteeing, or hedging, as
appropriate, the Total Commitments would not cause any borrowing, guaranteeing
or similar limit binding on it to be exceeded.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">7.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A certificate of an authorised signatory of the
Additional Obligor certifying that each copy document listed in this Part&nbsp;II
of Schedule&nbsp;2 is correct, complete and in full force and effect as at a
date no earlier than the date of the Accession Letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">8.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A copy of any other Authorisation or other
document, opinion or assurance which the Lender considers to be necessary or
desirable in connection with the entry into and performance of the transactions
contemplated by the Accession Letter or for the validity and enforceability of
any Finance Document.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">9.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">If available, the latest audited financial
statements of the Additional Obligor.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">10.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A
legal opinion of legal advisers to the Lender in South Africa, substantially in
the form distributed to the Lender prior to signing the Accession Letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">11.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">A
legal opinion of legal advisers to the Obligors in South Africa, substantially
in the form distributed to the Lender prior to signing the Accession Letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">12.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">If
the Additional Obligor is incorporated in a jurisdiction other than South
Africa, a legal opinion of the legal advisers to the Lender in the jurisdiction
in which the Additional Obligor is incorporated.</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a name="_Toc528727980"></a></h1>
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<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><b><font face=Arial,sans-serif style="font-size:11.0pt;text-transform:uppercase;">SCHEDULE 3 &#8211; REQUESTS</font></b></h1>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">PART&nbsp;I</font></b></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Utilisation
Request</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">To:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [Lender]</font></p>

<p style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">From:&#160;&#160;&#160;&#160;&#160; [Borrower]</font></p>

<p style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dated:&#160;&#160;&#160;&#160; [&#9679;]</font></p>

<p style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dear Sirs</font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Borrower
] - [&#9679;] Facility&nbsp;Agreement</font></b></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">dated
[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ] (the &quot;Agreement&quot;)</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We refer to the Agreement. This is a
Utilisation Request. Terms defined in the Agreement have the same meaning in
this Utilisation Request unless given a different meaning in this Utilisation
Request.</font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We wish to borrow a Loan on the following
terms:</font></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:34.65pt;width:100%;">
 <tr style="height:13.5pt;">
  <td valign=top width=48% style="border:solid windowtext 1.0pt;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Proposed Utilisation Date:</font></p>
  </td>
 <td valign=top width=52% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[&#9679;] (or, if that is not a Business
  Day, the next Business Day)</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Amount:</font></p>
  </td>
 <td valign=top width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">ZAR [&#9679;] or, if less, the Available
  Facility</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Interest Period:</font></p>
  </td>
 <td valign=top width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3 Months</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:12.0pt;text-align:justify;text-indent:-25.5pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We confirm that each condition specified in
clause&nbsp;4.2 (Further conditions precedent) of the Agreement is satisfied on
the date of this Utilisation Request.</font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-25.5pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We confirm that no Default is continuing.</font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-25.5pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">5</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The proceeds of this Loan should be credited to
[account].</font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-25.5pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">6</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">This Utilisation Request is irrevocable.</font></p>


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<p align=left style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:left;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p align=left style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:left;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</font></p>

<p align=left style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:left;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">authorised
signatory for</font></p>

<p align=left style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:left;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[name
of relevant Borrower]</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

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<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><b><font face=Arial,sans-serif style="font-size:11.0pt;text-transform:uppercase;">SCHEDULE 4 &#8211; FORM OF TRANSFER CERTIFICATE</font></b></h1>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">To:&#160;&#160;&#160;&#160;&#160;&#160; [&#9679;] as Lender </font></p>

<p style="margin-bottom:12.0pt;margin-left:36.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">From:&#160;&#160; [the
existing Lender] (the &quot;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Existing Lender</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&quot;) and [the new Lender]
(the &quot;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">New Lender</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&quot;)&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dated: [&#9679;]</font></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dear Sirs</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Borrower ] - [&#9679;] Facility&nbsp;Agreement</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">dated [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ] (the &quot;Agreement&quot;)</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We refer to the Agreement. This is a Transfer
Certificate. Terms defined in the Agreement have the same meaning in this
Transfer Certificate unless given a different meaning in this Transfer
Certificate.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We refer to clause&nbsp;23.4 of the Agreement
(Procedure for transfer):</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The Existing Lender and the New Lender agree to
the Existing Lender transferring to the New Lender by cession and delegation
all or part of the Existing Lender's Commitment, rights and obligations
referred to in the Schedule in accordance with clause&nbsp;23.4 of the
Agreement (Procedure for transfer).</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The proposed Transfer Date is [&#9679;].</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The [Facility Office] / [office] and address
through which the New Lender will perform its obligations, fax number and
attention details for notices of the New Lender for the purposes of
clause&nbsp;28.2 (Addresses) of the Agreement are set out in the Schedule.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The New Lender expressly acknowledges the
limitations on the Existing Lender's obligations set out in clause&nbsp;23.3.3
(appearing under (Limitation of responsibility of Existing Lenders)) of the
Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">4.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The New Lender agrees that it shall assume the
same obligations towards each other Finance Party under the Finance Documents
as if it had been an Original Lender.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">5.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">This Transfer Certificate may be executed in
any number of counterparts and this has the same effect as if the signatures on
the counterparts were on a single copy of this Transfer Certificate.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">6.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">This Transfer Certificate [and any
non-contractual obligations arising out of or in connection with it] / [is] /
[are] governed by South African law.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">132</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">7.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">This Transfer Certificate has been entered into
on the date stated at the beginning of this Transfer Certificate.</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">133</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_134"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">THE
SCHEDULE</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Commitment/rights and obligations to be
transferred</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[insert
relevant details]</font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[[Facility
Office] / [Office], address, fax number and attention details for notices and
account details for payments,]</font></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:34.65pt;width:100%;">
 <tr style="height:13.5pt;">
  <td valign=top width=48% style="background:#BFBFBF;border:solid windowtext 1.0pt;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Existing Lender]</font></b></p>
  </td>
 <td valign=top width=52% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[New Lender]</font></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">By:</font></p>
  </td>
 <td valign=top width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">By:</font></p>
  </td>
 </tr>
</table></div>



<p style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">This Transfer Certificate is accepted by
the Lender and the Transfer Date is confirmed as [&#9679;].</font></p>

<p style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Lender ]</font></p>

<p style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">By:</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">134</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_135"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<h1 align=center style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:center;"><a name="_Toc528727982"></a><b><font face=Arial,sans-serif style="font-size:11.0pt;line-height:150%;text-transform:uppercase;">Schedule 5 &#8211; <a name=a310670></a>&#160;FORM OF ACCESSION
LETTER</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name="_Toc504131078"></a><a name="_Toc504130882"></a><a name="a310670_bclEnd"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">To:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#9679;] as Lender</font></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">From:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [Subsidiary] and
[Borrower]</font></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dated:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#9679;]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dear Sirs</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Borrower ] - [&#9679;] Facility&nbsp;Agreement</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">dated [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ] (the &quot;Agreement&quot;)</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We refer to the Agreement. This is an Accession
Letter. Terms defined in the Agreement have the same meaning in this Accession
Letter unless given a different meaning in this Accession Letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Subsidiary] agrees to become an Additional
[Guarantor] and to be bound by the terms of the Agreement as an Additional
[Guarantor] pursuant to clause [</font><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">24.2&nbsp;</font></i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;"> (Additional Guarantors)] of the
Agreement. [Subsidiary] is a company duly incorporated under the laws of [name
of relevant jurisdiction].</font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Subsidiary's] administrative details are as
follows:</font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Address:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#9679;]</font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Fax
No:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#9679;]</font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Attention:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#9679;]</font></p>

<p style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-25.5pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">4</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">This Accession Letter [and any non-contractual
obligations arising out of or in connection with it] / [is] / [are] governed by
South African law.</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:34.65pt;width:100%;">
 <tr style="height:13.5pt;">
  <td valign=top width=48% style="background:#BFBFBF;border:solid windowtext 1.0pt;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Borrower]</font></b></p>
  </td>
 <td valign=top width=52% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Subsidiary]</font></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">By:</font></p>
  </td>
 <td valign=top width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">By:</font></p>
  </td>
 </tr>
</table></div>



<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a name="_Toc528727983"></a><b><font face=Arial,sans-serif style="font-size:12.0pt;text-transform:uppercase;">SCHEDULE 6 &#8211;
FORM OF RESIGNATION LETTER</font></b></h1>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">To:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#9679;] as Lender</font></p>


<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">135</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">From:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[resigning
Obligor]</font></i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;"> and DRDGold Limited</font></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dated:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#9679;]</font></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dear Sirs</font></p>

<p align=center style="margin-bottom:8.0pt;margin-left:0cm;margin-right:0cm;margin-top:8.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:normal;">DRDGold
Limited - [&#9679;] Revolving Credit Facility&nbsp;Agreement</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">dated </font></b><b><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ]</font></i></b><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;"> (the
&quot;Agreement&quot;)</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We refer to the Agreement. This is a
Resignation Letter. Terms defined in the Agreement have the same meaning in
this Resignation Letter unless given a different meaning in this Resignation
Letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Pursuant to </font><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">clause&nbsp;24.3 (Resignation of
a Guarantor</font></i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">,) we request that [</font><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">resigning Obligor</font></i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">] be released from
its obligations as a</font><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;"> [Guarantor]</font></i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;"> under the Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We confirm that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">no Default is continuing or would result from
the acceptance of this request; </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">no payment is due from the resigning Obligor
under any Finance Document; and </font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[&#9679;]&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">4.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">This Resignation Letter </font><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[and any
non-contractual obligations arising out of or in connection with it] / [is] /
[are]</font></i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;"> governed by South African law.</font></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:34.65pt;width:100%;">
 <tr style="height:13.5pt;">
  <td valign=top width=48% style="background:#BFBFBF;border:solid windowtext 1.0pt;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:8.0pt;margin-left:0cm;margin-right:0cm;margin-top:8.0pt;text-align:justify;"><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:normal;">[DRDGold Limited]</font></i></p>
  </td>
 <td valign=top width=52% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:8.0pt;margin-left:0cm;margin-right:0cm;margin-top:8.0pt;text-align:justify;"><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:normal;">[resigning Obligor]</font></i></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=top width=48% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:8.0pt;margin-left:0cm;margin-right:0cm;margin-top:8.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:normal;">By:</font></p>
  </td>
 <td valign=top width=52% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:8.0pt;margin-left:0cm;margin-right:0cm;margin-top:8.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:normal;">By:</font></p>
  </td>
 </tr>
</table></div>



<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><b><font face=Arial,sans-serif style="font-size:12.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:12.0pt;text-transform:uppercase;">&nbsp;</font></b></p>

<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;">&nbsp;</h1>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">136</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><b><font face=Arial,sans-serif style="font-size:12.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a name="_Toc528727984"></a><b><font face=Arial,sans-serif style="font-size:12.0pt;text-transform:uppercase;">SCHEDULE 7 &#8211;
FORM OF COMPLIANCE CERTIFICATE</font></b></h1>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=left style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">To:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#9679;]
as Lender </font></p>

<p align=left style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">From:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [Borrower]</font></p>

<p align=left style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dated:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#9679;]</font></p>

<p align=left style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p align=left style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:left;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dear
Sirs</font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Borrower
] - [&#9679;] Facility&nbsp;Agreement</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:0cm;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">dated [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ] (the &quot;Agreement&quot;)</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We refer to the Agreement. This is a Compliance
Certificate. Terms defined in the Agreement have the same meaning when used in
this Compliance Certificate unless given a different meaning in this Compliance
Certificate.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We confirm that we comply with the Financial
Covenants in clause&nbsp;20.2 (</font><i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Financial Condition</font></i><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">).&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[We attach a copy of the calculations applied
by us in arriving at the confirmation described in this Compliance
Certificate.]</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">4.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[We confirm that no Default is continuing.]</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">5.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[We confirm that the following companies
constitute Material Companies for the purposes of the Agreement: [&#9679;].]</font></p>

<p style="margin-bottom:0cm;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">6.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[We confirm that the [aggregate EBITDA] /
[aggregate gross assets], aggregate net assets and aggregate turnover]] of the
Guarantors (calculated on an unconsolidated basis and excluding all intra-group
items and investments in Subsidiaries of any member of the Group) exceeds
[&#9679;]% of the [Consolidated EBITDA,] / [consolidated gross assets[,
consolidated net assets and consolidated turnover] of the Group].]</font></p>

<p style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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  <td valign=top width=48% style="height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..</font></p>
  </td>
 <td valign=top width=52% style="height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=top width=48% style="height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Director</font></b></p>
  </td>
 <td valign=top width=52% style="height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Director</font></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=top width=48% style="height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>
  </td>
 <td valign=top width=52% style="height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Company]</font></b></p>
  </td>
 </tr>
</table></div>



<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><b><font face=Arial,sans-serif style="font-size:12.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:12.0pt;text-transform:uppercase;">&nbsp;</font></b></p>

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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">138</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><b><font face=Arial,sans-serif style="font-size:12.0pt;text-transform:uppercase;">SCHEDULE 8 &#8211; EXISTING SECURITY</font></b></h1>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:30.65pt;width:100%;">
 <tr style="height:12.75pt;">
  <td valign=top width=24% style="background:#BFBFBF;border:solid windowtext 1.0pt;height:12.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Name
  of Obligor</font></b></p>
  </td>
 <td valign=top width=34% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:12.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:right;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Security</font></b></p>
  </td>
 <td valign=top width=42% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:12.75pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Total principal amount of
  indebtedness, utility deposit, environmental claim or litigation secured</font></b></p>
  </td>
 </tr>
<tr style="height:10.65pt;">
  <td colspan=3 valign=top width=100% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Cash held in Standard Bank
  of South Africa Limited account, number 301110 as collateral for guarantees
  related to utility deposits and environmental claims as at 30 June 2018</font></b></p>
  </td>
 </tr>
<tr style="height:10.65pt;">
  <td valign=top width=24% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">DRDGOLD </font></p>
  </td>
 <td valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:right;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">R5,104,000
  </font></p>
  </td>
 <td valign=top width=42% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:17.55pt;margin-right:0cm;margin-top:6.0pt;text-align:right;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">R5,104,000</font></p>
  </td>
 </tr>
<tr style="height:10.65pt;">
  <td valign=top width=24% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Ergo</font></p>
  </td>
 <td valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:right;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">R5,752,661</font></p>
  </td>
 <td valign=top width=42% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.65pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin-bottom:6.0pt;margin-left:15.95pt;margin-right:0cm;margin-top:6.0pt;text-align:right;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">R5,752,661</font></p>
  </td>
 </tr>
</table></div>



<h1 style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif style="font-size:12.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:12.0pt;text-transform:uppercase;">&nbsp;</font></b></p>

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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<h1 style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif style="font-size:12.0pt;text-transform:uppercase;">SCHEDULE 9 &#8211; LMA FORM
OF CONFIDENTIALITY UNDERTAKING</font></b></h1>

<p style="margin:0cm;margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">To:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [insert name of
Potential Purchaser] and [&#9679;] as Lender </font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">From:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [insert name of
Seller]</font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dated:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [&#9679;]</font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Dear Sirs</font></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Borrower
] (the &quot;</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;"> </font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Borrower &quot;) - [&#9679;]
Facility&nbsp;Agreement</font></b></p>

<p align=center style="margin-bottom:6.0pt;margin-left:25.5pt;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">dated
[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ] (the &quot;Agreement&quot;)</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We understand that you are considering
acquiring an interest in the Agreement which, subject to the Agreement, may be
by way of novation, assignment, the entering into, whether directly or
indirectly, of a sub-participation or any other transaction under which
payments are to be made or may be made by reference to one or more Finance
Documents and/or one or more Obligors or by way of investing in or otherwise
financing, directly or indirectly, any such novation, assignment, sub-participation
or other transaction (the &quot;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Acquisition</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&quot;). In consideration of
us agreeing to make available to you certain information, by your signature of
a copy of this letter you agree as follows:</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">CONFIDENTIALITY UNDERTAKING</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">You undertake:</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by
clause&nbsp;2, and to ensure that all Confidential Information is protected
with security measures and a degree of care that would apply to your own
confidential information; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">until the Acquisition is completed to use the
Confidential Information only for the Permitted Purpose.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><a name="_Ref387828516"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">PERMITTED DISCLOSURE</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We agree that you may disclose:</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387828652"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">to any of your Affiliates and any of your or
their officers, directors, employees, professional advisers and auditors such
Confidential Information as you shall consider appropriate if any person to
whom the Confidential Information is to be given pursuant to this
clause&nbsp;2.1 is informed in writing of its confidential nature and that some
or all of such Confidential Information </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">may
be price-sensitive information, except that there shall be no such requirement
to so inform if the recipient is subject to professional obligations to
maintain the confidentiality of the information or is otherwise bound by
requirements of confidentiality in relation to the Confidential Information;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><a name="_Ref387828768"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">subject to the requirements of the Agreement,
to any person:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387828691"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.2.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">to (or through) whom you assign or transfer (or
may potentially assign or transfer) all or any of your rights and/or
obligations which you may acquire under the Agreement such Confidential
Information as you shall consider appropriate if the person to whom the
Confidential Information is to be given pursuant to this clause&nbsp;2.2.1 has
delivered a letter to you in equivalent form to this letter;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387828720"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.2.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">with (or through) whom you enter into (or may
potentially enter into) any sub-participation in relation to, or any other
transaction under which payments are to be made or may be made by reference to
the Agreement or any Obligor such Confidential Information as you shall
consider appropriate if the person to whom the Confidential Information is to
be given pursuant to this clause&nbsp;2.2.2 has delivered a letter to you in
equivalent form to this letter;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><a name="_Ref387828955"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.2.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">to whom information is required or requested to
be disclosed by any governmental, banking, taxation or other regulatory
authority or similar body, the rules of any relevant stock exchange or pursuant
to any applicable law or regulation such Confidential Information as you shall consider
appropriate; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">notwithstanding clauses&nbsp;2.1 and&nbsp;2.2,
Confidential Information to such persons to whom, and on the same terms as, a
Finance Party is permitted to disclose Confidential Information under the
Agreement, as if such permissions were set out in full in this letter and as if
references in those permissions to Finance Party were references to you.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">NOTIFICATION OF DISCLOSURE</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">You agree (to the extent permitted by law
and regulation) to inform us:</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">of the circumstances of any disclosure of Confidential
Information made pursuant to clause&nbsp;2.2.3 except where such disclosure is
made to any of the persons referred to in that paragraph during the ordinary
course of its supervisory or regulatory function and you are prevented by such
any applicable law or regulation from advising us of such disclosure; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">3.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">upon becoming aware that Confidential
Information has been disclosed in breach of this letter.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">141</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">4.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">RETURN OF COPIES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">If you do not enter into the Acquisition
and we so request in writing, you shall return or destroy all Confidential
Information supplied to you by us and destroy or permanently erase (to the
extent technically practicable) all copies of Confidential Information made by
you and use your reasonable endeavours to ensure that anyone to whom you have
supplied any Confidential Information destroys or permanently erases (to the
extent technically practicable) such Confidential Information and any copies
made by them, in each case save to the extent that you or the recipients are
required to retain any such Confidential Information by any applicable law,
rule or regulation or by any competent judicial, governmental, supervisory or
regulatory body or in accordance with internal policy, or where the
Confidential Information has been disclosed under clause&nbsp;2.2.3.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">5.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">CONTINUING OBLIGATIONS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The obligations in this letter are
continuing and, in particular, shall survive and remain binding on you until:</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">5.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">if you become a party to the Agreement as a
lender of record, the date on which you become such a party to the Agreement;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">5.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">if you enter into the Acquisition but it does
not result in you becoming a party to the Agreement as a lender of record, the
date falling 24 (twenty&nbsp;four) months after the date on which all of your
rights and obligations contained in the documentation entered into to implement
that Acquisition have terminated; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">5.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">in any other case the date falling 24
(twenty&nbsp;four) months after your final receipt (in whatever manner) of any
Confidential Information.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><a name="_Ref387829557"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">6.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">NO REPRESENTATION, CONSEQUENCES OF BREACH, ETC</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">You acknowledge and agree that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">6.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">neither we, nor any member of the Group nor any
of our or their respective officers, employees or advisers (each a &quot;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Relevant
Person</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&quot;):&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">6.1.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">make any representation or warranty, express or
implied, as to, or assume any responsibility for, the accuracy, reliability or
completeness of any of the Confidential Information or any other information
supplied by us or the assumptions on which it is based, or</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">142</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">6.1.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">shall be under any obligation to update or
correct any inaccuracy in the Confidential Information or any other information
supplied by us or be otherwise liable to you or any other person in respect of
the Confidential Information or any such information; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">6.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">we or members of the Group may be irreparably
harmed by the breach of the terms of this letter and damages may not be an
adequate remedy; each Relevant Person may be granted an injunction or specific
performance for any threatened or actual breach of the provisions of this
letter by you.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">7.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">ENTIRE AGREEMENT: NO WAIVER; AMENDMENTS, ETC</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;page-break-after:avoid;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">7.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">This letter constitutes the entire agreement
between us in relation to your obligations regarding Confidential Information
and supersedes any previous agreement, whether express or implied, regarding
Confidential Information.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">7.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">No failure to exercise, nor any delay in
exercising, any right or remedy under this letter will operate as a waiver of
any such right or remedy or constitute an election to affirm this letter. No
election to affirm this letter will be effective unless it is in writing. No
single or partial exercise of any right or remedy will prevent any further or
other exercise or the exercise of any other right or remedy under this letter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">7.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The terms of this letter and your obligations
under this letter may only be amended or modified by written agreement between
us.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">8.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">INSIDE INFORMATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">You acknowledge that some or all of the
Confidential Information is or may be price-sensitive information and that the
use of such information may be regulated or prohibited by applicable legislation
including securities law relating to insider dealing and market abuse and you
undertake not to use any Confidential Information for any unlawful purpose.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><a name="_Ref387829560"></a><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">9.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">NATURE OF UNDERTAKINGS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">The undertakings given by you under this
letter are given to us and are also given for the benefit of the Borrower and
each other member of the Group.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">10.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">GOVERNING
LAW AND JURISDICTION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">10.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">This
letter (including the agreement constituted by your acknowledgement of its
terms) (the &quot;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Letter</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&quot;) and any non-contractual obligations
arising out of or in connection with it (including </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>

 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">143</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_144"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">any
non-contractual obligations arising out of the negotiation of the transaction
contemplated by this Letter) are governed by South African law.</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">10.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[The
High Court of South Africa, Gauteng Local Division, Johannesburg (or any
successor to that division)] have non-exclusive jurisdiction to settle any
dispute arising out of or in connection with this Letter (including a dispute
relating to any non-contractual obligation arising out of or in connection with
either this Letter or the negotiation of the transaction contemplated by this
Letter).</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-22.7pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">11.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">DEFINITIONS&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">In this letter (including the
acknowledgement set out below) terms defined in the Agreement shall, unless the
context otherwise requires, have the same meaning and:</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">11.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Confidential
Information</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&quot; means all information relating to the Borrower, any
Obligor, the Group, the Finance Documents, [the] / [a] Facility and/or the
Acquisition which is provided to you in relation to the Finance Documents or
[the] / [a] Facility by us or any of our affiliates or advisers, in whatever
form, and includes information given orally and any document, electronic file
or any other way of representing or recording information which contains or is
derived or copied from such information but excludes information that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">11.1.1.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">is
or becomes public information other than as a direct or indirect result of any
breach by you of this letter; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">11.1.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">is
identified in writing at the time of delivery as non-confidential by us or our
advisers; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:95.8pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-41.1pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">11.1.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">is
known by you before the date the information is disclosed to you by us or any
of our affiliates or advisers or is lawfully obtained by you after that date,
from a source which is, as far as you are aware, unconnected with the Group and
which, in either case, as far as you are aware, has not been obtained in breach
of, and is not otherwise subject to, any obligation of confidentiality;</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">11.2.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Group</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&quot;
means the Borrower and its subsidiaries for the time being (as such term is
defined in the Companies Act);</font></p>

<p style="margin-bottom:12.0pt;margin-left:54.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-32.0pt;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">11.3.</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;&nbsp;&nbsp; </font><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&quot;</font><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Permitted
Purpose</font></b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&quot; means considering and evaluating whether to enter into the
Acquisition.</font></p>

<p style="margin-bottom:12.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Please acknowledge your agreement to the
above by signing and returning the enclosed copy.</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">144</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin-bottom:6.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Yours
faithfully</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&#8230;................................</font></p>

<p style="margin-bottom:0cm;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">For
and on behalf of</font></p>

<p style="margin-bottom:6.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Seller]</font></p>

<p style="margin-bottom:6.0pt;margin-left:0pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">To: [Seller] the Borrower and each other
member of the Group</font></p>

<p style="margin-bottom:6.0pt;margin-left:0pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:22.7pt;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">We acknowledge and agree to the above:</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0cm;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">&#8230;................................</font></p>

<p style="margin-bottom:0cm;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">For
and on behalf of</font></p>

<p style="margin-bottom:0cm;margin-left:22.7pt;margin-right:0cm;margin-top:0cm;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">[Potential
Purchaser]</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:12.0pt;text-transform:uppercase;">&nbsp;</font></b></p>

<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a name="_Toc528727987"></a></h1>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">145</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:12.0pt;text-transform:uppercase;">SCHEDULE 10 &#8211; MATERIAL COMPANIES</font></b></h1>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:6.85pt;width:100%;">
 <tr style="height:13.55pt;">
  <td valign=top width=56% style="background:#BFBFBF;border:solid windowtext 1.0pt;height:13.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Name of Material Companies</font></b></p>
  </td>
 <td valign=top width=44% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:13.55pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Registration
  number </font></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=top width=56% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">DRDGold Limited</font></p>
  </td>
 <td valign=top width=44% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:center;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">1895/000926/06</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=top width=56% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">Ergo Mining Proprietary Limited</font></p>
  </td>
 <td valign=top width=44% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:13.5pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=center style="margin-bottom:6.0pt;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;text-align:center;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;line-height:150%;">2007/004886/07</font></p>
  </td>
 </tr>
</table></div>



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<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:12.0pt;text-transform:uppercase;">SCHEDULE 11 &#8211; PERMITTED TRANSFEREES</font></b></h1>

<h1 style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:12.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Part 1: Local Banks</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc390333636"></a><a name="_Toc390339180"></a><a name="_Toc390432891"></a><a name="_Toc390444124"></a><a name="_Toc390446575"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">Absa Bank Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">FirstRand
Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Standard Bank of South Africa Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Nedbank
Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Investec
Bank Limited</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Part 2: Foreign Banks</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Deutsche
Bank Group AG</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Standard
Chartered Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Barclays
Bank PLC</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">UBS
AG</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Citibank&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">SMBC
(Sumitomo Mitsui Banking Corporation)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Royal
Bank of Scotland</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">HSBC&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Bank
of China </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">14.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Bank
of Taiwan </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">15.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">China
Construction Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">16.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">China
Development Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Industrial
&amp; Commercial Bank of China (ICBC)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Credit
Agricole</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Bank
of Taiwan</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">BNP
Paribas</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">West
LB</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Allied
Irish</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Societe
Generale</font></p>


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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Goldman
Sachs</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">25.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">JPMorgan
Chase Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">26.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Credit
Suisse</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Macquarie
Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Westpac
Banking Corporation</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">29.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">National
Australia Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">30.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Australia
and New Zealand Banking Group Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">31.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">State
Bank of India</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">32.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Bank
of America Merill Lynch</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">33.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Natixis&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Bank of Tokyo-Mitsubishi Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">35.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">State
Bank of Mauritius</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">36.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Mauritius Commercial Bank Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">37.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">The
Mauritius Commercial Bank Investment Management</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">38.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Bank
One (Mauritius)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">39.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Afrasia
Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">40.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">First
Bank of Nigeria</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">41.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Ecobank&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">42.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Zenith
Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">43.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mizuho&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">44.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Rabobank
&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">45.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Commerzbank
AG</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">46.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">UniCredit&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">47.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">National
Bank of Abu Dhabi</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">48.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Indian
Eximbank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">49.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Afrexim
Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">50.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Bank
One</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">51.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Bank
Unico</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">52.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Banque
des Mascareignes</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">53.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">BMCE
Bank International</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">54.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">British
Arab Commercial Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">55.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Commercial
Bank of Africa</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">56.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Common
Wealth Bank of Australia</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">57.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Co-operative
Bank of Kenya Ltd. </font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">58.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Credit
Agricole</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">59.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Diamond
Trust Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">60.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Emirates
NBD</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">61.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Equity
Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">62.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Ghana
International Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">63.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ING&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">64.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">ABN
Amro Bank</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Part 3: DFIs</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc390333638"></a><a name="_Toc390339182"></a><a name="_Toc390432893"></a><a name="_Toc390444126"></a><a name="_Toc390446577"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">African Development Bank</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">DEG
&#8211; Deutsche Investitions- und Entwicklungsgesellschaft mbH</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Emerging
Africa Infrastructure Fund</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">European
Investment Bank (EIB)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Nederlandse
Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">International
Finance Corporation (IFC)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Kreditanstalt
fuer Wiederaufbau (KfW)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Kreditanstalt
fuer Wiederaufbau &#8211; (IPEX)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">OPEC
Fund for International Development (OFID)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Development
Bank of Southern Africa (DBSA)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Industrial
Development Corporation (IDC)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Proparco&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">African
Finance Corporation (AFC)</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">14.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Trade
and Development Bank (TDB)</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">15.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">CDC
Group plc</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">16.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Export
Development Canada (EDC)</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">PART 4: Other Financial Institutions</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;text-indent:-1.0cm;"><a name="_Toc390333639"></a><a name="_Toc390339183"></a><a name="_Toc390432894"></a><a name="_Toc390444127"></a><a name="_Toc390446578"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">1.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;font-weight:normal;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;font-weight:normal;line-height:150%;">Old Mutual Specialised Finance (Proprietary) Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">2.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Old
Mutual Life Assurance Company (South Africa) Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">3.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sanlam
Capital Markets Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">4.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sanlam
Life Insurance Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">5.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Sanlam
Emerging Markets Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">6.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Futuregrowth
Asset Management (Pty) Ltd</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">7.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">MMI
Holdings Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">8.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Momentum
Asset Managers</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">9.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Mergence
Investment Managers (Pty) Ltd</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">10.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Taquanta
Asset Management</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">11.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Coronation
Fund Managers Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">12.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">RMB
Asset Management</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">13.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Titan
Share Dealers (Proprietary) Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">14.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Venfin
Share Dealers (Proprietary) Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">15.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Investec
Asset Management (Proprietary) Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">16.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Public
Investment Corporation</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">17.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Absa
Asset Managers</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">18.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Stanlib
Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">19.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Vantage
Capital Group (Proprietary) Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">20.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Prudential
Portfolio Managers South Africa (Proprietary) Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">21.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Fairtree
Asset Management</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">22.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Saffron
Asset Management</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">23.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Cadiz
Asset Management</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">24.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Tantulum
Asset Management</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">25.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Atlantic
Asset Management</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">26.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Hollard
Group</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">27.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Peregrine
Holdings</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">28.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Ashburton
Investments (Proprietary) Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">29.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Prescient
Investment Management Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">30.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Prescient
Evolution Clean Energy and Infrastructure Debt Fund Trust</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">31.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Citadel&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">32.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Gryphon&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">33.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Metope
Investments</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">34.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Terebinth
Capital</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">35.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Channel
Life Insurance Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">36.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Allan
Gray Proprietary Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">37.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">KZN
Growth Fund Trust</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">38.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Aluwani&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">39.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Anchor
Capital</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">PART 5: Structured Vehicles</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:-1.0cm;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">40.</font><font face="Times New Roman" lang=EN-ZA style="font-size:7.0pt;line-height:150%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">iMpumelelo
CP Note Programme 1 (RF) Limited</font></p>

<p style="margin-bottom:6.0pt;margin-left:1.0cm;margin-right:0cm;margin-top:6.0pt;text-align:justify;text-indent:0cm;"><a name="_Toc516662031"></a><a name="_Toc515571085"></a><a name="_Toc513233485"></a><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Any
fund managed and/or controlled by any of the aforesaid financial institutions.
Any Affiliates, subsidiaries or holding companies of and of the banks or
financial institutions listed in this schedule and any trust, fund or other
entity which is regularly engaged in or established for the purpose of making,
purchasing or investing in loans, securities or other financial assets.</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a name="_Toc528727989"></a></h1>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">151</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<h1 align=center style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:12.0pt;text-transform:uppercase;">SCHEDULE 12 - EXISTING FINANCIAL
INDEBTEDNESS</font></b></h1>

<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Rental of temporary power generation equipment Aggreko
Energy Rental Proprietary Limited amounting to approximately R 14 034 000 on 30
June 2018 with an option to purchase that is accounted for as a finance lease
in terms of IFRS 5 Leases.</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;line-height:150%;">Rental of Cognos Disclosure Management software
including user licences from Merchant West Proprietary Limited amounting to R
664 125 on 30 June 2018 with an option to purchase that is accounted for as a
finance lease in terms of IFRS 5 Leases.</font></p>




<p align=left style="margin:0cm;margin-bottom:.0001pt;text-align:left;"><a name="_Toc517185405"></a><a name="_Toc513233487"></a><b><font face=Arial,sans-serif lang=EN-GB style="font-size:12.0pt;text-transform:uppercase;">&nbsp;</font></b></p>

<h1 style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;"><a name="_Toc528727990"></a></h1>
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 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">152</font><font style="mso-no-proof:yes;"><font style="display:none;mso-hide:all;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;"></font></font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font style="mso-no-proof:yes;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></font></p>
 <p align=center style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:center;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<h1 style="margin-bottom:3.0pt;margin-left:0cm;margin-right:0cm;margin-top:12.0pt;page-break-after:avoid;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-GB style="font-size:12.0pt;text-transform:uppercase;">SCHEDULE&nbsp;13:&#160;
EXISTING INTER-COMPANY LOANS AT
2 JULY 2018</font></b></h1>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:0pt;width:100%;">
 <tr style="height:25.2pt;">
  <td valign=top width=39% style="background:#BFBFBF;border:solid windowtext 1.0pt;height:25.2pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:4.0pt;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;">L</font></b><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;">ender&nbsp;</font></b></p>
  <p style="margin:0cm;margin-bottom:12.0pt;margin-left:3.55pt;margin-right:0cm;margin-top:0cm;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=43% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:25.2pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0cm;margin-top:4.0pt;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Borrower</font></b></p>
  <p style="margin:0cm;margin-bottom:12.0pt;margin-left:9.7pt;margin-right:0cm;margin-top:0cm;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=18% style="background:#BFBFBF;border:none;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:25.2pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0pt;margin-top:4.0pt;text-align:right;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">ZAR</font></b></p>
  </td>
 </tr>
<tr style="height:20.6pt;">
  <td colspan=3 valign=top width=100% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:20.6pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0pt;margin-top:0cm;"><b><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Non-dormant
  loans at 2 July 2018</font></u></b></p>
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0cm;margin-right:0pt;margin-top:4.0pt;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>
  <p style="margin:0cm;margin-bottom:.0001pt;margin-left:0cm;margin-right:0pt;margin-top:4.0pt;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:17.0pt;">
  <td valign=top width=39% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#00B050 face=Arial,sans-serif style="font-size:11.0pt;">DRDGOLD Limited</font></p>
  </td>
 <td valign=top width=43% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#00B050 face=Arial,sans-serif style="font-size:11.0pt;">ERGO Mining (Pty) Ltd</font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:right;"><font face=Arial,sans-serif style="font-size:11.0pt;">203,744,417</font></p>
  </td>
 </tr>
<tr style="height:17.0pt;">
  <td valign=top width=39% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">ERGO Mining Operations (Pty)
  Ltd</font></p>
  </td>
 <td valign=top width=43% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#00B050 face=Arial,sans-serif style="font-size:11.0pt;">DRDGOLD Limited</font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:right;"><font face=Arial,sans-serif style="font-size:11.0pt;">23,710,283</font></p>
  </td>
 </tr>
<tr style="height:31.35pt;">
  <td valign=top width=39% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#00B050 face=Arial,sans-serif style="font-size:11.0pt;">ERGO Mining (Pty) Ltd</font></p>
  </td>
 <td valign=top width=43% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">ERGO Business Development
  Academy NPC</font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:right;"><font face=Arial,sans-serif style="font-size:11.0pt;">21,643,779</font></p>
  </td>
 </tr>
<tr style="height:31.35pt;">
  <td valign=top width=39% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#00B050 face=Arial,sans-serif style="font-size:11.0pt;">ERGO Mining (Pty) Ltd</font></p>
  </td>
 <td valign=top width=43% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">ERGO Mining Operations (Pty)
  Ltd</font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:right;"><font face=Arial,sans-serif style="font-size:11.0pt;">41,233,892</font></p>
  </td>
 </tr>
<tr style="height:31.35pt;">
  <td valign=top width=39% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">ERGO Mining Operations (Pty)
  Ltd</font></p>
  </td>
 <td valign=top width=43% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">East Rand Proprietary Mines
  Limited</font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:right;"><font face=Arial,sans-serif style="font-size:11.0pt;">301,479</font></p>
  </td>
 </tr>
<tr style="height:31.35pt;">
  <td valign=top width=39% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#00B050 face=Arial,sans-serif style="font-size:11.0pt;">ERGO Mining (Pty) Ltd</font></p>
  </td>
 <td valign=top width=43% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">East Rand Proprietary Mines
  Limited</font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:31.35pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:right;"><font face=Arial,sans-serif style="font-size:11.0pt;">72,498</font></p>
  </td>
 </tr>
<tr style="height:24.25pt;">
  <td colspan=3 valign=top width=100% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:24.25pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:12.0pt;margin-left:0cm;margin-right:0pt;margin-top:0cm;"><b><u><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Dormant loans at
  2 July 2018</font></u></b></p>
  </td>
 </tr>
<tr style="height:17.0pt;">
  <td valign=top width=39% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">Crown Consolidated Gold
  Recoveries Limited</font></p>
  </td>
 <td valign=top width=43% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#00B050 face=Arial,sans-serif style="font-size:11.0pt;">DRDGOLD Limited</font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:right;"><font face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:-.1pt;">245</font><font face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:.1pt;"> </font><font face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:-.1pt;">316&nbsp;</font><font face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:.1pt;"> </font><font face=Arial,sans-serif style="font-size:11.0pt;">409&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:17.0pt;">
  <td valign=top width=39% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#00B050 face=Arial,sans-serif style="font-size:11.0pt;">DRDGOLD Limited</font></p>
  </td>
 <td valign=top width=43% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">Crown</font><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:.35pt;"> </font><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">Consolidated&nbsp;</font><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:.35pt;"> </font><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">Gold&nbsp;</font><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:.35pt;"> </font><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">Recoveries&nbsp;</font><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:.3pt;"> </font><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">Limited&nbsp;</font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:right;"><font face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:-.1pt;">153</font><font face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:.1pt;"> </font><font face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:-.1pt;">900&nbsp;</font><font face=Arial,sans-serif style="font-size:11.0pt;letter-spacing:.1pt;"> </font><font face=Arial,sans-serif style="font-size:11.0pt;">000&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:17.0pt;">
  <td valign=top width=39% style="border:none;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#0070C0 face=Arial,sans-serif style="font-size:11.0pt;">Crown Consolidated Gold
  Recoveries Limited</font></p>
  </td>
 <td valign=top width=43% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#00B050 face=Arial,sans-serif style="font-size:11.0pt;">ERGO Mining (Pty) Ltd</font></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:17.0pt;padding:0cm 5.4pt 0cm 5.4pt;">
  <p align=right style="margin:0cm;margin-bottom:.0001pt;margin-left:0pt;text-align:right;"><font face=Arial,sans-serif style="font-size:11.0pt;">23
  245 616</font></p>
  </td>
 </tr>
</table></div>



<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><u><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Key</font></u></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font color=#00B050 face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Obligor</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font color=#0070C0 face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">Non-Obligor</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><b><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></b></p>




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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:right 411.1pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-ZA style="font-size:11.0pt;">&nbsp;</font></p>


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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>13
<FILENAME>exhibit12002.htm
<TEXT>

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<title>CERTIFICATION</title>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 216.0pt right 432.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">Exhibit 12.2</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">CERTIFICATION</font></u></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">I, Adriaan Jacobus
Davel, certify that:</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; I
have reviewed this Annual Report on Form 20-F of DRDGOLD Limited.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Based on my knowledge, this
Annual Report does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with
respect to the period covered by this Annual Report.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Based on my knowledge, the
financial statements, and other financial information included in this Annual
Report, fairly present in all material respects the financial condition,
results of operations and cash flows of the Company as of, and for, the periods
presented in this Annual Report.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company's other certifying
officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating
to the Company, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
Annual Report is being prepared;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Designed such internal control
over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles; </font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Evaluated the effectiveness
of the Company's disclosure controls and procedures and presented in this
Annual Report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this Annual
Report based on such evaluation; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Disclosed in this Annual
Report any change in the Company's internal control over financial reporting
that occurred during the period covered by this Annual Report that has
materially affected, or is reasonably likely to materially affect, the
Company's internal control over financial reporting.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company's other certifying
officer and I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the Company's auditors and the audit
committee of the Company's board of directors (or persons performing the
equivalent functions):</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All significant deficiencies
and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
Company's ability to record, process, summarize and report financial
information; and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the Company's internal control over financial reporting.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Date:&#160;&#160;&#160;&#160;&#160; October 31, 2018</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;"><u><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">/s/ Adriaan Jacobus Davel</font></u></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">Adriaan Jacobus Davel</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:10.0pt;">Chief Financial Officer</font></p>




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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>14
<FILENAME>exhibit13002.htm
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<title>CERTIFICATION OF CEO AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U</title>


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<p style="margin:0cm;margin-bottom:.0001pt;tab-stops:center 216.0pt right 432.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibit
13.2</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS
ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">In connection with the Annual
Report on Form 20-F of DRDGOLD Limited (the &quot;Company&quot;) for the fiscal
year ended June 30, 2018, as filed with the Securities and Exchange Commission
on the date hereof (the &quot;Report&quot;), Adriaan Jacobus Davel, as Chief
Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
2002, that, to the best of his knowledge:</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:90.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-54.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">(1)</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">the Report fully
complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and</font></p>

<p style="margin:0cm;margin-bottom:12.0pt;margin-left:90.0pt;margin-right:0cm;margin-top:0cm;text-align:justify;text-indent:-54.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">(2)</font><font face="Times New Roman" lang=EN-GB style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">the information
contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;margin-right:199.35pt;margin-top:0cm;text-align:justify;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;margin-right:199.35pt;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><u><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">/s/ Adriaan Jacobus Davel</font></u></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;margin-right:199.35pt;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; Adriaan Jacobus
Davel</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:72.0pt;margin-right:199.35pt;margin-top:0cm;text-align:justify;text-indent:-36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Title:&#160;&#160;&#160; Chief Financial
Officer</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;text-indent:36.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">Date:&#160;&#160;&#160; October 31, 2018</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;">&nbsp;</font></p>




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