<SEC-DOCUMENT>0001062993-18-003952.txt : 20181002
<SEC-HEADER>0001062993-18-003952.hdr.sgml : 20181002
<ACCEPTANCE-DATETIME>20181002161859
ACCESSION NUMBER:		0001062993-18-003952
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20180926
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181002
DATE AS OF CHANGE:		20181002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NET 1 UEPS TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001041514
		STANDARD INDUSTRIAL CLASSIFICATION:	FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099]
		IRS NUMBER:				980171860
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31203
		FILM NUMBER:		181101514

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
		BUSINESS PHONE:		27 11 343 2000

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Form 8-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR><B>Washington, D.C.
20549 </B></P>
<P align=center><B><FONT size=5>FORM 8-K </FONT></B></P>
<P align=center><B>CURRENT REPORT <BR></B><B>Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934 </B></P>
<P align=center>Date of Report (Date of earliest event reported): <B><U>October
2, 2018 (September 26, 2018)</U></B><B> </B></P>
<P align=center><B><FONT size=5><U>NET 1 UEPS TECHNOLOGIES, INC.
</U></FONT><BR></B>(Exact name of registrant as specified in its charter) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center><B>Florida </B></TD>
    <TD noWrap align=center width="33%"><B>000-31203 </B></TD>
    <TD noWrap align=center width="33%"><B>98-0171860 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction </TD>
    <TD align=center width="33%">(Commission </TD>
    <TD align=center width="33%">(IRS Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>of incorporation) </TD>
    <TD align=center width="33%">File Number) </TD>
    <TD align=center width="33%">Identification No.) </TD></TR></TABLE>
<P align=center><B>President Place, 4</B><B><SUP>th</SUP></B><B> Floor, Cnr. Jan
Smuts Avenue and Bolton Road </B><BR><B>Rosebank, Johannesburg, South Africa
</B><BR>(Address of principal executive
offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(ZIP Code) </P>
<P align=center>Registrant&#146;s telephone number, including area code:
<B><U>27-11-343-2000 </U></B></P>
<P align=justify>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >[&nbsp; ] </TD>
    <TD align=left width="95%">Written communications pursuant to Rule 425
      under the Securities Act (17 CFR 230.425) </TD></TR>
  <TR vAlign=top>
    <TD align=left >[ &nbsp;] </TD>
    <TD align=left width="95%">Soliciting material pursuant to Rule 14a-12
      under the Exchange Act (17 CFR 240.14a-12) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >[&nbsp; ] </TD>
    <TD align=left width="95%">Pre-commencement communications pursuant to
      Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >[&nbsp; ] </TD>
    <TD align=left width="95%">Pre-commencement communications pursuant to
      Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</TD>
  </TR></TABLE>
<P align=justify>Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b
-2 of this chapter). </P>
<P align=justify>Emerging growth company [&nbsp; ] </P>
<P align=justify>If an emerging growth company, 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. [&nbsp; ] </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B>Item 1.01 Entry Into a Material Definitive Agreement.
</B></P>
<P align=justify><I>Additional ZAR 1.5 billion RMB Facility </I></P>
<P align=justify>On September 26, 2018, Net 1 UEPS Technologies, Inc. (&#147;Net1&#148;),
through one of its subsidiaries, Net1 Applied Technologies South Africa
Proprietary Limited (&#147;Net1 SA&#148;), entered into a Second Amendment &amp;
Restatement Agreement, which includes an Amended and Restated Common Terms
Agreement, and a Senior Facility E Agreement (collectively, the &#147;RMB Loan
Documents&#148;) with FirstRand Bank Limited, acting through its Rand Merchant Bank
division (&#147;RMB&#148;) and certain other parties, pursuant to which, among other
things, Net1 SA may borrow up to ZAR 1.5 billion to fund Net1 SA&#146;s ATMs. Net1
agreed to guarantee the obligations of Net1 SA to RMB.</P>
<P align=justify>The material terms and conditions of the RMB Loan Documents are
more fully discussed in Item 2.03 below. </P>
<P align=justify>On September 26, 2018, the USD/ZAR exchange rate was $1.00 /
ZAR 14.25.</P>
<P align=justify><B>Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant. </B></P>
<P align=justify><I>Additional ZAR1.5 billion RMB Facility</I> </P>
<P align=justify>The RMB Loan Documents provide for a Facility E overdraft
facility of up to ZAR 1.5 billion.</P>
<P align=justify>Interest on the overdraft facility is payable on the last day
of each month and on the final maturity date based on the Johannesburg Interbank
Agreed Rate in effect from time to time plus a margin of 1.00% . The JIBAR rate
was 7.0% on September 26, 2018.</P>
<P align=justify>The overdraft facility matures on September 26, 2019.</P>
<P align=justify>The overdraft facility amount utilized must be repaid in full
within one month of utilization and at least 90% of the amount utilized must be
repaid with 25 days. </P>
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<P align=justify>The overdraft facility is secured by a pledge by Net1 SA of,
among other things, cash and certain bank accounts utilized in Net1 SA&#146;s ATM
funding process, the cession of an insurance policy with Senate Transit
Underwriters Managers Proprietary Limited, and any rights and claims Net1 SA has
against Grindrod Bank Limited. </P>
<P align=justify>The RMB Loan Documents contain customary covenants that require
Net1 SA to maintain a specified total net leverage ratio and restrict the
ability of Net1 SA, and certain of its subsidiaries to make certain
distributions with respect to their capital stock, prepay other debt, encumber
their assets, incur additional indebtedness, make investment above specified
levels, engage in certain business combinations and engage in other corporate
activities.</P>
<P align=justify>The foregoing description of the RMB Loan Documents do not
purport to be complete and are qualified in their entirety by reference to the
full text thereof, copies of which are attached hereto as Exhibits 10.95 through
10.98 and are incorporated herein by reference. </P>
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<P align=justify><B>Item 9.01. Financial Statements and Exhibits. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Exhibits</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center >Exhibit </TD>
    <TD noWrap align=left width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center >No. </TD>
    <TD noWrap align=left width="90%">
      <P align=justify>Description </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit10-95.htm">10.95 </a>
      <P></P>
      <P></P></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit10-95.htm">Second Amendment and Restatement Agreement, dated September 26, 2018, among Net1 Applied Technologies South Africa Proprietary Limited, Net 1 UEPS Technologies, Inc., the parties listed in Part I of Schedule 1 thereto, as the original guarantors, FirstRand Bank Limited (acting through its Rand Merchant Bank division), as an arranger, Nedbank Limited (acting through its Corporate and Investment Banking division), as an arranger, the parties listed in Part II of Schedule 1 thereto, as the original lenders, and FirstRand Bank Limited (acting through its Rand Merchant Bank division), as agent. </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit10-96.htm">10.96 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit10-96.htm">Senior Facility E Agreement, dated September 26, 2018, among Net1 Applied Technologies South Africa Proprietary Limited, FirstRand Bank Limited (acting through its Rand Merchant Bank division), as lender, and FirstRand Bank Limited (acting through its Rand Merchant Bank division), as agent. </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit10-97.htm">10.97 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit10-97.htm">Security Cession, dated September 26, 2018, by Net1 Applied Technologies South Africa Proprietary Limited in favor of FirstRand Bank Limited (acting through its Rand Merchant Bank division), as a secured creditor, and each of the other Secured Creditors (as defined therein). </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit10-98.htm">10.98 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit10-98.htm">Pledge, dated September 26, 2018, by Net1 Applied Technologies South Africa Proprietary Limited in favor of FirstRand Bank Limited (acting through its Rand Merchant Bank division), as a secured creditor, and each of the other Secured Creditors (as defined therein). </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify></P></TD></TR>
  </TABLE><BR>
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<P align=center><B>SIGNATURES </B></P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left >&nbsp; </TD>
    <TD noWrap align=left width="50%"><B>NET 1 UEPS TECHNOLOGIES, INC.</B>
  </TD></TR>
  <TR>
    <TD noWrap >&nbsp; </TD>
    <TD noWrap width="50%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap >&nbsp; </TD>
    <TD noWrap width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Date: October 2, 2018 </TD>
    <TD align=left width="50%">By: <U>/s/ Alex M.R. Smith</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="50%">Name: Alex M.R. Smith </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="50%">Title: Chief Financial Officer
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.95
<SEQUENCE>2
<FILENAME>exhibit10-95.htm
<DESCRIPTION>EXHIBIT 10.95
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 10.95 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
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<P align=right><B>Exhibit 10.95</B><B> </B></P>
<P align=right><B>EXECUTION</B></P>
<P align=center><B>SECOND AMENDMENT AND RESTATEMENT AGREEMENT </B></P>
<P align=center><B>DATED 26 SEPTEMBER, 2018 </B></P>
<P align=center>between </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED
<BR></B>(as borrower)<B> </B></P>
<P align=center>with</P>
<P align=center><B>NET1 UEPS TECHNOLOGIES, INC <BR></B>(Holdco)<B> </B></P>
<P align=center>arranged by </P>
<P align=center><B>FIRSTRAND BANK LIMITED </B><BR><B>(ACTING THROUGH ITS RAND
MERCHANT BANK DIVISION) </B><BR><B>NEDBANK LIMITED </B><BR><B>(ACTING THROUGH
ITS CORPORATE AND INVESTMENT BANKING DIVISION) </B><BR>(the Arrangers)<B>
</B></P>
<P align=center>and </P>
<P align=center><B>FIRSTRAND BANK LIMITED </B><BR><B>(ACTING THROUGH ITS RAND
MERCHANT BANK DIVISION) </B><BR><B>NEDBANK LIMITED </B><BR><B>(ACTING THROUGH
ITS CORPORATE AND INVESTMENT BANKING DIVISION) </B><BR>(as Original Senior
Lenders)<B> </B><BR></P>
<P align=center>with </P>
<P align=center><B>FIRSTRAND BANK LIMITED </B><BR><B>(ACTING THROUGH ITS RAND
MERCHANT BANK DIVISION) </B><BR>(as facility agent) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center colSpan=2>relating to the Common Terms Agreement,
      originally dated 21 July, 2017 as amended pursuant to </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center colSpan=2>a First Amendment and Restatement
      Agreement dated 9 March, 2018 </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD align=center  >&nbsp;</TD>
    <TD align=center width="20%" >&nbsp;</TD></TR>
  <TR>
    <TD align=center  >&nbsp;</TD>
    <TD vAlign=center align=center width="20%"  rowSpan=4><IMG
      src="exhibit10-95x1x1.jpg"
      border=0></TD></TR>
  <TR>
    <TD align=center  >&nbsp;</TD></TR>
  <TR>
    <TD align=center  >&nbsp;</TD></TR>
  <TR>
    <TD align=center  >&nbsp;</TD></TR></TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_2></A>
<P align=center><B>CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      colSpan=3><B>Clause </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%"
    ><B>Page </B></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A href="#page_3">1.&nbsp;
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_3">Interpretation </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_3">3 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A href="#page_4">2. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_4">Effective Date
    </A></TD>
    <TD align=right width="5%" ><A href="#page_4">4 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A href="#page_4">3. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_4">Amendments </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_4">4 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A href="#page_4">4. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_4">Representations and
      Warranties </A></TD>
    <TD align=right width="5%" ><A href="#page_4">4 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A href="#page_6">5. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_6">Guarantees </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_6">6 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A href="#page_6">6. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_6">Security </A></TD>
    <TD align=right width="5%" ><A href="#page_6">6 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A href="#page_6">7. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_6">Undertakings </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_6">6 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A href="#page_6">8. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_6">Miscellaneous
    </A></TD>
    <TD align=right width="5%" ><A href="#page_6">6 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A href="#page_7">9. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_7">Governing Law </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_7">7 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A href="#page_7">10. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_7">Counterparts
</A></TD>
    <TD align=right width="5%" ><A href="#page_7">7 </A></TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD width="5%" bgColor=#eeeeee >&nbsp; </TD>
    <TD width="85%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="5%" bgColor=#eeeeee >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2 ><A href="#page_8">Schedule 1
</A></TD>
    <TD align=left width="85%"><A href="#page_8">The Parties </A></TD>
    <TD align=right width="5%" ><A href="#page_8">8 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2 ><A
      href="#page_10">Schedule 2 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A href="#page_10">Conditions
      Precedent </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee ><A
      href="#page_10">10 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2 ><A href="#page_13">Schedule 3
    </A></TD>
    <TD align=left width="85%"><A href="#page_13">Amended and Restated Common
      Terms Agreement </A></TD>
    <TD align=right width="5%" ><A href="#page_13">13 </A></TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD width="5%" bgColor=#eeeeee >&nbsp; </TD>
    <TD width="85%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="5%" bgColor=#eeeeee >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2 >Signature Page
    </TD>
    <TD align=right width="85%"><B><U></U></B></TD>
    <TD align=right width="5%" >14</TD></TR></TABLE>
<P align=center>2</P>
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<P align=right><B>Exhibit 10.95</B><B> </B></P>
<P align=justify><B>THIS AGREEMENT</B> is made between: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
      LIMITED</B>, registration number 2002/031446/07 (the
    <B>Borrower</B>);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify><B>NET1 UEPS TECHNOLOGIES, INC. </B>a Florida corporation
      (<B>Holdco</B>);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify><B>THE PARTIES </B>listed in Part I of Schedule 1 (The
      Original Parties) as original guarantors (the <B>Original
      Guarantors</B>);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify><B>FIRSTRAND BANK LIMITED </B>(acting through its <B>RAND
      MERCHANT BANK </B>division) and <B>NEDBANK LIMITED </B>(acting through its
      <B>CORPORATE AND INVESTMENT BANKING </B>division), as mandated lead
      arrangers (in this capacity, the <B>Arrangers</B>);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify><B>THE FINANCIAL INSTITUTIONS </B>listed in Part II of
      Schedule 1 (The Original Parties) as original lenders (in this capacity,
      the <B>Original Senior Lenders</B>); and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify><B>FIRSTRAND BANK LIMITED </B>(acting through its <B>RAND
      MERCHANT BANK </B>division) as agent of the other Finance Parties (the
      <B>Facility Agent</B>).</P></TD></TR></TABLE>
<P align=justify><B>BACKGROUND</B>:<B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>This Agreement is supplemental to, amends and restates
      (but does not novate) the Original Common Terms Agreement (defined
      below).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>The Parties have consented to the amendments to the
      Original Common Terms Agreement contemplated by this
  Agreement.</P></TD></TR></TABLE>
<P align=justify><B>IT IS AGREED</B> as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>INTERPRETATION</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.1 </TD>
    <TD>
      <P align=justify><B>Definitions</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>In this Agreement:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.1 </TD>
    <TD>
      <P align=justify><B>Amended &amp; Restated Common Terms Agreement
      </B>means the Original Common Terms Agreement, as amended and restated
      pursuant to this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.2 </TD>
    <TD>
      <P align=justify><B>Amendment Document
</B>means:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>this Agreement; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Amended &amp; Restated Common Terms
  Agreement;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.3 </TD>
    <TD>
      <P align=justify><B>Effective Date </B>means the date on which the
      Facility Agent issues the notice referred to in Clause 2.1 (Effective
      Date).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.4 </TD>
    <TD>
      <P align=justify><B>Original Common Terms Agreement </B>means the written
      agreement entitled "Common Terms Agreement", dated 21 July, 2017, between,
      among others, the Borrower (as borrower), the Original Senior Lenders and
      the Facility Agent (as agent of the other Finance Parties) as amended
      pursuant to the First Amendment and Restatement Agreement dated 9 March,
      2018.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.5 </TD>
    <TD>
      <P align=justify><B>Party </B>means a party to this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.6 </TD>
    <TD>
      <P align=justify><B>Senior Facility E Agreement </B>means the written
      agreement entitled "Senior Facility E Agreement", dated on or about the
      Signature Date, between the Borrower (as borrower), the Original Senior Facility E
  Lender and the Facility Agent.</P></TD></TR></TABLE>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="15%" >1.1.7 </TD>
    <TD>
      <P align=justify><B>Signature Date </B>means the date on which, once this
      Agreement has been signed by all the Parties, it is signed by the last
      Party to do so.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Unless expressly otherwise defined in this Agreement,
      terms and expressions defined in the Amended &amp; Restated Common Terms
      Agreement have the same meaning in this Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >1.2 </TD>
    <TD>
      <P align=justify><B>Construction</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The provisions of clause 1 (Definitions and
      Interpretation), Clause 33 (Notices) and Clause 36 (General Provisions) of
      the Amended &amp; Restated Common Terms Agreement apply to this Agreement
      as though they were set out in full in this Agreement, except that
      references to the Amended &amp; Restated Common Terms Agreement are to be
      construed as references to this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>EFFECTIVE DATE</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.1 </TD>
    <TD>
      <P align=justify>The Original Common Terms Agreement will not be amended
      by this Agreement unless the Facility Agent notifies the Borrower and the
      Lenders that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >2.1.1 </TD>
    <TD>
      <P align=justify>it has received a copy of this Agreement duly signed by
      each Party; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >2.1.2 </TD>
    <TD>
      <P align=justify>the Borrower has delivered to the Facility Agent all the
      documents set out in Schedule 2 (Conditions Precedent) in form and
      substance satisfactory to the Lenders.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Facility Agent must give this notification as soon as
      reasonably practicable. The requirements set out in this Clause 2.1 are
      for the benefit solely of the Finance Parties. The Facility Agent, acting
      on the instructions of all the Lenders, may waive or defer delivery of any
      or all of the documents set out in Schedule 2 (Conditions Precedent),
      subject to such other conditions (if any) as it may determine (acting on
      the instructions of all the Lenders).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.2 </TD>
    <TD>
      <P align=justify>If the Facility Agent does not give the notice
      contemplated in Clause 2.1 above to the Borrower and the Lenders on or
      before 23:59 on 30 September, 2018 (or such later date agreed by the
      Facility Agent), the Original Common Terms Agreement shall not be amended
      as provided in this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>AMENDMENTS</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >3.1 </TD>
    <TD>
      <P align=justify><B>Amendment and restatement of Finance
    Documents</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Subject to the terms of this Agreement, on and with
      effect from the Effective Date the Original Common Terms Agreement will be
      amended so that it reads as if it were restated in the form set out in
      Schedule 3 (Amended and Restated Common Terms Agreement).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >3.2 </TD>
    <TD>
      <P align=justify><B>Finance Documents</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>On and with effect from the Effective Date, any reference
      in a Finance Document to the "Common Terms Agreement" shall be a reference
      to that agreement as amended and restated pursuant to this
    Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>REPRESENTATIONS AND
WARRANTIES</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Each Obligor makes the representations
and warranties set out in this Clause to each Finance Party on the Signature Date. References in this
      Clause to <b>it </b>or <b>its </b>include, unless the context otherwise
requires, each Obligor. </P>
<P align=center>4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.1 </TD>
    <TD>
      <P align=justify><B>Status</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.1.1 </TD>
    <TD>
      <P align=justify>It is a limited liability corporation, duly incorporated
      and validly existing under the laws of its jurisdiction of
      incorporation.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.1.2 </TD>
    <TD>
      <P align=justify>It and each of its Subsidiaries has the power to own its
      assets and carry on its business as it is being
  conducted.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.2 </TD>
    <TD>
      <P align=justify><B>Capacity, power and
authority</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.2.1 </TD>
    <TD>
      <P align=justify>It has the legal capacity and power to enter into and
      perform, and has taken all necessary action to authorise the entry into
      and performance of, the Finance Documents to which it is or will be a
      party and the transactions contemplated by those Finance
  Documents.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.2.2 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.3 </TD>
    <TD>
      <P align=justify><B>Binding obligations</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.3.1 </TD>
    <TD>
      <P align=justify>The obligations expressed to be assumed by it in each
      Finance Document to which it is a party are legal, valid, binding and
      enforceable obligations.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.3.2 </TD>
    <TD>
      <P align=justify>Each Finance Document to which it is a party is in the
      proper form for its enforcement in the jurisdiction of its
      incorporation.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.4 </TD>
    <TD>
      <P align=justify><B>Non-conflict with other obligations</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The entry into and performance by it of, and the
      transactions contemplated by, the Finance Documents to which it is a party
      and the establishment of Transaction Security pursuant to the Security
      Documents to which it is a party, do not and will not conflict
  with:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.4.1 </TD>
    <TD>
      <P align=justify>any law or regulation applicable to it;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.4.2 </TD>
    <TD>
      <P align=justify>its or any of its Subsidiaries' constitutional documents;
      or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.4.3 </TD>
    <TD>
      <P align=justify>any material 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 agreement or instrument.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.5 </TD>
    <TD>
      <P align=justify><B>Authorisations</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Except as expressly set out in Schedule 10 (Disclosure
      Schedule) of the Original Common Terms Agreement, all authorisations
      required:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.5.1 </TD>
    <TD>
      <P align=justify>to enable it lawfully to enter into, exercise its rights
      and comply with its obligations under the Finance Documents to which it is
      a party;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.5.2 </TD>
    <TD>
      <P align=justify>to make the Finance Documents to which it is a party
      admissible in evidence in its jurisdiction of incorporation; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.5.3 </TD>
    <TD>
      <P align=justify>for it and those of its Subsidiaries which are members of
      the Group to carry on their respective businesses in the ordinary course
      and in all material respects as they are being
conducted, have been obtained or effected and are in full force and
  effect.</P></TD></TR></TABLE>
<P align=center>5</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="10%" >4.6 </TD>
    <TD>
      <P align=justify><B>Repeating Representations</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Repeating
Representations:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.6.1 </TD>
    <TD>
      <P align=justify>are true; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.6.2 </TD>
    <TD>
      <P align=justify>would also be true if references to the Original Common
      Terms Agreement were construed as references to the Original Common Terms
      Agreement as amended by this Agreement.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>In each case, each Repeating
Representation is made by reference to the circumstances existing at the
Signature Date. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>GUARANTEES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On the Effective Date, each
Obligor:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.1 </TD>
    <TD>
      <P align=justify>confirms its acceptance of the Amendment
  Documents;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >5.2 </TD>
    <TD>
      <P align=justify>agrees that it is bound as an Obligor by the terms of the
      Amendment Documents; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >5.3 </TD>
    <TD>
      <P align=justify>(if a Guarantor) confirms that its guarantee under clause
      18 (Guarantee and Indemnity) of the Original Common Terms Agreement and
      under any other Finance Document entered into with a Finance
  Party:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.3.1 </TD>
    <TD>
      <P align=justify>continues in full force and effect on the terms of the
      Amended &amp; Restated Common Terms Agreement; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >5.3.2 </TD>
    <TD>
      <P align=justify>extends to the obligations of the Obligors under the
      Amendment Documents (including the Amended &amp; Restated Common Terms
      Agreement) and the Senior Facility E
Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>SECURITY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On the Effective Date, each Obligor confirms
  that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >6.1 </TD>
    <TD>
      <P align=justify>any Security created by it under the Security Documents
      extends to the obligations of the Obligors under the Finance Documents
      (including the Amended &amp; Restated Common Terms Agreement) and the
      Senior Facility E Agreement; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.2 </TD>
    <TD>
      <P align=justify>the Security created under each Security Document to
      which it is a party continues in full force and effect on the terms of the
      respective Security Documents.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>UNDERTAKINGS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Within 10 Business Days of the Effective Date, the
      Borrower shall notify the lessors where the static automatic teller
      machines are situated in writing that any cash in such in such automatic
      teller machines belongs to the Borrower and not the lessee (the owner of
      the static automatic teller machines).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>MISCELLANEOUS</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >8.1 </TD>
    <TD>
      <P align=justify>This Agreement is a Finance Document.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >8.2 </TD>
    <TD>
      <P align=justify>The Original Common Terms Agreement and this Agreement
      will, from the Effective Date, be read and construed as one
    document.</P></TD></TR></TABLE>
<P align=center>6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >8.3 </TD>
    <TD>
      <P align=justify>Except as otherwise provided in this Agreement, the
      Finance Documents remain in full force and effect without any amendment
      whatsoever.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >8.4 </TD>
    <TD>
      <P align=justify>Except to the extent expressly waived in this Agreement,
      no waiver is given by this Agreement and the Lenders expressly reserve all
      their rights and remedies in respect of any breach of, or other Default
      under, the Finance Documents.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>GOVERNING LAW</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This Agreement is governed by the laws of South
      Africa.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>COUNTERPARTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This Agreement may be executed in any number of
      counterparts. This has the same effect as if the signatures on the
      counterparts were on a single copy of this
Agreement.</P></TD></TR></TABLE>
<P align=center>7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=right><B>SCHEDULE 1 </B></P>
<P align=center><B>THE PARTIES </B></P>
<P align=center><B>PART I <BR></B><B>THE ORIGINAL OBLIGORS </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center bgColor=#eeeeee></TD>
    <TD vAlign=center noWrap align=center width="45%" bgColor=#eeeeee><B>Name
      of Borrower</B> </TD>
    <TD vAlign=center noWrap align=center width="25%"
      bgColor=#eeeeee><B>Jurisdiction of</B> <BR><B>Incorporation</B> </TD>
    <TD vAlign=center noWrap align=center width="25%"
      bgColor=#eeeeee><B>Registration number</B> <BR><B>(or equivalent, if
      any)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>1. </TD>
    <TD align=left width="45%">Net1 Applied Technologies South Africa
      <BR>Proprietary Limited </TD>
    <TD align=center width="25%">South Africa </TD>
    <TD align=center width="25%">2002/031446/07 </TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center bgColor=#eeeeee ></TD>
    <TD vAlign=center noWrap align=center width="45%" bgColor=#eeeeee
    ><B>Name of Original Guarantor</B> </TD>
    <TD vAlign=center noWrap align=center width="25%"
      bgColor=#eeeeee><B>Jurisdiction of</B> <BR><B>Incorporation</B> </TD>
    <TD vAlign=center noWrap align=center width="25%"
      bgColor=#eeeeee><B>Registration number</B> <BR><B>(or equivalent, if
      any)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >1. </TD>
    <TD align=left width="45%" >Net1 UEPS Technologies, Inc. </TD>
    <TD align=center width="25%">State of Florida, <BR>United States </TD>
    <TD align=center width="25%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >2. </TD>
    <TD align=left width="45%" bgColor=#ffffff >Net1 Applied
      Technologies South Africa <BR>Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>2002/031446/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >3. </TD>
    <TD align=left width="45%" bgColor=#ffffff >Cash Paymaster
      Services Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>1971/007195/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >4. </TD>
    <TD align=left width="45%" bgColor=#ffffff >EasyPay
      Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>1983/008597/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >5. </TD>
    <TD align=left width="45%" bgColor=#ffffff >Manje Mobile
      Electronic Payment Services <BR>Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>2008/004377/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >6. </TD>
    <TD align=left width="45%" bgColor=#ffffff >Moneyline
      Financial Services Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>1998/020799/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >7. </TD>
    <TD align=left width="45%" bgColor=#ffffff >Net1 FIHRST
      Holdings Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>2009/022023/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >8. </TD>
    <TD align=left width="45%" bgColor=#ffffff >Net1 Finance
      Holdings Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>1998/020801/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >9. </TD>
    <TD align=left width="45%" bgColor=#ffffff >Net1 Mobile
      Solutions Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>2006/009851/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >10. </TD>
    <TD align=left width="45%" bgColor=#ffffff >Net1 Universal
      Electronic Technological Solutions <BR>Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>2009/001034/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >11. </TD>
    <TD align=left width="45%" bgColor=#ffffff >Prism Holdings
      Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>1998/018949/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >12. </TD>
    <TD align=left width="45%" bgColor=#ffffff >Prism Payment
      Technologies Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>1990/005062/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >13. </TD>
    <TD align=left width="45%" bgColor=#ffffff >RMT Systems
      Proprietary Limited </TD>
    <TD align=center width="25%" bgColor=#ffffff>South Africa </TD>
    <TD align=center width="25%" bgColor=#ffffff>2001/028826/07
</TD></TR></TABLE></DIV>
<P align=center>8</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=center><B>PART II <BR></B><B>THE ORIGINAL SENIOR LENDERS </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD vAlign=center noWrap align=center bgColor=#eeeeee >&nbsp;
    </TD>
    <TD vAlign=center noWrap align=center width="95%" bgColor=#eeeeee><B>Name
      of Lender</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >1. </TD>
    <TD align=left width="95%">FirstRand Bank Limited (acting through its Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff >2. </TD>
    <TD align=left width="95%" bgColor=#ffffff>Nedbank Limited (acting through
      its Corporate and Investment Banking division) </TD></TR></TABLE></DIV>
<P align=center>9</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=right><B>SCHEDULE 2 </B></P>
<P align=justify><B>CONDITIONS PRECEDENT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD>
      <P align=justify><B>ORIGINAL OBLIGORS</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.1 </TD>
    <TD>
      <P align=justify>A copy of the constitutional documents of each Original
      Obligor.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >1.2 </TD>
    <TD>
      <P align=justify>A copy of a resolution of the board of directors of each
      Original Obligor and other members of the Group which are party to a
      Finance Document:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.2.1 </TD>
    <TD>
      <P align=justify>approving the terms of, and the transactions contemplated
      by, this Agreement and (in the case of the Borrower) the Senior Facility E
      Agreement and resolving that it execute this Agreement and (in the case of
      the Borrower) the Senior Facility E Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.2 </TD>
    <TD>
      <P align=justify>authorising it, for all purposes required under sections
      45 and/or 46 of the Companies Act (as applicable), to provide the
      "<I>financial assistance</I>" and to make any "<I>distribution</I>" that
      may arise as a result of its entry into of this Agreement and (in the case
      of the Borrower) the Senior Facility E Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.3 </TD>
    <TD>
      <P align=justify>authorising a specified person or persons to execute this
      Agreement and (in the case of the Borrower) the Senior Facility E
      Agreement on its behalf; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.4 </TD>
    <TD>
      <P align=justify>authorising a specified person or persons, on its behalf,
      to sign and/or despatch all documents and notices to be signed and/or
      despatched by it under or in connection with this Agreement and (in the
      case of the Borrower) the Senior Facility E
Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.3 </TD>
    <TD>
      <P align=justify>A copy of a special resolution duly passed by the holders
      of the issued shares of each Original Guarantor authorising it, for all
      purposes required under section 45 of the Companies Act, to provide the
      "<I>financial assistance</I>" that may arise as a result of its entry into
      this Agreement and (in the case of the Borrower) the Senior Facility E
      Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >1.4 </TD>
    <TD>
      <P align=justify>A specimen of the signature of each person authorised by
      the resolution referred to in paragraph 1.2 above.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >1.5 </TD>
    <TD>
      <P align=justify>A certificate of the Borrower and each other Original
      Obligor (signed by a director or other authorised
  signatory):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.5.1 </TD>
    <TD>
      <P align=justify>confirming that borrowing or guaranteeing, as
      appropriate, the Total Commitments would not cause any borrowing,
      guaranteeing or similar limit binding on it to be exceeded.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.5.2 </TD>
    <TD>
      <P align=justify>certifying that each copy document relating to it
      specified in this Schedule 2 is correct, complete and in full force and
      effect as at a date no earlier than the Effective
Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.6 </TD>
    <TD>
      <P align=justify>A certificate of the Borrower (signed by a director or
      other authorised signatory) confirming as at the Effective Date
    that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.6.1 </TD>
    <TD>
      <P align=justify>no Default or Event of Default has occurred or is
      continuing or will result from the execution of this Agreement and the
      Senior Facility E Agreement;</P></TD></TR></TABLE>
<P align=center>10</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.6.2 </TD>
    <TD>
      <P align=justify>the representations and warranties set out in Clause 19
      (Representations) of the Amended &amp; Restated Common Terms Agreement are
      true and correct in all respects;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.6.3 </TD>
    <TD>
      <P align=justify>that no event or series of events or circumstances has
      occurred or arisen which, in the Borrower&#146;s opinion, is likely to have a
      Material Adverse Effect;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.6.4 </TD>
    <TD>
      <P align=justify>that no investigation, litigation, arbitration or
      administrative proceedings of or before any court, arbitral body,
      competent competition authority or other regulatory authority or
      government agency which, if adversely determined, will have or is
      reasonably likely to have a Material Adverse Effect have, to the best of
      its knowledge and belief, been started or threatened against it or any
      member of the Group.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.7 </TD>
    <TD>
      <P align=justify>If such Original Obligor is a US Guarantor, a certificate
      as to the existence and good standing (including verification of tax
      status, if generally available) of such US Guarantor from the appropriate
      governmental authorities in such US Guarantor&#146;s jurisdiction of
      organisation, in form and substance satisfactory to the Facility Agent and
      its counsel.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >1.8 </TD>
    <TD>
      <P align=justify>If such Original Obligor is a US Guarantor, a solvency
      certificate signed by the chief financial officer or chief accounting
      officer of such Obligor in form and substance satisfactory to the Facility
      Agent and its counsel.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>Legal opinions</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.1 </TD>
    <TD>
      <P align=justify>A legal opinion of Webber Wentzel, legal advisers to the
      Finance Parties, addressed to the Facility Agent for and on behalf of the
      Finance Parties, substantially in the form distributed to the Original
      Senior Lenders prior to signing this Agreement in respect of the legality,
      validity and enforceability of this Agreement and the Senior Facility E
      Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.2 </TD>
    <TD>
      <P align=justify>A legal opinion of Cliffe Dekker Hofmeyr, legal advisers
      to the Obligors in South Africa, addressed to the Facility Agent for and
      on behalf of the Finance Parties, substantially in the form distributed to
      the Original Senior Lenders prior to signing this Agreement, in respect of
      the capacity, powers and authority of those members of the Group
      incorporated in South Africa which are party to the Finance Documents, to
      enter into and perform their obligations under this Agreement and the
      Senior Facility E Agreement and the due execution of this Agreement and
      the Senior Facility E Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.3 </TD>
    <TD>
      <P align=justify>A legal opinion of DLA Piper, legal advisers to the
      Finance Parties in the US, addressed to the Facility Agent for and on
      behalf of the Finance Parties, substantially in the form distributed to
      the Original Senior Lenders prior to signing this Agreement, in respect of
      the capacity, powers and authority of those members of the Group
      incorporated in the US which are party to the Finance Documents, to enter
      into and perform their obligations under this Agreement and the due
      execution of this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>Finance Documents</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >3.1 </TD>
    <TD>
      <P align=justify>An original of each of the following Finance Documents
      duly entered into by each Party to it:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >3.1.1 </TD>
    <TD>
      <P align=justify>this Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.2 </TD>
    <TD>
      <P align=justify>the Intercreditor Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.3 </TD>
    <TD>
      <P align=justify>the Senior Facility E Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.4 </TD>
    <TD>
      <P align=justify>the Senior Facility E Security
Cession;</P></TD></TR></TABLE>
<P align=center>11</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >3.1.5 </TD>
    <TD>
      <P align=justify>the Senior Facility E Cash Pledge; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.6 </TD>
    <TD>
      <P align=justify>a Fee Letter.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >3.2 </TD>
    <TD>
      <P align=justify>A copy of all notices required to be sent,
      acknowledgements required to be delivered and other documents required to
      be executed under the Senior Facility E Security Cession and Senior
      Facility E Cash Pledge, duly executed by the persons party
  thereto.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>Credit Approval</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The approval of the credit committee of each Original
      Lender of the grant of Senior Facility E to the Borrower under the Finance
      Documents.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>Know Your Customer Requirements</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Such documentation and other evidence as is reasonably
      requested by the Facility Agent (for itself or on behalf of any other
      Finance Party) to carry out and be satisfied that it has complied with all
      necessary know your customer 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.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>Other documents and
evidence</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >6.1 </TD>
    <TD>
      <P align=justify>A copy of the Fidelity Insurance Policy.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.2 </TD>
    <TD>
      <P align=justify>A copy of the Fidelity Cash-in-Transit
  Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.3 </TD>
    <TD>
      <P align=justify>A copy of any other authorisation or other document,
      opinion or assurance which the Facility Agent considers to be necessary
      (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.</P></TD></TR></TABLE>
<P align=center>12</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=right><B>SCHEDULE 3 </B></P>
<P align=center><B>AMENDED AND RESTATED COMMON TERMS AGREEMENT </B></P>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align=right><B>EXECUTION</B></P>
<P align=center><B>COMMON TERMS AGREEMENT </B></P>
<P align=center><B>ORIGINALLY DATED 21 JULY, 2017 <BR>AS AMENDED AND
RESTATED ON 9 MARCH, 2018 AND 26 SEPTEMBER 2018 </B></P>
<P align=center><B>SENIOR TERM LOAN FACILITIES </B></P>
<P align=center>for </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED
<BR></B>(the Borrower)<B> </B></P>
<P align=center>with </P>
<P align=center><B>NET1 UEPS TECHNOLOGIES, INC <BR></B>(Holdco) </P>
<P align=center>arranged by </P>
<P align=center><B>FIRSTRAND BANK LIMITED <BR>(ACTING THROUGH ITS RAND
MERCHANT BANK DIVISION) <BR>NEDBANK LIMITED <BR>(ACTING THROUGH ITS
CORPORATE AND INVESTMENT BANKING DIVISION) <BR></B>(the Arrangers) </P>
<P align=center>and </P>
<P align=center><B>THE FINANCIAL INSTITUTIONS LISTED IN PART II <BR>OF SCHEDULE
1 (THE ORIGINAL PARTIES) <BR></B>(the Original Senior Lender) </P>
<P align=center>with </P>
<P align=center><B>FIRSTRAND BANK LIMITED <BR>(ACTING THROUGH ITS RAND
MERCHANT BANK DIVISION) <BR></B>(the Facility Agent)<B> </B></P>
<P align=right>
<IMG src="exhibit10-95x2x1x1.jpg" border=0 width="169" height="47"> </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center><B>CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      colSpan=2><B>Clause</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right
      width="10%"><B>Page</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_4">1.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_4">Definitions
      and Interpretation </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_4">1
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_30">2.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_30">The
      Senior Facilities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_30">27
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_32">3.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_32">Purpose
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_32">29
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_32">4.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_32">Conditions
      of Utilisation </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_32">29
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_33">5.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_33">Utilisation
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_33">30
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_34">6.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_34">Repayment
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_34">31
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_34">7.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_34">Prepayment
      and Cancellation </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_34">31
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_41">8.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_41">Prepayment
      Offers and priorities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_41">38
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_44">9.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_44">Interest
      and Interest Periods </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_44">41
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_44">10.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_44">Changes
      to the Calculation of Interest </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_44">41
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_45">11.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_45">Break
      Costs and Break Gains </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_45">42
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_45">12.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_45">Fees
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_45">42
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_47">13.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_47">Tax
      Gross-up and Indemnities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_47">44
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_50">14.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_50">Changes
      in Costs </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_50">47
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_52">15.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_52">Other
      Indemnities </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_52">49
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_53">16.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_53">Mitigation
      by the Lenders </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_53">50
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_54">17.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_54">Costs
      and Expenses </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_54">51
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_55">18.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_55">Guarantee
      and Indemnity </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_55">52
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_60">19.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_60">Representations
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_60">57
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_68">20.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_68">Information
      Undertakings </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_68">65
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_72">21.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_72">Financial
      Covenants </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_72">69
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_74">22.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_74">General
      Undertakings </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_74">71
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_90">23.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_90">Events
      of Default </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_90">87
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_96">24.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_96">Changes
      to the Lenders </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_96">93
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_98">25.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_98">Changes
      to the Obligors </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_98">95
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_100">26.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_100">The
      Administrative Parties </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_100">97
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_100">27.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_100">Sharing
      Among the Finance Parties </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_100">97
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_102">28.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_102">Conduct
      of Business by the Finance Parties </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_102">99
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_102">29.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_102">Finance
      Party Rights </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_102">99
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_103">30.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_103">Payment
      Mechanics </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_103">100
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_105">31.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_105">Set-off
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_105">102
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_105">32.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_105">Calculations
      and Certificates </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_105">102
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_105">33.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_105">Notices
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_105">102
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_109">34.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_109">Amendments
      and Waivers </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_109">106
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_109">35.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_109">Confidentiality
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_109">106
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_111">36.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_111">General
      Provisions </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_111">108
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_113">37.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_113">Governing
      Law </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_113">110
      </A></TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_3></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_113">38.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_113">Jurisdiction
      </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_113">110
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_113">39.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_113">Waiver
      of Jury Trial </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_113">110
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_113">40.
      </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_113">Waiver
      of Immunity </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_113">110
      </A></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_115">Schedule
      1 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_115">The
      Original Parties </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_115">112
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_117">Schedule
      2 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_117">Conditions
      Precedent </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_117">114
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_123">Schedule
      3 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_123">Form
      of Transfer Certificate </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_123">120
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_126">Schedule
      4 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_126">Forms
      of Accession Letter </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_126">123
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_129">Schedule
      5 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_129">Form
      of Resignation Letter </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_129">126
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_131">Schedule
      6 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_131">Form
      of Compliance Certificate </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_131">128
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_133">Schedule
      7 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_133">Form
      of Auditors Certification </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_133">130
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_136">Schedule
      8 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_136">Acceptable
      Lenders </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_136">133
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_137">Schedule
      9 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_137">Form
      of Confidentiality Undertaking </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_137">134
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_141">Schedule
      10 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_141">Disclosure
      Schedule </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_141">138
      </A></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="80%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_142">Schedule
      11 </A></TD>
    <TD align=left width="80%" bgColor=#eeeeee><A
      href="#page_142">Dormant
      Subsidiaries </A></TD>
    <TD align=right width="10%" bgColor=#eeeeee><A
      href="#page_142">139
      </A></TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=justify><B>THIS AGREEMENT</B> is made between: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
      LIMITED</B>, registration number 2002/031446/07 (the
    <B>Borrower</B>);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify><B>NET1 UEPS TECHNOLOGIES, INC. </B>a Florida corporation
      (<B>Holdco</B>);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify><B>THE PARTIES </B>listed in Part I of Schedule 1 (The
      Original Parties) as original guarantors (the <B>Original
      Guarantors</B>);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND
      MERCHANT BANK DIVISION) </B>and <B>NEDBANK LIMITED (ACTING THROUGH ITS
      CORPORATE AND INVESTMENT BANKING DIVISION)</B>, as mandated lead arrangers
      (in this capacity, the <B>Arrangers</B>);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify><B>THE FINANCIAL INSTITUTIONS </B>listed in Part II of
      Schedule 1 (The Original Parties) as original lenders (in this capacity,
      the <B>Original Senior Lenders</B>); and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND
      MERCHANT BANK DIVISION) </B>as agent of the other Finance Parties (the
      <B>Facility Agent</B>).</P></TD></TR></TABLE>
<P align=justify><B>IT IS AGREED </B>as follows<B>:</B> </P>
<P align=center><B>SECTION 1 <BR>INTERPRETATION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>DEFINITIONS AND
INTERPRETATION</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.1 </TD>
    <TD>
      <P align=justify><B>Definitions</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>In this Agreement: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.1 </TD>
    <TD>
      <P align=justify><B>Acceptable Bank </B>means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any of Absa Bank Limited, Capitec Bank Limited, FirstRand
      Bank Limited, Grindrod Bank Limited, Investec Bank Limited, Nedbank
      Limited and The Standard Bank of South Africa Limited;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a bank or financial institution which has an
      international rating for its long-term unsecured and non-credit enhanced
      debt obligations of BBB- or higher by Standard &amp; Poor's Ratings
      Services or Baa3 or higher by Moody's Investor Services Limited, or a
      comparable rating from an internationally recognised credit rating agency;
      or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any other bank or financial institution approved by the
      Facility Agent;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.2 </TD>
    <TD>
      <P align=justify><B>Accession Letter </B>means a document substantially in
      the form set out in Part I of Schedule 4 (Form of Accession
  Letter);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.3 </TD>
    <TD>
      <P align=justify><B>Additional Guarantor </B>means a person which becomes
      an Additional Guarantor in accordance with Clause 25.2 (Additional
      Guarantors);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.4 </TD>
    <TD>
      <P align=justify><B>Administrative Parties </B>means the Arranger and the
      Facility Agent (and <B>Administrative Party</B>, as the context requires,
      means any of them);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.5 </TD>
    <TD>
      <P align=justify><B>Affiliate</B>, in relation to any person, means a
      Subsidiary of that person or a Holding Company of that person, or any other
Subsidiary of that Holding Company; </P></TD></TR></TABLE>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">1.1.6 </TD>
    <TD>
      <P align=justify><B>Applicable Margin </B>means, for any amount (including
      an Unpaid Sum) outstanding under a particular Senior Facility, the rate
      per annum specified as such in the applicable Senior Facility
      Agreement;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.7 </TD>
    <TD>
      <P align=justify><B>Approved Bank </B>means an Acceptable Bank which has
      been given and has acknowledged all notices (if any) required to be given
      to it under an applicable Security Agreement;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.8 </TD>
    <TD>
      <P align=justify><B>Auditors </B>means Deloitte, or any other firm
      appointed or otherwise approved in advance by the Facility Agent in
      accordance with Clause 20.5.2 (Auditors);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.9 </TD>
    <TD>
      <P align=justify><B>Availability Period</B>, in relation to Senior
      Facility A, Senior Facility B, Senior Facility C, Senior Facility D or
      Senior Facility E, has the meaning given to that term in the applicable
      Senior Facility Agreement;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.10 </TD>
    <TD>
      <P align=justify><B>Available Commitment</B>, in relation to Senior
      Facility A, Senior Facility B, Senior Facility C, Senior Facility D or
      Senior Facility E, means a Lender's Commitment under that Senior Facility
      minus:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the amount of its participation in any outstanding Loans
      under that Senior Facility; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>in relation to any proposed Utilisation, the amount of
      its participation in any Utilisations that are due to be made under that
      Senior Facility on or before the proposed Utilisation
  Date;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">1.1.11 </TD>
    <TD>
      <P align=justify><B>Available Distribution Amount </B>means, at any
      relevant time, the maximum amount that the Borrower is entitled to pay to
      Holdco by way of cash distribution at that time, as determined in
      accordance with the conditions set out in Clause 22.19.2
      (Distributions);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.12 </TD>
    <TD>
      <P align=justify><B>Available Facility</B>, in relation to Senior Facility
      A, Senior Facility B, Senior Facility C, Senior Facility D or Senior
      Facility E, means the aggregate for the time being of each Lender's
      Available Commitment in respect of that Senior Facility;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.13 </TD>
    <TD>
      <P align=justify><B>Base Rate </B>means for an Interest Period of any Loan
      or Unpaid Sum, JIBAR, or for an Interest Period of a Loan which is less
      than a full period of three months (a <B>Broken JIBAR Period</B>), the
      rate determined in accordance with the following
formula:</P></TD></TR></TABLE>
<P align=center>
<IMG src="exhibit10-95x2x5x1.jpg" border=0 width="201" height="42"> </P>
<P style="MARGIN-LEFT: 15%" align=justify>where: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%" align=left>R </TD>
    <TD align=center width="5%">= </TD>
    <TD align=left width="75%">the Base Rate; </TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD align=center width="5%">&nbsp; </TD>
    <TD width="75%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="15%"></TD>
    <TD width="5%" align=left>R<SUB>1</SUB> </TD>
    <TD align=center width="5%">= </TD>
    <TD align=left width="75%">JIBAR for the period closest to but less than
      the Broken JIBAR Period plus, if this would result in R<SUB>1 </SUB>being
      equal to the JIBAR Overnight Deposit Rate, 0.10 per cent.; </TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD align=center width="5%">&nbsp; </TD>
    <TD width="75%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="15%"></TD>
    <TD width="5%" align=left>R<SUB>2</SUB> </TD>
    <TD align=center width="5%">= </TD>
    <TD align=left width="75%">JIBAR for the period closest to but greater
      than the Broken JIBAR Period; </TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp; </TD>
    <TD align=center width="5%">&nbsp; </TD>
    <TD width="75%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%" align=left>T </TD>
    <TD align=center width="5%">= </TD>
    <TD align=left width="75%">the number of days in the Broken JIBAR Period;
    </TD></TR></TABLE>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_6></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%"  >&nbsp;</TD>
    <TD width="5%" align=left >T<SUB>1</SUB> </TD>
    <TD align=center width="5%" >= </TD>
    <TD align=left width="75%">the number of days in the period for
      which R<SUB>1</SUB> is quoted on the first day of the Broken JIBAR Period;
    </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%" align=left >&nbsp; </TD>
    <TD align=center width="5%" >&nbsp; </TD>
    <TD width="75%">&nbsp;  </TD>
    </TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%" align=left >T<SUB>2</SUB> </TD>
    <TD align=center width="5%" >= </TD>
    <TD align=left width="75%">the number of days in the period for
      which R<SUB>2</SUB> is quoted on the first day of the Broken JIBAR Period;
    </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.14 </TD>
    <TD>
      <P align=justify><B>BEE Party </B>means a juristic person, trust or entity
      in respect of which historically disadvantaged persons beneficially hold
      and control at least the minimum percentage ownership interests therein
      and/or derive therefrom the minimum economic benefits as may be stipulated
      from time to time pursuant to the applicable industry sector charter, as
      read with any applicable black economic empowerment codes of conduct and
      which, in any case, is not a member of the Group;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.15 </TD>
    <TD>
      <P align=justify><B>Cash Distribution </B>has the meaning given to it in
      Clause 22.19.2 (Distributions);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.16 </TD>
    <TD>
      <P align=justify><B>Cash Distribution Prepayment Amount </B>has the
      meaning given to it in Clause 22.19.2(f) (Distributions);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.17 </TD>
    <TD>
      <P align=justify><B>Cell C </B>means Cell C Proprietary Limited
      (registration number 1999/007722/07), a company registered under the laws
      of South Africa;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.18 </TD>
    <TD>
      <P align=justify><B>Cell C Shares </B>means 75,000,000 shares in the share
      capital of Cell C;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.19 </TD>
    <TD>
      <P align=justify><B>Break Costs</B>, in relation to any Senior Facility,
      has the meaning given to that term in the applicable Senior Facility
      Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.20 </TD>
    <TD>
      <P align=justify><B>Break Gains </B>in relation to any Senior Facility,
      has the meaning given to that term in the applicable Senior Facility
      Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.21 </TD>
    <TD>
      <P align=justify><B>Business Day </B>means a day (other than a Saturday, a
      Sunday or official public holiday) on which banks are open for general
      business in Johannesburg;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.22 </TD>
    <TD>
      <P align=justify><B>Cash Paymaster </B>means Cash Paymaster Services
      Proprietary Limited (registration number 1971/007195/07), a company
      registered under the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.23 </TD>
    <TD>
      <P align=justify><B>Closing Date </B>means the date on which the Facility
      Agent issues the notice contemplated by Clause 4.1 (Initial conditions
      precedent);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.24 </TD>
    <TD>
      <P align=justify><B>Commitment </B>means a Senior Facility A Commitment, a
      Senior Facility B Commitment, a Senior Facility C Commitment, a Senior
      Facility D Commitment or a Senior Facility E Commitment;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.25 </TD>
    <TD>
      <P align=justify><B>Companies Act </B>means the Companies Act, 2008,
      including all regulations promulgated under that act;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.26 </TD>
    <TD>
      <P align=justify><B>Compliance Certificate </B>means a certificate
      substantially in the form set out in Schedule 6 (Form of Compliance
      Certificate) or otherwise in the agreed form;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.27 </TD>
    <TD>
      <P align=justify><B>Confidential Information </B>means all information
      relating to the Borrower, any other Obligor, the Group, the Finance
      Documents or a Senior Facility in the possession of a Finance Party 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 Senior Facility from
      either:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any member of the Group or any of its advisers;
  or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>another Finance Party, if the information was obtained by
      that Finance Party directly or indirectly from any member
of the Group, </P></TD></TR></TABLE>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P style="MARGIN-LEFT: 15%" align=justify>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: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>is or becomes public information other than as a result
      of any breach by that Finance Party of Clause 35 (Confidentiality);
    or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>is identified in writing at the time of delivery as
      non-confidential by any member of the Group or any of its advisers;
    or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>is known by that Finance Party before the date the
      information is disclosed to it in accordance with paragraphs (a) or (b)
      above 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;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.28 </TD>
    <TD>
      <P align=justify><B>Confidentiality Undertaking </B>means a
      confidentiality undertaking substantially in the form set out in Schedule
      9 (Form of Confidentiality Undertaking) or otherwise in the agreed
      form;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.29 </TD>
    <TD>
      <P align=justify><B>Default </B>means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>an Event of Default; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any event or circumstance which (with the expiry of any
      applicable grace period, the giving of notice, the making of any
      determination under the Finance Documents or any combination of any of the
      foregoing) would be an Event of Default;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.30 </TD>
    <TD>
      <P align=justify><B>Disruption Event </B>means either or both
  of:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>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 Senior
      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</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>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:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>from performing its payment obligations under the Finance
      Documents; or</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>from communicating with other Parties in accordance with
      the terms of the Finance Documents,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and which (in either such case) is not
caused by, and is beyond the control of, the Party whose operations are
disrupted; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.31 </TD>
    <TD>
      <P align=justify><B>DNI </B>means DNI-4PL Contracts Proprietary Limited
      (registration number 2005/040937/07), a company registered under the laws
      of South Africa;</P></TD></TR></TABLE>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_8></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.32 </TD>
    <TD>
      <P align=justify><B>DNI Shares </B>means 44,999,999 shares in the share
      capital of DNI;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.33 </TD>
    <TD>
      <P align=justify><B>Dormant Subsidiary </B>means each member of the Group
      listed in Schedule 11 (Dormant Subsidiaries);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.34 </TD>
    <TD>
      <P align=justify><B>Environment </B>means humans, animals, plants and all
      other living organisms including the ecological systems of which they form
      part and the following media:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>air (including, without limitation, air within natural or
      man-made structures, whether above or below ground);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>water (including, without limitation, territorial,
      coastal and inland waters, water under or within land and water in drains
      and sewers); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>land (including, without limitation, land under
      water);</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.35 </TD>
    <TD>
      <P align=justify><B>Environmental Claim </B>means any claim, litigation,
      arbitral proceedings or administrative proceedings, formal notice or
      investigation by any authority in respect of any Environmental Law or any
      authorisation held (or required to be held) under applicable Environmental
      Law;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.36 </TD>
    <TD>
      <P align=justify><B>Environmental Law </B>means any applicable law or
      regulation which relates to:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the pollution or protection of the Environment;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>harm to or the protection of human health; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>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, without
      limitation, any waste;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.37 </TD>
    <TD>
      <P align=justify><B>Environmental Permit </B>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
      any member of the Group or in respect of any immovable properties owned or
      used by any member of the Group;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.38 </TD>
    <TD>
      <P align=justify><B>Event of Default </B>means any event or circumstance
      specified in Clause 23 (Events of Default);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.39 </TD>
    <TD>
      <P align=justify><B>FATCA </B>means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>sections 1471 to 1474 of the Code, as amended from time
      to time, any current or future regulations or official interpretations
      thereof and any agreements entered into pursuant to section 1471(b) of the
      Code;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>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 (a) above; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any agreement pursuant to the implementation of any
      treaty, law or regulation referred to in paragraphs (a) or (b) above with
      the US Internal Revenue Service, the US government or any governmental or
      taxation authority in any other jurisdiction;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.40 </TD>
    <TD>
      <P align=justify><B>FATCA Deduction </B>means a deduction or withholding
      from a payment under a Finance Document required by
  FATCA;</P></TD></TR></TABLE>
<P align=center>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_9></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.41 </TD>
    <TD>
      <P align=justify><B>FATCA Exempt Party </B>means a Party that is entitled
      to receive payments free from any FATCA Deduction;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.42 </TD>
    <TD>
      <P align=justify><B>Fee Letter </B>means any letter or letters entered
      into by reference to this Agreement, dated on or about the Signature Date,
      between one or more Administrative Parties and the Borrower setting out
      any of the fees referred to in Clause 12 (Fees);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.43 </TD>
    <TD>
      <P align=justify><B>Fidelity Insurance Policy </B>means the contract or
      policy of insurance with Senate Transit Underwriters Managers Proprietary
      Limited insuring cash-in-transit taken out by or on behalf of the Borrower
      on or about 25 September, 2018;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.44 </TD>
    <TD>
      <P align=justify><B>Fidelity Cash-in-Transit Agreement </B>means the
      cash-in transit agreement dated on or about 26 September, 2018 between
      Fidelity Cash Solutions Proprietary Limited and the Borrower;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.45 </TD>
    <TD>
      <P align=justify><B>Final Maturity Date</B>, in relation to any Senior
      Facility, has the meaning given to that term in the applicable Senior
      Facility Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.46 </TD>
    <TD>
      <P align=justify><B>Final Discharge Date </B>means the date on
    which:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Senior Facility A Outstandings, Senior Facility B
      Outstandings, Senior Facility C Outstandings, Senior Facility D
      Outstandings and Senior Facility E Outstandings have been irrevocably and
      unconditionally paid and discharged in full (whether or not as a result of
      enforcement); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>no Finance Party has any commitment whatsoever to provide
      finance or any other form of credit or financial accommodation to any
      person under any Finance Document,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>as certified in writing by the
Facility Agent (acting on the instructions of all the Lenders) within 5 Business
Days of receipt of a request for confirmation from the Borrower, if all the
requirements above have in fact been met; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.47 </TD>
    <TD>
      <P align=justify><B>Finance Document
</B>means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>this Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the First Amendment and Restatement Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Second Amendment and Restatement Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>each Senior Facility Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the Subordination Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the Master Implementation and Funds Flow
  Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>each Security Document;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>any Fee Letter;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Intercreditor Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>a Transfer Certificate;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>any Accession Letter;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>any Resignation Letter;</P></TD></TR></TABLE>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_10></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>any Utilisation Request;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>a Compliance Certificate;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>any document amending any Finance Document referred to in
      this Clause above,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and any other document designated as
such by agreement between the Facility Agent and the Borrower; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.48 </TD>
    <TD>
      <P align=justify><B>Finance Parties </B>means the Lenders and the
      Administrative Parties (and <B>Finance Party</B>, as the context requires,
      means any of them);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.49 </TD>
    <TD>
      <P align=justify><B>Financial Indebtedness </B>means any indebtedness for
      or in respect of:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>moneys borrowed, credit provided and debit balances at
      financial institutions;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any amount raised by acceptance under any acceptance
      credit facility or dematerialised equivalent;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any amount raised pursuant to any note purchase facility
      or the issue of bonds, notes, debentures, loan stock or any similar
      instrument;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the amount of any liability in respect of any lease or
      hire purchase contract which would, in accordance with IFRS, be treated as
      a finance or capital lease;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>receivables sold or discounted (other than any
      receivables to the extent they are sold on a non-recourse
basis);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>any amount raised under any other transaction (including
      any forward sale or purchase agreement) having the commercial effect of a
      borrowing;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>any Treasury Transaction (and, when calculating the value
      of that Treasury Transaction, only the mark-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);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>any amount raised by the issue of a share which by its
      terms (or by the terms of any security into which it is convertible or for
      which it is exchangeable) is or may become mandatorily redeemable or
      redeemable at the option of its holder (including upon the occurrence of
      any default under the terms of issue of any such share);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>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; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>the amount of any liability in respect of any guarantee
      or indemnity for any of the items referred to in paragraphs (a) to (i)
      above;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.50 </TD>
    <TD>
      <P align=justify><B>First Amendment and Restatement Agreement </B>means
      the written agreement entitled "First Amendment and Restatement
      Agreement", dated on or about 9 March, 2018, between, amongst others, the
      Borrower (as borrower), the Original Senior Facility D Lender (as lender)
      and the Facility Agent;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.51 </TD>
    <TD>
      <P align=justify><B>Fraudulent Transfer Law </B>means any applicable US
      Bankruptcy Law or any applicable US state fraudulent transfer or
      conveyance law;</P></TD></TR></TABLE>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_11></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.52 </TD>
    <TD>
      <P align=justify><B>Group </B>means the Borrower and each of its
      Subsidiaries from time to time, but excluding Smart Life;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.53 </TD>
    <TD>
      <P align=justify><B>Group Structure Chart </B>means the written group
      structure diagram delivered to the Facility Agent pursuant to Clause 4.1
      (Initial conditions precedent) and Schedule 2 (Conditions Precedent) on or
      before the Closing Date;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.54 </TD>
    <TD>
      <P align=justify><B>Guarantor </B>means an Original Guarantor or an
      Additional Guarantor;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.55 </TD>
    <TD>
      <P align=justify><B>Holding Company</B>, in relation to a company or
      corporation, means any other company or corporation in respect of which it
      is a Subsidiary;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.56 </TD>
    <TD>
      <P align=justify><B>IFRS </B>means international accounting standards
      within the meaning of IAS Regulation (EC) No 1606/2002 of the European
      Parliament and of the Council of the European Union, to the extent
      applicable to the relevant financial statements;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.57 </TD>
    <TD>
      <P align=justify><B>Insurance </B>means any contract or policy of
      insurance and reinsurance taken out by or on behalf of a member of the
      Group or under which it has a right to claim;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.58 </TD>
    <TD>
      <P align=justify><B>Intellectual Property Rights
  </B>means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any know-how, patent, trade mark, service mark, design,
      invention, trading or business name, domain name, topographical or similar
      right;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any copyright, data base or other intellectual property
      right; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any interest and rights to use (including by way of
      licence) in the above,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>in each case whether registered or
not, and includes any related application; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.59 </TD>
    <TD>
      <P align=justify><B>Intercreditor Agreement </B>means the intercreditor
      agreement between the Finance Parties in relation to this Agreement and
      the other Finance Documents;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.60 </TD>
    <TD>
      <P align=justify><B>Interest Period</B>, in relation to any Senior
      Facility, has the meaning given to that term in the applicable Senior
      Facility Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.61 </TD>
    <TD>
      <P align=justify><B>Interest Payment Date</B>, in relation to any Senior
      Facility, has the meaning given to that term in the applicable Senior
      Facility Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.62 </TD>
    <TD>
      <P align=justify><B>ITA </B>means the Income Tax Act 58 of 1962;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.63 </TD>
    <TD>
      <P align=justify><B>JIBAR </B>means, for an Interest Period of any Loan or
      Unpaid Sum:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the applicable Screen Rate; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>(if no Screen Rate is available for the Interest Period
      of that Loan or Unpaid Sum) the arithmetic mean of the rates (rounded
      upwards to four decimal places), as supplied to the Facility Agent at its
      request, quoted by the Reference Banks to leading banks in the
      Johannesburg interbank market,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>as of 11h00 on the Quotation Day for
the offering of deposits in Rand for a period comparable to that Interest
Period; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.64 </TD>
    <TD>
      <P align=justify><B>JIBAR Overnight Deposit Rate </B>means, for an
      Interest Period of any Loan or Unpaid Sum:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the applicable Screen Rate; or</P></TD></TR></TABLE>
<P align=center>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<p><A name=page_12></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>(if no Screen Rate is available for the Interest Period
      of that Loan or Unpaid Sum) the arithmetic mean of the rates (rounded
      upwards to four decimal places), as supplied to the Facility Agent at its
      request, quoted by the Reference Banks to leading banks in the
      Johannesburg interbank market,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>as of 11h00 on the Quotation Day for
the offering of overnight deposits in Rand; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.65 </TD>
    <TD>
      <P align=justify><B>Joint Venture </B>means any joint venture entity,
      whether a company, unincorporated firm, undertaking, association, joint
      venture or partnership (whether an <I>en commandite </I>partnership or any
      other partnership) or similar person, comprising an association of two or
      more persons to undertake a business enterprise through a combination of
      assets and/or expertise;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.66 </TD>
    <TD>
      <P align=justify><B>Lenders </B>means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Senior Facility A Lenders;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Senior Facility B Lenders;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Senior Facility C Lenders;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the Senior Facility D Lenders; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the Senior Facility E Lenders,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and <B>Lender</B>, as the context
requires, means any of them; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.67 </TD>
    <TD>
      <P align=justify><B>Loan </B>means a loan made or to be made under a
      Senior Facility, or the principal amount outstanding of that loan from
      time to time;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.68 </TD>
    <TD>
      <P align=justify><B>Longstop Date </B>means 31 July, 2017;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.69 </TD>
    <TD>
      <P align=justify><B>Master Implementation and Funds Flow Agreement
      </B>means the implementation and funds flow agreement, dated on or about
      14 July, 2017, between, among others, Cell C and the Borrower;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.70 </TD>
    <TD>
      <P align=justify><B>Material Adverse Effect </B>means an event or
      circumstance which has or is reasonably likely to have a material adverse
      effect on:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the business, operations, property or condition
      (financial or otherwise) of the Borrower, any other Obligor and/or the
      Group taken as a whole;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the ability of an Obligor to perform its obligations
      under the Finance Documents; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the validity or enforceability of the Finance Documents
      or the validity or enforceability of, or the effectiveness or ranking of
      any Transaction Security granted or purported to be granted pursuant to
      any of the Finance Documents or the rights or remedies of any Finance
      Party under any of the Finance Documents;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.71 </TD>
    <TD>
      <P align=justify><B>Material Subsidiary </B>means a Subsidiary of the
      Borrower whose gross assets, EBITDA (as defined in this Clause below) or
      total revenue equal or exceed 5.00 per cent. or more of the gross assets,
      Consolidated EBITDA or total revenue of the Group. For this
  purpose:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the gross assets, EBITDA or total revenue of a Subsidiary
      of the Borrower will be determined using the latest audited
consolidated financial statements of the Borrower; </P></TD></TR></TABLE>
<P align=center>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<p><A name=page_13></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>if a Subsidiary of the Borrower becomes a member of the
      Group after the date on which the latest audited consolidated financial
      statements of the Borrower have been prepared, the gross assets, EBITDA or
      total revenue of that Subsidiary will be determined from its latest
      consolidated financial statements;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the gross assets, Consolidated EBITDA or total revenue of
      the Group will be determined from the latest audited consolidated
      financial statements of the Borrower;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the <B>EBITDA </B>of a Subsidiary (or a company or
      business subsequently acquired or disposed of) will be determined on the
      same basis as Consolidated EBITDA (as defined in Clause 1.2 (Financial
      Definitions)), except that references to the Borrower will be construed as
      references to that Subsidiary, company or
business.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>Notwithstanding the above, each of the
following companies will be a Material Subsidiary: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>each Original Guarantor (other than the
  Borrower);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>any Subsidiary of the Borrower which is a direct Holding
      Company of an Obligor;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>each directly or indirectly wholly-owned Subsidiary of
      the Borrower (other than any Dormant Subsidiary); or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>any member of the Group to which an Obligor or a Material
      Subsidiary disposes of all or any substantial part of its assets (on the
      date of that transfer and for any applicable period
  thereafter);</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.72 </TD>
    <TD>
      <P align=justify><B>Moneyline </B>means Moneyline Financial Services
      Proprietary Limited (registration number 1998/020799/07), a company
      registered under the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.73 </TD>
    <TD>
      <P align=justify><B>Month </B>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:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>(subject to paragraph (c) below) 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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>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;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>The above rules will only apply to the
last Month of any period; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.74 </TD>
    <TD>
      <P align=justify><B>Obligors </B>means the Borrower, Holdco and the
      Guarantors (and <B>Obligor</B>, as the context requires, means any of
      them);</P></TD></TR></TABLE>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<p><A name=page_14></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">1.1.75 </TD>
    <TD>
      <P align=justify><B>Original Financial Statements </B>means the audited
      consolidated financial statements of the Borrower for the financial year
      ended 30 June, 2016;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.76 </TD>
    <TD>
      <P align=justify><B>Original Obligors </B>means the Borrower and the
      Original Guarantors (and <B>Original Obligor</B>, as the context requires,
      means any of them);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.77 </TD>
    <TD>
      <P align=justify><B>Original Senior Facility A Lender </B>means each
      Original Senior Lender which has a Senior Facility A Commitment set
      opposite its name in Column 4 (Senior Facility A Commitment) of the table
      in Part II of Schedule 1 (The Original Parties);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.78 </TD>
    <TD>
      <P align=justify><B>Original Senior Facility B Lender </B>means each
      Original Senior Lender which has a Senior Facility B Commitment set
      opposite its name in Column 5 (Senior Facility B Commitment) of the table
      in Part II of Schedule 1 (The Original Parties);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.79 </TD>
    <TD>
      <P align=justify><B>Original Senior Facility C Lender </B>means each
      Original Senior Facility A Lender;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.80 </TD>
    <TD>
      <P align=justify><B>Original Senior Facility D Lender </B>means the
      Original Senior Lender which has a Senior Facility D Commitment set
      opposite its name in Column 6 (Senior Facility D Commitment) of the table
      in Part II of Schedule 1 (The Original Parties);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.81 </TD>
    <TD>
      <P align=justify><B>Original Senior Facility E Lender </B>means the
      Original Senior Lender which has a Senior Facility E Commitment set
      opposite its name in Column 7 (Senior Facility E Commitment) of the table
      in Part II of Schedule 1 (The Original Parties);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.82 </TD>
    <TD>
      <P align=justify><B>Party </B>means a party to this Agreement;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.83 </TD>
    <TD>
      <P align=justify><B>Permitted Acquisition </B>has the meaning given to
      that term in Clause 22.9 (Acquisitions);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.84 </TD>
    <TD>
      <P align=justify><B>Permitted BEE Transaction </B>means any acquisition of
      shares or interests by or disposal of shares or interest to a BEE Party,
      provided that the transaction is concluded in order to comply with the
      requirements of the Group or any member thereof under an applicable code
      of good practice issued in terms of section 9 of the Broad Based Black
      Economic Act 53 of 2003;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.85 </TD>
    <TD>
      <P align=justify><B>Permitted Disposal </B>has the meaning given to that
      term in Clause 22.6 (Disposals);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.86 </TD>
    <TD>
      <P align=justify><B>Permitted Distribution </B>has the meaning given to
      that term in Clause 22.19.1 (Distribution);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.87 </TD>
    <TD>
      <P align=justify><B>Permitted Encumbrance </B>has the meaning given to
      that term in Clause 22.4 (Negative pledge);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.88 </TD>
    <TD>
      <P align=justify><B>Permitted Financial Indebtedness </B>has the meaning
      given to that term in Clause 22.5 (Financial Indebtedness);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.89 </TD>
    <TD>
      <P align=justify><B>Permitted Guarantee </B>has the meaning given to that
      term in Clause 22.12 (Third party guarantees);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.90 </TD>
    <TD>
      <P align=justify><B>Permitted Loan </B>has the meaning given to that term
      in Clause 22.11 (Loans out);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.91 </TD>
    <TD>
      <P align=justify><B>Permitted Share Issue </B>has the meaning given to
      that term in Clause 22.18.2 (Share capital);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.1.92 </TD>
    <TD>
      <P align=justify><B>Permitted Treasury Transaction </B>has the meaning
      given to that term in Clause 22.13 (Treasury
  Transactions);</P></TD></TR></TABLE>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_15></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.93 </TD>
    <TD>
      <P align=justify><B>Pro Rata Share </B>means, at any
  time:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>if there are no Senior Facility Outstandings under a
      Senior Facility at that time, the proportion which a Lender's Commitment
      under that Senior Facility bears to all the Commitments under that Senior
      Facility;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>at all other times, the proportion which a Lender's
      Senior Facility Outstandings under a Senior Facility bears to all the
      Senior Facility Outstandings under that Senior
Facility;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.94 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Quotation Day</B>, in relation to any period for which
      an interest rate is to be determined, means the first day of that period
      or such other day as the Facility Agent determines is generally treated as
      the rate fixing day by market practice in the Johannesburg interbank
      market; </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.95 </TD>
    <TD align=left width="85%"><B>Recovered Net Proceeds </B>has the meaning
      given to that term in Clause 7.4 (Mandatory prepayment - material disposal
      and insurance proceeds); </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.96 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Reference Banks </B>means the principal Johannesburg
      offices of Absa Bank Limited, FirstRand Bank Limited, Investec Bank
      Limited, Nedbank Limited and The Standard Bank of South Africa Limited, or
      such other banks as may be appointed by the Facility Agent in consultation
      with the Borrower; </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.97 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Related Fund </B>in relation to a fund (the <B>first
      fund</B>), means a fund which is managed or advised by the same investment
      manager or investment adviser as the first fund or, if it is managed by a
      different investment manager or investment adviser, a fund whose
      investment manager or investment adviser is an Affiliate of the investment
      manager or investment adviser of the first fund; </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.98 </TD>
    <TD align=left width="85%"><B>Repayment Instalment </B>means, in relation
      to a Senior Facility, each scheduled instalment for the repayment of a
      Senior Loan, as set out in the relevant Senior Facility Agreement; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.99 </TD>
    <TD align=left width="85%"><B>Repeating Representations </B>means, at any
      time, the representations and warranties which are made or deemed to be
      repeated under Clause 19.30 (Times for making representations and
      warranties); </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.100 </TD>
    <TD align=left width="85%"><B>Representative </B>means any representative,
      delegate, agent, manager, administrator, nominee, attorney, trustee or
      custodian; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.101 </TD>
    <TD align=left width="85%"><B>Resignation Letter </B>means a letter
      substantially in the form set out in Schedule 5 (Form of Resignation
      Letter); </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.102 </TD>
    <TD align=left width="85%"><B>Sanctioned Entity </B>means:
</TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a person, country or territory which is listed on a
      Sanctions List or is subject to Sanctions;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a person which is ordinarily resident in a country or
      territory which is listed on a Sanctions List or is subject to
      Sanctions;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.103 </TD>
    <TD align=left width="85%"><B>Sanctioned Transaction </B>means the use of
      the proceeds of the Senior Facilities for the purpose of financing or
      providing any credit, directly or indirectly, to: </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a Sanctioned Entity; or</P></TD></TR></TABLE>
<P align=center>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_16></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>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,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>in each case to the extent that to do
so is prohibited by, or would cause any breach of, Sanctions; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.104 </TD>
    <TD align=left width="85%"><B>Sanctions </B>means trade, economic or
      financial sanctions, laws, regulations, embargoes or restrictive measures
      imposed, administered or enforced from time to time by any Sanctions
      Authority; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.105 </TD>
    <TD align=left width="85%"><B>Sanctions Authority </B>means:
</TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the United Nations;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the European Union;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Council of Europe (founded under the Treaty of
      London, 1946);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the government of the United States of America;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the government of the United Kingdom;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the government of the Republic of
  France,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and any of their governmental
authorities, including, without limitation, the Office of Foreign Assets Control
for the US Department of Treasury (<B>OFAC</B>), the US Department of Commerce,
the US State Department or the US Department of the Treasury, Her Majesty's
Treasury (<B>HMT</B>) and the French Ministry of Finance (<B>MINEFI</B>); </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.106 </TD>
    <TD align=left width="85%"><B>Sanctions List </B>means:
</TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Specially Designated Nationals and Blocked Persons
      List maintained by OFAC;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Consolidated List of Financial Sanctions Targets and
      the Investments Ban List maintained by HMT,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and any similar list maintained, or a
public announcement of a Sanctions designation made, by any Sanctions Authority,
in each case as amended, supplemented or substituted from time to time; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.107 </TD>
    <TD align=left width="85%"><B>Screen Rate </B>means:
</TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>for JIBAR, the Johannesburg Interbank Agreed Rate, polled
      and published by the South African Futures Exchange (a division of the JSE
      Limited) for deposits in Rand for the relevant period, as displayed on the
      Reuters Screen SAFEY Page alongside the caption "<B>SFX 3M YLD" </B>at the
      applicable time; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>for the JIBAR Overnight Deposit Rate, the SAFEX overnight
      call deposit rate, polled and published by the South African Futures
      Exchange (a division of the JSE Limited) for deposits in Rand for the
      relevant period, as displayed on the Reuters Screen SAFEY Page alongside
      the caption "<B>SFXROD</B>" at the applicable
time;</P></TD></TR></TABLE>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P style="MARGIN-LEFT: 15%" align=justify>If the relevant page is replaced or
the information service ceases to be available, the Facility Agent (after
consultation with the Borrower and the Lenders) may specify another page or
service displaying the appropriate rate; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>1.1.108 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Second Amendment and Restatement Agreement </B>means
      the written agreement entitled "Second Amendment and Restatement
      Agreement", dated on or about 26 September, 2018, between, amongst others,
      the Borrower (as borrower), the Original Senior Facility E Lender (as
      lender) and the Facility Agent; </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.109 </TD>
    <TD align=left width="85%"><B>Security </B>means: </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>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 but excluding statutory
      preferences;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any arrangement under which money or claims may be
      applied, set off or made subject to a combination of accounts so as to
      effect discharge of any sum owed or payable to any person; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any other type of preferential agreement or arrangement
      (including title retention) having an effect similar to the creation of a
      security interest;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.110 </TD>
    <TD align=left width="85%"><B>Security Agreement </B>means the Security
      Cession &amp; Pledge; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.111 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Security Cession &amp; Pledge </B>means the pledge and
      cession <I>in securitatem debiti </I>of all the shares, securities and
      other ownership interests it holds in Cell C and DNI with all its debt
      claims (on shareholder loan account or otherwise) against any such person;
      </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.112 </TD>
    <TD align=left width="85%"><B>Security Document </B>means:
</TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>each Security Agreement; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any other document evidencing or creating any Security
      over any asset of any Obligor to secure any obligation of any Obligor to a
      Finance Party under the Finance Documents;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.113 </TD>
    <TD align=left width="85%"><B>Senior Facilities </B>means Senior Facility
      A, Senior Facility B, Senior Facility C, Senior Facility D and Senior
      Facility E (and <B>Senior Facility</B>, as the context requires, means any
      of them); </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.114 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility Agreements </B>means the Senior
      Facility A Agreement, the Senior Facility B Agreement, the Senior Facility
      C Agreement, the Senior Facility D Agreement and the Senior Facility E
      Agreement (and <B>Senior Facility Agreement</B>, as the context requires,
      means any of them); </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.115 </TD>
    <TD align=left width="85%"><B>Senior Facility Loan </B>means a Loan under
      a Senior Facility; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.116 </TD>
    <TD align=left width="85%"><B>Senior Facility A </B>means the amortising
      term loan facility described in Clause 2 (The Senior Facilities) made
      available under this Agreement and the Senior Facility A Agreement; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.117 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility A Agreement </B>means the R750,000,000
      amortising term loan facility agreement, dated on or about the Signature
      Date, between the Original Senior Facility A Lenders, the Facility Agent
      and the Borrower (as borrower); </P></TD></TR></TABLE>
<P align=center>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_18></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.118 </TD>
    <TD align=left width="85%"><B>Senior Facility A Commitment </B>means:
  </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>in relation to an Original Senior Lender, the amount set
      opposite its name under the heading "Senior Facility A Commitment" in Part
      II of Schedule 1 (The Original Parties) and the amount of any other Senior
      Facility A Commitment transferred to it under this Agreement;
and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>in relation to any other Senior Lender, the amount of any
      Senior Facility A Commitment transferred to it under this
  Agreement,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>to the extent not cancelled, reduced
or transferred by it under this Agreement or the Senior Facility A Agreement;
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.119 </TD>
    <TD align=left width="85%"><B>Senior Facility A Lenders </B>means:
  </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any Original Senior Facility A Lender; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any bank, financial institution, trust, fund or other
      entity which becomes a Party as a Senior Facility A Lender after the
      Signature Date in accordance with Clause 24 (Changes to the
    Lenders),</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>in each case, which has not ceased to
be a Party in accordance with the terms of this Agreement (and <B>Senior
Facility A Lender</B>, as the context requires, means any of them); </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.120 </TD>
    <TD align=left width="85%"><B>Senior Facility A Loan </B>means a Loan
      under Senior Facility A; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.121 </TD>
    <TD align=center width="85%">
      <P align=justify><B>Senior Facility A Outstandings </B>means at any time,
      in relation to a Senior Facility A Lender, the aggregate of all amounts of
      loan principal, accrued interest, Break Costs, prepayment penalties, fees
      and all other amounts outstanding in respect of Senior Facility A under
      the Finance Documents (including, without limitation, any claim for
      damages or restitution, any claim as a result of any recovery by an
      Obligor or another person of a payment or discharge under the Finance
      Documents on the grounds of preference, and each amount which would be
      included in any of the above but for any discharge, non-provability or
      unenforceability of a claim in any insolvency or other proceedings);
    </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.122 </TD>
    <TD align=left width="85%"><B>Senior Facility B </B>means the amortising
      term loan facility described in Clause 2 (The Senior Facilities) made
      available under this Agreement and the Senior Facility B Agreement; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.123 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility B Agreement </B>means the R500,000,000
      amortising term loan facility agreement, dated on or about the Signature
      Date, between the Original Senior Facility B Lenders, the Facility Agent
      and the Borrower (as borrower); </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.124 </TD>
    <TD align=left width="85%"><B>Senior Facility B Commitment </B>means:
  </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>in relation to an Original Senior Lender, the amount set
      opposite its name under the heading "Senior Facility B Commitment" in Part
      II of Schedule 1 (The Original Parties) and the amount of any other Senior
      Facility B Commitment transferred to it under this Agreement;
and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>in relation to any other Senior Lender, the amount of any
      Senior Facility B Commitment transferred to it under this
  Agreement,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>to the extent not cancelled, reduced
or transferred by it under this Agreement or the Senior Facility B Agreement;
</P>
<P align=center>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_19></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>1.1.125 </TD>
    <TD align=left width="85%"><B>Senior Facility B Lenders </B>means:
  </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any Original Senior Facility B Lender; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any bank, financial institution, trust, fund or other
      entity which becomes a Party as a Senior Facility B Lender after the
      Signature Date in accordance with Clause 24 (Changes to the
    Lenders),</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>in each case, which has not ceased to
be a Party in accordance with the terms of this Agreement (and <B>Senior
Facility B Lender</B>, as the context requires, means any of them); </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>1.1.126 </TD>
    <TD align=left width="85%"><B>Senior Facility B Loan </B>means a Loan
      under Senior Facility B; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.127 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility B Outstandings </B>means at any time,
      in relation to a Senior Facility B Lender, the aggregate of all amounts of
      loan principal, accrued interest, Break Costs, prepayment penalties, fees
      and all other amounts outstanding in respect of Senior Facility B under
      the Finance Documents (including, without limitation, any claim for
      damages or restitution, any claim as a result of any recovery by an
      Obligor or another person of a payment or discharge under the Finance
      Documents on the grounds of preference, and each amount which would be
      included in any of the above but for any discharge, non-provability or
      unenforceability of a claim in any insolvency or other proceedings);
    </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.128 </TD>
    <TD align=left width="85%"><B>Senior Facility C </B>means the amortising
      term loan facility described in Clause 2 (The Senior Facilities) made
      available under this Agreement and the Senior Facility C Agreement; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.129 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility C Agreement </B>means the amortising
      term loan facility agreement, dated on or about the Signature Date,
      between the Original Senior Facility C Lenders, the Facility Agent and the
      Borrower (as borrower); </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.130 </TD>
    <TD align=left width="85%"><B>Senior Facility C Commitment </B>has the
      meaning given to that term in Clause 2.3.2 (Senior Facility C); </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.131 </TD>
    <TD align=left width="85%"><B>Senior Facility C Lender </B>has the meaning
      given to that term in Clause 2.3.2 (Senior Facility C); </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.132 </TD>
    <TD align=left width="85%"><B>Senior Facility C Loan </B>means a Loan
      under Senior Facility C; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.133 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility C Outstandings </B>means at any time,
      in relation to a Senior Facility C Lender, the aggregate of all amounts of
      loan principal, accrued interest, Break Costs, prepayment penalties, fees
      and all other amounts outstanding in respect of Senior Facility C under
      the Finance Documents (including, without limitation, any claim for
      damages or restitution, any claim as a result of any recovery by an
      Obligor or another person of a payment or discharge under the Finance
      Documents on the grounds of preference, and each amount which would be
      included in any of the above but for any discharge, non-provability or
      unenforceability of a claim in any insolvency or other proceedings);
    </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.134 </TD>
    <TD align=left width="85%"><B>Senior Facility D </B>means the amortising
      term loan facility described in Clause 2 (The Senior Facilities) made
      available under this Agreement and the Senior Facility D Agreement; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.135 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility D Agreement </B>means the R210,000,000
      amortising term loan facility agreement, dated on or about the date of the
      First Amendment and Restatement Agreement, between the Original Senior
  Facility D Lenders, the Facility Agent and the Borrower (as borrower); </P></TD></TR></TABLE>
<P align=center>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_20></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.136 </TD>
    <TD align=left width="85%"><B>Senior Facility D Commitment </B>means:
  </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>in relation to the Original Senior Facility D Lender, the
      amount set opposite its name under the heading "Senior Facility D
      Commitment" in Part II of Schedule 1 (The Original Parties) and the amount
      of any other Senior Facility D Commitment transferred to it under this
      Agreement; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>in relation to any other Senior Lender, the amount of any
      Senior Facility D Commitment transferred to it under this
  Agreement,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>to the extent not cancelled, reduced
or transferred by it under this Agreement or the Senior Facility D Agreement;
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.137 </TD>
    <TD align=left width="85%"><B>Senior Facility D Lenders </B>means:
  </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Original Senior Facility D Lender; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any bank, financial institution, trust, fund or other
      entity which becomes a Party as a Senior Facility D Lender after the
      Signature Date in accordance with Clause 24 (Changes to the
    Lenders),</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>in each case, which has not ceased to
be a Party in accordance with the terms of this Agreement (and <B>Senior
Facility D Lender</B>, as the context requires, means any of them); </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.138 </TD>
    <TD align=left width="85%"><B>Senior Facility D Loan </B>means a Loan
      under Senior Facility D; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.139 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility D Outstandings </B>means at any time,
      in relation to a Senior Facility D Lender, the aggregate of all amounts of
      loan principal, accrued interest, Break Costs, prepayment penalties, fees
      and all other amounts outstanding in respect of Senior Facility D under
      the Finance Documents (including, without limitation, any claim for
      damages or restitution, any claim as a result of any recovery by an
      Obligor or another person of a payment or discharge under the Finance
      Documents on the grounds of preference, and each amount which would be
      included in any of the above but for any discharge, non-provability or
      unenforceability of a claim in any insolvency or other proceedings);
    </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.140 </TD>
    <TD align=left width="85%"><B>Senior Facility E </B>means the facility
      described in Clause 2 (The Senior Facilities) made available under this
      Agreement and the Senior Facility E Agreement; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.141 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility E Agreement </B>means the
      R1,500,000,000 facility agreement, dated on or about the date of the
      Second Amendment and Restatement Agreement, between the Original Senior
      Facility E Lenders, the Facility Agent and the Borrower (as borrower);
    </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.142 </TD>
    <TD align=left width="85%"><B>Senior Facility E Commitment </B>means:
  </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><U>(a)</U> </TD>
    <TD>
      <P align=justify>in relation to the Original Senior Facility E Lender, the
      amount set opposite its name under the heading "Senior Facility E
      Commitment" in Part II of Schedule 1 (The Original Parties) and the amount
      of any other Senior Facility E Commitment transferred to it under this
      Agreement; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><U>(b)</U> </TD>
    <TD>
      <P align=justify>in relation to any other Senior Lender, the amount of any
      Senior Facility E Commitment transferred to it under this
  Agreement,</P></TD></TR></TABLE>
<P align=center>17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P style="MARGIN-LEFT: 15%" align=justify>to the extent not cancelled, reduced
or transferred by it under this Agreement or the Senior Facility E Agreement;
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>1.1.143 </TD>
    <TD align=left width="85%"><B>Senior Facility E Lenders </B>means:
  </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><U>(a)</U> </TD>
    <TD>
      <P align=justify>the Original Senior Facility E Lender; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%"><U>(b)</U> </TD>
    <TD>
      <P align=justify>any bank, financial institution, trust, fund or other
      entity which becomes a Party as a Senior Facility E Lender after the
      Signature Date in accordance with Clause 24 (Changes to the
    Lenders),</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>in each case, which has not ceased to
be a Party in accordance with the terms of this Agreement (and <B>Senior
Facility E Lender</B>, as the context requires, means any of them); </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>1.1.144 </TD>
    <TD align=left width="85%"><B>Senior Facility E Loan </B>means a Loan
      under Senior Facility E; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.145 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility E Outstandings </B>means at any time,
      in relation to a Senior Facility E Lender, the aggregate of all amounts of
      loan principal, accrued interest, Break Costs, prepayment penalties, fees
      and all other amounts outstanding in respect of Senior Facility E under
      the Finance Documents (including, without limitation, any claim for
      damages or restitution, any claim as a result of any recovery by an
      Obligor or another person of a payment or discharge under the Finance
      Documents on the grounds of preference, and each amount which would be
      included in any of the above but for any discharge, non-provability or
      unenforceability of a claim in any insolvency or other proceedings);
    </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.146 ; </TD>
    <TD align=left width="85%"><B>Senior Facility E Security Cession </B>means
      the cession <I>in securitatem debiti </I>of all the banks accounts,
      insurances and related rights by the Borrower </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.147 </TD>
    <TD align=left width="85%"><B>Senior Facility E Cash Pledge </B>means the
      pledge of cash and cession <I>in</I> <I>securitatem debiti </I>the cash
      and related rights by the Borrower; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.148 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility Lenders </B>means the Senior Facility
      A Lenders, the Senior Facility B Lenders, the Senior Facility C Lenders,
      the Senior Facility D Lenders and the Senior Facility E Lenders (and
      <B>Senior Facility Lender</B>, as the context requires, means any of
      them); </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.149 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Facility Outstandings </B>means the Senior
      Facility A Outstandings, the Senior Facility B Outstandings, the Senior
      Facility C Outstandings, the Senior Facility D Outstandings and the Senior
      Facility E Outstandings; </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.150 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Senior Loans </B>means the Senior Facility A Loans,
      the Senior Facility B Loans, the Senior Facility C Loans, the Senior
      Facility D Loans and the Senior Facility E Loans (and <B>Senior Loan</B>,
      as the context requires, means any of them); </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.151 </TD>
    <TD align=left width="85%"><B>Shareholder Contribution </B>means the
      aggregate amount of: </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the subscription price received by the Borrower in
      respect of shares subscribed for in the share capital of Borrower provided
      such share issue is a Permitted Share Issue under Clause 22.18.2(f) (Share
      capital); and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the proceeds of loans advanced to the Borrower by Holdco
      where any Financial Indebtedness arising as a result is Permitted
      Financial Indebtedness under Clause 22.5 (Financial
  Indebtedness);</P></TD></TR></TABLE>
<P align=center>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_22></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.152 </TD>
    <TD align=left width="85%"><B>Signature Date </B>means the date on which,
      once this Agreement has been signed by all the Parties, it is signed by
      the last Party to do so; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.153 </TD>
    <TD align=left width="85%"><B>Smart Life </B>means The Smart Life
      Insurance Company Limited (registration number 1965/003119/06), a company
      registered under the laws of South Africa; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.154 </TD>
    <TD align=left width="85%"><B>South Africa </B>means the Republic of South
      Africa; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.155 </TD>
    <TD align=left width="85%"><B>Subordination Agreement </B>means the
      subordination agreement, dated on or about the Signature Date, between,
      amongst others, Holdco, the Borrower and the Finance Parties; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.156 </TD>
    <TD align=left width="85%"><B>Subscription </B>means the subscription by
      the Borrower for the Cell C Shares pursuant to the Subscription Agreement;
    </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.157 </TD>
    <TD align=left width="85%"><B>Subscription Date </B>means the
      "Implementation Date" as defined in the Master Implementation and Funds
      Flow Agreement; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.158 </TD>
    <TD align=left width="85%"><B>Subscription Agreement </B>means the
      subscription agreement dated 19 June, 2017 between Cell C and the
      Borrower; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.159 </TD>
    <TD align=left width="85%"><B>Subsidiary </B>means in relation to any
      person: </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a subsidiary as defined in the Companies Act (including
      any person who would, but for not being a company under the Companies Act,
      qualify as a subsidiary as defined in the Companies Act);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any partnership, joint venture, trust, juristic person or
      other entity controlled by that person;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.160 </TD>
    <TD align=left width="85%"><B>Tax </B>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); </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.161 </TD>
    <TD align=left width="85%"><B>Total Commitments </B>means the aggregate of
      the following: </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Total Senior Facility A Commitments;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Total Senior Facility B Commitments;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Total Senior Facility C Commitments;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the Total Senior Facility D Commitments; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the Total Senior Facility E
Commitments;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >1.1.162 </TD>
    <TD align=left width="85%"><B>Total Senior Facility A Commitments
      </B>means the aggregate of the Senior Facility A Commitments; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.163 </TD>
    <TD align=left width="85%"><B>Total Senior Facility B Commitments
      </B>means the aggregate of the Senior Facility B Commitments; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.164 </TD>
    <TD align=left width="85%"><B>Total Senior Facility C Commitments </B>has
      the meaning given to that term in Clause 2.3.2 (Senior Facility C); </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >1.1.165 </TD>
    <TD align=left width="85%"><B>Total Senior Facility D Commitments
      </B>means the aggregate of the Senior Facility D Commitments;
  </TD></TR></TABLE>
<P align=center>19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_23></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>1.1.166 </TD>
    <TD align=left width="85%"><B>Total Senior Facility E Commitments
      </B>means the aggregate of the Senior Facility E Commitments; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.167 </TD>
    <TD align=left width="85%">
      <P align=justify><B>Transaction Security </B>means the Security created or
      expressed to be created for the benefit of the Finance Parties under this
      Agreement, together with such further Security as a Finance Party may from
      time to time be given for the obligations of an Obligor under the Finance
      Documents; </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.168 </TD>
    <TD align=left width="85%"><B>Transfer </B>has the meaning given to it in
      Clause 24.1 (Cessions and delegations by the Lenders); </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.169 </TD>
    <TD align=left width="85%"><B>Transfer Certificate </B>means a certificate
      substantially in the form set out in Schedule 3 (Form of Transfer
      Certificate) or otherwise in the agreed form; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.170 </TD>
    <TD align=left width="85%"><B>Transfer Date</B>, in relation to a
      Transfer, means the later of: </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the proposed Transfer Date specified in the Transfer
      Certificate; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the date on which the Facility Agent executes the
      Transfer Certificate;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>1.1.171 </TD>
    <TD align=left width="85%"><B>Treasury Transaction </B>means any
      derivative transaction entered into in connection with protection against
      or to benefit from fluctuations in any rate, price, index or credit
      rating; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.172 </TD>
    <TD align=left width="85%"><B>Unpaid Sum </B>means any sum due and payable
      but unpaid by an Obligor under the Finance Documents; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.173 </TD>
    <TD align=left width="85%"><B>US </B>and United States means the United
      States of America, its territories and possessions; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.174 </TD>
    <TD align=left width="85%"><B>US Bankruptcy Law </B>means the United
      States Bankruptcy Code of 1978 (Title 11 of the United States Code), any
      other United States federal or state bankruptcy, insolvency or similar
      law; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.175 </TD>
    <TD align=left width="85%"><B>US Guarantor </B>means a Guarantor that is
      organized, incorporated or formed under the laws of the United States or
      any State thereof (including the District of Columbia); </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.176 </TD>
    <TD align=left width="85%"><B>Utilisation </B>means a utilisation of a
      Senior Facility by way of a Loan; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.177 </TD>
    <TD align=left width="85%"><B>Utilisation Date </B>means the date of a
      Utilisation, being the date on which the relevant Loan is to be made;
  </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.178 </TD>
    <TD align=left width="85%"><B>Utilisation Request</B>, in relation to any
      Facility, has the meaning given to that term in the applicable Senior
      Facility Agreement; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.179 </TD>
    <TD align=left width="85%"><B>VAT </B>means value added tax as provided
      for in the Value Added Tax Act, 1991, and any other Tax of a similar
      nature in a jurisdiction other than South Africa; and </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>1.1.180 </TD>
    <TD align=left width="85%"><B>ZAR</B>, <B>Rand </B>or <B>R </B>means South
      African Rand, the lawful currency of South Africa.
</TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.2 </TD>
    <TD>
      <P align=justify><B>Financial definitions</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>In this Agreement the following terms
have the meanings set out below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.2.1 </TD>
    <TD>
      <P align=justify><B>Cash </B>means an amount of cash in hand (denominated
      in Rand or any other currency approved by the Facility Agent), or credit
      balances or amounts on deposit with an Acceptable Bank in South Africa to
      which a member of the Group is alone (or together with other members of
      the Group) beneficially entitled if:</P></TD></TR></TABLE>
<P align=center>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_24></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the cash is accessible and may be withdrawn in full by a
      member of the Group within 30 days;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>access to and withdrawal of the cash is not contingent on
      the prior discharge of any indebtedness of any person or the satisfaction
      of any other condition;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>no Security exists over the cash or over claims in
      respect thereof (other than Security arising under the Security
      Documents); and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the cash is freely and (except as mentioned in paragraph
      (a) above) immediately available to be applied in repayment or prepayment
      of the Senior Facilities,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>but excluding (A) any such cash in
hand or credit balances or amounts on deposit held at Grindrod Bank Limited if,
at any applicable time, the aggregate amount of such credit balances, amounts on
deposit or certificates of deposit contemplated in Clause 1.2.2(a) issued by
Grindrod Bank Limited exceeds R200,000,000 (or its equivalent in any other
currency), and (B) any such cash in hand or credit balances or amounts on
deposit at any applicable time relating to Settlement Assets of members of the
Group; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">1.2.2 </TD>
    <TD>
      <P align=justify><B>Cash Equivalents </B>means, at any
  time:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>certificates of deposit maturing within 90 days after the
      relevant date of calculation, issued by an Acceptable Bank in South
      Africa;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>investments accessible and which can be monetised within
      90 days in a South African money market collective investment scheme
      which:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>has an international credit rating of A-1 or higher by
      Standard &amp; Poor's Ratings Services or P-1 or higher by Moody's
      Investor Services Limited, or a comparable rating from an internationally
      recognised credit rating agency;</P></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>invests substantially all its assets in securities of the
      type described in paragraph (a) above; or</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any other debt security expressly approved by the
      Facility Agent,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>in each case, denominated in Rand or
another currency approved by the Facility Agent, and to which any member of the
Group is alone (or together with other members of the Group) beneficially
entitled at that time and which is not issued or guaranteed by any member of the
Group or subject to any Security (other than Security arising under the Security
Documents) but excluding any certificates of deposit contemplated in Clause
1.2.2(a) issued by Grindrod Bank Limited if, at any applicable time, the
aggregate amount of such certificates of deposit and any cash in hand or credit
balances or amounts on deposit contemplated in Clause 1.2.1 held at Grindrod
Bank Limited exceeds R200,000,000 (or its equivalent in any other currency);
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">1.2.3 </TD>
    <TD>
      <P align=justify><B>Consolidated EBITDA</B>, in relation to any
      Measurement Period, means the aggregate of the consolidated operating
      income of the Group (including dividends received in Cash), in each case,
      for that period, without taking any account of the following items
      (without double counting):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any <U>Interest accrued </U>as an obligation of any
      member of the Group, whether or not paid, deferred or capitalised during
      that period;</P></TD></TR></TABLE>
<P align=center>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_25></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any <U>amount of Tax </U>on profits, gains or income paid
      or payable by members of the Group and any amount of any rebate or credit
      in respect of Tax on profits, gains or income received or receivable by
      members of the Group;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any <U>depreciation or amortisation </U>whatsoever, and
      any charge for impairment or any reversal in that period of any previous
      impairment charge;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any <U>loss against book value </U>incurred by a member
      of the Group on the disposal of any asset (other than trading stock)
      during that period;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>any <U>gain over book value </U>arising in favour of a
      member of the Group on the disposal of any asset (other than trading
      stock) during that period and any gain arising on any revaluation of an
      asset during that period;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>any <U>unrealised gains or losses </U>due to exchange
      rate movements which are reported through the income statement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>any <U>unrealised gains or losses </U>on any financial
      instrument (other than any financial instrument which is accounted for on
      a hedge accounting basis) which are reported through the income
      statement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>the amount of <U>profit or loss of any associate
      </U>entity (which is not a member of the Group) in which any member of the
      Group has an ownership interest, to the extent (in respect of profit only)
      that the amount of such profit reported through the income statement
      exceeds the amount (net of any applicable withholding tax) received in
      cash by members of the Group through distributions by that entity;
    and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any <U>extraordinary and exceptional items </U>approved
      by the Facility Agent in writing before the applicable Measurement
      Date;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.2.4 </TD>
    <TD>
      <P align=justify><B>Consolidated Total Borrowings </B>in respect of the
      Group, at any time, means, without double counting, the aggregate at that
      time of the Financial Indebtedness of the members of the Group from
      sources external to the Group calculated at its nominal or principal
      amount or, if greater, the maximum amount payable on scheduled repayment
      or scheduled redemption of the relevant liabilities. For the purpose of
      this definition, "Financial Indebtedness":</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>does not include any Permitted Financial Indebtedness
      pursuant to Clause 22.5.3 (Financial Indebtedness);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>does not include any Settlement Obligations in respect of
      the Group; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>in relation to any Treasury Transaction, only includes
      the actual amount due by the Borrower as a result of the termination or
      close-out of that derivate transaction;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.2.5 </TD>
    <TD>
      <P align=justify><B>Consolidated Total Net Borrowings </B>means, at any
      time, Consolidated Total Borrowings less the aggregate amount at that time
      of all Cash and Cash Equivalents held by members of the Group;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.6 </TD>
    <TD>
      <P align=justify><B>Interest </B>means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>interest and amounts in the nature of interest
      accrued;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>prepayment penalties or premiums incurred in repaying or
      prepaying any Financial Indebtedness;</P></TD></TR></TABLE>
<P align=center>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>discount fees and acceptance fees payable or deducted in
      respect of any Financial Indebtedness, including fees payable in respect
      of letters of credit and guarantees;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any net payment (or, if appropriate in the context,
      receipt) under any interest rate hedging agreement or instrument, taking
      into account any premiums payable;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>any dividends on shares if those shares constitute
      Financial Indebtedness for purposes of this Agreement; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>any other payments and deductions of similar effect
      (including the finance cost element of finance
leases),</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and includes commitment and
non-utilisation fees (including those payable under the Finance Documents), but
excludes facility agent's and front-end, management, arrangement and
participation fees with respect to any Financial Indebtedness (including those
payable under the Finance Documents); </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">1.2.7 </TD>
    <TD>
      <P align=justify><B>Measurement Date
</B>means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>30 September, 2017; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>thereafter, the last day of March, June, September and
      December of each year;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">1.2.8 </TD>
    <TD>
      <P align=justify><B>Measurement Period </B>means each period of 12 months
      ending on a Measurement Date;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.2.9 </TD>
    <TD>
      <P align=justify><B>Settlement Assets</B>, at any time, means the cash and
      other funds that are treated and referred to as "settlement assets" in the
      relevant quarterly financial statements and/or annual financial statements
      of Holdco at that time;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.2.10 </TD>
    <TD>
      <P align=justify><B>Settlement Obligations</B>, at any time, means the
      cash and other funds that are treated and referred to as "settlement
      obligations" in the relevant quarterly financial statements and/or annual
      financial statements of Holdco at that time; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">1.2.11 </TD>
    <TD>
      <P align=justify><B>Total Net Leverage Ratio </B>means, on any applicable
      Measurement Date, the ratio of Consolidated Total Net Borrowings to
      Consolidated EBITDA for the Measurement Period ending on that
  date.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">1.3 </TD>
    <TD>
      <P align=justify><B>Construction</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">1.3.1 </TD>
    <TD>
      <P align=justify>In this Agreement, unless inconsistent with the context,
      any reference to:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" ></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any <B>Arranger</B>, the <B>Facility Agent</B>, any
      <B>Finance Party</B>, any <B>Lender</B>, any <B>Obligor</B>, any <B>Party
      </B>or any other person shall be construed so as to include its successors
      in title, permitted cessionaries and permitted transferees;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a document being in the <B>agreed form </B>means that the
      document is in a form previously agreed in writing by or on behalf of the
      Borrower and the Facility Agent or, if not so agreed, is in form and
      substance satisfactory to the Facility Agent;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>an <B>amendment </B>includes an amendment, supplement,
      novation, re-enactment, replacement, restatement or variation and <B>amend
      </B>will be construed accordingly;</P></TD></TR></TABLE>
<P align=center>23 </P>
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><B>assets </B>includes businesses, undertakings,
      securities, properties, revenues or rights of every description and
      whether present or future, actual or contingent;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>an <B>authorisation </B>includes authorisation, consent,
      approval, resolution, licence, permit, exemption, filing, notarisation,
      lodgement or registration;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify><B>authority </B>includes any court or any governmental,
      intergovernmental or supranational body, agency, department or any
      regulatory, self-regulatory or other authority;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>a <B>disposal </B>means a sale, transfer, cession,
      assignment, donation, grant, lease, licence or other alienation or
      disposal, whether voluntary or involuntary and whether pursuant to a
      single transaction or a series of transactions, and <B>dispose </B>will be
      construed accordingly;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify><B>distribution </B>means a transfer by a company of
      money or other assets of the company (other than its own shares) to, or to
      the order (or otherwise for the benefit) of, one or more holders of shares
      in that company or another company within the same group of companies,
      including any principal or interest in respect of amounts due (whether in
      respect of an intercompany or a shareholder loan or otherwise); any
      dividend (including any interest on any unpaid amount of a dividend),
      charge, fee, consideration or other distribution (whether in cash or in
      kind) on or in respect of its shares or share capital (or any class of its
      share capital); any repayment or distribution of any share premium
      account; and the payment of any management, advisory or other
  fee;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>a <B>Finance Document </B>or any other agreement or
      instrument includes (without prejudice to any prohibition on amendments)
      all amendments (however fundamental) to that Finance Document or other
      agreement or instrument, including any amendment providing for any
      increase in the amount of a facility or any additional facility or
      replacement facility;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>a <B>guarantee </B>means (other than in Clause 18
      (Guarantee and Indemnity) any guarantee, bond, letter of credit, indemnity
      or similar assurance against financial loss, or any obligation, direct or
      indirect, actual or contingent, to purchase or assume any indebtedness of
      any person or to make an investment in or loan to any person or to
      purchase assets of any person, where, in each case, that obligation is
      assumed in order to maintain or assist the ability of that person to meet
      any of its indebtedness;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify><B>indebtedness </B>includes any obligation (whether
      incurred as principal or as surety) for the payment or repayment of money,
      whether present or future, actual or contingent;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify><B>know your customer requirements </B>are the
      identification checks that a Finance Party requests in order to meet its
      obligations under any applicable law or regulation to identify a person
      who is (or is to become) its customer;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>a <B>person </B>includes any individual, company,
      corporation, unincorporated association or body (including a partnership,
      trust, fund, joint venture or consortium), government, state, agency,
      organisation or other entity whether or not having separate legal
      personality;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>a <B>refinancing </B>means an unscheduled repayment of
      Loans and other amounts outstanding under the Finance Documents which is
      funded, directly or indirectly, by way of Financial Indebtedness incurred
      or shares issued by a member of the Group, and <B>refinance </B>will be
      construed accordingly;</P></TD></TR></TABLE>
<P align=center>24 </P>
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>a <B>regulation </B>includes any regulation, rule,
      official directive, request or guideline (whether or not having the force
      of law but, if not having the force of law, being of a type with which any
      person to which it applies is accustomed to comply) of any governmental,
      inter-governmental or supranational body, agency, department or
      regulatory, self-regulatory or other authority;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>a provision of law is a reference to that provision as
      extended, applied, amended or re-enacted, and includes any subordinate
      legislation;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD>
      <P align=justify>one gender include a reference to the others; the
      singular includes the plural and <I>vice versa</I>; natural persons
      include juristic persons and vice versa; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(r) </TD>
    <TD>
      <P align=justify>a time of day is a reference to Johannesburg
  time.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.3.2 </TD>
    <TD>
      <P align=justify>Section, Clause and Schedule headings are for ease of
      reference only, and do not in any way affect the interpretation of a
      Finance Document.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.3.3 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.3.4 </TD>
    <TD>
      <P align=justify>A Default (other than an Event of Default) is
      <B>continuing </B>if it has not been remedied within any applicable remedy
      period expressly provided for in a Finance Document or waived, and an
      Event of Default is <B>continuing </B>if it has not been waived.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.3.5 </TD>
    <TD>
      <P align=justify>If any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it appears only in an interpretation clause, effect
      shall be given to it as if it were a substantive provision of the relevant
      Finance Document.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.3.6 </TD>
    <TD>
      <P align=justify>A term defined in a particular Clause of a Finance
      Document, unless it is clear from the Clause in question that application
      of the term is to be limited to the relevant Clause, shall bear the
      meaning ascribed to it for all purposes of the relevant Finance Document,
      notwithstanding that that term has not been defined in any interpretation
      Clause.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.3.7 </TD>
    <TD>
      <P align=justify>The Schedules to a Finance Document form an integral part
      thereof and a reference to a <B>Clause </B>or a <B>Schedule </B>is a
      reference to a clause of, or a schedule to, this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.3.8 </TD>
    <TD>
      <P align=justify>Unless expressly otherwise provided in a Finance Document
      or inconsistent with the context, any number of days prescribed in a
      Finance Document must be calculated by including the first and excluding
      the last day, unless the day before that last day falls on a day that is
      not a Business Day, in which case, the day before that last day will
      instead be the next Business Day.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.3.9 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.3.10 </TD>
    <TD>
      <P align=justify>The use of the word <B>including </B>followed by specific
      examples will not be construed as limiting the meaning of the general
      wording preceding it, and the <I>eiusdem generis </I>rule must not be
      applied in the interpretation of such general wording or such specific
      examples.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.3.11 </TD>
    <TD>
      <P align=justify>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. </P></TD></TR></TABLE>
<P align=center>25 </P>
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.3.12 </TD>
    <TD>
      <P align=justify>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&#146;s administrators, trustees,
      permitted cessionaries, business rescue practitioners or liquidators, as
      the case may be.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.3.13 </TD>
    <TD>
      <P align=justify>Unless the contrary intention
appears:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a reference to a Party will not include any person if it
      has ceased to be a Party under this Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any obligation of an Obligor under the Finance Documents
      which is not a payment obligation remains in force for so long as any
      payment obligation of an Obligor is or may be or is capable of becoming
      outstanding under the Finance Documents; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any obligation of an Obligor under the Finance Documents
      includes an obligation on that Obligor not to contract or agree to do
      something or not to do something which would breach that first obligation,
      unless such contract or agreement is conditional on the approval of the
      Facility Agent (as required under any Finance
Document).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.4 </TD>
    <TD>
      <P align=justify><B>Third party rights</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.4.1 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.4.2 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<P align=center>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=center><B>SECTION 2 <BR>THE SENIOR FACILITIES </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>THE SENIOR FACILITIES</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.1 </TD>
    <TD>
      <P align=justify><B>Senior Facility A</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Subject to the terms of this Agreement
and the Senior Facility A Agreement, the Senior Facility A Lenders make
available to the Borrower a Rand-denominated amortising term loan facility in an
aggregate amount equal to the Total Senior Facility A Commitments. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.2 </TD>
    <TD>
      <P align=justify><B>Senior Facility B</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Subject to the terms of this Agreement and the Senior
      Facility B Agreement, the Senior Facility B Lenders make available to the
      Borrower a Rand-denominated amortising term loan facility in an aggregate
      amount equal to the Total Senior Facility B Commitments.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.3 </TD>
    <TD>
      <P align=justify><B>Senior Facility C</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >2.3.1 </TD>
    <TD>
      <P align=justify>Subject to the terms of this Agreement and the Senior
      Facility C Agreement, the Senior Facility C Lenders make available to the
      Borrower, during the Availability Period relating to Senior Facility C, a
      Rand-denominated amortising term loan facility in an aggregate amount
      equal to the Total Senior Facility C Commitments.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >2.3.2 </TD>
    <TD>
      <P align=justify>In this Clause 2.3:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><B>Pro Rata Share</B>, at any time with respect to any
      Senior Facility C Lender, means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>if Total Senior Facility C Commitments or Senior Facility
      B Outstandings are R0 at that time, the ratio at that time of the
      Commitment of that Senior Facility C Lender under Senior Facility A to the
      Total Senior Facility A Commitments (in each case, as reduced or cancelled
      in accordance with the terms of this Agreement);</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>at all other times, the proportion at that time which
      that Senior Facility C Lender's Senior Facility C Outstandings bears to
      the aggregate Senior Facility C Outstandings under Senior C
    Facility;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><B>Senior Facility A Voluntary Prepayment Date </B>means
      a date on which the Borrower makes a voluntary prepayment, pursuant to
      Clause 7.7 (Voluntary prepayments), of an outstanding principal amount of
      the Senior Facility A Loan in accordance with the payment mechanics set
      out in Clause 30.1 (Payment mechanics);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><B>Senior Facility C Commitment</B>, at any time with
      respect to any Senior Facility C Lender, means its Pro Rata Share at that
      time of the Total Senior Facility C Commitments and the amount of any
      Senior Facility C Commitment transferred to it under this Agreement to the
      extent not cancelled, reduced or transferred by it under this
      Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><B>Senior Facility C Lenders
</B>means:</P></TD></TR></TABLE>
<P align=center>27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_31></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Senior Facility A Lenders as at each Senior Facility
      A Voluntary Prepayment Date (which will include an Original Senior
      Facility C Lender to the extent it is a Senior Facility A Lender on any
      such date); and</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>any bank, financial institution, trust, fund or other
      entity which becomes a Party as a Senior Facility C Lender after the first
      Senior Facility A Voluntary Prepayment Date in accordance with Clause 24
      (Changes to the Lenders),</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 20%" align=justify>in each case, which has not ceased to
be a Party in accordance with the terms of this Agreement (and <B>Senior
Facility C Lender</B>, as the context requires, means any of them); and </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify><B>Total Senior Facility C Commitments </B>means, at any
      time, an amount equal to the aggregate amount of voluntary prepayments of
      the outstanding principal amount of the Senior Facility A Loan made by the
      Borrower pursuant to Clause 7.7 (Voluntary prepayments) at that time,
      provided that:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>if there is no Senior Facility A Loan disbursed under
      this Agreement and the Senior Facility A Agreement; or</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>if there is such disbursement, until the Borrower has
      made a prepayment in respect of any principal amount of the Senior
      Facility A Loan pursuant to Clause 7.7 (Voluntary
  prepayments),</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 20%" align=justify>the Total Facility C Commitments shall
be R0.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.4 </TD>
    <TD>
      <P align=justify><B>Senior Facility D</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Subject to the terms of this Agreement and the Senior
      Facility D Agreement, the Senior Facility D Lenders make available to the
      Borrower a Rand-denominated amortising term loan facility in an aggregate
      amount equal to the Total Senior Facility D Commitments.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.5 </TD>
    <TD>
      <P align=justify><B>Senior Facility E</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Subject to the terms of this Agreement and the Senior
      Facility E Agreement, the Senior Facility E Lenders make available to the
      Borrower a Rand-denominated overdraft facility in an aggregate amount
      equal to the Total Senior Facility E Commitments.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.6 </TD>
    <TD>
      <P align=justify><B>Finance Parties' rights and
  obligations</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >2.6.1 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >2.6.2 </TD>
    <TD>
      <P align=justify>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 is a separate and independent debt in respect of which a Finance
      Party shall be entitled to enforce its rights in accordance with Clause
      2.6.3. The rights of each Finance Party include any debt owing to that
      Finance Party under the Finance Documents and, for the avoidance of doubt,
      any part of a Loan or any other amount owed by an Obligor which relates to
      a Finance Party&#146;s participation in a Senior Facility or its role under a
      Finance Document (including any such amount payable to the Facility Agent
      on its behalf) is a debt owing to that Finance Party by that
    Obligor.</P></TD></TR></TABLE>
<P align=center>28 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_32></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >2.6.3 </TD>
    <TD>
      <P align=justify>A Finance Party may, except as otherwise stated in the
      Finance Documents, separately enforce its rights under the Finance
      Documents.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>PURPOSE</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >3.1 </TD>
    <TD>
      <P align=justify><B>Purpose</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >3.1.1 </TD>
    <TD>
      <P align=justify>The Borrower shall apply all amounts borrowed by it under
      Senior Facility A to fund the acquisition of the Cell C Shares and for no
      other purpose whatsoever.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.2 </TD>
    <TD>
      <P align=justify>The Borrower shall apply all amounts borrowed by it under
      Senior Facility B and Senior Facility C to:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>fund working capital requirements and general corporate
      expenditure requirements of the Group;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>fund capital expenditure requirements of the Group;
      and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>pay costs, fees and expenses incurred by the Borrower in
      entering into the Finance Documents,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and for no other purpose whatsoever.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >3.1.3 </TD>
    <TD>
      <P align=justify>The Borrower shall apply all amounts borrowed by it under
      Senior Facility D to fund working capital and general corporate (including
      acquisitions) requirements of the Group and for no other purpose
      whatsoever.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.4 </TD>
    <TD>
      <P align=justify>The Borrower shall apply all amounts borrowed by it under
      Senior Facility E for purposes of ordering cash to provide a cash float
      for the Group's static automated teller machines and for no other purpose
      whatsoever.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >3.2 </TD>
    <TD>
      <P align=justify><B>Monitoring</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>No Finance Party is bound to monitor or verify the
      application of any amount borrowed pursuant to this Agreement and a Senior
      Facility Agreement.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>CONDITIONS OF
UTILISATION</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.1 </TD>
    <TD>
      <P align=justify><B>Initial conditions precedent</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>A Utilisation Request may not be given (and a Lender
      shall have no obligation to advance any Loan or provide any other form of
      credit or financial accommodation under any Senior Facility to any person)
      unless the Facility Agent has notified the Borrower that all the documents
      and other evidence listed in Part I of Schedule 2 (Conditions Precedent)
      have been received in form and substance satisfactory to the Lenders. The
      Facility Agent shall notify the Borrower as soon as reasonably practicable
      upon receiving confirmation of all the Lenders being so
  satisfied.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.2 </TD>
    <TD>
      <P align=justify><B>Further conditions precedent</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Subject to the terms of this Agreement, a Lender will
      only be obliged to participate in a Loan or other Utilisation under a
      Senior Facility if, in the reasonable opinion of that Lender, on the date
      of the Utilisation Request and on the proposed Utilisation
  Date:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.2.1 </TD>
    <TD>
      <P align=justify>the Repeating Representations are correct in all material
      respects; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.2.2 </TD>
    <TD>
      <P align=justify>no Default is continuing or would result from the
      proposed Utilisation.</P></TD></TR></TABLE>
<P align=center>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_33></A><BR>\ </p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.3 </TD>
    <TD>
      <P align=justify><B>Waiver or deferral of conditions
  precedent</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Each condition precedent referred to in this Clause 4 is
      for the benefit solely of the Lenders. The Facility Agent (acting on the
      instructions of all the Lenders) may, by 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.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.4 </TD>
    <TD>
      <P align=justify><B>Failure to close</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If the Closing Date has not occurred by 23H59 on the
      Longstop Date (or such later date as may be agreed by the Facility Agent,
      acting on the instructions of all the Lenders), the Total Commitments
      shall immediately, automatically and without a requirement for notice to
      be given to any person, be cancelled and reduced to
zero.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>UTILISATION</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.1 </TD>
    <TD>
      <P align=justify><B>Utilisations under a Senior Facility
    Agreement</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Subject to the terms of this Agreement, the Borrower may
      utilise a Senior Facility under a Senior Facility Agreement to which it is
      a party on the terms and conditions of the applicable Senior Facility
      Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >5.2 </TD>
    <TD>
      <P align=justify><B>Automatic cancellation</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Commitments of each Lender under a Senior Facility
      which, at that time, are unutilised, shall automatically be cancelled
      immediately at 11h00 on the last day of the Availability Period for the
      relevant Senior Facility.</P></TD></TR></TABLE>
<P align=center>30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=center><B>SECTION 3 <BR>REPAYMENT, PREPAYMENT AND CANCELLATION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>REPAYMENT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subject to the terms of this Agreement, the Borrower
      shall repay all Loans made to it under a Senior Facility Agreement to
      which it is a party in full, in the amounts and on the dates specified in
      that Senior Facility Agreement, and otherwise in accordance with the terms
      of that Senior Facility Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>PREPAYMENT AND
CANCELLATION</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.1 </TD>
    <TD>
      <P align=justify><B>Mandatory prepayment - illegality</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If it becomes unlawful in any applicable jurisdiction for
      a Lender to perform any of its obligations as contemplated by this
      Agreement, to maintain its participation in any
Loan:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.1.1 </TD>
    <TD>
      <P align=justify>that Lender shall notify the Facility Agent as soon as
      reasonably practicable upon becoming aware of that event;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.1.2 </TD>
    <TD>
      <P align=justify>upon the Facility Agent notifying the Borrower, the
      Available Commitment of that Lender will be immediately
  cancelled;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.1.3 </TD>
    <TD>
      <P align=justify>the Borrower shall repay that Lender's participation in
      the Loans (together with all other Senior Facility Outstandings due to
      that Lender) on the last day of the Interest Period for each Loan
      occurring after the Facility Agent has notified the Borrower or, if
      earlier, the date specified by the Lender in the notice delivered to the
      Facility Agent (being no earlier than the last day of any applicable grace
      period permitted by law).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.2 </TD>
    <TD>
      <P align=justify><B>Mandatory prepayment -
sanctions</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.2.1 </TD>
    <TD>
      <P align=justify>If any member of the Group (including, for this purpose,
      Smart Life):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>is or becomes a Sanctioned Entity;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>participates in any manner in any Sanctioned
      Transaction,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>each Obligor shall notify the Facility
Agent promptly upon becoming aware of that event (unless that Obligor is aware
that a notification has already been provided by another Obligor). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.2.2 </TD>
    <TD>
      <P align=justify>If any event contemplated by Clause 7.2.1 occurs, the
      following shall apply:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>upon the Facility Agent receiving a notice from an
      Obligor under Clause 7.2.1 or a similar notice from any Finance Party, it
      shall notify the Lenders as soon as reasonably practicable;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a Lender shall not be obliged to fund any
    Utilisation;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>if a Lender so requires, the Facility Agent shall cancel
      the Commitments of that Lender and declare the participation of that
      Lender in all outstanding Utilisations, together with all other Senior
      Facility Outstandings due to that Lender due and payable, whereupon the
      Commitments of that Lender will be cancelled immediately and all such
outstanding amounts will become due and payable on the last day of the Interest
Period for each Loan occurring after the Facility Agent has so notified the
Borrower or, if earlier, the date specified by the Facility Agent in that notice
(being no earlier than the last day of any applicable grace period permitted by
law). </P></TD></TR></TABLE>
<P align=center>31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_35></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.3 </TD>
    <TD>
      <P align=justify><B>Mandatory prepayment - change of control or transfer
      of business</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.3.1 </TD>
    <TD>
      <P align=justify>If, at any time:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any person, or group of persons acting in concert, gains
      control, directly or indirectly, of Holdco;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the shares of common stock of Holdco are delisted from
      the NASDAQ Stock Market or the trade in those shares is suspended for more
      than five trading day (other than by reason of a general suspension of
      trading in securities by the NASDAQ Stock Market);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the International Finance Corporation, an international
      organization established by articles of agreement among its member
      countries, including South Africa, (the <B>IFC</B>) gives notices of its
      intention to exercise its rights under the shareholders' agreement of
      Holdco to require Holdco to purchase any or all of the shares of common
      stock of Holdco held by the IFC;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>subject to Clause 7.3.2, Holdco does not, or ceases to,
      hold, legally and beneficially, and have the right to vote as it sees fit
      100 per cent. of the issued share capital of the Borrower;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>subject to Clause 7.3.2, the Borrower does not, or ceases
      to, hold, legally and beneficially, and have the right to vote as it sees
      fit, directly or indirectly, 100 per cent. of the issued share capital of
      each other Obligor (other than Cash Paymaster); or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>there is one or more sales (whether in a single
      transaction or a series of related transactions) of assets of one or more
      members of the Group associated with any operating division or business
      which, on a cumulative basis, contributed (directly or indirectly) more
      than 25.00 per cent. of Consolidated EBITDA or total assets of the Group
      for the Measurement Period of the Group most recently
  ended,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>(each a <B>Control Event</B>) the
Borrower shall promptly notify the Facility Agent upon becoming aware of that
Control Event, and the following shall apply: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>a Lender shall not be obliged to fund any Utilisation;
      and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>if a Lender so requires, the Facility Agent shall, by
      notice to the Borrower, cancel the Commitments of that Lender and declare
      the participation of that Lender in all outstanding Utilisations, together
      with all other Senior Facility Outstandings due to that Lender immediately
      due and payable, whereupon the Commitments of that Lender will be
      cancelled immediately and all such outstanding Utilisations will become
      immediately due and payable.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.3.2 </TD>
    <TD>
      <P align=justify>A Control Event shall not
occur:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>in relation to Clause 7.3.1(d) where Holdco's
      shareholding, or the percentage of shares it is entitled to vote, reduces,
      directly or indirectly, by a maximum amount of 25 per cent. pursuant to a
      Permitted BEE Transaction; or</P></TD></TR></TABLE>
<P align=center>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_36></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>in relation to Clause 7.3.1(e) where the Borrower's
      shareholding, or the percentage of shares it is entitled to vote, reduces,
      directly or indirectly, by a maximum amount of 25 per cent. pursuant to a
      Permitted BEE Transaction.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.3.3 </TD>
    <TD>
      <P align=justify>For purposes of this Clause:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><B>control</B>, in relation to any company or similar
      organisation or person:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the shares of which are not listed on a stock exchange,
      means another company or legal entity or person (whether alone or pursuant
      to an agreement with others):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="25%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>holds or controls more than 50 per cent. of the voting
      rights (taking into account when such voting rights can be exercised) in
      that company;</P></TD></TR>
  <TR>
    <TD width="25%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="25%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>has the power (whether by way of ownership of shares,
      proxy, contract, agency or otherwise) to appoint or remove the majority of
      that company&#146;s board of directors; or</P></TD></TR>
  <TR>
    <TD width="25%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="25%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>has the power to ensure the majority of that company&#146;s
      board of directors will act in accordance with its wishes;
  and</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the shares of which are listed on a stock exchange,
      means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="25%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>the holding of shares or the aggregate of holdings of
      shares or other securities in a company entitling the holder thereof to
      exercise, or cause to be exercised more than 50 per cent. of the voting
      rights at shareholder meetings of the company irrespective of whether such
      holding or holdings confers <I>de facto </I>control; or</P></TD></TR>
  <TR>
    <TD width="25%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="25%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>the holding or control by a shareholder or member alone
      or pursuant to an agreement with other shareholders or members of more
      than 50 per cent. of the voting rights in the company irrespective of
      whether such holding or holdings confers <I>de facto </I>control;
    and</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><B>acting in concert </B>means a group of persons who,
      pursuant to an agreement or undertaking (whether formal or informal)
      actively co-operate, through the acquisition of shares in the Borrower by
      any of them, either directly or indirectly, to obtain or consolidate
      control of the Borrower.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.4 </TD>
    <TD>
      <P align=justify><B>Mandatory prepayment - material disposal and insurance
      proceeds</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.4.1 </TD>
    <TD>
      <P align=justify>In this Agreement:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify><B>Disposal Proceeds</B> means the
gross amount of consideration receivable by any member of the Group, in cash or
cash equivalent instruments which upon receipt are readily convertible into Cash
on reasonable commercial terms pursuant to a disposal of assets: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>including the amount of any intercompany loan repaid by a
      person who ceases to be a member of the Group to continuing members of the
      Group;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>treating any amount owing by any purchaser of assets as
      consideration received in cash if such amount is payable in cash later
      than 6 Months after such disposal or, if such amount is payable in cash
      within 6 Months of such disposal, such cash will be taken into
consideration on the date of receipt by the member of the Group; </P></TD></TR></TABLE>
<P align=center>33 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_37></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>treating any amount set off by any purchaser of assets as
      consideration received in cash;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>treating consideration initially received in a form other
      than cash or such other cash instruments, as being received when and if
      that consideration is converted into cash or such other cash instruments
      or becomes readily so convertible on reasonable commercial
terms;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>after deducting Taxes (and amounts reserved in respect of
      Taxes) paid or payable by members of the Group as a result of that
      disposal of assets; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>after deducting the properly evidenced costs and expenses
      incurred by members of the Group to persons who are not members of the
      Group directly in connection with that disposal of assets, including, in
      respect of the redundancy of employees or the relocation of employees
      which occurs as a result of that disposal of up to R80,000,000 during the
      term of this Agreement;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify><B>Excluded Disposal Proceeds</B>
means any Disposal Proceeds: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>which, when taken together with the Disposal Proceeds of
      all other disposals of assets by members of the Group in the same
      financial year, are less than R50,000,000;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>which, when taken together with the Disposal Proceeds of
      all other disposals of assets by members of the Group in the same
      financial year, are more than R50,000,000, but only to the extent that,
      they are to be (and are) applied as soon as reasonably practicable and in
      any event within 120 days of the date of receipt thereof (or such longer
      period as the Facility Agent may agree), to replace an asset (not being
      shares or any other ownership interest in a person) with another asset of
      a substantially similar type for use in the Group's business (being a
      fixed asset in the case of a disposal of a fixed asset);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>of a disposal referred to in Clauses 22.6.1, 22.6.2,
      22.6.3 (but only where the disposing entity is an Obligor and the
      acquiring entity is also an Obligor), 22.6.5, 22.6.6, 22.6.7, 22.6.8,
      22.6.10, 22.6.11 or 22.6.12 (Disposals); or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>which the Facility Agent agrees in writing comprises
      Excluded Disposal Proceeds;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify><B>Excluded Insurance Proceeds</B>
means Insurance Proceeds received by a member of the Group:<B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>which are received under the policy of insurance taken
      out by the Borrower with Senate Transit Underwriters Managers Proprietary
      Limited on or about the Second Amendment and Restatement Date;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>which are, or are to be, applied to meet a third party
      liability claim or to cover operating losses (including business
      interruption, interruption loss or other loss of revenue) in respect of
      which the relevant Insurance claim was made;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>which are applied or contractually committed to be
      applied (and are then so applied) as soon as reasonably practicable and in
      any event within 120 days of the date of receipt (or such longer period as
      the Facility Agent may agree), in reinstating or replacing (on a like for
      like basis) any asset, or in defraying the loss or liability to which the claim
relates; or </P></TD></TR></TABLE>
<P align=center>34 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_38></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>which are in an amount per claim which is less than
      R50,000,000 and, when taken together with the value of any other claims in
      the same financial year, are less than
R50,000,000;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify><B>Insurance Proceeds</B> means the
proceeds of a claim under any contract of Insurance maintained by or which may
be claimed by a member of the Group, after deducting the reasonable, properly
evidenced costs and expenses incurred by members of the Group to persons who are
not members of the Group directly in connection with the recovery of that claim;
</P>
<P style="MARGIN-LEFT: 15%" align=justify><B>Material Disposal Proceeds</B>
means Disposal Proceeds other than Excluded Disposal Proceeds; </P>
<P style="MARGIN-LEFT: 15%" align=justify><B>Material Insurance Proceeds</B>
means Insurance Proceeds other than Excluded Insurance Proceeds; and </P>
<P style="MARGIN-LEFT: 15%" align=justify><B>Recovered Net Proceeds</B> means
Material Disposal Proceeds or Material Insurance Proceeds, as applicable. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.4.2 </TD>
    <TD>
      <P align=justify>The Borrower must notify the Facility Agent within 10
      Business Days of the receipt of any Disposal Proceeds or Insurance
      Proceeds by a member of the Group.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.4.3 </TD>
    <TD>
      <P align=justify>If a member of the Group receives any Recovered Net
      Proceeds, the Borrower shall offer to prepay Utilisations and other Senior
      Facility Outstandings in an amount equal to the balance of those Recovered
      Net Proceeds, and procure that the Recovered Net Proceeds are applied to
      discharge any payments required to be made as a result of an acceptance of
      any such offer, all in accordance with the requirements of Clause 8
      (Prepayment Offers and Priorities).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.5 </TD>
    <TD>
      <P align=justify><B>Mandatory prepayment -
Moneyline</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.5.1 </TD>
    <TD>
      <P align=justify>In this Agreement:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify><B>Moneyline Event </B>means a change
to any law, regulation or authorisation applicable to Moneyline (including the
loss of any licence or registration by Moneyline) which will, or is reasonably
likely to, adversely affect the ability of Moneyline to operate its business in
the ordinary course and in all material respects as it is being conducted
(including its ability to advance credit to its customers); </P>
<P style="MARGIN-LEFT: 15%" align=justify><B>Moneyline Proceeds</B> means the
cash proceeds received by Moneyline from its debtors from the repayment or
prepayment of any loans under which Moneyline was the creditor. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.5.2 </TD>
    <TD>
      <P align=justify>The Borrower must notify the Facility Agent promptly upon
      becoming aware of the occurrence of a Moneyline Event.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.5.3 </TD>
    <TD>
      <P align=justify>Following the occurrence of a Moneyline Event, if a
      member of the Group receives any Moneyline Proceeds, the Borrower shall
      offer to prepay Utilisations and other Senior Facility Outstandings in an
      amount equal to the balance of those Moneyline Proceeds, and procure that
      the Moneyline Proceeds are applied to discharge any payments required to
      be made as a result of an acceptance of any such offer, all in accordance
      with the requirements of Clause 8 (Prepayment Offers and
    Priorities).</P></TD></TR></TABLE>
<P align=center>35 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_39></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.6 </TD>
    <TD>
      <P align=justify><B>Mandatory prepayment - Subscription
  failure</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If the Subscription does not occur on the Subscription
      Date, the Borrower shall repay each Lender's participation in the Senior
      Facility A Loan (together with all other Senior Facility A Outstandings
      due to that Lender) on or before the last day of the Interest Period for
      the Senior Facility A Loan following the failure of the Subscription to
      occur on the Subscription Date.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >7.7 </TD>
    <TD>
      <P align=justify><B>Voluntary prepayment</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Subject to the provisions of this Clause below, the
      Borrower may, by giving not less than 10 Business Days' prior notice to
      the Facility Agent, prepay a Senior Loan or other amount utilised under a
      Senior Facility at any time, in whole or in part. A prepayment of part of
      a Senior Loan must be in a minimum amount of R25,000,000 and an integral
      multiple of R5,000,000 or such lesser amount as may be outstanding under
      the Finance Documents (or such other amount as may be agreed by the
      Facility Agent).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >7.8 </TD>
    <TD>
      <P align=justify><B>Voluntary cancellation</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.8.1 </TD>
    <TD>
      <P align=justify>The Borrower may, by giving the Facility Agent not less
      than 10 Business Days' prior notice (or such shorter period as the
      Facility Agent may agree) cancel an Available Facility, in whole or in
      part. A partial cancellation of any of an Available Facility must be in a
      minimum amount of R25,000,000.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.8.2 </TD>
    <TD>
      <P align=justify>Any partial cancellation of an Available Facility under
      this Clause must be applied against the Commitment of each Lender under
      the relevant Senior Facility <I>pro rata</I>.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.9 </TD>
    <TD>
      <P align=justify><B>Cancellation and prepayment of a single Lender on a
      change of costs</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.9.1 </TD>
    <TD>
      <P align=justify>If:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any sum payable to any Lender by an Obligor is required
      to be increased under Clause 13.2 (Tax gross-up); or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any Lender claims indemnification from the Borrower under
      Clause 13.3 (Tax indemnity) or Clause 14 (Changes in
  Costs),</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>the Borrower may, whilst the
circumstance giving rise to the requirement for that increase or indemnification
continues, and provided no Default is then continuing, give the Facility Agent
notice of cancellation of the Commitment of that Lender and its intention to
procure the repayment of that Lender's participation in the Utilisations. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.9.2 </TD>
    <TD>
      <P align=justify>On receipt of a notice of cancellation referred to in
      Clause 7.9.1, the Commitment of that Lender shall immediately be cancelled
      and reduced to zero.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.9.3 </TD>
    <TD>
      <P align=justify>On the last day of each Interest Period in relation to a
      Utilisation which ends after the Borrower has given notice of cancellation
      and/or repayment under Clause 7.9.1 (or, if earlier, the date specified by
      the Borrower in that notice), the Borrower shall repay that Lender's
      participation in the relevant Utilisation together with all other Senior
      Facility Outstandings owed to that Lender under the relevant
      Facilities.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.10 </TD>
    <TD>
      <P align=justify><B>Re-borrowing and
reinstatement</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.10.1 </TD>
    <TD>
      <P align=justify>Unless otherwise provided, no amount of a Utilisation
      paid, repaid or prepaid under this Agreement or a Senior Facility
      Agreement may be re-borrowed under that Senior Facility
  Agreement.</P></TD></TR></TABLE>
<P align=center>36 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_40></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">7.10.2 </TD>
    <TD>
      <P align=justify>No amount of the Total Commitments cancelled under this
      Agreement or a Senior Facility Agreement may be
  reinstated.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">7.11 </TD>
    <TD>
      <P align=justify><B>Application of partial prepayments</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>Any amount to be applied in prepayment of Utilisations
      and other Senior Facility Outstandings under this Agreement or a Senior
      Facility Agreement:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">7.11.1 </TD>
    <TD>
      <P align=justify>shall, in relation to any mandatory prepayment pursuant
      to this Clause 7, be applied in or towards discharging the Utilisation and
      other Senior Facility Outstandings under the Facilities <I>pro
      rata</I>;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">7.11.2 </TD>
    <TD>
      <P align=justify>in respect of a particular Senior Facility, shall be
      applied in or towards discharging the participation of Lenders in any
      Utilisation and other Senior Facility Outstandings under that Senior
      Facility <I>pro rata</I>;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">7.11.3 </TD>
    <TD>
      <P align=justify>in respect of Senior Facility A, will not be applied
      against the Repayment Instalments in respect of Senior Facility A that
      remain outstanding under that Senior Facility;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">7.11.4 </TD>
    <TD>
      <P align=justify>in respect of Senior Facility B, will be applied against
      the Repayment Instalments in respect of Senior Facility B, if any, that
      remain outstanding under that Senior Facility <I>pro rata</I>;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">7.11.5 </TD>
    <TD>
      <P align=justify>in respect of Senior Facility D, will be applied against
      the Repayment Instalments in respect of Senior Facility D, if any, that
      remain outstanding under that Senior Facility <I>pro rata</I>;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">7.11.6 </TD>
    <TD>
      <P align=justify>in respect of Senior Facility E, will be applied against
      the any amount in respect of Senior Facility E, if any, that remains
      outstanding under that Senior Facility<I>,</I></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>except, in respect of Clause 7.11.1,
for a prepayment which is required to be made to a particular Lender under this
Clause 7 or under Clause 8 (Prepayment Offers and Priorities). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">7.12 </TD>
    <TD>
      <P align=justify><B>Other provisions</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">7.12.1 </TD>
    <TD>
      <P align=justify>If all or part of any Lender's participation in a Loan is
      repaid or prepaid and is not available for redrawing, an amount of that
      Lender's commitments (equal to the amount of the participation which is
      repaid or prepaid) will be deemed to be cancelled on the date of repayment
      or prepayment.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">7.12.2 </TD>
    <TD>
      <P align=justify>If the Facility Agent receives any notice of prepayment
      or cancellation under this Clause 7 or a Senior Facility Agreement, it
      shall forward a copy of that notice as soon as reasonably practicable to
      either the Borrower or the affected Finance Parties, as
  appropriate.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">7.12.3 </TD>
    <TD>
      <P align=justify>Any notice of prepayment or cancellation given by a Party
      under this Clause 7 or a Senior Facility Agreement shall be irrevocable
      and, unless a contrary indication appears in a Finance Document, 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.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">7.12.4 </TD>
    <TD>
      <P align=justify>Except as expressly otherwise provided in this Clause 7
      or a Senior Facility Agreement, any prepayment shall be made together with
      accrued interest on the amount prepaid, without premium or penalty except
      for any Break Costs which arise as a result of such prepayment or as may
      be otherwise provided in the applicable Senior Facility
  Agreement.</P></TD></TR></TABLE>
<P align=center>37 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_41></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">7.12.5 </TD>
    <TD>
      <P align=justify>The Borrower shall not pay, repay or prepay all or any
      part of the Utilisations or cancel all or any part of the Commitments
      except at the times and in the manner expressly provided for in this
      Agreement and the applicable Senior Facility Agreement.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">7.12.6 </TD>
    <TD>
      <P align=justify>The Facility Agent may agree a shorter notice period for
      a voluntary prepayment or a voluntary cancellation under a Senior
      Facility.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>PREPAYMENT OFFERS AND
PRIORITIES</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The provisions of this Clause 8 shall
apply to all amounts that are required to be applied in or towards the
prepayment of Utilisations and other Senior Facility Outstandings pursuant to
Clauses 7.4 (Mandatory prepayment - material disposal and insurance proceeds)
and Clause 22.19.2(f) (Distributions). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >8.1 </TD>
    <TD>
      <P align=justify><B>Initial Prepayment Offers</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>If: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">8.1.1 </TD>
    <TD>
      <P align=justify>a member of the Group receives any amount of Recovered
      Net Proceeds or Moneyline Proceeds (in each case, the <B>Distributable
      Balance</B>), the Borrower, by way of a notice (an <B>Initial Offer
      Notice</B>) delivered to the Facility Agent no later than 10 Business Days
      after receipt of those Recovered Net Proceeds or Moneyline Proceeds, as
      the case may be, shall offer (an <B>Initial Prepayment Offer</B>) to pay
      and discharge the participation of each Lender in Utilisations and other
      Senior Facility Outstandings that remain outstanding under the Senior
      Facilities, in each case for an amount equal to a Lender's Pro Rata Share
      of the Distributable Balance (in respect of each such Lender, its
      <B>Distributable Share</B>); or</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">8.1.2 </TD>
    <TD>
      <P align=justify>any Cash Distribution Prepayment Amount is required to be
      offered for prepayment as contemplated in Clause 22.19.2(f)
      (Distributions) (the <B>Distributable Balance</B>), the Borrower, by way
      of a notice (an <B>Initial Offer Notice</B>) delivered to the Facility
      Agent at the same time as delivery of the notice contemplated in Clause
      22.19.2(a) (Distributions), shall offer (an <B>Initial Prepayment
      Offer</B>) to pay and discharge the participation of each Lender in the
      Utilisations and other Senior Term Facility Outstandings that remain
      outstanding under the Senior Term Facilities, in each case for an amount
      equal to a Lender's Pro Rata Share of the Distributable Balance (in
      respect of each such Lender, its <B>Distributable
  Share</B>).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">8.2 </TD>
    <TD>
      <P align=justify><B>Acceptances and Additional Prepayment
  Offers</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">8.2.1 </TD>
    <TD>
      <P align=justify>If a Lender wishes to accept an Initial Prepayment Offer
      or any part thereof, it must advise the Facility Agent of its acceptance
      and provide to it the following details:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the amount of its available Distributable Share which it
      requires to be paid to it (an <B>Accepted Prepayment Amount</B>);
    and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the maximum amount (the <B>Additional Acceptances
      Limit</B>) of any additional part of the Distributable Balance it would be
      prepared to accept (if any) in or towards payment and discharge of its
      participation in Utilisations and other Senior Facility Outstandings that
      remain outstanding under a Senior Facility in circumstances where one or
      more Lenders were to decline the applicable Initial Prepayment Offers made
      to them,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>by way of a notice delivered to the
Facility Agent no later than 5 Business Days after receipt of any applicable
Initial Offer Notice (each such Lender which accepts any applicable Initial Prepayment Offer
for the amount of its Distributable Share or any part thereof, being a
  <b>Participating Lender</b>). If a Lender fails to advise the Facility Agent of
its acceptance of an Initial Prepayment Offer, as required under this paragraph,
then it shall be deemed to have accepted the Initial Prepayment Offer in full. </P>
<P align=center>38 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_42></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >8.2.2 </TD>
    <TD>
      <P align=justify>The Facility Agent will advise the Borrower and the
      Lenders, by way of a notice (an <B>Acceptances Confirmation</B>) delivered
      to each of them within 2 Business Days following expiry of the 5 Business
      Day period within which any applicable Initial Prepayment Offers may be
      accepted, of the following:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Initial Prepayment Offers accepted (including offers
      that are deemed to have been accepted) and declined and the aggregate
      amount of Distributable Shares for which Initial Prepayment Offers have
      been declined (the <B>Declined Balance</B>); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>in relation to each Participating Lender, that portion of
      the Declined Balance allocable to it (the <B>Additional Prepayment
      Amount</B>), being its Pro Rata Share (and for purposes of determining its
      Pro Rata Share it is assumed that the Senior Facility Outstandings of the
      Lenders declining the Initial Prepayment Offer are nil) of the Declined
      Balance limited to its Additional Acceptances
Limit.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >8.2.3 </TD>
    <TD>
      <P align=justify>Upon delivery of an Acceptances
  Confirmation:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Borrower will be irrevocably deemed to have offered
      (the <B>Additional Prepayment Offer</B>) to pay and discharge to each
      Participating Lender (in addition to amounts accepted by it pursuant to
      Clause 8.2.1) its participation in Utilisations and other Senior Facility
      Outstandings that remain outstanding; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>each Participating Lender will be deemed to have accepted
      the Additional Prepayment Offer,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>in each case, for an amount equal to
the Additional Prepayment Amount of each such Lender. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >8.3 </TD>
    <TD>
      <P align=justify><B>Payment</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >8.3.1 </TD>
    <TD>
      <P align=justify>Following a receipt of Recovered Net Proceeds and
      delivery of an Acceptances Confirmation to the Borrower, the Borrower
      shall pay to the Facility Agent, for the account of each Participating
      Lender, the Accepted Prepayment Amount and the Additional Prepayment
      Amount (if any) of that Participating Lender, in
full:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>on the Interest Payment Date immediately following expiry
      of the 120 day period referred to in the definition of Excluded Disposal
      Proceeds and Excluded Insurance Proceeds (as applicable) in Clause 7.4
      (Mandatory prepayment - material disposal and insurance proceeds) if the
      relevant Disposal Proceeds or Insurance Proceeds have not been applied
      within that 120-day period; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>if a Default is continuing, no later than the first
      Business Day following the date on which the Facility Agent delivers an
      Acceptances Confirmation to the Borrower.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >8.3.2 </TD>
    <TD>
      <P align=justify>Following a receipt of Moneyline Proceeds and delivery of
      an Acceptances Confirmation to the Borrower, the Borrower shall pay to the
      Facility Agent, for the account of each Participating Lender,
the Accepted Prepayment Amount and the Additional Prepayment Amount (if any) of
that Participating Lender, in full</P></TD></TR></TABLE>
<P align=center>39 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_43></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>on the Interest Payment Date immediately following the
      date on which the Facility Agent delivers an Acceptances Confirmation to
      the Borrower; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>if a Default is continuing, no later than the first
      Business Day following the date on which the Facility Agent delivers an
      Acceptances Confirmation to the Borrower.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >8.3.3 </TD>
    <TD>
      <P align=justify>If any Cash Distribution Prepayment Amount is required to
      be offered for prepayment as contemplated in Clause 22.19.2(f)
      (Distributions), the Borrower shall, following delivery to it of an
      Acceptances Confirmation, pay to the Facility Agent, for the account of
      each Participating Lender, the Accepted Prepayment Amount and the
      Additional Prepayment Amount (if any) of that Participating Lender, in
      full, before the payment of any Cash Distribution to Holdco in accordance
      with Clause 22.19.2 (Distributions) or any cash payments are made from any
      Available Distribution Amount in accordance with Clause 22.9.3
      (Acquisitions). For the avoidance of doubt, any payment to a Participating
      Lender pursuant to this Clause will be deemed to be a mandatory prepayment
      of the relevant Utilisations and other Senior Facility Outstandings and
      not a voluntary prepayment pursuant to Clause 7.7 (Voluntary
      prepayment).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >8.4 </TD>
    <TD>
      <P align=justify><B>Remaining amount of Distributable
Balance</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If, after having implemented the provisions of Clauses
      8.1 and 8.2, the full amount of any Distributable Balance offered to
      Lenders is not required to be applied in or towards the payment, repayment
      or prepayment of Utilisation and other Senior Facility Outstandings, any
      remaining balance (or any part thereof) may be retained in the Group and
      used for the general operations of the members of the
  Group.</P></TD></TR></TABLE>
<P align=center>40 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_44></A>
<P align=center><B>SECTION 4 <BR>COSTS OF UTILISATION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>INTEREST AND INTEREST
PERIODS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >9.1 </TD>
    <TD>
      <P align=justify><B>Calculation, accrual and
payment</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>All interest on a Loan made to the
Borrower under a Senior Facility Agreement shall be calculated, accrue and be
paid by the Borrower for the account of the Lenders under the relevant Senior
Facility in accordance with the terms of that Senior Facility Agreement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >9.2 </TD>
    <TD>
      <P align=justify><B>Interest Periods</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Interest Periods which apply to a Loan made to the
      Borrower under a Senior Facility Agreement shall be governed by the terms
      of that Senior Facility Agreement.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>CHANGES TO THE CALCULATION OF
  INTEREST</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >10.1 </TD>
    <TD>
      <P align=justify><B>Absence of quotations</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Subject to Clause 10.2, if JIBAR is to be determined by
      reference to the Reference Banks but a Reference Bank does not supply a
      quotation by 12h00 on the Quotation Day, JIBAR shall be determined on the
      basis of the quotations provided by the remaining Reference
  Banks.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >10.2 </TD>
    <TD>
      <P align=justify><B>Market disruption</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >10.2.1 </TD>
    <TD>
      <P align=justify>If a Market Disruption Event occurs in relation to a Loan
      for any Interest Period, then the Facility Agent shall advise the Borrower
      and 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:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Margin; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the highest of the rates notified to the Facility Agent
      by the relevant 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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >10.2.2 </TD>
    <TD>
      <P align=justify>In this Agreement <B>Market Disruption Event
      </B>means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>at or about noon on the Quotation Day for the relevant
      Interest Period the Screen Rate is not available and none or only one of
      the Reference Banks supplies a rate to the Facility Agent to determine
      JIBAR for the relevant Interest Period; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>before close of business in Johannesburg on the Quotation
      Day for the relevant Interest Period, the Facility Agent receives
      notifications from one or more Lenders whose aggregate participations in
      the Senior Loans exceed 20.00 per cent. of aggregate principal amount of
      Loans outstanding under the Senior Facilities
that:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the cost to them of funding their participation in that
      Loan from whatever source they may reasonably select would be in excess of
      JIBAR;</P></TD></TR></TABLE>
<P align=center>41 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_45></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>matching deposits will not be available to them in the
      Johannesburg interbank market in the ordinary course of business to fund
      their participation in that Loan for the relevant Interest
  Period.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >10.3 </TD>
    <TD>
      <P align=justify><B>Alternative basis of interest or
  funding</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >10.3.1 </TD>
    <TD>
      <P align=justify>Without prejudice to the generality of Clause 10.2, if a
      Market Disruption Event occurs and the Facility Agent or the Borrower so
      requires, the Facility Agent and the Borrower shall enter into
      negotiations (for a period of not more than 30 days, or such longer period
      as the Facility Agent may agree) with a view to agreeing a substitute
      basis for determining the rate of interest.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >10.3.2 </TD>
    <TD>
      <P align=justify>Any alternative basis agreed pursuant to Clause 10.3.1
      shall, with the prior consent of all the Lenders and the Borrower, be
      binding on all Parties.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>BREAK COSTS AND BREAK
GAINS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >11.1 </TD>
    <TD>
      <P align=justify>The Borrower shall, within 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 repaid or prepaid on a
      day other than the last day of an Interest Period for that Loan or Unpaid
      Sum.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >11.2 </TD>
    <TD>
      <P align=justify>On the condition that no Default is then continuing, a
      Senior Facility Lender shall, within 10 Business Days of demand by the
      Borrower, pay to the Borrower the amount of any Break Gain attributable to
      all or any part of the participation of that Senior Facility Lender in a
      Loan being repaid or prepaid on a day other than the last day of an
      Interest Period for that Loan.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >11.3 </TD>
    <TD>
      <P align=justify>Each Lender shall provide a certificate confirming the
      amount of its Break Costs or Break Gains (as applicable) for any Interest
      Period in which they accrue.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B>FEES</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >12.1 </TD>
    <TD>
      <P align=justify><B>Non-refundable Deal Origination Fee</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall pay to each Arranger a non-refundable
      deal origination fee in the amount and at the times agreed in a Fee
      Letter.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >12.2 </TD>
    <TD>
      <P align=justify><B>Commitment fee</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >12.2.1 </TD>
    <TD>
      <P align=justify>The Borrower shall pay to the Facility Agent (for the
      account of each Senior Facility C Lender) a fee computed at the rate of
      0.22 per cent. per annum on that Senior Facility C Lender's Available
      Commitment under Senior Facility C for the Availability Period applicable
      to Senior Facility C.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >12.2.2 </TD>
    <TD>
      <P align=justify>The accrued commitment fee is payable on the last day of
      each successive period of one Month which ends during the relevant
      Availability Period, on the last day of the relevant Availability Period
      and, if cancelled in full, on the cancelled amount of the relevant Senior
      Facility C Lender's Commitment at the time the cancellation is
      effective.</P></TD></TR></TABLE>
<P align=center>42 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_46></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >12.3 </TD>
    <TD>
      <P align=justify><B>Facility Agent Fee</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall pay to the Facility Agent (for its own
      account) an agency fee in the amount and at the times agreed in a Fee
      Letter.</P></TD></TR></TABLE>
<P align=center>43 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_47></A>
<P align=center><B>SECTION 5 <BR>ADDITIONAL PAYMENT OBLIGATIONS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B>TAX GROSS-UP AND
INDEMNITIES</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >13.1 </TD>
    <TD>
      <P align=justify><B>Definitions</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >13.1.1 </TD>
    <TD>
      <P align=justify>In this Agreement:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify><B>Protected Party</B> 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; </P>
<P style="MARGIN-LEFT: 15%" align=justify><B>Tax Credit</B> means a credit
against, relief or remission for, or repayment of any Tax; </P>
<P style="MARGIN-LEFT: 15%" align=justify><B>Tax Deduction</B> means a deduction
or withholding for or on account of Tax from a payment under a Finance Document,
other than a FATCA Deduction; </P>
<P style="MARGIN-LEFT: 15%" align=justify><B>Tax Payment</B> means either the
increase in a payment made by an Obligor to a Finance Party under Clause 13.2 or
a payment under Clause 13.3. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >13.1.2 </TD>
    <TD>
      <P align=justify>Unless a contrary indication appears, in this Clause 13 a
      reference to <B>determines </B>or <B>determined </B>means a determination
      made in the absolute discretion of the person making the
    determination.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >13.2 </TD>
    <TD>
      <P align=justify><B>Tax gross-up</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >13.2.1 </TD>
    <TD>
      <P align=justify>Each Obligor shall make all payments to be made by it
      free and clear of and without any Tax Deduction, unless a Tax Deduction is
      required by law.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >13.2.2 </TD>
    <TD>
      <P align=justify>The Borrower 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 Facility Agent accordingly.
      Similarly, a Lender shall notify the Facility Agent, as soon as reasonably
      practicable, on becoming so aware in respect of a payment payable to that
      Lender. If the Facility Agent receives such notification from a Lender it
      shall notify the Borrower and that Obligor.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >13.2.3 </TD>
    <TD>
      <P align=justify>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 any Tax Deduction) leaves an
      amount equal to the payment which would have been due if no Tax Deduction
      had been required.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >13.2.4 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >13.2.5 </TD>
    <TD>
      <P align=justify>Within 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 Facility Agent 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.</P></TD></TR></TABLE>
<P align=center>44 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_48></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">13.3 </TD>
    <TD>
      <P align=justify><B>Tax indemnity</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">13.3.1 </TD>
    <TD>
      <P align=justify>Each Obligor shall (within three Business Days of demand
      by the Facility Agent) indemnify each Protected Party against, and shall
      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)
      suffered for or on account of Tax by that Protected Party in respect of a
      Finance Document.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">13.3.2 </TD>
    <TD>
      <P align=justify>Clause 13.3.1 shall not
apply:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>with respect to any Tax assessed on a Finance Party: (A)
      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 or (B)
      under the law of the jurisdiction in which that Finance Party's facility
      office is located in respect of amounts received or receivable in that
      jurisdiction, 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;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to the extent a loss, liability or cost is compensated
      for by an increased payment under Clause 13.2 (Tax gross-up) or relates to
      a FATCA Deduction required to be made by a
Party.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">13.3.3 </TD>
    <TD>
      <P align=justify>A Protected Party making, or intending to make a claim
      under Clause 13.3.1, shall notify the Facility Agent as soon as reasonably
      practicable of the event which will give, or has given, rise to the claim,
      following which the Facility Agent shall notify the Borrower or relevant
      Obligor of such claim.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">13.3.4 </TD>
    <TD>
      <P align=justify>A Protected Party shall, on receiving a payment from an
      Obligor under this Clause 13.3, notify the Facility
  Agent.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">13.4 </TD>
    <TD>
      <P align=justify><B>Tax Credit</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>Subject to Clause 28 (Conduct of Business by the Finance
      Parties), if an Obligor makes a Tax Payment and the relevant Finance Party
      determines that:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">13.4.1 </TD>
    <TD>
      <P align=justify>a Tax Credit is attributable either to an increased
      payment of which that Tax Payment forms part, or to that Tax Payment;
      and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">13.4.2 </TD>
    <TD>
      <P align=justify>that Finance Party has obtained, utilised and retained
      that Tax Credit,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>the Finance Party shall pay an amount
to the Obligor, as soon as reasonably practicable, 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.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">13.5 </TD>
    <TD>
      <P align=justify><B>Stamp taxes</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>Each Obligor shall (within three Business Days of demand)
      indemnify each Finance Party against, and shall pay to the relevant
      Finance Party, any cost, loss or liability that the relevant Finance Party
      incurs in relation to all stamp duty, registration and other similar Taxes
      payable in respect of any Finance Document.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">13.6 </TD>
    <TD>
      <P align=justify><B>Value added tax</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">13.6.1 </TD>
    <TD>
      <P align=justify>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 13.6.2, 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 provide an appropriate VAT
invoice to such Party as soon as reasonably practicable). </P></TD></TR></TABLE>
<P align=center>45 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_49></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >13.6.2 </TD>
    <TD>
      <P align=justify>If VAT is or becomes chargeable on any supply made by any
      Finance Party (the <B>Supplier</B>) to any other Finance Party (the
      <B>Recipient</B>) under a Finance Document, and any Party other than the
      Recipient (the <B>Subject Party</B>) 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 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.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >13.6.3 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >13.7 </TD>
    <TD>
      <P align=justify><B>FATCA information</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >13.7.1 </TD>
    <TD>
      <P align=justify>Subject to Clause 13.7.3, each Party shall, within 10
      Business Days of a reasonable request by another
Party:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>confirm to that other Party whether it
  is:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>a FATCA Exempt Party; or</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>not a FATCA Exempt Party;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>supply to that other Party such forms, documentation and
      other information relating to its status under FATCA (including its
      applicable "passthrough percentage" or other information required under
      the US Treasury regulations or other official guidance including
      inter-governmental agreements) as that other Party reasonably requests for
      the purposes of that other Party's compliance with FATCA;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >13.7.2 </TD>
    <TD>
      <P align=justify>If a Party confirms to another Party pursuant to Clause
      13.7.1 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.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >13.7.3 </TD>
    <TD>
      <P align=justify>Clause 13.7.1 shall not oblige any Finance Party to do
      anything, and Clause 13.7.1(c) shall not oblige any other Party to do
      anything, which would or might in its reasonable opinion constitute a
      breach of:</P></TD></TR></TABLE>
<P align=center>46 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_50></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any law or regulation;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any fiduciary duty; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any duty of confidentiality.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >13.7.4 </TD>
    <TD>
      <P align=justify>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 Clause 13.7.1(a) or (b) (including, for the
      avoidance of doubt, where Clause 13.7.3 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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >13.8 </TD>
    <TD>
      <P align=justify><B>FATCA Deduction</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >13.8.1 </TD>
    <TD>
      <P align=justify>Each Party may make any FATCA Deduction it is required to
      make by FATCA, and any payment required in connection with that FATCA
      Deduction, and no Party shall be required to increase any payment in
      respect of which it makes such a FATCA Deduction or otherwise compensate
      the recipient of the payment for that FATCA Deduction.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >13.8.2 </TD>
    <TD>
      <P align=justify>Each Party shall promptly, upon becoming aware that it
      must make a FATCA Deduction (or that there is any change in the rate or
      the basis of such FATCA Deduction), notify the Party to whom it is making
      the payment and, in addition, shall notify the Company and the Agent and
      the Agent shall notify the other Finance
Parties.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><B>CHANGES IN COSTS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >14.1 </TD>
    <TD>
      <P align=justify><B>Increased costs</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >14.1.1 </TD>
    <TD>
      <P align=justify>Subject to Clause 14.3, the Borrower shall, within three
      Business Days of a demand by the Facility Agent, pay for the account of a
      Finance Party the amount of any Increased Costs incurred by that Finance
      Party as a result of:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the introduction of or any change in (or in the
      interpretation, administration or application of) any law or
      regulation;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>compliance with any law or regulation made after the
      Signature Date; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>compliance with any aspect of the Basel III Framework
      (including any national regulation which implements the Basel III
      Framework) whether implemented before or after the Signature
  Date,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>including, without limitation, any
such law or regulation (including the Basel III Framework) concerning capital
adequacy requirements, liquid asset holding requirements, special deposit
requirements, prudential limits, reserve assets or Tax. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >14.1.2 </TD>
    <TD>
      <P align=justify>In this Agreement:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify><B>Increased Costs</B> means: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a reduction in the rate of return from the Senior
      Facility or on a Finance Party's overall capital (including, without
      limitation, 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);</P></TD></TR></TABLE>
<P align=center>47 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<p><A name=page_51></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>an additional or increased cost; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>a reduction of any amount due and payable under any
      Finance Document,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>which is incurred or suffered by a
Finance Party 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; </P>
<P style="MARGIN-LEFT: 15%" align=justify><B>Basel III Framework</B> means: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the agreements on capital requirements, a leverage ratio
      and liquidity standards contained in "Basel III: A global regulatory
      framework for more resilient banks and banking systems", "Basel III:
      International framework for liquidity risk measurement, standards and
      monitoring" and "Guidance for national authorities operating the
      countercyclical capital buffer" published by the Basel Committee on
      Banking Supervision in December 2010, each as amended, supplemented or
      restated;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the rules for global systemically important banks
      contained in "Global systemically important banks: assessment methodology
      and the additional loss absorbency requirement &#150; Rules text" published by
      the Basel Committee on Banking Supervision in November 2011, as amended,
      supplemented or restated; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any other guidance, standards or directives published by
      the Basel Committee on Banking Supervision relating to "Basel
  III".</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >14.2 </TD>
    <TD>
      <P align=justify><B>Increased Cost claims</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >14.2.1 </TD>
    <TD>
      <P align=justify>A Finance Party intending to make a claim pursuant to
      Clause 14.1 shall notify the Facility Agent, as soon as reasonably
      possible after becoming aware of the claim, of the event giving rise to
      the claim, following which the Facility Agent shall notify the Borrower as
      soon as reasonably practicable.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >14.2.2 </TD>
    <TD>
      <P align=justify>Each Finance Party shall, as soon as practicable after a
      demand by the Facility Agent, provide a certificate confirming the amount
      of its Increased Costs.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >14.3 </TD>
    <TD>
      <P align=justify><B>Exceptions</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >14.3.1 </TD>
    <TD>
      <P align=justify>Clause 14.1 (Increased costs) does not apply to the
      extent any Increased Cost is:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>attributable to a Tax Deduction required by law to be
      made by an Obligor;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>attributable to a FATCA Deduction required to be made by
      a Party;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>compensated for by Clause 13.3 (Tax indemnity) (or would
      have been compensated for under that Clause but was not so compensated
      solely because any of the exclusions in that Clause applied); or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>attributable to the wilful breach by the relevant Finance
      Party of any law or regulation.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >14.3.2 </TD>
    <TD>
      <P align=justify>In this Clause 14.3, a reference to a <B>Tax Deduction
      </B>has the same meaning given to the term in Clause 13.1
      (Definitions).</P></TD></TR></TABLE>
<P align=center>48 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<p><A name=page_52></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><B>OTHER INDEMNITIES</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >15.1 </TD>
    <TD>
      <P align=justify><B>Currency indemnity</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >15.1.1 </TD>
    <TD>
      <P align=justify>If any sum due from an Obligor under the Finance
      Documents (a <B>Sum</B>), or any order, judgment or award given or made in
      relation to a Sum, has to be converted from the currency (the <B>First
      Currency</B>) in which that Sum is payable into another currency (the
      <B>Second Currency</B>) for the purpose of:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>making or filing a claim or proof against that Obligor;
      or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>obtaining or enforcing an order, judgment or award in
      relation to any litigation or arbitration
proceedings,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>that Obligor shall as an independent
obligation, within three Business Days of demand, indemnify each Finance Party
to whom that Sum is due against any cost, loss or liability arising out of or as
a result of the conversion including any discrepancy between (A) the rate of
exchange used to convert that Sum from the First Currency into the Second
Currency and (B) the rate or rates of exchange available to that person at the
time of its receipt of that Sum. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >15.1.2 </TD>
    <TD>
      <P align=justify>Each Obligor waives any right it may have in any
      jurisdiction to pay any amount under the Finance Documents in a currency
      or currency unit other than that in which it is expressed to be
      payable.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >15.2 </TD>
    <TD>
      <P align=justify><B>Funding indemnities</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >15.2.1 </TD>
    <TD>
      <P align=justify>The Obligors shall, within three Business Days of demand,
      indemnify each Finance Party against, and shall pay to each Finance Party,
      any cost, loss or liability (other than consequential damages or
      opportunity costs) incurred by that Finance Party as a result
  of:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the occurrence of any Default;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any information produced or approved by the Borrower or
      any member of the Group under or in connection with the Finance Documents
      being misleading or deceptive in any respect;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any enquiry, investigation, subpoena (or similar order)
      or litigation with respect to any Obligor, or with respect to the
      transactions contemplated or financed under this Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>a failure by an Obligor to pay any amount due under a
      Finance Document on its due date;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>funding, or making arrangements to fund, its
      participation in a Utilisation requested by the Borrower in a Utilisation
      Request but not made by reason of the operation of any one or more of the
      provisions of this Agreement (other than by reason of gross negligence or
      wilful default of that Finance Party alone);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the Senior Facility Outstandings (or part thereof) not
      being paid, repaid or prepaid in accordance with the terms of this
      Agreement; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>the taking, holding, protection or enforcement of any
      Transaction Security.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >15.2.2 </TD>
    <TD>
      <P align=justify>Each Obligor&#146;s liability in each case includes any loss
      or expense on account of funds borrowed, contracted for or
utilised to fund any amount payable under any Finance Document or any
Utilisation. </P></TD></TR></TABLE>
<P align=center>49 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_53></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >15.3 </TD>
    <TD>
      <P align=justify><B>Indemnity to the Facility
Agent</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >15.3.1 </TD>
    <TD>
      <P align=justify>Each Obligor hereby indemnifies the Facility Agent
      against, and shall pay to the Facility Agent within 3 Business Days of
      demand, any cost, loss or liability (other than consequential damages or
      opportunity costs) incurred by the Facility Agent (acting reasonably) as a
      result of:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>investigating or taking any other action in connection
      with any event which it reasonably believes is a Default; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>acting or relying on any notice, request or instruction
      which it reasonably believes to be genuine, correct and appropriately
      authorised.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >15.3.2 </TD>
    <TD>
      <P align=justify>Each Obligor hereby indemnifies the Facility Agent
      against, and shall pay to the Facility Agent within 3 Business Days of
      demand, any cost, loss or liability incurred by the Facility Agent as a
      result of:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the taking, holding, protection or enforcement of any
      Transaction Security;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any default by an Obligor in the performance of any of
      the obligations expressed to be assumed by it under the Finance Documents;
      or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the performance of its functions or the exercise of the
      rights, powers, discretions and remedies vested in the Facility Agent, in
      its capacity as such, by the Finance Documents or by law, except for any
      such cost, loss or liability arising as a result of the gross negligence
      or wilful default of the Facility Agent.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >15.3.3 </TD>
    <TD>
      <P align=justify>The Borrower shall reimburse to the Facility Agent all
      such out-of-pocket expenses actually and reasonably incurred and properly
      evidenced within 5 Business Days of the Facility Agent presenting the
      Borrower with a tax invoice in respect
thereof.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B>MITIGATION BY THE
LENDERS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >16.1 </TD>
    <TD>
      <P align=justify><B>Mitigation</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >16.1.1 </TD>
    <TD>
      <P align=justify>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 7.1 (Mandatory
      prepayment - Illegality), Clause 13 (Tax Gross-up and Indemnities) or
      Clause 14 (Changes in Costs).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >16.1.2 </TD>
    <TD>
      <P align=justify>Clause 16.1.1 does not in any way limit the obligations
      of any Obligor under the Finance Documents.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >16.2 </TD>
    <TD>
      <P align=justify><B>Limitation of
liability</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >16.2.1 </TD>
    <TD>
      <P align=justify>The Borrower hereby indemnifies each Finance Party
      against, and undertakes to pay to it on demand, all costs and expenses
      reasonably incurred by that Finance Party as a result of steps taken by it
      under Clause 16.1.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >16.2.2 </TD>
    <TD>
      <P align=justify>A Finance Party is not obliged to take any steps under
      Clause 16.1 if, in the opinion of that Finance Party (acting
      reasonably):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any law or regulation would not allow or permit it;
    or</P></TD></TR></TABLE>
<P align=center>50 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_54></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>to do so might be prejudicial to
it.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><B>COSTS AND EXPENSES</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >17.1 </TD>
    <TD>
      <P align=justify><B>Transaction expenses</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall promptly on demand pay the Facility
      Agent and the Arranger and the Lenders the amount of all properly
      evidenced and agreed costs and expenses (including legal fees) reasonably
      incurred by any of them in connection with the negotiation, preparation,
      printing and execution of:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >17.1.1 </TD>
    <TD>
      <P align=justify>this Agreement, the other Finance Documents and any other
      documents referred to in this Agreement (including all costs of
      registering or perfecting Transaction Security); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >17.1.2 </TD>
    <TD>
      <P align=justify>any Finance Documents executed after the Signature
      Date.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >17.2 </TD>
    <TD>
      <P align=justify><B>Amendment costs</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >17.2.1 </TD>
    <TD>
      <P align=justify>If an Obligor requests an amendment, waiver or consent,
      the Borrower shall, within three Business Days of demand, reimburse each
      Finance Party for the amount of all properly evidenced costs and expenses
      (including legal fees) reasonably incurred by that Finance Party in
      responding to, evaluating, negotiating or complying with that request or
      requirement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >17.2.2 </TD>
    <TD>
      <P align=justify>If there is any change in law or any regulation which
      requires an amendment, waiver or consent under the Finance Documents, the
      Borrower shall, within three Business Days of demand, reimburse each
      Finance Party for the amount of all properly evidenced costs and expenses
      (including legal fees) reasonably incurred by that Finance Party in
      connection with evaluating, negotiating or complying with any such
      requirement.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >17.3 </TD>
    <TD>
      <P align=justify><B>Enforcement costs</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall, within three 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 judgment) incurred by that Finance Party in
      connection with the enforcement of, or the preservation of any rights
      under, any Finance Document.</P></TD></TR></TABLE>
<P align=center>51 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_55></A>
<P align=center><B>SECTION 6 <BR>GUARANTEE </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify><B>GUARANTEE AND
INDEMNITY</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >18.1 </TD>
    <TD>
      <P align=justify><B>Guarantee and indemnity</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >18.1.1 </TD>
    <TD>
      <P align=justify>guarantees to each Finance Party punctual performance by
      each other Obligor of all that Obligor's obligations under the Finance
      Documents;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.1.2 </TD>
    <TD>
      <P align=justify>undertakes with 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 were the principal obligor; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.1.3 </TD>
    <TD>
      <P align=justify>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 18 if the amount claimed had been
      recoverable on the basis of a guarantee.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >18.2 </TD>
    <TD>
      <P align=justify><B>Continuing guarantee</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >18.3 </TD>
    <TD>
      <P align=justify><B>Reinstatement</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >18.3.1 </TD>
    <TD>
      <P align=justify>the liability of each Obligor shall continue as if the
      payment, discharge, avoidance or reduction had not occurred; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.3.2 </TD>
    <TD>
      <P align=justify>each Finance Party shall be entitled to recover the value
      or amount of that security or payment from each Obligor, as if the
      payment, discharge, avoidance or reduction had not
  occurred.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >18.4 </TD>
    <TD>
      <P align=justify><B>Waiver of defences</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The obligations of each Guarantor under this Clause 18
      will not be affected by an act, omission, matter or thing which, but for
      this Clause, would reduce, release or prejudice any of its obligations
      under this Clause 18 (without limitation and whether or not known to it or
      any Finance Party) including:</P></TD></TR></TABLE>
<P align=center>52 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_56></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >18.4.1 </TD>
    <TD>
      <P align=justify>any time, waiver or consent granted to, or composition
      with, any Obligor or other person;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.4.2 </TD>
    <TD>
      <P align=justify>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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.4.3 </TD>
    <TD>
      <P align=justify>the taking, variation, compromise, exchange, renewal or
      release of, or refusal or neglect to perfect, execute, 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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.4.4 </TD>
    <TD>
      <P align=justify>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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.4.5 </TD>
    <TD>
      <P align=justify>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 without limitation 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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.4.6 </TD>
    <TD>
      <P align=justify>any unenforceability, illegality, invalidity suspension
      or cancellation of any obligation of any person under this Agreement or
      any other Finance Document or any other document or security;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.4.7 </TD>
    <TD>
      <P align=justify>any insolvency, liquidation, winding-up, business rescue
      or similar proceedings (including, but not limited to, receipt of any
      distribution made under or in connection with those
proceedings);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.4.8 </TD>
    <TD>
      <P align=justify>this Agreement or any other Finance Document not being
      executed by or binding against any other Guarantor or any other party;
      or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.4.9 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >18.5 </TD>
    <TD>
      <P align=justify><B>Guarantor intent</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Without prejudice to the generality of Clause 18.4
      (Waiver of defences), each Guarantor expressly confirms that it intends
      that this guarantee shall extend from time to time to any (however
      fundamental) variation, increase, extension or addition of or to any of
      the Finance Documents and/or any facility or amount made available under
      any of the Finance Documents for the purposes of or in connection with any
      of the following: business acquisitions of any nature; increasing working
      capital; enabling investor distributions to be made; carrying out
      restructurings; refinancing existing facilities; refinancing any other
      indebtedness; making facilities available to new borrowers; any other
      variation or extension of the purposes for which any such facility or
      amount might be made available from time to time; and any fees, costs
      and/or expenses associated with any of the foregoing.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >18.6 </TD>
    <TD>
      <P align=justify><B>Immediate recourse</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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 18.
      This waiver applies irrespective of any law or any provision of a Finance
      Document to the contrary.</P></TD></TR></TABLE>
<P align=center>53 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_57></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >18.7 </TD>
    <TD>
      <P align=justify><B>Deferral of Guarantors'
rights</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >18.7.1 </TD>
    <TD>
      <P align=justify>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 Facility Agent 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 18:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to be indemnified by an Obligor;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>to claim any contribution from any other guarantor of or
      provider of security for any Obligor's obligations under the Finance
      Documents;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>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 the Finance Documents or of any other guarantee or
      security taken pursuant to, or in connection with, the Finance Documents
      by any Finance Party;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>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 18.1 (Guarantee and indemnity);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>to exercise any right of set-off against any Obligor;
      and/or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>to claim, rank, prove or vote as a creditor or
      shareholder of any Obligor in competition with any Finance
  Party.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >18.7.2 </TD>
    <TD>
      <P align=justify>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 Facility Agent or as the Facility
      Agent may direct for application in accordance with Clause 30 (Payment
      Mechanics).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >18.8 </TD>
    <TD>
      <P align=justify><B>Release of Guarantors' right of
  contribution</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If any Guarantor (a <B>Retiring Guarantor</B>) 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:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >18.8.1 </TD>
    <TD>
      <P align=justify>that Retiring Guarantor is automatically 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</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.8.2 </TD>
    <TD>
      <P align=justify>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, cession of action 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.</P></TD></TR></TABLE>
<P align=center>54 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_58></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >18.9 </TD>
    <TD>
      <P align=justify><B>Additional security</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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 (which a Finance Party may release as it sees fit,
      without prejudice to its rights hereunder).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >18.10 </TD>
    <TD>
      <P align=justify><B>Limitations on guarantee under US
  law</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >18.10.1 </TD>
    <TD>
      <P align=justify>Each US Guarantor acknowledges that it will receive
      valuable direct or indirect benefits as a result of the transactions
      contemplated by the Finance Documents (including utilisations
      thereunder).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >18.10.2 </TD>
    <TD>
      <P align=justify>Each US Guarantor represents, warrants and agrees
      that:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the aggregate amount of its debts and liabilities,
      subordinated, contingent or otherwise (including its obligations under the
      Finance Documents), is not greater than the aggregate value (being the
      lesser of fair valuation and present fair saleable value) of its
      assets;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>its capital is not unreasonably small to carry on its
      business as it is being conducted;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>it has not incurred and does not intend to incur debts
      beyond its ability to pay as they mature; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>it has not made a transfer or incurred any obligation
      under any Finance Document with the intent to hinder, delay or defraud any
      of its present or future creditors.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >18.10.3 </TD>
    <TD>
      <P align=justify>Notwithstanding anything to the contrary contained herein
      or in any other Finance Document to the extent that any US Bankruptcy or
      Fraudulent Transfer Law is applicable to this
guarantee:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>each Finance Party agrees that the maximum liability of
      each Guarantor under this Clause 18 (Guarantee and Indemnity) and under
      the other Finance Documents shall in no event exceed the amount that can
      be guaranteed by such Guarantor under applicable US federal and state laws
      relating to the insolvency of debtors, in each case after giving effect
      to:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>all other liabilities of such Guarantor, contingent or
      otherwise, that are relevant under such Fraudulent Transfer Law
      (specifically excluding, however, any liabilities of such Guarantor in
      respect of intercompany indebtedness to the Borrower to the extent that
      such Financial Indebtedness would be discharged in an amount equal to the
      amount paid by such Guarantor hereunder); and</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the value as assets of such Guarantor (as determined
      under the applicable provisions of such Fraudulent Transfer Law) of any
      rights to subrogation, contribution, reimbursement, indemnity or similar
      rights held by such Guarantor pursuant to:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="25%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>applicable law; or</P></TD></TR>
  <TR>
    <TD width="25%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="25%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>any other agreement providing for an equitable allocation
      among such Guarantor and the Borrower and other Guarantors of obligations
      arising under this Agreement or other guarantees of such obligations by
      such parties; and</P></TD></TR></TABLE>
<P align=center>55 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_59></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>each Party agrees that, in the event any payment or
      distribution is made on any date by a Guarantor under this Clause 18
      (Guarantee and Indemnity), each such Guarantor shall be entitled to be
      indemnified from each other Guarantor, to the greatest extent permitted
      under applicable law and subject to the other limitation of this Clause
      18.10 in an amount equal to such payment or distribution, in each case
      multiplied by a fraction of which the numerator shall be the net worth of
      the contributing Guarantor and the denominator shall be the aggregate net
      worth of all the Guarantors.</P></TD></TR></TABLE>
<P align=center>56 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_60></A>
<P align=center><B>SECTION 7 <BR>REPRESENTATIONS, UNDERTAKINGS AND EVENTS
OF DEFAULT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify><B>REPRESENTATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each Obligor makes the representations and warranties set
      out in this Clause 19 to each Finance Party on the Signature Date. A
      reference in this Clause to "it" or "its" includes, unless the context
      otherwise requires, each Obligor. The Finance Parties enter into the
      Finance Documents to which they are party on the strength of and relying
      on the representations and warranties set out in this Clause 19, each of
      which is a separate representation and warranty, given without prejudice
      to any other representation or warranty and is deemed to be a material
      representation or warranty (as applicable) inducing the Finance Parties to
      enter into the Finance Documents.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.1 </TD>
    <TD>
      <P align=justify><B>Status</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.1.1 </TD>
    <TD>
      <P align=justify>It is a limited liability corporation, duly incorporated
      and validly existing under the laws of its jurisdiction of
      incorporation.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.1.2 </TD>
    <TD>
      <P align=justify>It and each of its Subsidiaries has the power to own its
      assets and carry on its business as it is being
  conducted.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.2 </TD>
    <TD>
      <P align=justify><B>Capacity, power and
authority</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.2.1 </TD>
    <TD>
      <P align=justify>It has the legal capacity and power to enter into and
      perform, and has taken all necessary action to authorise the entry into
      and performance of, the Finance Documents to which it is or will be a
      party and the transactions contemplated by those Finance
  Documents.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.2.2 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.3 </TD>
    <TD>
      <P align=justify><B>Binding obligations</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.3.1 </TD>
    <TD>
      <P align=justify>Subject to any legal reservations in the legal opinion by
      Cliffe Dekker Hofmeyr delivered pursuant to the Second Amendment and
      Restatement Agreement," tThe obligations expressed to be assumed by it in
      each Finance Document to which it is a party are legal, valid, binding and
      enforceable obligations.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.3.2 </TD>
    <TD>
      <P align=justify>Each Finance Document to which it is a party is in the
      proper form for its enforcement in the jurisdiction of its
      incorporation.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.4 </TD>
    <TD>
      <P align=justify><B>Non-conflict with other obligations</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The entry into and performance by it of, and the
      transactions contemplated by, the Finance Documents to which it is a party
      and the establishment of Transaction Security pursuant to the Security
      Documents to which it is a party, do not and will not conflict
  with:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.4.1 </TD>
    <TD>
      <P align=justify>any law or regulation applicable to it;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.4.2 </TD>
    <TD>
      <P align=justify>its or any of its Subsidiaries' constitutional documents;
      or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.4.3 </TD>
    <TD>
      <P align=justify>any material 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
agreement or instrument. </P></TD></TR></TABLE>
<P align=center>57 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_61></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">19.5 </TD>
    <TD>
      <P align=justify><B>Authorisations</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>Except as expressly set out in Schedule 10 (Disclosure
      Schedule), all authorisations required:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">19.5.1 </TD>
    <TD>
      <P align=justify>to enable it lawfully to enter into, exercise its rights
      and comply with its obligations under the Finance Documents to which it is
      a party;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">19.5.2 </TD>
    <TD>
      <P align=justify>to make the Finance Documents to which it is a party
      admissible in evidence in its jurisdiction of incorporation; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">19.5.3 </TD>
    <TD>
      <P align=justify>for it and those of its Subsidiaries which are members of
      the Group to carry on their respective businesses in the ordinary course
      and in all material respects as they are being
conducted,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>have been obtained or effected and are
in full force and effect. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">19.6 </TD>
    <TD>
      <P align=justify><B>No default</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">19.6.1 </TD>
    <TD>
      <P align=justify>No Default is continuing or is reasonably likely to
      result from the making of any Utilisation or the entry into, the
      performance of, or any transaction contemplated by, any Finance Document
      to which it is a party.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">19.6.2 </TD>
    <TD>
      <P align=justify>No other event or circumstance is outstanding which
      constitutes (or with the expiry of a grace period, the giving of notice,
      the making of any determination, the satisfaction of any other applicable
      condition or any combination of the foregoing, would constitute) a default
      or termination event (however described) or an event resulting in an
      obligation to create security, 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, to an extent or in a manner
      which has or is reasonably likely to have a Material Adverse
  Effect.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">19.7 </TD>
    <TD>
      <P align=justify><B>Financial statements</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>Its audited financial statements most recently delivered
      to the Facility Agent (which, in relation to the Borrower, at Signature
      Date, is the Original Financial Statements):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">19.7.1 </TD>
    <TD>
      <P align=justify>have been prepared in accordance with IFRS, consistently
      applied; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">19.7.2 </TD>
    <TD>
      <P align=justify>give a true and fair view of its financial condition
      (consolidated, if applicable) as at the date to which they were drawn
      up,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>except, in each case, as disclosed to
the contrary in those financial statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">19.8 </TD>
    <TD>
      <P align=justify><B>Material adverse change</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>There has been no material adverse change in its business
      or financial condition or the business or consolidated financial condition
      of the Group since the latest date to which any of the financial
      statements (or management accounts delivered pursuant to Clause 20.1
      (Financial statements) were drawn up.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">19.9 </TD>
    <TD>
      <P align=justify><B>Assets</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">19.9.1 </TD>
    <TD>
      <P align=justify>It owns or has leased or licenced to it, and has all
      authorisations required under applicable law or regulations to use, the
  assets necessary to carry on its business as presently conducted. </P></TD></TR></TABLE>
<P align=center>58 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_62></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.9.2 </TD>
    <TD>
      <P align=justify>It is the sole legal and beneficial owner of the shares
      and other assets which are the subject matter of the Security Documents to
      which it is a party.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.10 </TD>
    <TD>
      <P align=justify><B>Financial Indebtedness and
  Security</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.10.1 </TD>
    <TD>
      <P align=justify>No member of the Group has any Financial Indebtedness
      outstanding other than Financial Indebtedness which constitutes Permitted
      Financial Indebtedness.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.10.2 </TD>
    <TD>
      <P align=justify>No Security exists over the whole or any part of the
      assets of any member of the Group, other than Security which constitutes a
      Permitted Encumbrance.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.10.3 </TD>
    <TD>
      <P align=justify>Subject to filing and registration required by law (where
      applicable) with the appropriate statutory public register, each Security
      Document to which it is a party creates the security interests which it
      purports to create, and the Transaction Security so
  established:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>is valid and effective;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>constitutes first priority Security of the type
      described, over the assets referred to, in the relevant Security Document
      and those assets are not subject to any prior or <I>pari passu
      </I>Security in favour of any other person;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>is not subject to avoidance in the event of any
      winding-up, dissolution or administration involving any
  Obligor.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.11 </TD>
    <TD>
      <P align=justify><B>Ranking</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.11.1 </TD>
    <TD>
      <P align=justify>Its payment obligations under the Finance Documents rank
      at least <I>pari passu </I>with the claims of all its other unsecured and
      unsubordinated creditors, except for obligations mandatorily preferred by
      law applying to companies generally.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.11.2 </TD>
    <TD>
      <P align=justify>The Transaction Security has or, upon the registration
      thereof with any applicable statutory public registry (if required under
      applicable law), will have first ranking priority in respect of the assets
      of the Obligors which are the subject matter thereof, and those assets are
      not subject to any prior ranking or <I>pari passu </I>ranking
    Security.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.12 </TD>
    <TD>
      <P align=justify><B>Information</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.12.1 </TD>
    <TD>
      <P align=justify>As at the Closing Date, the date of the first Utilisation
      Request and the first Utilisation Date, all forecasts and projections
      contained in any information supplied by or on behalf of Holdco, the
      Borrower, any other Obligor or any other member of the Group to the
      Facility Agent or any other Finance Party under or in connection with the
      Finance Documents were prepared on the basis of recent historical
      information and assumptions which were fair and reasonable at that date
      and were not misleading in any material respect.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.12.2 </TD>
    <TD>
      <P align=justify>All other information supplied by or on behalf of Holdco,
      the Borrower, any other Obligor or any other member of the Group to the
      Facility Agent or any other Finance Party under or in connection with the
      Finance Documents is true, complete and accurate in all material respects
      as at the date it was given and is not misleading in any material
      respect.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.12.3 </TD>
    <TD>
      <P align=justify>No information has been given or withheld by any Obligor
      which, if disclosed, might result in the information or projections
      referred to above being untrue or misleading in any material
    respect.</P></TD></TR></TABLE>
<P align=center>59 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_63></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.13 </TD>
    <TD>
      <P align=justify><B>Group Structure Chart</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Group Structure Chart is true, complete and accurate
      in all respects and shows the following
information:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.13.1 </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.13.2 </TD>
    <TD>
      <P align=justify>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 of such
person.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.14 </TD>
    <TD>
      <P align=justify><B>Ownership of
securities</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.14.1 </TD>
    <TD>
      <P align=justify>As at the Closing Date, the date of the first Utilisation
      Request and the first Utilisation Date, all securities in the issued
      capital of each Original Guarantor (other than Holdco, the Borrower and
      Cash Paymaster) are owned, directly or indirectly, legally and
      beneficially, by the Borrower.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.14.2 </TD>
    <TD>
      <P align=justify>As at the Closing Date, the date of the first Utilisation
      Request and the first Utilisation Date, 87.5 per cent. of the securities
      in the issued capital of Cash Paymaster are owned directly, legally and
      beneficially, by the Borrower.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.14.3 </TD>
    <TD>
      <P align=justify>There are no agreements in force which provide for the
      issue or allotment of, or grant any person the right to call for the issue
      or allotment of, any share, debenture or loan capital of any member of the
      Group (including any option or right of pre-emption or
  conversion).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.14.4 </TD>
    <TD>
      <P align=justify>No person has a right to obtain an order for the
      rectification of the securities register of a member of the
  Group.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.14.5 </TD>
    <TD>
      <P align=justify>The shares of any member of the Group which are subject
      to the Transaction Security are fully paid and not subject to any option
      to purchase or similar rights.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.14.6 </TD>
    <TD>
      <P align=justify>As at the Closing Date, the date of the first Utilisation
      Request and the first Utilisation Date, the constitutional documents of
      companies whose shares are subject to the Transaction Security do not
      restrict or inhibit any transfer of those shares (whether pursuant to a
      right of pre-emption in favour of any party or otherwise) on creation or
      enforcement of the Transaction Security (or if any such restriction exist,
      all applicable consents, waivers or resolutions by shareholders and
      directors for the purposes of authorising such a transfer have been
      obtained and are in full force and effect).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.15 </TD>
    <TD>
      <P align=justify><B>Other documents</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.15.1 </TD>
    <TD>
      <P align=justify>As at the Signature Date, the Closing Date, the date of
      the first Utilisation Request and the first Utilisation Date, the
      documents delivered to the Facility Agent by or on behalf of any Obligor
      under Clause 4.1 (Initial conditions precedent) are genuine (or, in the
      case of copy documents, are true, complete and accurate copies of
      originals which are genuine), are up-to-date and in full force and effect
      (or if a copy, the original is up-to-date and in full force and effect)
      and have not been amended.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.15.2 </TD>
    <TD>
      <P align=justify>As at the date of their delivery, the documents delivered
      to the Facility Agent under this Agreement by or on behalf of any Obligor
      after the Closing Date are genuine (or, in the case of copy documents, are
      true, complete and accurate copies of originals which are genuine), are
      up-to-date and in full force and effect (or, if a copy,
  the original is up-to-date and in full
force and effect) and have not been amended. </P></TD></TR></TABLE>
<P align=center>60 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_64></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.16 </TD>
    <TD>
      <P align=justify><B>No proceedings pending or threatened</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Except as expressly set out in Schedule 10 (Disclosure
      Schedule):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.16.1 </TD>
    <TD>
      <P align=justify>in relation to the each Obligor and Material Subsidiary
      as at the Signature Date, the Closing Date, the date of the first
      Utilisation Request and the first Utilisation Date only, no litigation,
      arbitration, expert determination, alternative dispute resolution or
      administrative proceedings of or before any court, arbitral body, expert
      or agency are current, pending or, to the best of its knowledge,
      threatened against it;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.16.2 </TD>
    <TD>
      <P align=justify>in relation to each Obligor and Material Subsidiary
      (other than as at the Signature Date, the Closing Date, the date of the
      first Utilisation Request and the first Utilisation Date), no litigation,
      arbitration, expert determination, alternative dispute resolution or
      administrative proceedings of or before any court, arbitral body, expert
      or agency are current, pending or, to the best of its knowledge,
      threatened against any such Obligor or other Material Subsidiary, which
      have or, if adversely determined, would have, a Material Adverse Effect or
      involve liability for the Obligors or other Material Subsidiary in an
      amount which, in aggregate, exceeds R10,000,000;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.16.3 </TD>
    <TD>
      <P align=justify>no dispute with any regulatory authority which is the
      subject of any administrative or statutory proceedings of or before any
      court or agency is current, pending or, to the best of its knowledge,
      threatened, which, if adversely determined, will have or might reasonably
      be expected to have a Material Adverse Effect;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.16.4 </TD>
    <TD>
      <P align=justify>no labour disputes are current or, to the best of its
      knowledge and belief (having made due and careful enquiry), threatened
      against any member of the Group which have or might reasonably be expected
      to have a Material Adverse Effect.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.17 </TD>
    <TD>
      <P align=justify><B>No breach of laws or licence conditions</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>It has not (and none of its Subsidiaries has) breached
      any law or regulation which is material to the conduct of its
    business.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.18 </TD>
    <TD>
      <P align=justify><B>Environmental matters</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>As at the Signature Date, the Closing Date, the date of
      the first Utilisation Request and the first Utilisation
  Date:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.18.1 </TD>
    <TD>
      <P align=justify>each member of the Group is in compliance with Clause
      22.16 (Environmental matters) and no circumstances have occurred which
      would prevent such compliance, in a manner or to an extent which has or
      might reasonably be expected to (a) have a Material Adverse Effect, or (b)
      result in a financial liability for that Group member in excess of
      R10,000,000;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.18.2 </TD>
    <TD>
      <P align=justify>all Environmental Permits required for it and its
      Subsidiaries to carry on their respective businesses in the ordinary
      course have been obtained or effected and are in full force and effect;
      and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.18.3 </TD>
    <TD>
      <P align=justify>no Environmental Claim has been commenced, is outstanding
      or (to the best of its knowledge and belief (having made due and careful
      enquiry)) is threatened against any member of the Group where that claim
      has or might reasonably be expected, if determined against that member of
      the Group, to have a Material Adverse Effect.</P></TD></TR></TABLE>
<P align=center>61 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_65></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.19 </TD>
    <TD>
      <P align=justify><B>Insurance</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.19.1 </TD>
    <TD>
      <P align=justify>As at the Signature Date, the Closing Date, the date of
      the first Utilisation Request and the first Utilisation Date, there is no
      outstanding insured loss or liability incurred by it in excess of
      R5,000,000 which is not expected to be covered to the full extent of that
      loss or liability.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.19.2 </TD>
    <TD>
      <P align=justify>There has been no non-disclosure, misrepresentation or
      breach of any term of any material Insurance taken out by any member of
      the Group which would entitle any insurer of that insurance to repudiate,
      rescind or cancel it or to treat it as avoided in whole or in part, or
      otherwise decline any valid claim under it by or on behalf of any member
      of the Group which could result in a loss to the Group exceeding
      R20,000,000.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.20 </TD>
    <TD>
      <P align=justify><B>Intellectual Property
Rights</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.20.1 </TD>
    <TD>
      <P align=justify>It:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>is the sole legal and beneficial owner of, or has
      licenced to it on normal commercial terms, all the Intellectual Property
      Rights which are material in the conduct of its business and which are
      required by it in order to carry on its business in all material respects
      as it is being conducted;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>has taken all formal or procedural actions (including
      payment of fees) required to maintain those Intellectual Property
      Rights;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>does not, in carrying on its business, infringe any
      Intellectual Property Rights of any third party in any respect which has a
      Material Adverse Effect.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.20.2 </TD>
    <TD>
      <P align=justify>None of those Intellectual Property Rights contemplated
      in paragraph 19.20.1(a) is being infringed, nor (to the best of its
      knowledge) is there any threatened infringement of any of those
      Intellectual Property Rights, in any material
respect.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.21 </TD>
    <TD>
      <P align=justify><B>Insolvency and Financial
Distress</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.21.1 </TD>
    <TD>
      <P align=justify>As at the Signature Date, the Closing Date, the date of
      the first Utilisation Request and the first Utilisation Date,
  no:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>corporate action, legal proceeding or other procedure or
      step described in Clause 23.7 (Insolvency and business rescue
      proceedings); or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>creditors' process described in Clause 23.8 (Creditors'
      process),</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>has been taken or threatened in
relation to it or any other member of the Group and none of the circumstances
described in Clause 23.6 (Insolvency) applies to it or any other member of the
Group. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.21.2 </TD>
    <TD>
      <P align=justify>As at the Signature Date, the Closing Date, the date of
      the first Utilisation Request and the first Utilisation Date, neither it
      nor any member of the Group is Financially Distressed (as defined in the
      Companies Act).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.22 </TD>
    <TD>
      <P align=justify><B>Taxes</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.22.1 </TD>
    <TD>
      <P align=justify>It is not overdue in the filing of any Tax returns or in
      the payment of any Tax in an amount of more than R10,000,000 (taking into
      account any extensions granted by any applicable Tax authority for the
      filing of such returns).</P></TD></TR></TABLE>
<P align=center>62 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_66></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.22.2 </TD>
    <TD>
      <P align=justify>As at the Signature Date, the Closing Date, the date of
      the first Utilisation Request and the first Utilisation Date, no claims or
      investigations by any Tax authority are being or are reasonably likely to
      be made or conducted against it which are reasonably likely to result in a
      liability of or claim against any member of the Group to pay any amount
      of, or in respect of, Tax of more than R10,000,000.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.22.3 </TD>
    <TD>
      <P align=justify>It is resident for Tax purposes only in its jurisdiction
      of incorporation.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.22.4 </TD>
    <TD>
      <P align=justify>As at the Signature Date, the Closing Date, the date of
      the first Utilisation Request and the first Utilisation Date it is not
      required to make any deduction for or on account of Tax from any payment
      it may make under any Finance Document.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.22.5 </TD>
    <TD>
      <P align=justify>The representations in Clauses 19.22.1 to 19.22.4 are
      subject to the disclosure expressly set out in Schedule 10 (Disclosure
      Schedule).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.23 </TD>
    <TD>
      <P align=justify><B>No filing or stamp taxes</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Under the law of its jurisdiction of incorporation it is
      not necessary that the Finance Documents be filed (other than a filing
      required in compliance with the rules of a stock exchange on which the
      securities of Holdco or a member of the Group are listed), recorded or
      enrolled with any court or other authority in that jurisdiction or that
      any stamp, registration or similar tax (other than any securities transfer
      tax payable on any share transaction) be paid on or in relation to those
      Finance Documents or the transactions contemplated by those Finance
      Documents.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.24 </TD>
    <TD>
      <P align=justify><B>Governing law and
enforcement</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.24.1 </TD>
    <TD>
      <P align=justify>The choice of South African law as the governing law of
      those Finance Documents which are expressed to be governed by South
      African law will be recognised and enforced in its jurisdiction of
      incorporation.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.24.2 </TD>
    <TD>
      <P align=justify>Its:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>submission under this Agreement to the jurisdiction of
      the High Court of South Africa (Gauteng Local Division, Johannesburg) (or
      any successor to that division); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>agreement not to claim any immunity to which it or its
      assets may be entitled,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>are legal, valid and binding under the
laws of its jurisdiction of incorporation. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.24.3 </TD>
    <TD>
      <P align=justify>Any judgment obtained in South Africa in relation to a
      Finance Document which is governed by the laws of South Africa will be
      recognised and enforced in its jurisdiction of
  incorporation.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.25 </TD>
    <TD>
      <P align=justify><B>No adverse
consequences</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.25.1 </TD>
    <TD>
      <P align=justify>It is not necessary under the laws of its jurisdiction of
      incorporation of that Obligor that any Finance Party should be licensed,
      qualified or otherwise entitled to carry on business in that
      jurisdiction:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>in order to enable any Finance Party to enforce its
      rights under any Finance Document; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>by reason of any Finance Party having entered into of any
      Finance Document or the performance by it of its obligations under any
      Finance Document.</P></TD></TR></TABLE>
<P align=center>63 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_67></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.25.2 </TD>
    <TD>
      <P align=justify>No Finance Party is or will be deemed to be resident,
      domiciled or carrying on business in the jurisdiction of incorporation of
      an Obligor by reason only of the entry into, performance and/or
      enforcement of any Finance Document.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.26 </TD>
    <TD>
      <P align=justify><B>No immunity</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.26.1 </TD>
    <TD>
      <P align=justify>The entry into by it of each Finance Document to which it
      is a party constitutes, and the exercise by it of its rights and
      performance of its obligations under each Finance Document will constitute
      private and commercial acts performed for private and commercial
      purposes.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >19.26.2 </TD>
    <TD>
      <P align=justify>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 this Agreement or any other Finance
Document.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.27 </TD>
    <TD>
      <P align=justify><B>Authorised signatories</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Any person specified as its authorised signatory under
      Schedule 2 (Conditions precedent) or Clause 20.8 (Information:
      miscellaneous) is authorised to sign Utilisation Requests and other
      communications under the Finance Documents on its
behalf.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.28 </TD>
    <TD>
      <P align=justify><B>Anti-corruption laws and
  Sanctions</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.28.1 </TD>
    <TD>
      <P align=justify>Except as expressly set out in Schedule 10 (Disclosure
      Schedule), no member of the Group (including, for this purpose, Smart
      Life):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>is using nor will use the proceeds of any Senior Facility
      for the purpose of financing or making funds available directly or
      indirectly to any person or entity which is currently a Sanctioned Entity
      or as part of a Sanctioned Transaction, to the extent such financing or
      provision of funds would currently be prohibited by Sanctions or would
      otherwise cause any person to be in breach of Sanctions;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>is contributing nor will contribute or otherwise make
      available the proceeds of any Senior Facility to any other person or
      entity for the purpose of financing the activities of any person or entity
      which is currently listed on a Sanctions List, to the extent such
      contribution or provision of proceeds would currently be prohibited by
      Sanctions or would otherwise cause any person to be in breach of
      Sanctions; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>to the best of its knowledge and
belief:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>has been nor is targeted under any Sanctions;
or</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>has violated or is violating any applicable
    Sanctions.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >19.28.2 </TD>
    <TD>
      <P align=justify>Except as expressly set out in Schedule 10 (Disclosure
      Schedule), each member of the Group and Smart Life has conducted its
      businesses in compliance with applicable anti-corruption laws and has
      instituted and maintained policies and procedures designed to promote and
      achieve compliance with such laws.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.29 </TD>
    <TD>
      <P align=justify><B>Dormant companies</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Each of the companies listed in Schedule 11 (Dormant
      Subsidiaries) does not trade (for itself or as agent for any person) and
      does not own, legally or beneficially, assets (including, without limitation,
indebtedness owed to it) which in aggregate have a value of more than R1,000,000
(or its equivalent in other currencies). </P></TD></TR></TABLE>
<P align=center>64 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_68></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">19.30 </TD>
    <TD>
      <P align=justify><B>Times for making representations and
    warranties</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">19.30.1 </TD>
    <TD>
      <P align=justify>All the representations and warranties set out in this
      Clause 19 are made by each Obligor on the Signature Date.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">19.30.2 </TD>
    <TD>
      <P align=justify>Unless a representation and warranty is expressed to be
      given at a specific date (in which case it shall not be deemed to be
      repeated on another date), each representation and warranty is deemed to
      be repeated by:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>each Obligor on the Closing Date, the date of the first
      Utilisation Request and the first Utilisation Date, each Utilisation Date
      and the first day of each Interest Period; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>each Additional Guarantor, on the day on which it becomes
      (or it is proposed that it becomes) an
Obligor.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">19.30.3 </TD>
    <TD>
      <P align=justify>When a representation and warranty in Clause 19.6.1 (No
      default) is repeated on the first day of an Interest Period for a Loan
      (other than the first Interest Period for that Loan), the reference to a
      Default must be construed as a reference to an Event of Default.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">19.30.4 </TD>
    <TD>
      <P align=justify>When a representation and warranty is repeated, it is
      made with reference to the circumstances existing at the time of
      repetition.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify><B>INFORMATION UNDERTAKINGS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The undertakings in this Clause 20 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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">20.1 </TD>
    <TD>
      <P align=justify><B>Financial statements</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>The Borrower shall supply to the Facility Agent in
      sufficient copies for all the Lenders:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">20.1.1 </TD>
    <TD>
      <P align=justify>as soon as the same become available, but in any event
      within 210 days after the last day of each financial year of the Group,
      its audited consolidated annual financial statements for that financial
      year;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">20.1.2 </TD>
    <TD>
      <P align=justify>as soon as the same become available, but in any event
      within 45 days after the end of each quarter of each of its financial
      years (other than those for the fourth quarter of any financial year which
      shall be provided within 60 days after the end of that quarter), the
      Group&#146;s quarterly management accounts for that quarter on a consolidated
      basis for that quarter (and to include cumulative consolidated management
      accounts for the financial year of the Group to date);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">20.1.3 </TD>
    <TD>
      <P align=justify>if requested by the Facility Agent in respect of a
      calendar month, within 30 days after the end of that calendar month, the
      Group&#146;s monthly management accounts for that month on a consolidated basis
      for that month (and to include cumulative consolidated management accounts
      for the financial year of the Group to date);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">20.1.4 </TD>
    <TD>
      <P align=justify>in respect of Holdco:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>as soon as the same become available, but in any event
      within 62 days after the last day of each financial year of Holdco, its
      audited consolidated annual financial statements for that financial year;
      and</P></TD></TR></TABLE>
<P align=center>65 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_69></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>as soon as the same become available, but in any event
      within 45 days after the end of each quarter of each of its financial
      years, Holdco's quarterly management accounts for that quarter on a
      consolidated basis for that quarter (and to include cumulative
      consolidated management accounts for the financial year of Holdco to
      date);</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >20.2 </TD>
    <TD>
      <P align=justify><B>Requirements as to financial
  statements</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.2.1 </TD>
    <TD>
      <P align=justify>The Borrower shall ensure that each set of financial
      statements and management accounts delivered pursuant to Clause
    20.1:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>is certified by a director of the relevant company as
      fairly representing its financial condition as at the date as to which
      those financial statements or management accounts were drawn up;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>comprise at least a balance sheet, profit and loss
      account and cashflow statement for the financial period then ended, and
      (in the case of management accounts) for the financial year to date and
      the period of 12 months ending on the last day of the monthly or quarterly
      financial period (as applicable); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>is prepared using IFRS (other than in respect of the
      management accounts), accounting practices and financial reference periods
      consistent with those applied in the preparation of the applicable
      financial statements and management accounts for 31 March, 2017 unless, in
      relation to any set of financial statements or management accounts, it
      notifies the Facility Agent that there has been a change in IFRS (other
      than in respect of the management accounts), those accounting practices or
      those reference periods.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.2.2 </TD>
    <TD>
      <P align=justify>If the Borrower notifies the Facility Agent of any
      change, as contemplated by Clause 20.2.1, it shall procure that its
      Auditors (or, if appropriate, the Auditors of the relevant member of the
      Group) deliver to the Facility Agent:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a description of any change necessary for those financial
      statements to reflect IFRS, the accounting practices and the reference
      periods as applied in the preparation of that Obligor's Original Financial
      Statements; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>sufficient information, in form and substance reasonably
      required by the Facility Agent, to enable the Lenders to determine whether
      Clause 21 (Financial covenants) 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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.2.3 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >20.3 </TD>
    <TD>
      <P align=justify><B>Compliance Certificate</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.3.1 </TD>
    <TD>
      <P align=justify>The Borrower shall supply to the Facility Agent, with
      each set of financial statements and management accounts delivered
      pursuant to Clause 20.1.1 and 20.1.2 in relation to a Measurement Date, a
      Compliance Certificate setting out (in reasonable detail) computations as
      to compliance with Clause 21 (Financial covenants) as at the date as at
      which those financial statements or management accounts (as applicable)
      were drawn up.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >20.3.2 </TD>
    <TD>
      <P align=justify>Each Compliance Certificate shall be signed by two
      directors of Borrower (including the Chief Financial Officer of the
Group) and, if required to be delivered with the financial statements delivered
pursuant to Clause 20.1.1, shall be reported on by the Auditors in the form set
out in Annexe A (Form of Auditor's Certification) to Schedule 6 (Form of
Compliance Certificate) or such other form agreed by the Borrower and the
Facility Agent. </P></TD></TR></TABLE>
<P align=center>66 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_70></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >20.4 </TD>
    <TD>
      <P align=justify><B>Financial year-end</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Without the express prior consent of the Facility Agent,
      an Obligor shall not change the date of its financial year end and shall
      ensure that the financial year end of each member of the Group falls on 30
      June.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >20.5 </TD>
    <TD>
      <P align=justify><B>Auditors</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.5.1 </TD>
    <TD>
      <P align=justify>The Borrower must ensure that its Auditors as at the
      Signature Date are retained to audit its consolidated annual financial
      statements.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >20.5.2 </TD>
    <TD>
      <P align=justify>The Borrower may change its
Auditors:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to one of PwC, EY or KPMG (or any other firm approved in
      advance by the Facility Agent) if required by law or regulation;
  or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>if the Facility Agent has approved the other firm in
      advance.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.5.3 </TD>
    <TD>
      <P align=justify>If the Facility Agent wishes to discuss the financial
      position of any member of the Group with the Auditors, the Facility Agent
      may notify the Borrower, stating the questions or issues which the
      Facility Agent wishes to discuss with the Auditors. In this event, the
      Borrower shall ensure that the Auditors are authorised (at the expense of
      the Borrower):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to discuss the financial position of each member of the
      Group with the Facility Agent on request from the Facility Agent;
    and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>to disclose to the Facility Agent for the Finance Parties
      any information which the Facility Agent may reasonably
  request.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.5.4 </TD>
    <TD>
      <P align=justify>The Facility Agent may not give notice under Clause
      20.5.3, unless it reasonably believes that a Default is continuing or may
      have occurred or may occur, and notifies the Borrower that it is
      exercising its rights under this Clause
20.5.4.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >20.6 </TD>
    <TD>
      <P align=justify><B>Management access</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Following delivery of any management accounts
      contemplated in Clause 20.1.2 (Financial Statements), the Borrower shall,
      upon written request from the Facility Agent, procure that within 7 days
      of delivery of any such request at least two directors of the Borrower
      (one of whom must be the financial director) must make themselves
      available to meet with the Lenders (on a date and at a venue agreed with
      the Facility Agent) so as to discuss:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.6.1 </TD>
    <TD>
      <P align=justify>the on-going business and financial performance of the
      Group; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >20.6.2 </TD>
    <TD>
      <P align=justify>any other matter which a Finance Party may reasonably
      request.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >20.7 </TD>
    <TD>
      <P align=justify><B>Notification of
default</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.7.1 </TD>
    <TD>
      <P align=justify>Each Obligor shall notify the Facility Agent of any
      Default (and the steps, if any, being taken to remedy it) promptly upon
      becoming aware of its occurrence (unless that Obligor is aware that a
  notification has already been provided by another Obligor). </P></TD></TR></TABLE>
<P align=center>67 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_71></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.7.2 </TD>
    <TD>
      <P align=justify>As soon as reasonably practical following a request by
      the Facility Agent, the Borrower shall supply to the Facility Agent a
      certificate signed by two of its directors or senior officers 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).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >20.8 </TD>
    <TD>
      <P align=justify><B>Information: miscellaneous</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower and Holdco shall supply to the Facility
      Agent (in sufficient copies for all the Lenders, if the Facility Agent so
      requests):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.8.1 </TD>
    <TD>
      <P align=justify>copies of all documents dispatched by an Obligor to its
      shareholders generally (or any class of them) to the extent required by
      law or regulation and all documents dispatched to its creditors generally
      (or any class of them), in each case at the same time as they are
      dispatched;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >20.8.2 </TD>
    <TD>
      <P align=justify>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 other Obligor, including the filing
      of any Memorandum of Incorporation under the Companies Act, where such
      changes do, are reasonably likely to, adversely affect the interest of the
      Finance Parties;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >20.8.3 </TD>
    <TD>
      <P align=justify>promptly upon becoming aware of them, details and copies
      of any claim made against any Obligor under the Finance
  Documents;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >20.8.4 </TD>
    <TD>
      <P align=justify>promptly 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, in the case of any litigation, arbitration or
      administrative proceedings, involve liability in an aggregate amount which
      (together with any other liability in respect of litigation, arbitration
      or administrative proceedings) is in excess of R10,000,000 (or its
      equivalent in another currency or currencies); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >20.8.5 </TD>
    <TD>
      <P align=justify>promptly, such further information regarding the
      financial condition, business and operations of it or any other member of
      the Group as any Finance Party (through the Facility Agent) may reasonably
      request.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >20.9 </TD>
    <TD>
      <P align=justify><B>Know your customer
checks</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.9.1 </TD>
    <TD>
      <P align=justify>If:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the introduction of or any change in (or in the
      interpretation, administration or application of) any law or regulation
      made after the Signature Date;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any change in the status of an Obligor after the
      Signature Date;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the on-going compliance with any know your customer or
      similar identification procedures; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>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,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>obliges the Facility Agent or any
Lender (or, in the case of paragraph (d) above, any prospective new Lender) to
comply with know your customer 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 Facility Agent or any Lender supply, or procure
the supply of, such documentation and other evidence as is reasonably requested
by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for
itself or, in the case of the event described in paragraph (d) above, on behalf
of any prospective new Lender) in order for the Facility Agent, such Lender or,
in the case of the event described in paragraph (d) above, any prospective new
Lender to carry out and be satisfied it has complied with all necessary know
your customer or other similar checks under all applicable laws and regulations
pursuant to the transactions contemplated in the Finance Documents. </P>
<P align=center>68 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_72></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">20.9.2 </TD>
    <TD>
      <P align=justify>Each Lender shall as soon as reasonably practicable
      following request by the Facility Agent, supply, or procure the supply of,
      such documentation and other evidence as is reasonably requested by the
      Facility Agent (for itself) in order for the Facility Agent to carry out
      and be satisfied it has complied with all necessary know your customer or
      other similar checks under all applicable laws and regulations pursuant to
      the transactions contemplated in the Finance Documents.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">20.9.3 </TD>
    <TD>
      <P align=justify>Following the giving of any notice pursuant to Clause
      25.2 (Additional Guarantors), if the accession of such Additional
      Guarantor obliges the Facility Agent or any Lender to comply with know
      your customer 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 Facility Agent or any Lender
      supply, or procure the supply of, such documentation and other evidence as
      is reasonably requested by the Facility Agent (for itself or on behalf of
      any Lender) or any Lender (for itself or on behalf of any prospective new
      Lender) in order for the Facility Agent or such Lender or any prospective
      new Lender to carry out and be satisfied it has complied with all
      necessary know your customer or other similar checks under all applicable
      laws and regulations pursuant to the accession of such Subsidiary to this
      Agreement as an Additional Guarantor.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">21. </TD>
    <TD>
      <P align=justify><B>FINANCIAL COVENANTS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">21.1 </TD>
    <TD>
      <P align=justify><B>Undertakings in relation to financial
    condition</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">21.1.1 </TD>
    <TD>
      <P align=justify><B>Total Net Leverage Ratio</B></P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%"></TD>
    <TD>
      <P align=justify>The Obligors shall ensure that the Total Net Leverage
      Ratio for any Measurement Period shall fall below the ratio set out in
      column 2 of the table below opposite that Measurement
  Period:</P></TD></TR></TABLE>
<p><BR>
</p>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="85%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center bgColor=#E6E6E6>
      <P><B>Measurement Period</B> </P>
      <P><B>[Column 1]</B> </P></TD>
    <TD noWrap align=center width="15%" bgColor=#E6E6E6>
      <P><B>Ratio</B> </P>
    <P><B>[Column 2]</B> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Each Measurement Period ending before or on
      the first anniversary of the first Utilisation Date: </TD>
    <TD align=center width="15%" bgColor=#ffffff>1.75 : 1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Thereafter, each Measurement Period ending
      before or on 31 March, 2019: </TD>
    <TD align=center width="15%" bgColor=#ffffff>1.50 : 1 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Thereafter, each Measurement Period ending
      before or on the Final Maturity Date: </TD>
    <TD align=center width="15%" bgColor=#ffffff>1.00 : 1
</TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >21.2 </TD>
    <TD>
      <P align=justify><B>Basis of calculations</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >21.2.1 </TD>
    <TD>
      <P align=justify>All the terms defined in Clause 1.2 (Financial
      definitions) are to be determined on a consolidated basis and (except as may
be expressly included or excluded in the relevant definition, or as stated
below) in accordance with IFRS. </P></TD></TR></TABLE>
<P align=center>69 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_73></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >21.2.2 </TD>
    <TD>
      <P align=justify>The financial undertakings in Clause 21.1.1 (unless
      expressly otherwise stated) shall apply as of the last day of each
      Measurement Period and compliance (or otherwise) shall be verified by
      reference to the consolidated financial statements or management accounts
      of the Group (as applicable) for the relevant Measurement Periods and
      Compliance Certificates delivered pursuant to Clause 20 (Information
      Undertakings).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >21.2.3 </TD>
    <TD>
      <P align=justify>No item shall be deducted or credited more than once in
      any calculation.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >21.2.4 </TD>
    <TD>
      <P align=justify>Where an amount in any financial statements delivered
      pursuant to Clause 20 (Information Undertakings) is not denominated in
      Rand, it shall be converted into Rand at the rates specified in those
      financial statements.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >21.2.5 </TD>
    <TD>
      <P align=justify>In relation to any Measurement Period commencing before
      the Closing Date, the Consolidated EBITDA for any Measurement Period
      ending less than 12 months after the Closing Date, shall be determined
      based on the actual consolidated results of the Borrower for that
      Measurement Period.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >21.3 </TD>
    <TD>
      <P align=justify><B>Equity cure</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >21.3.1 </TD>
    <TD>
      <P align=justify>In this Clause:</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" ></TD>
    <TD>
      <P align=justify><B>Cure Amount </B>means the amount of cash proceeds
      received by the Borrower for the purposes of this Clause from a
      Shareholder Contribution on the condition that the claims of Holdco
      against the Borrower are subordinated to the claims of the Finance Parties
      under the Finance Documents, either under the Subordination Agreement or
      otherwise on terms acceptable to the Facility Agent; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" ></TD>
    <TD>
      <P align=justify><B>Cure Period</B>, in relation to a Measurement Period,
      means the period ending on the date which falls 45 Business Days after the
      Measurement Date for that period.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >21.3.2 </TD>
    <TD>
      <P align=justify>If, as at a Measurement Date, any requirement of Clause
      21.1.1 (the <B>Relevant Financial Undertaking</B>) is not met, which is
      evidenced by a Compliance Certificate delivered pursuant to Clause 20.3
      (Compliance Certificate), the Borrower may treat (solely for the purpose
      of measuring compliance with the Relevant Financial Undertaking under this
      Clause, and not for any other purpose) a Cure Amount received and paid to
      the Facility Agent (for the account of the Senior Facility Lenders) in
      accordance with Clause 21.4 within the applicable Cure Period, by way of a
      notional adjustment being a reduction of Consolidated Total Net Borrowings
      by an equivalent amount.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >21.3.3 </TD>
    <TD>
      <P align=justify>Only so much of a Cure Amount as is required to ensure
      compliance with the Relevant Undertaking may be taken into account by way
      of such notional adjustment.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >21.3.4 </TD>
    <TD>
      <P align=justify>Following receipt of a Cure Amount, the Borrower shall
      promptly recalculate the Relevant Financial Undertaking as permitted under
      this Clause 21.3 and, by no later than the last day of the relevant Cure
      Period, deliver to the Facility Agent a revised Compliance Certificate
      which reflects the results of those calculations.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >21.3.5 </TD>
    <TD>
      <P align=justify>If, following receipt of a Cure Amount and a
      recalculation of the Relevant Financial Undertaking, as permitted under
      this Clause, the Relevant Financial Undertaking is met, the requirements
      of Clause 21.1 will be deemed to have been satisfied, retrospectively on
      the relevant Measurement Date, and any Default which
  arose under Clause 23.2 (Financial covenants
and other obligations) as a result of the original failure to comply shall be
deemed to have been remedied. </P></TD></TR></TABLE>
<P align=center>70 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_74></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">21.3.6 </TD>
    <TD>
      <P align=justify>The rights of the Borrower under this Clause 21.3 are
      subject to the following restrictions:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a Cure Amount may not be raised and taken into account
      under this Clause for two consecutive Measurement Periods; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>no more than two Cure Amounts in total may be taken into
      account before the Final Discharge Date for the purposes of this
      Clause.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">21.4 </TD>
    <TD>
      <P align=justify><B>Cure Amounts - mandatory
  prepayment</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">21.4.1 </TD>
    <TD>
      <P align=justify>The Borrower shall apply all the proceeds of any Cure
      Amount received by a member of the Group in or towards payment, repayment
      or prepayment of the Utilisations and other Senior Facility Outstandings
      under the Senior Facilities, promptly upon receipt and, in any event, no
      later than the last day of the relevant Cure Period.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">21.4.2 </TD>
    <TD>
      <P align=justify>All amounts paid, repaid or prepaid under this Clause
      shall be applied in the order of priority set out in (and otherwise as
      required under) Clause 7.11.1 (Application of partial
  prepayments).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">22. </TD>
    <TD>
      <P align=justify><B>GENERAL UNDERTAKINGS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each Obligor is bound by the undertakings set out in this
      Clause 22 relating to it. The undertakings in this Clause 22 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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">22.1 </TD>
    <TD>
      <P align=justify><B>Authorisations</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>Each Obligor shall (and the Obligors shall ensure that
      each other member of the Group will) promptly:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">22.1.1 </TD>
    <TD>
      <P align=justify>obtain, comply with and do all that is necessary to
      maintain in full force and effect; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.1.2 </TD>
    <TD>
      <P align=justify>at the request of the Facility Agent, supply certified
      copies to the Facility Agent of,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>any authorisation required to enable
it to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>perform its obligations under the Finance Documents to
      which it is a party and to ensure the legality, validity, enforceability
      or admissibility in evidence in its jurisdiction of incorporation of any
      such Finance Document;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>carry on its business in the ordinary course and in all
      material respects as it is being conducted.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">22.2 </TD>
    <TD>
      <P align=justify><B>Compliance with laws</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>Each Obligor shall (and the Obligors shall ensure that
      each other member of the Group will) comply with all laws, permits and
      licenses which are material to the conduct of its
  business.</P></TD></TR></TABLE>
<P align=center>71 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_75></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.3 </TD>
    <TD>
      <P align=justify><B>Pari passu ranking</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Each Obligor must ensure
that:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.3.1 </TD>
    <TD>
      <P align=justify>its payment obligations under the Finance Documents at
      all times rank at least <I>pari passu </I>with all its present and future
      unsecured unsubordinated payment obligations, except for obligations
      mandatorily preferred by law applying to companies generally in its
      jurisdiction of incorporation or any other jurisdiction where it carries
      on business.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.3.2 </TD>
    <TD>
      <P align=justify>the Security conferred by each Security Document to which
      it is a party constitutes first ranking priority Security of the type
      described, over the assets referred to, in that Security Document and that
      those assets are not subject to any prior or <I>pari passu </I>Security in
      favour of any other person.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.4 </TD>
    <TD>
      <P align=justify><B>Negative pledge</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.4.1 </TD>
    <TD>
      <P align=justify>No Obligor (excluding Holdco) shall (and the Obligors
      shall ensure that no other member of the Group will) create or permit to
      subsist any Security over any of its assets.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.4.2 </TD>
    <TD>
      <P align=justify>No Obligor (excluding Holdco) shall (and the Obligors
      shall ensure that no other member of the Group
will):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>sell, transfer or otherwise dispose of any of its
      receivables on recourse terms;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>enter into or permit to subsist any title retention
      arrangement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>enter into or permit to subsist any other preferential
      arrangement having a similar effect,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>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. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.4.3 </TD>
    <TD>
      <P align=justify>Clauses 22.4.1 and 22.4.2 do not apply to the following
      Security (each a <B>Permitted
Encumbrance</B>):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any Security given or purported to be given as
      Transaction Security;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any Security referred to in paragraph <B>Error! Reference
      source not found. </B>of Schedule 10 (Disclosure Schedule) given as at the
      Signature Date;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any netting or set-off arrangement entered into by any
      member of the Group with an Approved Bank in the ordinary course of its
      banking arrangements for the purpose of netting debit and credit balances,
      but only if the arrangement does not permit credit balances of Obligors to
      be netted with debit balances of members of the Group which are not
Obligors; </P></TD></TR></TABLE>
<P align=center>72 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_76></A><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>any netting of payments under a Permitted Treasury
      Transaction (including netting on a close-out of a Permitted Treasury
      Transaction);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>any Security over or affecting any asset acquired by a
      member of the Group after the Signature Date
if:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Security was not created in contemplation of the
      acquisition of that asset by a member of the Group;</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the Security is removed or discharged within 3 months of
      the date of acquisition of such asset;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>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:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Security was not created in contemplation of the
      acquisition of that company;</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the principal amount secured has not been increased in
      contemplation of or since the acquisition of that company; and</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the Security is removed or discharged within 3 months of
      the date of that company becoming a member of the
Group;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>any Security arising under:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>a finance or capital lease; or</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>any retention of title, hire purchase or conditional sale
      arrangement; or</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>arrangements having a similar effect in respect of goods
      supplied to a member of the Group in the ordinary course of trading and on
      the supplier's standard or usual terms and not as a result of any default
      or omission by any member of the Group;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any Security over any rental deposits in respect of
      immovable property where the relevant lease was entered into in the
      ordinary course of business and on arm's length terms;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>any Security arising as a result of a Permitted
      Disposal;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>any Security arising as a consequence of any finance
      lease permitted pursuant to Clause 22.5.5 (Financial indebtedness) or any
      Security securing any liabilities under any Permitted Guarantee permitted
      pursuant to Clauses 22.12.2 to 22.12.10 (Third party guarantees)
      (inclusive), provided that, at any applicable
time:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the aggregate value of any such Security contemplated in
      this Clause shall not exceed R25,000,000; and</P></TD></TR></TABLE>
<P align=center>73 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_77></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the aggregate value of such Security, when aggregated
      with (A) the aggregate actual or contingent liability of the members of
      the Group under all outstanding guarantees which are permitted under
      Clause 22.12.2 to 22.12.10 (Third party guarantees) (inclusive) at that
      time and (B) the aggregate Financial Indebtedness of all members of the
      Group permitted under Clauses 22.5.2 to 22.5.9 (Financial Indebtedness)
      (inclusive)) at that time, shall not exceed R600,000,000 (or its
      equivalent in any other currency); or</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>any Security expressly permitted in writing by the
      Facility Agent.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.5 </TD>
    <TD>
      <P align=justify><B>Financial Indebtedness</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>No Obligor (other than Holdco) shall (and the Obligors
      shall ensure that no other member of the Group will) incur or allow to
      remain outstanding any Financial Indebtedness. This restriction does not
      apply to the following items of Financial Indebtedness (in each case,
    a</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify><B>Permitted Financial
  Indebtedness</B>):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.5.1 </TD>
    <TD>
      <P align=justify>any Financial Indebtedness incurred under the Finance
      Documents;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.5.2 </TD>
    <TD>
      <P align=justify>any Financial Indebtedness arising under a Permitted
      Loan, a Permitted Guarantee or a Permitted Treasury Transaction;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.5.3 </TD>
    <TD>
      <P align=justify>any Financial Indebtedness of any person acquired by a
      member of the Group after the Signature Date which is incurred under
      arrangements in existence at the date of acquisition, but not incurred or
      increased or its maturity date extended in contemplation of, or since,
      that acquisition, and outstanding only for a period of 3 months following
      the date of acquisition;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.5.4 </TD>
    <TD>
      <P align=justify>Financial Indebtedness under a finance or capital lease,
      instalment credit agreement, retention of title, hire purchase or
      conditional sale arrangement or arrangements having a similar effect in
      respect of vehicles, plant, equipment or computers, provided that the
      aggregate capital value of all items so acquired under outstanding leases,
      instalment credit agreements, retention of title, hire purchase or
      conditional sale arrangements or arrangements having a similar effect, by
      members of the Group, does not exceed an amount of R50,000,000 (or its
      equivalent in any other currency) at any time;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.5.5 </TD>
    <TD>
      <P align=justify>any Financial Indebtedness under any operating lease for
      land, buildings or any movable assets which is entered into in the
      ordinary course of business and is classified as a finance lease under
      IFRS;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.5.6 </TD>
    <TD>
      <P align=justify>any Financial Indebtedness arising under unsecured
      general or short term banking facilities provided to a member of the Group
      by another bank or financial institution, provided that the maximum
      aggregate amount of Financial Indebtedness under this Clause 22.5.6 does
      not exceed R500,000,000 (or its equivalent in any other currency) at any
      time;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.5.7 </TD>
    <TD>
      <P align=justify>any Financial Indebtedness in respect of any loans
      advanced to the Borrower by Holdco, on the condition that the claims of
      Holdco against the Borrower are subordinated to the claims of the Finance
      Parties under the Finance Documents, either under the Subordination
      Agreement or otherwise on terms acceptable to the Facility
Agent;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.5.8 </TD>
    <TD>
      <P align=justify>any Financial Indebtedness expressly permitted in writing
      by the Facility Agent; or</P></TD></TR></TABLE>
<P align=center>74 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_78></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">22.5.9 </TD>
    <TD>
      <P align=justify>any Financial Indebtedness of any member of the Group not
      otherwise permitted by this Clause above,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>provided that the aggregate Financial
Indebtedness of all members of the Group permitted under Clauses 22.5.2 to
22.5.9 (inclusive) (when taken together, at any applicable time, with the
aggregate actual or contingent liability under all outstanding guarantees which
are permitted under Clause 22.12.2 to 22.12.10 (Third party guarantees)
(inclusive)) shall not at any time exceed R600,000,000 (or its equivalent in any
other currency). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">22.6 </TD>
    <TD>
      <P align=justify><B>Disposals</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>No Obligor (other than Holdco) shall (and the Obligors
      shall ensure that no other member of the Group will), 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. This restriction does not apply to the following
      disposals which are (except for Clause 22.6.3, on arm's length terms (each
      a <B>Permitted Disposal</B>):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">22.6.1 </TD>
    <TD>
      <P align=justify>any disposal arising as a result of a Permitted
      Distribution;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.6.2 </TD>
    <TD>
      <P align=justify>a disposal of trading stock for cash in the ordinary
      course of trading;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.6.3 </TD>
    <TD>
      <P align=justify>a disposal of any asset by a member of the Group (the
      <B>disposing entity</B>) to another member of the Group (the <B>acquiring
      entity</B>) incorporated in the same jurisdiction, but only
  if:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>where the disposing entity is an Obligor, the acquiring
      entity is also an Obligor;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the relevant asset is not subject to Transaction
      Security;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>where the disposing entity is a Guarantor, the acquiring
      entity must also be a Guarantor guaranteeing an amount at all times no
      less than that guaranteed by the disposing
entity;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">22.6.4 </TD>
    <TD>
      <P align=justify>a disposal of obsolete or redundant vehicles, plant and
      equipment for cash;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.6.5 </TD>
    <TD>
      <P align=justify>a disposal of Cash
Equivalents:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>for Cash; or</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>in exchange for other Cash
Equivalents;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">22.6.6 </TD>
    <TD>
      <P align=justify>a disposal arising as a result of a Permitted
      Encumbrance;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.6.7 </TD>
    <TD>
      <P align=justify>disposal of assets (not being a business and not being
      shares or securities) in exchange for other assets comparable or superior
      as to type, value and quality and for a similar purpose;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.6.8 </TD>
    <TD>
      <P align=justify>a disposal of cash where such disposal does not breach
      the other terms of the Finance Documents;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.6.9 </TD>
    <TD>
      <P align=justify>any other disposal not referred to in this Clause 22.6
      (subject to the requirements of Clause 7.4 (Mandatory prepayment &#150;
      material disposal and insurance proceeds)) where the higher of the net
      consideration and the book value does not exceed R50,000,000 (or its
      equivalent in any other currency) in any financial year;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.6.10 </TD>
    <TD>
      <P align=justify>a disposal constituted by a licence of Intellectual
      Property Rights permitted by Clause 22.16.2 (Intellectual Property
      Rights);</P></TD></TR></TABLE>
<P align=center>75 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.6.11 </TD>
    <TD>
      <P align=justify>disposals to a Permitted Joint Venture, to the extent
      permitted by Clause 22.10.2(c) (Joint Ventures);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.6.12 </TD>
    <TD>
      <P align=justify>a disposal pursuant to a Permitted BEE Transaction
      provided it does not result in a Control Event; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.6.13 </TD>
    <TD>
      <P align=justify>any other disposal expressly permitted in writing by the
      Facility Agent.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.7 </TD>
    <TD>
      <P align=justify><B>Merger</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>No Obligor (other than Holdco) shall (and the Obligors
      shall ensure that no other member of the Group will) enter into any
      amalgamation, demerger, merger, unbundling or corporate reconstruction.
      This restriction does not apply to:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.7.1 </TD>
    <TD>
      <P align=justify>a Permitted Disposal or Permitted Acquisition;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.7.2 </TD>
    <TD>
      <P align=justify>any other transaction or combination of transactions
      which is required to be implemented or expressly permitted by the terms of
      this Agreement; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.7.3 </TD>
    <TD>
      <P align=justify>any amalgamation, demerger, merger, unbundling or
      corporate reconstruction permitted in writing by the Facility
  Agent.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.8 </TD>
    <TD>
      <P align=justify><B>Assets</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Each Obligor (other than Holdco) shall (and the Obligors
      shall ensure that each member of the Group will) maintain in good working
      order and condition (ordinary wear and tear excepted) all of its assets
      necessary in the conduct of its business.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >22.9 </TD>
    <TD>
      <P align=justify><B>Acquisitions</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>No Obligor (other than Holdco) shall (and the Obligors
      shall ensure that no other member of the Group will) acquire or subscribe
      for shares or other ownership interests in or securities of any company or
      other person, acquire any business or incorporate any company or other
      person. This restriction does not apply to the following transactions
      (each a <B>Permitted Acquisition</B>):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.9.1 </TD>
    <TD>
      <P align=justify>the Subscription;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.9.2 </TD>
    <TD>
      <P align=justify>the acquisition by a member of the Group of additional
      securities in investments (including Affiliates) in which it holds an
      interest at the Signature Date (other than in Cell C),
  provided:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the aggregate value of such acquisitions (when taken
      together, at any applicable time, with the amount of all outstanding
      Permitted Loans under Clause 22.11.1 (Loans out)) does not exceed
      R200,000,000 (or its equivalent in any other currency) at any time;
    and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the relevant member of the Group has executed a security
      document over those securities, in form and substance satisfactory to the
      Facility Agent, creating first-ranking Security over those securities and
      all that member's claims in respect thereof in favour of the Finance
      Parties;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.9.3 </TD>
    <TD>
      <P align=justify>an acquisition for cash on arm's length terms by the
      Borrower of additional shares or other securities in Cell C funded by
      Shareholder Contributions or from any Available Distribution Amount, but
      only if no Default is continuing on completion of the acquisition or would
      occur as a result of that acquisition;</P></TD></TR></TABLE>
<P align=center>76 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.9.4 </TD>
    <TD>
      <P align=justify>an acquisition pursuant to a Permitted Joint
    Venture;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.9.5 </TD>
    <TD>
      <P align=justify>the acquisition by a member of the Group of an asset from
      another member of the Group pursuant to a Permitted Disposal;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.9.6 </TD>
    <TD>
      <P align=justify>an acquisition of shares or securities pursuant to a
      Permitted Share Issue;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.9.7 </TD>
    <TD>
      <P align=justify>the acquisition of Cash Equivalents;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.9.8 </TD>
    <TD>
      <P align=justify>the incorporation of a company as a member of the Group,
      but only if:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>it is incorporated in the Common Monetary Area as a
      limited liability company or if not incorporated in the Common Monetary
      Area with limited liability, the Facility Agent has consented to the
      incorporation of such company in the relevant jurisdiction;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>no Default is continuing on the incorporation of that
      company or would occur as a result; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>that company accedes and becomes party to this Agreement
      as an Additional Guarantor if it is or becomes a Material Subsidiary or if
      otherwise required to comply with Clause 22.25 (Guarantor
  coverage);</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.9.9 </TD>
    <TD>
      <P align=justify>an acquisition for cash on arm's length terms, of all or
      any interest of the issued share capital and other securities of a limited
      liability company (other than in Cell C) or a business or undertaking
      carried on as a going concern, funded by Shareholder Contributions or cash
      on hand, but only if:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>in the case of the Obligors, the company, business or
      undertaking (as applicable) is incorporated or established, and the
      principal business operations thereof are carried on in the Common
      Monetary Area or if not incorporated in the Common Monetary Area with
      limited liability, or the principal business operations thereof are not
      carried on in the Common Monetary Area, the Facility Agent has consented
      to the incorporation of such company, or the acquisition of such business
      or undertaking in the relevant jurisdiction;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the company carries on or will carry on a business
      substantially similar to that undertaken by the Borrower on the date of
      such acquisition;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>no Default is continuing on completion of the acquisition
      or would occur as a result of that acquisition;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the company, business or undertaking (as applicable) has
      generated positive earnings before interest, tax, depreciation,
      amortisation and impairment charges and positive cash flows (calculated,
      in the case of earnings before interest, tax, depreciation, amortisation
      and impairment charges, on a <I>pro forma </I>standalone basis and on
      substantially the same basis as Consolidated EBITDA, except that
      references to the Borrower will be construed as references to that
      Subsidiary, company or business), for the 12 month period ending on the
      most recent month-end prior to the closing date for that acquisition (or,
      if not ascertainable, for the financial year of that company, business or
      undertaking most recently ended prior to the closing date for such
      acquisition); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>if an acquisition of shares in a
  company:</P></TD></TR></TABLE>
<P align=center>77 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>no creditor of that company has or will have any recourse
      to any other member or the Group, or the assets of another member of the
      Group, in connection with any indebtedness owed by that company to its
      creditors from time to time; and</P></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>in the case of an acquisition by an Obligor, that company
      accedes and becomes party to this Agreement as an Additional Guarantor if
      it is or becomes a Material Subsidiary or if otherwise required to comply
      with Clause 22.25 (Guarantor coverage);</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.9.10 </TD>
    <TD>
      <P align=justify>an acquisition (other than of shares or other securities
      in Cell C) funded by Shareholder Contributions or cash on hand the value
      of which does not exceed R20,000,000 (or its equivalent in any other
      currency) in any financial year; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.9.11 </TD>
    <TD>
      <P align=justify>any acquisition expressly permitted in writing by the
      Facility Agent.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.10 </TD>
    <TD>
      <P align=justify><B>Joint Ventures</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.10.1 </TD>
    <TD>
      <P align=justify>No Obligor (other than Holdco) shall (and the Obligors
      shall ensure that no other member of the Group will) be entitled to enter
      into any Joint Venture or partnership (whether an <I>en commandite
      </I>partnership or any other partnership) or enter into, invest or acquire
      any shares, stocks, securities, partnership interest or other interest in
      any Joint Venture or partnership or transfer any assets or lend to or
      guarantee or give an indemnity for or grant any security interest for the
      obligations of a Joint Venture or partnership or maintain the solvency or
      provide working capital to any Joint Venture or partnership other than
      with the prior written consent of the Facility Agent.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.10.2 </TD>
    <TD>
      <P align=justify>Clause 22.10.1 does not apply to any investment in any
      Joint Venture (a <B>Permitted Joint Venture</B>)
where:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Joint Venture carries on or will carry on a business
      similar to that undertaken by the Group as at the date of the
      investment;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>no Default is continuing on the completion of the
      investment or would occur as a result; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the aggregate of all Joint Venture Investments of any
      member or members of the Group does not exceed R50,000,000 (or its
      equivalent in any other currency) at any time.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.10.3 </TD>
    <TD>
      <P align=justify>For purposes of this Clause, <B>Joint Venture Investment
      </B>means:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>an acquisition of any shares, stocks, equity securities
      or other ownership interest in any Joint Venture;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the transfer of any assets to, loan to, or guarantee,
      indemnity or provision of Security for the obligations of, a Joint
      Venture; or</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the acquisition of a minority interest in any company
      (provided that, for the avoidance of doubt, the acquisition of minority
      interests held by third parties in any company which is, as at the date of
      such acquisition, a member of the Group shall not be construed as a Joint
      Venture Investment).</P></TD></TR></TABLE>
<P align=center>78 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<p><A name=page_82></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.11 </TD>
    <TD>
      <P align=justify><B>Loans out</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>No Obligor (other than Holdco) shall
(and the Obligors shall ensure that no other member of the Group will) be a
creditor in respect of any Financial Indebtedness. This restriction does not
apply to the following items (each a <B>Permitted Loan</B>): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.11.1 </TD>
    <TD>
      <P align=justify>a loan by a member of the Group to an Affiliate in which
      it holds an interest at the Signature Date,
provided:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the aggregate amount of such loans (when taken together,
      at any applicable time, with the value of all acquisitions permitted
      pursuant to Clause 22.9.2 (Acquisitions)) does not exceed R200,000,000 (or
      its equivalent in any other currency) at any time; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the relevant member of the Group has executed a security
      document over the member of the Group's claims arising from such loans, in
      form and substance satisfactory to the Facility Agent, creating
      first-ranking Security over those claims in respect thereof in favour of
      the Finance Parties;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">22.11.2 </TD>
    <TD>
      <P align=justify>a loan by the Borrower to Cell C funded by Shareholder
      Contributions or from any Available Distribution Amount;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.11.3 </TD>
    <TD>
      <P align=justify>trade credit extended by a member of the Group to its
      customers on normal commercial terms and in the ordinary course of its
      trading activities and which has a credit term of not more than 90
      days;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.11.4 </TD>
    <TD>
      <P align=justify>loans provided by:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>one Obligor to another Obligor;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a member of the Group which is not an Obligor to another
      member of the Group which is not an Obligor;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.11.5 </TD>
    <TD>
      <P align=justify>any loans referred to in paragraph <B>Error! Reference
      source not found. </B>of Schedule 10 (Disclosure Schedule) as at the
      Signature Date;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.11.6 </TD>
    <TD>
      <P align=justify>loans to:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Zazoo Limited to fund operating costs not exceeding
      R10,000,000 (or the equivalent in any other currency) in aggregate at any
      time; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Smart Life not exceeding R10,000,000 in aggregate at any
      time;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.11.7 </TD>
    <TD>
      <P align=justify>loans to employees of the Group not exceeding R220,000 in
      aggregate at any time;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.11.8 </TD>
    <TD>
      <P align=justify>loans made by Moneyline to its customers in the ordinary
      course of its business;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.11.9 </TD>
    <TD>
      <P align=justify>loans which exist on the Signature Date and were
      disclosed to the Facility Agent in writing before that date, provided that
      the aggregate amount of those loans may not be increased after the
      Signature Date; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.11.10 </TD>
    <TD>
      <P align=justify>loans or credit expressly permitted in writing by the
      Facility Agent.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.12 </TD>
    <TD>
      <P align=justify><B>Third party guarantees</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>No Obligor (other than Holdco) shall (and the Obligors
      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. This restriction does not apply to
the following (in each case a <b>Permitted Guarantee</b>): </P></TD></TR></TABLE>
<P align=center>79 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_83></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">22.12.1 </TD>
    <TD>
      <P align=justify>any guarantee arising under the Finance
  Documents;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.12.2 </TD>
    <TD>
      <P align=justify>performance bonds guaranteeing performance by an Obligor
      under any contract (not being in respect of Financial Indebtedness)
      entered into in the ordinary course of trade;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.12.3 </TD>
    <TD>
      <P align=justify>guarantees by Obligors in respect of the Permitted
      Financial Indebtedness of other Obligors;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.12.4 </TD>
    <TD>
      <P align=justify>any guarantee comprising a netting or set-off arrangement
      entered into by a member of the Group with an Approved Bank in the
      ordinary course of its banking arrangements for the purposes of netting
      debit and credit balances of that member of the Group or of other members
      of the Group with that Approved Bank, provided that such arrangement does
      not permit credit balances of Obligors to be netted with debit balances of
      members of the Group that are not Obligors;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.12.5 </TD>
    <TD>
      <P align=justify>any guarantee given by a person acquired by a member of
      the Group after the Signature Date which is incurred under arrangements in
      existence at the date of acquisition, but not incurred or increased or its
      maturity date extended in contemplation of, or since, that acquisition,
      and outstanding only for a period of 3 months following the date of
      acquisition;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.12.6 </TD>
    <TD>
      <P align=justify>any guarantee required to be given to any municipality,
      utility provider or other supplier of goods or services, and made by a
      member of the Group in the regular and ordinary course of business under
      which the aggregate liability (actual or contingent) of members of the
      Group does not at any time exceed R10,000,000;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.12.7 </TD>
    <TD>
      <P align=justify>any guarantee given to a landlord or financial
      institution in respect of premises occupied by a member of the Group for
      the rental obligations of a member of the Group, where the lease agreement
      and the guarantee are entered into in the ordinary course of trading and
      on arm&#146;s length terms;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.12.8 </TD>
    <TD>
      <P align=justify>guarantees not otherwise permitted by this Clause above,
      under which the aggregate liability (actual or contingent) of members of
      the Group does not at any time exceed R10,000,000;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.12.9 </TD>
    <TD>
      <P align=justify>any guarantees referred to in paragraph <B>Error!
      Reference source not found. </B>of Schedule 10 (Disclosure Schedule) as at
      the Signature Date; or</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">22.12.10 </TD>
    <TD>
      <P align=justify>any guarantee expressly permitted in writing by the
      Facility Agent,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>provided that the aggregate actual or
contingent liability under all outstanding guarantees which are permitted under
Clause 22.12.2 to 22.12.10 (inclusive) (when taken together, at any applicable
time, with the aggregate Financial Indebtedness of all members of the Group
permitted under Clauses 22.5.2 to 22.5.9 (Financial Indebtedness) (inclusive))
shall not at any time exceed R600,000,000 (or its equivalent in any other
currency). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">22.13 </TD>
    <TD>
      <P align=justify><B>Treasury Transactions</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>No Obligor (other than Holdco) shall (and the Obligors
      shall ensure that no other member of the Group will) enter into any
      Treasury Transaction. This restriction does not apply to spot and forward
      delivery foreign exchange contracts entered into in the ordinary course of
      business, but not for speculative purposes nor any Treasury Transaction
      expressly permitted in writing by the Facility Agent. (each a <B>Permitted
      Treasury Transaction</B>).</P></TD></TR></TABLE>
<P align=center>80 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_84></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.14 </TD>
    <TD>
      <P align=justify><B>Arm's length transactions</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>No Obligor shall (and the Obligors shall ensure that no
      other member of the Group will) enter into any transaction with any
      person, otherwise than on arm's-length terms, save
for:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>


  <TR>
    <TD vAlign=top width="15%" >22.14.1 </TD>
    <TD>
      <P align=justify>any transaction forming part of, or required to
      implement, the Transaction; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.14.2 </TD>
    <TD>
      <P align=justify>loans made or credit provided by one Obligor to
      another;</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.15 </TD>
    <TD>
      <P align=justify><B>Insurance</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.15.1 </TD>
    <TD>
      <P align=justify>In this Clause a <B>prudent owner </B>means a prudent
      owner and operator of any business, and of assets of a type and size,
      similar in all cases to those owned and operated by any member of the
      Group in a similar location.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.15.2 </TD>
    <TD>
      <P align=justify>Each Obligor shall (and the Obligors shall ensure that
      each other member of the Group will) ensure that its
  Insurances:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>insure it for its insurable interest in respect of all
      risks which are required to be insured against under any applicable law or
      regulation and which a prudent owner would insure against;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>insure it against losses arising from business
      interruption (whether or not a prudent owner would do so); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>in the case of any other asset or risk, provide cover up
      to a limit which a prudent owner would buy.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.15.3 </TD>
    <TD>
      <P align=justify>Each Obligor shall (and the Obligors shall ensure that
      each other member of the Group will):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>ensure that its Insurances are underwritten by an
      insurance company or underwriter which is of international standing and is
      not a captive insurer which is a member of the Group;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>promptly pay (or procure payment of) all premiums and do
      anything which is necessary to keep each of its Insurances in full force
      and effect; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>not do or allow anything to be done which may (and
      promptly notify the Facility Agent of any event or circumstance which does
      or is reasonably likely to) entitle any insurer of any of its Insurances
      to repudiate, rescind or cancel it or to treat it as avoided in whole or
      in part or otherwise decline any valid claim under it by or on behalf of
      any member of the Group.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >
      <P>22.16 </P></TD>
    <TD>
      <P align=justify><B>Intellectual Property
Rights</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.16.1 </TD>
    <TD>
      <P align=justify>Except as provided below, each Obligor shall (and the
      Obligors shall ensure that each other member of the Group
  will):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>make any registration and pay any fee or other amount
      which is necessary to retain and protect the Intellectual Property Rights
      which are material to the business of a member of the Group;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>record its interest in those Intellectual Property
      Rights;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>take such steps as are necessary and commercially
      reasonable (including the institution of legal proceedings) to prevent
  third parties infringing thoseInte llectual Property Rights; </P></TD></TR></TABLE>
<P align=center>81 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_85></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>not use or permit any such Intellectual Property Right to
      be used in a way which may, or take or omit to take any action which may,
      adversely affect the existence or value of such Intellectual Property
      Right; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>not grant any licence in respect of those Intellectual
      Property Rights, without the express prior consent of the Facility
      Agent.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.16.2 </TD>
    <TD>
      <P align=justify>Clause 22.16.1 does not apply to licence arrangements
      entered into between members of the Group for so long as they remain
      members of the Group or to licence arrangements entered into on normal
      commercial terms and in the ordinary course of its
  business.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.17 </TD>
    <TD>
      <P align=justify><B>Environmental matters</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.17.1 </TD>
    <TD>
      <P align=justify>Each Obligor shall (and the Obligors shall ensure that
      each other member of the Group will):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>comply with all Environmental Law;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>obtain, maintain and ensure compliance with all
      Environmental Permits that are required to carry on its business in the
      ordinary course;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>implement procedures to monitor compliance with and to
      prevent liability under any Environmental Law,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>where failure to do so has or might
reasonably be expected to have a Material Adverse Effect or is reasonably likely
to result in any liability for a Finance Party. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.17.2 </TD>
    <TD>
      <P align=justify>Each Obligor shall (through the Borrower), promptly upon
      becoming aware of the same, inform the Facility Agent in writing
  of:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any Environmental Claim against it or any other member of
      the Group which is current, pending or threatened; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any facts or circumstances which are reasonably likely to
      result in any Environmental Claim being commenced or threatened against it
      or any other member of the Group,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>where the claim, if determined against
it or any other such member of the Group, has or might reasonably be expected to
have a Material Adverse Effect or is reasonably likely to result in any
liability for a Finance Party. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.17.3 </TD>
    <TD>
      <P align=justify>The Borrower hereby indemnifies each Finance Party and
      its officers, employees, agents and delegates (together the <B>Indemnified
      Parties</B>) against any loss or liability suffered or incurred by that
      Indemnified Party (except to the extent caused by such Indemnified Party's
      own gross negligence or wilful default) which:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>arises by virtue of any actual or alleged breach of any
      Environmental Law (whether by any Obligor, an Indemnified Party or any
      other person); or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>arises in connection with an Environmental
  Claim,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>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. </P>
<P align=center>82 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_86></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.18 </TD>
    <TD>
      <P align=justify><B>Share capital</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.18.1 </TD>
    <TD>
      <P align=justify>No Obligor (other than Holdco) shall (and the Obligors
      shall ensure that no other member of the Group
will):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>redeem, purchase, defease, retire or repay any of its
      shares or share capital (or any instrument convertible into shares or
      share capital) or resolve to do so;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>issue any shares (or any instrument convertible into
      shares) which by their terms are redeemable or carry any right to a return
      prior to the Final Discharge Date; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>issue any shares or share capital (or any instrument
      convertible into shares or share capital) to any
person.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.18.2 </TD>
    <TD>
      <P align=justify>Clause 22.18.1 does not apply to the following (each a
      <B>Permitted Share Issue</B>):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the issue of shares by an Obligor to another
    Obligor;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the issue of shares by Holdco;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the issue of shares for cash by a member of the Group to
      a minority shareholder provided that following the issue of such shares
      the pro rata shareholding of all shareholders of that member of the Group
      will remain unchanged;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the issue of shares by a member of the Group to another
      person as part of a Permitted BEE Transaction, provided such issue does
      not lead to a Control Event;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>an issue of shares for purposes of a refinancing provided
      that all Loans and other Senior Facility Outstandings are, pursuant to
      such refinancing, prepaid in full at the same time and the Total
      Commitments are cancelled and reduced to zero;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>any issue of shares by the Borrower to Holdco provided
      that those shares by their terms (or by the terms of any security into
      which they may be convertible or for which they may be exchangeable) are
      not mandatorily redeemable or redeemable at the option of a holder;
    or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>an issue of shares to a person with the express prior
      consent of the Facility Agent.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.19 </TD>
    <TD>
      <P align=justify><B>Distributions</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.19.1 </TD>
    <TD>
      <P align=justify>No Obligor (other than Holdco) shall (and the Obligors
      shall ensure that no other member of the Group will) make any
      distribution. This restriction does not apply to the following
      distributions (each a <B>Permitted
Distribution</B>):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any distribution by a member of the Group to an Obligor
      (other than Holdco);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a payment by the Borrower which is permitted in
      accordance with Clause 22.19.2; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any other distribution made with the express prior
      consent of the Facility Agent.</P></TD></TR></TABLE>
<P align=center>83 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_87></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.19.2 </TD>
    <TD>
      <P align=justify>The Borrower may make payment of a cash distribution to
      Holdco (a <B>Cash Distribution</B>) if each of the following conditions
      have been met:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Borrower has given 10 Business Days' prior notice to
      the Facility Agent of the intention to make such payment;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>no amount due and payable under the Senior Facilities
      remains unpaid as at the date on which the payment is proposed to be
      made;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>no Default is then continuing or would result from that
      payment;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>that payment is not prohibited under any applicable
      law;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>following any such payment the aggregate amount of the
      Group's Cash and Cash Equivalents will not be less than R500,000,000;
      and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>the Borrower has offered to prepay Utilisations and other
      Senior Facility Outstandings in an amount (the <B>Cash Distribution
      Prepayment Amount</B>) equal to the amount of the proposed Cash
      Distribution, and any payments required to be made as a result of any
      acceptances of any such offer must have been made, all in accordance with
      the requirements of Clause 8 (Prepayment Offers and Priorities), and
      received in full by the relevant Lenders.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.20 </TD>
    <TD>
  <P align=justify><B>Bank accounts</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>No Obligor (other than Holdco) shall (and the Obligors
      shall ensure that no other member of the Group incorporated in South
      Africa will) open or maintain any account or enter into any banking
      relationship with any branch of any bank or other financial institution
      providing similar services other than any account maintained with an
      Approved Bank.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.21 </TD>
    <TD>
      <P align=justify><B>Taxes</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.21.1 </TD>
    <TD>
      <P align=justify>Each Obligor (other than Holdco) shall (and the Obligors
      shall ensure that each other member of the Group will) pay and discharge
      all Taxes imposed upon it or its assets within the time period allowed
      without incurring penalties unless and only to the extent
  that:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>such payment is being contested in good faith;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the amount under dispute is not in excess of
      R10,000,000;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>such payment can be lawfully
withheld.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.21.2 </TD>
    <TD>
      <P align=justify>No member of the Group may change its residence for Tax
      purposes.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.22 </TD>
    <TD>
      <P align=justify><B>Amendments to
documents</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.22.1 </TD>
    <TD>
      <P align=justify>No Obligor (other than Holdco) shall (and the Obligors
      shall ensure that no other member of the Group
will):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>amend its memorandum of incorporation or other
      constitutional documents;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>amend or waive any term of any document delivered to the
  Facility Agentpurs uant to Clause 4.1 (Initial conditions precedent), </P></TD></TR></TABLE>
<P align=center>84 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_88></A>
<P style="MARGIN-LEFT: 15%" align=justify>(save for an amendment or waiver which
  is required to comply with the rules of any listings authority, including the
  NASDAQ Stock Market, or a procedural or administrative change arising in the
  ordinary course of administration of the relevant document and is not material)
  without the express prior consent of the Facility Agent before the Closing Date
  and, thereafter, in a manner or to an extent which is reasonably likely in any
  way to adversely affect the interests of the Finance Parties under the Finance
Documents. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.22.2 </TD>
    <TD>
      <P align=justify>The Borrower must promptly supply to the Facility Agent a
      copy of any amendment to or waiver of any of the documents, or any
      agreement with any shareholder in the Borrower (or any of their
      Affiliates), in either case referred to in Clause
  22.22.1.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.23 </TD>
    <TD>
      <P align=justify><B>Access</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.23.1 </TD>
    <TD>
      <P align=justify>Upon reasonable notice by the Facility Agent, each
      Obligor shall (and the Obligors shall ensure that each other member of the
      Group will) allow any one or more representatives of the Finance Parties
      and/or accountants or other professional advisers appointed by the Finance
      Parties to have access during normal business hours to the premises,
      assets, books and records of that member of the Group.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.23.2 </TD>
    <TD>
      <P align=justify>The Facility Agent may not give notice under Clause
      22.23.1, unless it reasonably believes that a Default is continuing or may
      have occurred or may occur and notifies the Borrower that it is exercising
      its rights under this Clause 22.23.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.24 </TD>
    <TD>
      <P align=justify><B>Anti-corruption laws and
  Sanctions</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.24.1 </TD>
    <TD>
      <P align=justify>No Obligor shall (and the Obligors shall ensure that no
      other member of the Group will):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>contravene any Sanctions;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>at any time be a party to or participate in a Sanctioned
      Transaction in any manner; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>directly or indirectly use the proceeds of any Senior
      Facility for any purpose which would breach the United Kingdom Bribery Act
      2010, the United States Foreign Corrupt Practices Act of 1977 or other
      similar legislation in other jurisdictions.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.24.2 </TD>
    <TD>
      <P align=justify>Each Obligor shall (and the Borrower shall ensure that
      each member of the Group will):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>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 being or becoming involved in a Sanctioned
      Transaction; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>conduct its businesses in compliance with applicable
      anti-corruption laws and maintain policies and procedures designed to
      promote and achieve compliance with such laws.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.24.3 </TD>
    <TD>
      <P align=justify>In this Clause 22.24, a reference to the Group or a
      member of the Group, includes Smart Life.</P></TD></TR></TABLE>
<P align=center>85 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_89></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.25 </TD>
    <TD>
      <P align=justify><B>Guarantor coverage</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.25.1 </TD>
    <TD>
      <P align=justify>The Borrower shall ensure that, at all times after the
      Closing Date, the aggregate contribution of the Guarantors (other than
      Holdco) (calculated on an unconsolidated basis and excluding all
      intra-Group items and investments in Subsidiaries of any member of the
      Group) represents not less than 90.00 per cent. of the gross assets,
      Consolidated EBITDA and total revenue of the
Group.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.25.2 </TD>
    <TD>
      <P align=justify>Subject to Clause 22.25.3, if, at any time after the
      Signature Date:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>it is demonstrated by reference to the financial
      statements of any Subsidiary and the consolidated financial statements of
      the Group that any member of the Group is a Material Subsidiary;
  or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a member of the Group otherwise is or becomes a Material
      Subsidiary,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>then, the Borrower shall, subject to
Clause 20.9 (Information Undertakings), promptly and in any event within 10
Business Days of the delivery of those financial statements procure that that
Material Subsidiary becomes an Additional Guarantor in the manner required by
Clause 25.2 (Additional Guarantors). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.25.3 </TD>
    <TD>
      <P align=justify>Notwithstanding, Clause 22.25.2,
  neither:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Prism Transactive (M) Sedirian Berhad, a company
      registered under the laws of Malaysia; nor</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Smart Life,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>will be required to become an
Additional Guarantor. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.26 </TD>
    <TD>
      <P align=justify><B>Ownership of
Guarantors</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.26.1 </TD>
    <TD>
      <P align=justify>Subject to Clause 22.26.3, the Borrower shall ensure that
      100 per cent. of the securities in the issued capital of each Guarantor
      (other than Holdco and Cash Paymaster) are owned, directly or indirectly,
      legally and beneficially, by the Borrower.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.26.2 </TD>
    <TD>
      <P align=justify>Subject to Clause 22.26.3, the Borrower shall ensure that
      87.5 per cent. of the securities in the issued capital of Cash Paymaster
      are owned, directly or indirectly, legally and beneficially, by the
      Borrower.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >22.26.3 </TD>
    <TD>
      <P align=justify>Notwithstanding Clauses 22.26.1 and
  22.26.2:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Borrower may, directly or indirectly, reduce its
      shareholding, or the percentage of shares it is entitled to vote, in
      another Obligor to a minimum amount of 75 per cent. of all such shares and
      votes, pursuant to one or more Permitted BEE Transactions;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Borrower may, directly or indirectly, reduce its
      shareholding, or the percentage of shares it is entitled to vote, in Cash
      Paymaster to a minimum amount of 70 per cent. of all such shares and
      votes, pursuant to one or more Permitted BEE
  Transactions.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >22.27 </TD>
    <TD>
      <P align=justify><B>Acquisition of DNI
Shares</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.27.1 </TD>
    <TD>
      <P align=justify>The Borrower shall, by no later than 2 Business Day
      following the Utilisation Date under Facility D (or such later date as may
      be agreed by the Facility Agent in writing), provide evidence acceptable
      to the Finance Parties that:</P></TD></TR></TABLE>
<P align=center>86 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_90></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Borrower has subscribed for and owns 4,000,000
      ordinary "A" shares in the authorised ordinary share capital of DNI (the
      <B>Additional DNI Shares</B>) pursuant to the "Tranche I Subscription
      Agreement" between the Borrower and DNI;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Borrower has disbursed a loan of R126,000,000 to DNI
      pursuant to the "Net1 Loan Agreement" between the Borrower and DNI;
    and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>DNI has disbursed a loan of R126,000,000 to AJD Holdings
      Proprietary Limited (registration number 1975/004328/07) and Richmark
      Holdings Proprietary Limited (registration number 2000/013818/07) pursuant
      to the "DNI Loan Agreement" between the Borrower and
DNI.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >22.27.2 </TD>
    <TD>
      <P align=justify>The Borrower shall, within 2 Business Day following the
      Utilisation Date under Facility D (or such later date as may be agreed by
      the Facility Agent in writing), deliver to the Facility
  Agent:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the original share certificates in respect of the
      Additional DNI Shares; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>share transfer forms in respect of the Additional DNI
      Shares, duly signed by the Borrower as transferor and blank as to
      transferee.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">23. </TD>
    <TD>
      <P align=justify><B>EVENTS OF DEFAULT</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Each of the events or circumstances set
out in this Clause 23 (other than 23.15 (Acceleration)) is an Event of Default.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.1 </TD>
    <TD>
      <P align=justify><B>Non-payment</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>An Obligor does not pay on the due
date any amount payable by it under a Finance Document, at the place and in the
currency in which it is expressed to be payable unless: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.1.1 </TD>
    <TD>
      <P align=justify>that failure to pay is caused by administrative or
      technical error or a Disruption Event; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.1.2 </TD>
    <TD>
      <P align=justify>payment is made in full within 3 Business Days of its due
      date.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.2 </TD>
    <TD>
      <P align=justify><B>Financial covenants</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Any requirement of Clause 21
(Financial Covenants) is not satisfied, unless that breach: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.2.1 </TD>
    <TD>
      <P align=justify>is capable of remedy under Clause 21.3 (Equity cure);
      and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.2.2 </TD>
    <TD>
      <P align=justify>is remedied, timeously and in full, in accordance with
      the requirements of that Clause.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.3 </TD>
    <TD>
      <P align=justify><B>Other obligations</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.3.1 </TD>
    <TD>
      <P align=justify>An Obligor does not comply, timeously and in full, with
      any term of Clause 20 (Information Undertakings) or any term of Clauses
      22.3 (<I>Pari passu </I>ranking), 22.4 (Negative pledge), 22.5 (Financial
      Indebtedness), 22.6 (Disposals), 22.7 (Merger), 22.9 (Acquisitions), 22.10
      (Joint Ventures), 22.11 (Loans out), 22.12 (Third party guarantees), 22.13
      (Treasury Transactions), 22.14 (Arm's length transactions), 22.18 (Share
      capital), 22.19 (Distributions), 22.20 (Bank accounts), 22.22 (Amendment
      to documents), 22.24 (Anti-corruption laws and Sanctions) and 22.26
      (Ownership of Guarantors).</P></TD></TR></TABLE>
<P align=center>87 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_91></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.3.2 </TD>
    <TD>
      <P align=justify>An Obligor does not comply, timeously and in full, with
      any provision of any Security Document to which it is a party.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.3.3 </TD>
    <TD>
      <P align=justify>An Obligor fails to comply, timeously and in full, with
      any provision of a Finance Document (in respect of an Obligor only, other
      than those referred to in Clauses 23.1, 23.2, 23.3.1 and
23.3.2).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.3.4 </TD>
    <TD>
      <P align=justify>No Event of Default under Clause 23.3.3 will occur, if
      the failure is capable of remedy and is remedied within 5 Business Days of
      the earlier of (A) the Facility Agent giving notice to the Borrower and
      (B) any Obligor becoming aware of the failure to
comply.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.4 </TD>
    <TD>
      <P align=justify><B>Misrepresentation</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.4.1 </TD>
    <TD>
      <P align=justify>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 repeated.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.4.2 </TD>
    <TD>
      <P align=justify>No Event of Default will occur under Clause 23.4.1 if the
      circumstances giving rise to the misrepresentation are capable of remedy
      and are remedied within 10 Business Days of the earlier of (A) the
      Facility Agent giving notice to the Borrower and (B) any Obligor becoming
      aware thereof.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.5 </TD>
    <TD>
      <P align=justify><B>Cross default and cross
  acceleration</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.5.1 </TD>
    <TD>
      <P align=justify>Any of the following occurs in respect of any Obligor or
      Material Subsidiary:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any of its Financial Indebtedness (or any amount payable
      in respect of its Financial Indebtedness) is not paid when due (after the
      expiry of any originally applicable grace period); or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any of its Financial
Indebtedness:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>is declared to be or otherwise becomes prematurely due
      and payable prior to its stated maturity or, if the Financial Indebtedness
      arises under a guarantee, prior to the stated maturity of the Financial
      Indebtedness which is the subject of the guarantee; or</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>is placed on demand;</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>is capable of being declared by or on behalf of a
      creditor to be prematurely due and payable or of being placed on demand;
      or</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>is terminated or closed out or is capable of being
      terminated or closed out,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 20%" align=justify>in each case, as a result of an event
of default or any provision having a similar effect (howsoever described); or
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any commitment of a provider of Financial Indebtedness to
      it is cancelled or suspended, or is capable of being cancelled or
      suspended by such provider, in each case, as a result of an event of
      default or any provision having a similar effect (howsoever
    described).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.5.2 </TD>
    <TD>
      <P align=justify>No Event of Default will occur under this Clause 23.5 if
      the aggregate amount of Financial Indebtedness or commitment for Financial
      Indebtedness falling within Clauses 23.5.1(a) to (c) is less than R10,000,000 (or its
equivalent in another currency or currencies). </P></TD></TR></TABLE>
<P align=center>88 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_92></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.6 </TD>
    <TD>
      <P align=justify><B>Insolvency</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.6.1 </TD>
    <TD>
      <P align=justify>Any Obligor or Material Subsidiary is or is deemed for
      the purposes of any applicable law to be insolvent or unable to pay its
      debts as they fall due, admits its insolvency or its inability to pay its
      debts as they fall due, suspends making payments on any of its debts or
      announces an intention to do so or, by reason of actual or anticipated
      financial difficulties, commences negotiations with one or more of its
      creditors with a view to the rescheduling, restructuring or compromise of
      any of its indebtedness.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.6.2 </TD>
    <TD>
      <P align=justify>Any Obligor or Material Subsidiary is or is deemed for
      the purposes of any applicable law to be "Financially Distressed" (as
      defined in the Companies Act).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.6.3 </TD>
    <TD>
      <P align=justify>The value of the assets of any Obligor or Material
      Subsidiary is less than its liabilities (taking into account contingent
      and prospective liabilities).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.6.4 </TD>
    <TD>
      <P align=justify>A moratorium is declared, instituted or takes effect in
      respect of any of the indebtedness of any Obligor or Material Subsidiary
      (in which event the ending of the moratorium will not remedy any Event of
      Default caused by that moratorium).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.6.5 </TD>
    <TD>
      <P align=justify>The filing of an involuntary proceeding in a court of
      competent jurisdiction in the United States seeking relief under US
      Bankruptcy Law in respect of any Obligor or Material Subsidiary and either
      such proceeding shall continue undismissed for 30 days or an order or
      decree approving or ordering any of the foregoing shall be entered or any
      Obligor or Material Subsidiary shall consent to the institution of, or
      fail to contest in a timely and appropriate manner, any such involuntary
      proceeding.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.6.6 </TD>
    <TD>
      <P align=justify>The filing of a voluntarily petition by any Obligor or
      Material Subsidiary under US Bankruptcy Law.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.7 </TD>
    <TD>
      <P align=justify><B>Insolvency and business rescue
  proceedings</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.7.1 </TD>
    <TD>
      <P align=justify>Any corporate action, legal proceedings or other
      procedure or step (including an application to court, proposal or
      convening of a meeting) is taken with a view
to:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the suspension of payments, a moratorium of any
      indebtedness, liquidation, winding-up, dissolution, administration,
      business rescue or reorganisation (by way of voluntary arrangement, scheme
      of arrangement or otherwise) of the any Obligor or Material
    Subsidiary;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a composition, compromise, assignment or arrangement with
      any creditor of any Obligor or Material Subsidiary;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the appointment of a liquidator, receiver, administrative
      receiver, administrator, compulsory manager, business rescue practitioner
      or other similar officer in respect of any Obligor or Material Subsidiary
      or any of its assets; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>enforcement of any Security over any assets of any
      Obligor or Material Subsidiary,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>or any analogous procedure or step is
taken in any jurisdiction; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.7.2 </TD>
    <TD>
      <P align=justify>A meeting is proposed or convened by the directors of any
      Obligor or Material Subsidiary, 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 Obligor or Material Subsidiary, or any analogous procedure or step is taken
in any jurisdiction. </P></TD></TR></TABLE>
<P align=center>89 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_93></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.8 </TD>
    <TD>
      <P align=justify><B>Creditors' process</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Any expropriation, attachment,
sequestration, implementation of any business rescue plan, distress or execution
affects any asset or assets of any Obligor or Material Subsidiary. No Event of
Default will occur under this Clause 23.8 if: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.8.1 </TD>
    <TD>
      <P align=justify>the affected assets are not subject to any Transaction
      Security and the aggregate value of those assets is less than R10,000,000
      (or its equivalent in another currency or currencies); or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.8.2 </TD>
    <TD>
      <P align=justify>that expropriation, attachment, sequestration,
      implementation of any business rescue plan, distress or execution is being
      contested in good faith and with due diligence and is discharged or set
      aside within 14 days.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.9 </TD>
    <TD>
      <P align=justify><B>Legal proceedings</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.9.1 </TD>
    <TD>
      <P align=justify>Any Obligor or Material Subsidiary fails to discharge in
      full, within 5 Business Days of the due date, any amount payable pursuant
      to a final judgment or order made or given by any court or other authority
      of competent jurisdiction in any litigation, arbitration, administrative,
      governmental, regulatory or other investigations, proceedings or enquiry
      (including any such investigations, proceedings or enquiry by any
      competition authority, environmental authority, tax authority or sector
      specific regulatory authority).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.9.2 </TD>
    <TD>
      <P align=justify>For the purposes of Clause 23.9.1, a final judgment or
      order means a judgment or order:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>which is not appealable or is appealable but in respect
      of which the period for the lodging of an appeal has lapsed and the
      relevant Obligor or Material Subsidiary (as applicable) has failed to
      institute appeal proceedings; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>which is not capable of rescission or is capable of
      rescission but in respect of which the period for applying for rescission
      has lapsed and the relevant Obligor or Material Subsidiary (as applicable)
      has failed to apply for rescission or has applied for rescission of such
      judgment or order and the application for rescission has been
    denied.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.10 </TD>
    <TD>
      <P align=justify><B>Cessation of business</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Any Obligor or Material Subsidiary
ceases to carry on all or a substantial part of its business from that
undertaken at the Signature Date. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.11 </TD>
    <TD>
      <P align=justify><B>Finance Documents</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.11.1 </TD>
    <TD>
      <P align=justify>It is or becomes unlawful for a party (other than a
      Finance Party) to a Finance Document to perform any of its obligations
      under the Finance Documents.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.11.2 </TD>
    <TD>
      <P align=justify>Any obligation of a party (other than a Finance Party) to
      a Finance Document, under a Finance Document, for any reason, is not or
      ceases to be legal, valid, binding, enforceable or effective in accordance
      with its terms, or is alleged by a party to it (other than a Finance
      Party) to be ineffective in accordance with its terms, or becomes
      unlawful.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.11.3 </TD>
    <TD>
      <P align=justify>Any Transaction Security created or expressed to be
      created or evidenced by a Security Document, or any subordination created under a Finance
Document, for any reason, is not or ceases to be legal, valid, binding,
enforceable or effective, or is alleged by a party to it (other than a Finance
Party) to be ineffective, fails or ceases to establish the ranking and the
priority of claims which it purports to create, or becomes unlawful. </P></TD></TR></TABLE>
<P align=center>90 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_94></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.11.4 </TD>
    <TD>
      <P align=justify>A party (other than a Finance Party) to a Finance
      Document repudiates that Finance Document or evidences an intention to
      repudiate a Finance Document.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.12 </TD>
    <TD>
      <P align=justify><B>Material adverse change</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Any event or circumstance occurs which, in the reasonable
      opinion of the Facility Agent (acting on the instructions of all the
      Lenders), has or is reasonably likely to have a Material Adverse Effect
      .</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >23.13 </TD>
    <TD>
      <P align=justify><B>Audit qualification</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Auditors of the Group qualify the audited annual
      consolidated financial statements of the Borrower or the audited annual
      financial statements of any other Obligor.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.14 </TD>
    <TD>
      <P align=justify><B>Expropriation</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.14.1 </TD>
    <TD>
      <P align=justify>The authority or ability of any Obligor or Material
      Subsidiary 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.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >23.14.2 </TD>
    <TD>
      <P align=justify>By the authority of any governmental, regulatory or other
      authority or other person:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the management of any Obligor or Material Subsidiary is
      wholly or substantially replaced; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>all or a majority of the shares of any Obligor or
      Material Subsidiary or the whole or any part of its assets or revenues is
      seized, expropriated or compulsorily acquired.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >23.15 </TD>
    <TD>
      <P align=justify><B>Acceleration</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >23.15.1 </TD>
    <TD>
      <P align=justify>If an Event of Default is continuing, the Facility Agent
      may, by notice to the Borrower and without prejudice to any other rights
      or remedies which a Finance Party may have under any Finance Document or
      at law:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>cancel all or any part of the Total Commitments
      (whereupon they shall immediately be cancelled);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>declare that all or part of the Utilisations, together
      with accrued interest, and all other Senior Facility Outstandings under a
      Senior Facility:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>are immediately due and payable (whereupon they shall
      become immediately due and payable); and/or</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>are payable on demand (whereupon they shall immediately
      become payable on demand by the Facility Agent);
and/or</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>claim immediate payment of all or part of any
      Utilisations and other Senior Facility Outstandings (whereupon they shall
      be immediately payable); and/or</P></TD></TR></TABLE>
<P align=center>91 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_95></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>exercise or inform the Finance Partiers that they may
      exercise any or all of their rights, remedies, powers or discretions under
      the Security Documents.</P></TD></TR></TABLE>
<P align=center>92 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_96></A>
<P align=center><B>SECTION 8 <BR>CHANGES TO PARTIES </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">24. </TD>
    <TD>
      <P align=justify><B>CHANGES TO THE LENDERS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >24.1 </TD>
    <TD>
      <P align=justify><B>Cessions and delegations by the
  Lenders</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >24.1.1 </TD>
    <TD>
      <P align=justify>Subject to this Clause 24, a Lender (the <B>Existing
      Lender</B>) may cede and/or delegate (a <B>Transfer</B>) any or all of its
      rights and/or obligations under this Agreement, any Senior Facility
      Agreement to which it is a party and/or under any other Finance Document
      to another bank or financial institution or to a 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 (a <B>New Lender</B>).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >24.1.2 </TD>
    <TD>
      <P align=justify>Each Obligor consents to any splitting of claims which
      may arise as a result of a Transfer implemented under this
    Agreement.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >24.2 </TD>
    <TD>
      <P align=justify><B>Conditions of Transfer</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >24.2.1 </TD>
    <TD>
      <P align=justify>The consent of the Borrower is not required for a
      Transfer by an Existing Lender if:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the New Lender is another Lender or an Affiliate of a
      Lender;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the New Lender is a person identified in Schedule 8
      (Acceptable Lenders); or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>an Event of Default is
continuing.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>Except as detailed above, the express
consent of the Borrower is required for a Transfer to a prospective New Lender.
Where the consent of the Borrower to a Transfer is required that consent must
not be unreasonably withheld or delayed. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >24.2.2 </TD>
    <TD>
      <P align=justify>The Borrower will be deemed to have given its consent 10
      Business Days after the Existing Lender has requested it, unless consent
      is expressly refused by the Borrower within that time.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >24.2.3 </TD>
    <TD>
      <P align=justify>A Transfer will only be effective if the procedure set
      out in Clause 24.4 is complied with.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >24.2.4 </TD>
    <TD>
      <P align=justify>Each New Lender, by executing the relevant Transfer
      Certificate confirms, for the avoidance of doubt, that the Facility Agent
      has authority to execute on its behalf any amendment or waiver that has
      been approved by or on behalf of the requisite Lender or Lenders in
      accordance with this Agreement on or prior to the date on which the
      Transfer becomes effective in accordance with this Agreement and that it
      is bound by that decision to the same extent as the Existing Lender would
      have been had it remained a Lender.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >24.3 </TD>
    <TD>
      <P align=justify><B>Limitation of responsibility of Existing
      Lenders</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >24.3.1 </TD>
    <TD>
      <P align=justify>Unless expressly agreed to the contrary, an Existing
      Lender makes no representation or warranty and assumes no responsibility
      to a New Lender for:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the legality, validity, effectiveness, adequacy or
      enforceability of the Finance Documents or any other documents;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the financial condition of any
Obligor;</P></TD></TR></TABLE>
<P align=center>93 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_97></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the performance and observance by any Obligor of its
      obligations under the Finance Documents or any other documents;
  or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the accuracy of any statements (whether written or oral)
      made in or in connection with any Finance Document or any other
      document,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and any representations or warranties
implied by law are excluded. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >24.3.2 </TD>
    <TD>
      <P align=justify>Each New Lender confirms to the Existing Lender and the
      other Finance Parties that it:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >24.3.3 </TD>
    <TD>
      <P align=justify>Nothing in any Finance Document obliges an Existing
      Lender to:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>accept a re-Transfer from a New Lender of any of the
      rights and obligations Transferred under this Clause 24; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >24.4 </TD>
    <TD>
      <P align=justify><B>Procedure for transfer</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >24.4.1 </TD>
    <TD>
      <P align=justify>Subject to the conditions set out in Clause 24.2 a
      Transfer is effected in accordance with Clause 24.4.3 when the Facility
      Agent executes an otherwise duly completed Transfer Certificate delivered
      to it by the Existing Lender and the New Lender. The Facility Agent shall,
      subject to Clause 24.4.2, 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.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >24.4.2 </TD>
    <TD>
      <P align=justify>The Facility Agent 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 know your
      customer 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.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >24.4.3 </TD>
    <TD>
      <P align=justify>On the Transfer Date:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>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 delegated by the Existing Lender to the
      New Lender (being the <B>Transferred Rights and
Obligations</B>);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Facility Agent, 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 Senior Lender with the rights and/or obligations comprising the
Transferred Rights and Obligations; </P></TD></TR></TABLE>
<P align=center>94 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_98></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the New Lender shall become a Party as a
      <B>Lender</B>.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >24.5 </TD>
    <TD>
      <P align=justify><B>Costs resulting from a change of Lender</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >24.5.1 </TD>
    <TD>
      <P align=justify>a Lender Transfers any of its rights or obligations under
      the Finance Documents; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >24.5.2 </TD>
    <TD>
      <P align=justify>as a result of circumstances existing at the date the
      Transfer occurs, an Obligor would be obliged to make a Tax Payment (as
      defined in Clause 13 (Tax Gross-up and Indemnities) or pay any Increased
      Cost (as defined in Clause 14 (Changes in Costs)),</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>then, unless the Transfer is made by a
Lender in order to mitigate any circumstances giving rise to the Tax Payment,
Increased Cost or a right to be prepaid and/or cancelled by reason of
illegality, the Obligor need only pay that Tax Payment or Increased Cost to the
same extent that it would have been obliged to if the Transfer had not occurred.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >24.6 </TD>
    <TD>
      <P align=justify><B>Copy of Transfer Certificate to
  Borrower</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Facility Agent shall send to the
Borrower a copy of each Transfer Certificate executed by it in accordance with
Clause 24.4.1 as soon as reasonably practicable after it has executed any such
Transfer Certificate. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">25. </TD>
    <TD>
      <P align=justify><B>CHANGES TO THE
OBLIGORS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >25.1 </TD>
    <TD>
      <P align=justify><B>Transfers by the Obligors</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>No Obligor may cede any of its rights or delegate any of
      its obligations under the Finance Documents.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >25.2 </TD>
    <TD>
      <P align=justify><B>Additional Guarantors</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >25.2.1 </TD>
    <TD>
      <P align=justify>If the Borrower:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>requests that a member of the Group becomes an Additional
      Guarantor; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>is required under this Agreement to ensure that any
      member of the Group becomes an Additional
Guarantor,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>it must give not less than 10 Business
Days' prior notice to the Facility Agent. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >25.2.2 </TD>
    <TD>
      <P align=justify>The Borrower must ensure that any member of the Group
      which is required to become a Guarantor under this Agreement supplies to
      the Facility Agent all the documents and evidence set out in Part II of
      Schedule 2 (Conditions Precedent), in form and substance satisfactory to
      it.</P></TD></TR></TABLE>
<P align=center>95 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_99></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >25.2.3 </TD>
    <TD>
      <P align=justify>The relevant member of the Group will become an
      Additional Guarantor on the date of the Accession Letter executed by
      it.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >25.2.4 </TD>
    <TD>
      <P align=justify>The Borrower must comply with Clause 25.2.1 within 14
      days of any member of the Group becoming a Material
  Subsidiary.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >25.3 </TD>
    <TD>
      <P align=justify><B>Repetition of
Representations</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>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.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >25.4 </TD>
    <TD>
      <P align=justify><B>Resignation of a
Guarantor</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >25.4.1 </TD>
    <TD>
      <P align=justify>The Borrower may request that a Guarantor (other than the
      Borrower) ceases to be a Guarantor by delivering to the Facility Agent a
      Resignation Letter.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >25.4.2 </TD>
    <TD>
      <P align=justify>The Facility Agent shall accept a Resignation Letter and
      notify the Borrower and the Lenders of its acceptance
if:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>no Default is continuing or would result from the
      acceptance of the Resignation Letter (and the Borrower has confirmed this
      is the case); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>all the Lenders have consented to the Borrower's
      request.</P></TD></TR></TABLE>
<P align=center>96 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_100></A>
<P align=center><B>SECTION 9 <BR>THE FINANCE PARTIES </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">26. </TD>
    <TD>
      <P align=justify><B>THE ADMINISTRATIVE
PARTIES</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >26.1 </TD>
    <TD>
      <P align=justify><B>Role of the Arranger</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Except as specifically provided in the Finance Documents,
      the Arranger has no obligations of any kind to any other Party under or in
      connection with any Finance Document.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >26.2 </TD>
    <TD>
      <P align=justify><B>Facility Agent</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >26.2.1 </TD>
    <TD>
      <P align=justify>Under the Intercreditor Agreement each Lender has
      appointed the Facility Agent to act as its facility agent under and in
      connection with the Finance Documents including, in respect of the Senior
      Facilities, the disbursement of Loans, the receipt of amounts payable to
      the Lenders under the Finance Documents, any amendments of, or waivers or
      consents under, the applicable Finance Documents, the receipt of documents
      and information required to be delivered to the Lenders under the Finance
      Documents, the receipt of notices from the Borrower to the Finance Parties
      (or any of them) under the Finance Documents, and the giving of notices to
      the Borrower by the Finance Parties (or any of them) under the Finance
      Documents (together, the <B>Agency
Matters</B>).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >26.2.2 </TD>
    <TD>
      <P align=justify>A reference to the Facility Agent in any Finance
      Document, is a reference to the Facility Agent acting in its capacity as
      such.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >26.2.3 </TD>
    <TD>
      <P align=justify>The Obligors:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>may assume that the Facility Agent is duly authorised to
      represent the other Finance Parties in all Agency Matters and that all
      actions taken by the Facility Agent in connection with an Agency Matter
      are duly authorised;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>are not entitled nor obliged directly to deal with, or
      act on the instructions of, a Finance Party other than the Facility Agent,
      unless expressly otherwise provided in a Finance
  Document.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >26.2.4 </TD>
    <TD>
      <P align=justify>A reference in a Finance Document to any action
      undertaken or required to be undertaken by the Facility Agent in relation
      to an Agency Matter (including the exercise of any discretion under the
      Finance Documents) is a reference to the Facility Agent acting as the duly
      authorised agent of the Finance Parties.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >26.2.5 </TD>
    <TD>
      <P align=justify>An Obligor shall have no claim against the Facility Agent
      for the recovery of any losses or damages which it may suffer as a result
      of anything which the Facility Agent does, or omits to do, in good faith
      in performing its functions as the Facility Agent under the Finance
      Documents.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">27. </TD>
    <TD>
      <P align=justify><B>SHARING AMONG THE FINANCE
PARTIES</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >27.1 </TD>
    <TD>
      <P align=justify><B>Payments to Finance
Parties</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >27.1.1 </TD>
    <TD>
      <P align=justify>If a Finance Party (a <B>Recovering Finance Party</B>)
      receives or recovers any amount from an Obligor other than in accordance
      with Clause 30 (Payment Mechanics) (a <B>Recovered Amount</B>) and applies
      that amount to a payment due under the Finance Documents
  then:</P></TD></TR></TABLE>
<P align=center>97 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_101></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Recovering Finance Party shall, within 3 Business
      Days, notify details of the receipt or recovery, to the Facility
    Agent;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Facility Agent shall determine whether the receipt or
      recovery is in excess of the amount the Recovering Finance Party would
      have been paid had the receipt or recovery been received or made by the
      Facility Agent and distributed in accordance with Clause 30 (Payment
      Mechanics), without taking account of any Tax which would be imposed on
      the Facility Agent in relation to the receipt, recovery or distribution;
      and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Recovering Finance Party shall, within 3 Business
      Days of demand by the Facility Agent, pay to the Facility Agent an amount
      (the <B>Sharing Payment</B>) equal to such receipt or recovery less any
      amount which the Facility Agent determines may be retained by the
      Recovering Finance Party as its share of any payment to be
  made.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >27.2 </TD>
    <TD>
      <P align=justify><B>Redistribution of payments</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Facility Agent shall treat the Sharing Payment as if
      it had been paid by the relevant Obligor and distribute it between the
      Finance Parties (other than the Recovering Finance Party) (the <B>Sharing
      Finance Parties</B>) in accordance with the Intercreditor Agreement
      towards the obligations of that Obligor to the Sharing Finance
    Parties.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >27.3 </TD>
    <TD>
      <P align=justify><B>Recovering Finance Party's
rights</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >27.3.1 </TD>
    <TD>
      <P align=justify>On a distribution by the Facility Agent under Clause 27.2
      of a payment received by a Recovering Finance Party from that Obligor, as
      between the relevant Obligor and the Recovering Finance Party, an amount
      of the Recovered Amount equal to the Sharing Payment will be treated as
      not having been paid by that Obligor.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >27.3.2 </TD>
    <TD>
      <P align=justify>If and to the extent that the Recovering Finance Party is
      not able to rely on its rights under Clause 27.3.1 (that is, an amount
      equal to the Sharing Payment is treated as having been paid by the
      relevant Obligor), the Obligors shall be liable to the Recovering Finance
      Party for a debt equal to the Sharing Payment which is immediately due and
      payable.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >27.4 </TD>
    <TD>
      <P align=justify><B>Reversal of redistribution</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If any part of the Sharing Payment received or recovered
      by a Recovering Finance Party becomes repayable and is repaid by that
      Recovering Finance Party, then:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >27.4.1 </TD>
    <TD>
      <P align=justify>each Sharing Finance Party shall, upon request of the
      Facility Agent, pay to the Facility Agent for the account of that
      Recovering Finance Party an amount equal to the appropriate part of its
      share of the Sharing Payment (together with an amount as is necessary to
      reimburse that Recovering Finance Party for its proportion of any interest
      on the Sharing Payment which that Recovering Finance Party is required to
      pay) (the Redistributed Amount); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >27.4.2 </TD>
    <TD>
      <P align=justify>as between the relevant Obligor and each relevant Sharing
      Finance Party, an amount equal to the relevant Redistributed Amount will
      be treated as not having been paid by that
Obligor.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >27.5 </TD>
    <TD>
      <P align=justify><B>Exceptions</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >27.5.1 </TD>
    <TD>
      <P align=justify>This Clause 27 shall not apply to the extent that the
      Recovering Finance Party would not, after making any payment pursuant to
      this Clause, have a valid and enforceable claim against the
    Obligors.</P></TD></TR></TABLE>
<P align=center>98 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_102></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >27.5.2 </TD>
    <TD>
      <P align=justify>A Recovering Finance Party is not obliged to share with
      any other Finance Party any amount which the Recovering Finance Party has
      received or recovered as a result of taking legal or arbitration
      proceedings, if:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>it notified that other Finance Party of the legal or
      arbitration proceedings; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>that other Finance Party had an opportunity to
      participate in those legal or arbitration proceedings but did not do so as
      soon as reasonably practicable having received notice and did not take
      separate legal or arbitration proceedings.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">28. </TD>
    <TD>
      <P align=justify><B>CONDUCT OF BUSINESS BY THE FINANCE
  PARTIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>No provision of this Agreement
will:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >28.1 </TD>
    <TD>
      <P align=justify>interfere with the right of any Finance Party to arrange
      its affairs (tax or otherwise) in whatever manner it thinks fit;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >28.2 </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >28.3 </TD>
    <TD>
      <P align=justify>oblige any Finance Party to disclose any information
      relating to its affairs (tax or otherwise) or any computations in respect
      of Tax.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">29. </TD>
    <TD>
      <P align=justify><B>FINANCE PARTY RIGHTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Clauses 26 (The Administrative Parties) to Clause 27
      (Sharing Among the Finance Parties) are for the benefit of the Finance
      Parties only. The Obligors do not have any rights or benefits under those
      Clauses.</P></TD></TR></TABLE>
<P align=center>99 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_103></A>
<P align=center><B>SECTION 10 <BR>ADMINISTRATION </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">30. </TD>
    <TD>
      <P align=justify><B>PAYMENT MECHANICS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >30.1 </TD>
    <TD>
      <P align=justify><B>Payments to the Facility
Agent</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >30.1.1 </TD>
    <TD>
      <P align=justify>On each date on which an Obligor or a Lender is required
      to make a payment under a Finance Document, that Obligor or Lender shall
      make the same available to the Facility Agent (unless a contrary
      indication appears in a Finance Document) in Rand for value by no later
      than 12h00 (Johannesburg time) on the due date and in such funds specified
      by the Facility Agent.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >30.1.2 </TD>
    <TD>
      <P align=justify>All such payments shall be made to such account in South
      Africa with such bank as the Facility Agent may specify by notice to the
      Borrower. Until otherwise notified by the Facility Agent from time to
      time, its bank account details for these purposes are as
  follows:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%"  >&nbsp;</TD>
    <TD align=left >Bank: </TD>
    <TD align=left width="65%">First National Bank </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >Branch: </TD>
    <TD align=left width="65%">RMB Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >Branch Number: </TD>
    <TD align=left width="65%">xxx </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >Account Number: </TD>
    <TD align=left width="65%">xxx </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >Account Name: </TD>
    <TD align=left width="65%">xxx </TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >Reference: </TD>
    <TD align=left width="65%">xxx </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >30.2 </TD>
    <TD>
      <P align=justify><B>Distributions to an Obligor</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Facility Agent may (with the consent of the Obligor
      or in accordance with Clause 31 (Set-off)) apply any amount received by it
      for that Obligor in or towards payment (on the date and in the currency
      and funds of receipt) of any amount due from that Obligor under the
      Finance Documents.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >30.3 </TD>
    <TD>
      <P align=justify><B>Clawback</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >30.3.1 </TD>
    <TD>
      <P align=justify>Where a sum is to be paid to the Facility Agent under the
      Finance Documents for another Party, the Facility Agent is not obliged to
      pay that sum to that other Party (or to enter into or perform any related
      exchange contract) until it has been able to establish to its satisfaction
      that it has actually received that sum.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >30.3.2 </TD>
    <TD>
      <P align=justify>If the Facility Agent pays an amount to another Party and
      it proves to be the case that the Facility Agent had not actually received
      that amount, then the Party to whom that amount (or the proceeds of any
      related exchange contract) was paid by the Facility Agent shall on demand
      refund the same to the Facility Agent together with interest on that
      amount from the date of payment to the date of receipt by the Facility
      Agent, calculated by the Facility Agent to reflect its cost of
    funds.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >30.4 </TD>
    <TD>
      <P align=justify><B>No set-off by Obligors</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<P align=center>100 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<p><A name=page_104></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">30.5 </TD>
    <TD>
      <P align=justify><B>Partial payments</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">30.5.1 </TD>
    <TD>
      <P align=justify>Subject to Clause 7.11 (Application of partial
      prepayments) in respect of the application of partial payments as between
      the Senior Facility Lenders, if the Facility Agent receives a payment that
      is insufficient to discharge all the amounts then due and payable by an
      Obligor under the Finance Documents, the Facility Agent shall apply that
      payment towards the obligations of that Obligor under the Finance
      Documents in the following order:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify><B>first</B>, in or towards payment <I>pro rata </I>of
      any unpaid fees, costs and expenses of the Facility Agent under the
      Finance Documents;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify><B>second</B>, in or towards payment <I>pro rata </I>of
      any accrued interest, fees, Break Costs or commission due but unpaid under
      the Finance Documents;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><B>third</B>, in or towards payment <I>pro rata </I>of
      any principal due but unpaid under the Finance Documents;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify><B>fourth</B>, in or towards payment <I>pro rata </I>of
      any other sum due but unpaid under the Finance
Documents.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">30.5.2 </TD>
    <TD>
      <P align=justify>This Clause 30.5 will override any appropriation made by
      an Obligor other than in accordance with Clause 7.11.1 (Application of
      partial prepayments).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">30.6 </TD>
    <TD>
      <P align=justify><B>Business Days</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">30.6.1 </TD>
    <TD>
      <P align=justify>If a payment under the Finance Documents is due on a day
      which is not a Business Day, the due date for that payment will instead be
      the next Business Day in the same calendar month (if there is one) or the
      preceding Business Day (if there is not).</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">30.6.2 </TD>
    <TD>
      <P align=justify>During any extension of the due date for payment of any
      principal or Unpaid Sum under a Senior Facility Agreement interest is
      payable on the principal or Unpaid Sum at the rate payable on the original
      due date, subject to any provisions in a Senior Facility Agreement
      relating to the accrual and payment of default
interest.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">30.7 </TD>
    <TD>
      <P align=justify><B>Currency of account</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">30.7.1 </TD>
    <TD>
      <P align=justify>Subject to the provisions of this Clause below, Rand is
      the currency of account and payment for any sum due from an Obligor under
      any Finance Document.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">30.7.2 </TD>
    <TD>
      <P align=justify>Each payment in respect of costs, expenses or Taxes shall
      be made in the currency in which the costs, expenses or Taxes are
      incurred.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">30.7.3 </TD>
    <TD>
      <P align=justify>Any amount expressed to be payable in a currency other
      than Rand shall be paid in that other
currency.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">30.8 </TD>
    <TD>
      <P align=justify><B>Disruption to Payment Systems etc.</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>If either the Facility Agent determines (in its
      discretion) that a Disruption Event has occurred or the Facility Agent is
      notified by the Borrower that a Disruption Event has
  occurred:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">30.8.1 </TD>
    <TD>
      <P align=justify>the Facility Agent 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
      Facilities as the Facility Agent may deem necessary in the
      circumstances;</P></TD></TR></TABLE>
<P align=center>101 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_105></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >30.8.2 </TD>
    <TD>
      <P align=justify>the Facility Agent shall not be obliged to consult with
      the Borrower in relation to any changes mentioned Clause 30.8.1 if, in its
      opinion, it is not practicable to do so in the circumstances and, in any
      event, shall have no obligation to agree to such changes;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >30.8.3 </TD>
    <TD>
      <P align=justify>the Facility Agent shall consult with the Finance Parties
      in relation to any changes mentioned in Clause 30.8.1 but shall not be
      obliged to do so if, in its opinion, it is not practicable to do so in the
      circumstances;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >30.8.4 </TD>
    <TD>
      <P align=justify>any such changes agreed upon by the Facility Agent 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 34 (Amendments and
    Waivers);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >30.8.5 </TD>
    <TD>
      <P align=justify>the Facility Agent shall not be liable for any damages,
      costs or losses whatsoever arising as a result of its taking, or failing
      to take, any actions pursuant to or in connection with this Clause 30.8;
      and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >30.8.6 </TD>
    <TD>
      <P align=justify>the Facility Agent shall notify the Finance Parties of
      all changes agreed pursuant to Clause 30.8.4.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">31. </TD>
    <TD>
      <P align=justify><B>SET-OFF</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>A Finance Party may set off any matured obligation due
      from an Obligor under the Finance Documents (to the extent beneficially
      owned by that Finance Party) against any matured obligation owed by that
      Finance Party to that Obligor, regardless of the place of payment, booking
      branch or currency of either obligation. If the obligations are in
      different currencies, the Finance Party may convert either obligation at a
      market rate of exchange in its usual course of business for the purpose of
      the set-off.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">32. </TD>
    <TD>
      <P align=justify><B>CALCULATIONS AND
CERTIFICATES</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >32.1 </TD>
    <TD>
      <P align=justify><B>Accounts</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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 prima facie evidence of the
      matters to which they relate.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >32.2 </TD>
    <TD>
      <P align=justify><B>Certificates and Determinations</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >32.3 </TD>
    <TD>
      <P align=justify><B>Day count convention</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">33. </TD>
    <TD>
      <P align=justify><B>NOTICES</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >33.1 </TD>
    <TD>
      <P align=justify><B>Communications in
writing</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >33.1.1 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<P align=center>102 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_106></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">33.1.2 </TD>
    <TD>
      <P align=justify>Communications in connection with a Finance Document
      (other than a Utilisation Request, a Compliance Certificate, a Transfer
      Certificate, an Accession Letter, a Resignation Letter, a notice of
      Default or any consent, waiver or agreement requested under a Finance
      Document) may also be given by email or any other form of electronic
      communication previously approved in writing by the Facility
  Agent.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">33.2 </TD>
    <TD>
      <P align=justify><B>Addresses</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>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:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">33.2.1 </TD>
    <TD>
      <P align=justify>in the case of the Borrower:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>Address: </TD>
    <TD align=left width="65%">6<SUP>th </SUP>Floor, President Place </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%">Corner of Jan Smuts Avenue and Bolton Road
  </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%">Rosebank </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%">2196 </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="65%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>Email address: </TD>
    <TD align=left width="65%">hermank@net1.com </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>Fax number: </TD>
    <TD align=left width="65%">+27 (11) 880 7080 </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>For the attention of: </TD>
    <TD align=left width="65%">Herman Kotze </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">33.2.2 </TD>
    <TD>
      <P align=justify>in the case of each other Obligor, the address and other
      details specified for the Borrower in Clause 33.2.1;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">33.2.3 </TD>
    <TD>
      <P align=justify>in the case of the Facility Agent (in its capacity as
      such):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>Address: </TD>
    <TD align=left width="65%">1 Merchant Place </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%">14<SUP>th </SUP>Floor </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%">Cnr Fredman Drive and Rivonia Road </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%">Sandton, 2196 </TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="65%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>Email address: </TD>
    <TD align=left width="65%">Ravana.chetty@rmb.co.za </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%">Thabo.lukhaimane@rmb.co.za </TD></TR>
  <TR vAlign=bottom>
    <TD width="15%">&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left width="65%">&nbsp;Ziyaad.manie@rmb.co.za&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="65%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>Fax number: </TD>
    <TD align=left width="65%">+27 (11) 282 4043 </TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="65%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>For the attention of: </TD>
    <TD align=left width="65%">Head of Transaction Management - Investment
      Banking </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="65%">Division </TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">33.2.4 </TD>
    <TD>
      <P align=justify>in the case of each Original Senior Lender (in its
      capacity as such), the address and other details specified opposite its
      name in Part II of Schedule 1 (The Original Parties);</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">33.2.5 </TD>
    <TD>
      <P align=justify>in the case of any other Lender or Obligor, those details
      notified in writing to the Facility Agent on or before the date on which
      it becomes a Party,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>or any substitute address or fax
number or department or officer as the Party may notify to the Facility Agent
(or the Facility Agent may notify to the other Parties, if a change is made by
the Facility Agent) by not less than five Business Days' notice. </P>
<P align=center>103 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_107></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >33.3 </TD>
    <TD>
      <P align=justify><B>Domicilia</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >33.3.1 </TD>
    <TD>
      <P align=justify>Each Party chooses its physical address provided under or
      pursuant to Clause 33.2 as its <I>domicilium citandi et executandi </I>at
      which documents in legal proceedings in connection with a Finance Document
      may be served.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >33.3.2 </TD>
    <TD>
      <P align=justify>Any Party may by written notice to the other Parties
      change its <I>domicilium </I>from time to time to another address, not
      being a post office box or a <I>poste restante</I>, 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 under Clause
      33.4.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >33.4 </TD>
    <TD>
      <P align=justify><B>Delivery</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >33.4.1 </TD>
    <TD>
      <P align=justify>Any communication or document made or delivered by one
      person to another under or in connection with the Finance Documents
      will:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>if delivered by hand, be deemed to have been received at
      the time of delivery; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>if by way of courier service, be deemed to have been
      received on the seventh Business Day following the date of such
      sending,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and provided, if a particular
department or officer is specified as part of its address details under Clause
33.2, if such communication or document is addressed to that department or
officer. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >33.4.2 </TD>
    <TD>
      <P align=justify>Any communication or document to be made or delivered to
      the Facility Agent will be effective only when actually received by the
      Facility Agent and then only if it is expressly marked for the attention
      of the department or officer identified with the Facility Agent's
      signature below (or any substitute department or officer as the Facility
      Agent shall specify for this purpose).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >33.5 </TD>
    <TD>
      <P align=justify><B>Obligors</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >33.5.1 </TD>
    <TD>
      <P align=justify>All communications under the Finance Documents to or from
      an Obligor must be sent through the Facility Agent.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >33.5.2 </TD>
    <TD>
      <P align=justify>All communications under the Finance Documents to or from
      an Obligor (other than the Borrower) must be sent through the
    Borrower.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >33.5.3 </TD>
    <TD>
      <P align=justify>Each Obligor (other than the Borrower) irrevocably
      appoints the Borrower to act as its agent in relation to the Finance
      Documents and irrevocably authorises:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Borrower on its behalf to supply all information
      concerning itself contemplated by this Agreement to the Finance Parties
      and to give all notices, information and instructions (including, in the
      case of the Borrower, Utilisation Requests), to execute on its behalf all
      documents under or in connection with the Finance Documents (including any
      Accession Letter), to make such agreements and to effect the relevant
      amendments, supplements and variations 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</P></TD></TR></TABLE>
<P align=center>104 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_108></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>each Finance Party to give any notice, demand or other
      communication to that Obligor pursuant to the Finance Documents to the
      Borrower,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and in each case the Obligor shall be
bound as though the Obligor itself had given the notices, information and
instructions or executed or made the agreements or effected the amendments,
supplements or variations, or received the relevant notice, demand or other
communication. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >33.5.4 </TD>
    <TD>
      <P align=justify>Every act, omission, agreement, undertaking, settlement,
      waiver, amendment, supplement, variation, notice or other communication
      given or made by the Borrower or given to the Borrower under any Finance
      Document on behalf of another Obligor or in connection with any Finance
      Document (whether or not 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 Borrower
      and any other Obligor, those of the Borrower shall prevail.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >33.5.5 </TD>
    <TD>
      <P align=justify>Any communication given to the Borrower in connection
      with a Finance Document will be deemed to have been given also to the
      other Obligors.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >33.5.6 </TD>
    <TD>
      <P align=justify>A Finance Party may assume that any communication made by
      the Borrower on behalf of an Obligor is made with the knowledge and
      consent of that Obligor.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >33.6 </TD>
    <TD>
      <P align=justify><B>Notification of address and fax
  number</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Upon receipt of notification of an
address or fax number or change of address or fax number pursuant to Clause
33.2, or changing its own address or fax number, the Facility Agent shall notify
the other Parties as soon as reasonably practicable. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >33.7 </TD>
    <TD>
      <P align=justify><B>Electronic
communication</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >33.7.1 </TD>
    <TD>
      <P align=justify>Any communication to be made between the Facility Agent
      and a Lender under or in connection with the Finance Documents may be made
      by electronic mail or other electronic means, if the Facility Agent and
      the relevant Lender:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>agree that, unless and until notified to the contrary,
      this is to be an accepted form of communication;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>notify each other in writing of their electronic mail
      address and/or any other information required to enable the sending and
      receipt of information by that means; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>notify each other of any change to their address or any
      other such information supplied by them.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >33.7.2 </TD>
    <TD>
      <P align=justify>Any electronic communication made between the Facility
      Agent and a Lender will be effective only when actually received in
      readable form and in the case of any electronic communication made by a
      Lender to the Facility Agent only if it is addressed in such a manner as
      the Facility Agent shall specify for this
purpose.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >33.8 </TD>
    <TD>
      <P align=justify><B>English language</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Any notice or other document given under or in connection
      with any Finance Document must be in English.</P></TD></TR></TABLE>
<P align=center>105 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_109></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">34. </TD>
    <TD>
      <P align=justify><B>AMENDMENTS AND WAIVERS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >34.1 </TD>
    <TD>
      <P align=justify>A term of the Finance Documents may be amended or waived
      only with the consent of the Facility Agent (acting on the instructions of
      the applicable Finance Parties under the Intercreditor Agreement) and the
      Obligors.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >34.2 </TD>
    <TD>
      <P align=justify>The Facility Agent may effect and execute, on behalf of
      any Finance Party, any amendment or waiver permitted by this
  Clause.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >34.3 </TD>
    <TD>
      <P align=justify>No amendment or waiver contemplated by this Clause 34
      shall be of any force or effect unless in writing and signed by or on
      behalf of the relevant Parties.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >34.4 </TD>
    <TD>
      <P align=justify>An amendment of any provision of Clauses 26 (The
      Administrative Parties) may be effected without the consent of or notice
      to any Obligor, provided that such amendment does not place any additional
      obligation or liability on any Obligor.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">35. </TD>
    <TD>
      <P align=justify><B>CONFIDENTIALITY</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >35.1 </TD>
    <TD>
      <P align=justify><B>Confidential Information</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Each Finance Party agrees to keep all Confidential
      Information confidential and not to disclose it to anyone, save to the
      extent permitted by Clause 35.2, 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.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >35.2 </TD>
    <TD>
      <P align=justify><B>Disclosure of Confidential Information</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Any Finance Party may
disclose:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >35.2.1 </TD>
    <TD>
      <P align=justify>to any of its Affiliates and Related Funds 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 35.2.1 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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >35.2.2 </TD>
    <TD>
      <P align=justify>to any other person:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>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, Related Funds, Representatives and
      professional advisers;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>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, Related Funds, Representatives and professional
    advisers;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>appointed by any Finance Party or by a person to whom
      paragraphs (a) or (b) above applies to receive communications, notices,
      information or documents delivered pursuant to the Finance Documents on
      its behalf;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>who invests in or otherwise finances (or may potentially
      invest in or otherwise finance), directly or indirectly, any transaction referred to
in paragraphs (a) or (b) above; </P></TD></TR></TABLE>
<P align=center>106 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_110></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>who is a Party; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>with the express prior consent of the
  Borrower,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>in each case, such Confidential
Information as that Finance Party shall consider appropriate if: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>in relation to paragraphs (a), (b) and (c) above, 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;</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>in relation to paragraph (d) above, 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</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>in relation to paragraphs (e), (f) and (g) above, 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- 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</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >35.2.3 </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >35.3 </TD>
    <TD>
      <P align=justify><B>Entire agreement</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>This Clause 35 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.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >35.4 </TD>
    <TD>
      <P align=justify><B>Inside information</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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 anyConfidential Information for any unlawful purpose. </P></TD></TR></TABLE>
<P align=center>107 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_111></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >35.5 </TD>
    <TD>
      <P align=justify><B>Notification of disclosure</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Each of the Finance Parties agrees (to the extent
      permitted by law and regulation) to inform the
Borrower:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >35.5.1 </TD>
    <TD>
      <P align=justify>of the circumstances of any disclosure of Confidential
      Information made pursuant to Clause 35.2.2(d) above except where such
      disclosure is made to any of the persons referred to in that Clause during
      the ordinary course of its supervisory or regulatory function;
  and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >35.5.2 </TD>
    <TD>
      <P align=justify>upon becoming aware that Confidential Information has
      been disclosed in breach of this Clause 35.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >35.6 </TD>
    <TD>
      <P align=justify><B>Continuing obligations</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The obligations in this Clause 35 are continuing and, in
      particular, shall survive and remain binding on each Finance Party for a
      period of twelve months from the earlier of:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >35.6.1 </TD>
    <TD>
      <P align=justify>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</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >35.6.2 </TD>
    <TD>
      <P align=justify>the date on which such Finance Party otherwise ceases to
      be a Finance Party.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">36. </TD>
    <TD>
      <P align=justify><B>GENERAL PROVISIONS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >36.1 </TD>
    <TD>
      <P align=justify><B>Sole agreement</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Finance Documents constitute the sole record of the
      agreement between the Parties in regard to the subject matter
    thereof.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >36.2 </TD>
    <TD>
      <P align=justify><B>No implied terms</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>No Party shall be bound by any express or implied term,
      representation, warranty, promise or the like, not recorded in a Finance
      Document.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >36.3 </TD>
    <TD>
      <P align=justify><B>Rights and remedies</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>No failure to exercise, nor any delay in exercising, on
      the part of any Finance Party, any right or remedy under the Finance
      Documents shall operate as a waiver, nor shall any single or partial
      exercise of any right or remedy prevent any further or other exercise or
      the exercise of any other right or remedy. The rights and remedies of each
      Finance Party under the Finance Documents:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >36.3.1 </TD>
    <TD>
      <P align=justify>are cumulative and not exclusive of its rights under the
      general law</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >36.3.2 </TD>
    <TD>
      <P align=justify>may be exercised as often as the Finance Party
      requires;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >36.3.3 </TD>
    <TD>
      <P align=justify>may be waived only in writing and
  specifically.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Delay in the exercise or non-exercise
of any right is not a waiver of that right. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >36.4 </TD>
    <TD>
      <P align=justify><B>Extensions and waivers</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>No latitude, extension of time or other indulgence which
      may be given or allowed by any Party to any other Party in respect of
the performance of any obligation or enforcement of any right under a Finance
Document, and no single or partial exercise of any right by any Party, shall be
construed to be an implied consent by such Party or operate as a waiver or a
novation of, or otherwise affect any of that Party&#146;s rights under or in
connection with a 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 a Finance Document. </P></TD></TR></TABLE>
<P align=center>108 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_112></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >36.5 </TD>
    <TD>
      <P align=justify><B>Partial invalidity</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If, at any time, any provision of a Finance Document is
      or becomes illegal, invalid, unenforceable or inoperable in any respect
      under any law of any jurisdiction, neither the legality, validity,
      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
      <B>inoperable </B>in this Clause 36.5 shall include, without limitation,
      inoperable by way of suspension or cancellation.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >36.6 </TD>
    <TD>
      <P align=justify><B>Renunciation of benefits</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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, <I>errore calculi</I>,
      <I>non causa debiti</I>, <I>non numeratae pecuniae </I>and cession of
      actions, and declares that it understands the meaning of each such legal
      exception and the effect of such renunciation.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >36.7 </TD>
    <TD>
      <P align=justify><B>Further assurances</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Each Obligor must perform, or procure the performance, of
      all further things, and execute and deliver (or procure the execution and
      delivery) of all further documents, as may be required by any applicable
      law or regulation or as may be necessary or desirable to implement or give
      effect to this Agreement and the other Finance Documents and the
      transactions contemplated therein.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >36.8 </TD>
    <TD>
      <P align=justify><B>Independent advice</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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 Obligor 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.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >36.9 </TD>
    <TD>
      <P align=justify><B>Counterparts</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<P align=center>109 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_113></A>
<P align=center><B>SECTION 11 <BR>GOVERNING LAW AND ENFORCEMENT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">37. </TD>
    <TD>
      <P align=justify><B>GOVERNING LAW</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This Agreement and any non-contractual obligations
      arising out of or in connection with it are governed by South African
      law.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">38. </TD>
    <TD>
      <P align=justify><B>JURISDICTION</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >38.1 </TD>
    <TD>
      <P align=justify>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
      a Finance Document or any non-contractual obligation arising out of or in
      connection with a Finance Document) (a <B>dispute</B>).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >38.2 </TD>
    <TD>
      <P align=justify>The Parties agree that the courts of South Africa are the
      most appropriate and convenient courts to settle disputes. The Parties
      agree not to argue to the contrary and waive objection to this court on
      the grounds of inconvenient forum or otherwise in relation to proceedings
      in connection with any Finance Document.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >38.3 </TD>
    <TD>
      <P align=justify>This Clause 38 is for the benefit of the Finance Parties
      only. As a result, no Finance Party shall be prevented from taking
      proceedings relating to a dispute in any other court with jurisdiction. To
      the extent allowed by law, a Finance Party may take concurrent proceedings
      in any number of jurisdictions.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">39. </TD>
    <TD>
      <P align=justify><B>WAIVER OF JURY TRIAL</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>EACH PARTY HERETO HEREBY WAIVES ANY RIGHT IT MAY HAVE
      TO A JURY TRIAL IN RESPECT OF ANY LITIGATION IN ANY UNITED STATES FEDERAL
      OR STATE COURT DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
      CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER FINANCE DOCUMENTS OR
      ANY DEALINGS BETWEEN THE PARTIES RELATING TO THE SUBJECT MATTER OF THIS
      LOAN TRANSACTION OR THE LENDER/BORROWER/GUARANTOR RELATIONSHIP. </B>Each
      party hereto hereby acknowledges that this waiver is a material inducement
      to enter into a business relationship, it has relied on this waiver in
      entering into this Agreement, and it will continue to rely on this waiver
      in related future dealings. Each party hereto hereby further warrants and
      represents that it has reviewed this waiver with its legal counsel and it
      knowingly and voluntarily waives its jury trial rights following
      consultation with legal counsel. <B>THIS WAIVER IS IRREVOCABLE AND MAY NOT
      BE MODIFIED OTHER THAN BY A WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS
      CLAUSE 39 AND EXECUTED BY EACH OF THE PARTIES HERETO. </B>In the event of
      litigation, this Agreement may be filed as a written consent to a trial by
      the court.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">40. </TD>
    <TD>
      <P align=justify><B>WAIVER OF IMMUNITY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each Obligor irrevocably and
  unconditionally:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >40.1 </TD>
    <TD>
      <P align=justify>agrees not to claim any immunity from suit, execution,
      attachment or other legal process brought by a Finance Party against it in
      relation to a Finance Document, and to ensure that no such claim is made
      on its behalf;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >40.2 </TD>
    <TD>
      <P align=justify>consents generally to the giving of any relief or the
  issue of any process in connection withthos e proceedings; and </P></TD></TR></TABLE>
<P align=center>110 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_114></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >40.3 </TD>
    <TD>
      <P align=justify>waives any right it may have to claim for itself or any
      of its assets immunity from suit, execution, attachment or other legal
      process.</P></TD></TR></TABLE>
<P align=justify><B>THIS AGREEMENT</B> has been entered into on the date stated
at the beginning of this Agreement. </P>
<P align=center>111 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_115></A>
<P align=right><B>SCHEDULE 1 </B></P>
<P align=center><B>THE ORIGINAL PARTIES </B></P>
<P align=center><B>Part I <BR>The Original Obligors </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=center noWrap bgcolor="#E6E6E6"></TD>
    <TD width="30%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Name of Borrower</B>
    </TD>
    <TD width="30%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Jurisdiction of</B>
      <BR><B>Incorporation</B> </TD>
    <TD width="30%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Registration
    number<BR>(or equivalent, if any)</B> </TD></TR>
  <TR>
    <TD>1. </TD>
    <TD width="30%">Net1 Applied Technologies South Africa<BR>Proprietary
      Limited </TD>
    <TD align=center width="30%">South Africa </TD>
<TD align=center width="30%">2002/031446/07 </TD></TR></TABLE></DIV>
<p><BR>
</p>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=center noWrap bgcolor="#E6E6E6"></TD>
    <TD width="30%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Name of Original
      Guarantor</B> </TD>
    <TD width="30%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Jurisdiction of</B>
      <BR><B>Incorporation</B> </TD>
    <TD width="30%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Registration
    number<BR>(or equivalent, if any)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>1. </TD>
    <TD align=left width="30%">Net1 UEPS Technologies, Inc. </TD>
    <TD align=center width="30%">State of Florida,<BR>United States </TD>
    <TD align=center width="30%">N/A </TD></TR>
  <TR vAlign=top>
    <TD align=left>2. </TD>
    <TD align=left width="30%">Net1 Applied Technologies South Africa
      Proprietary Limited </TD>
    <TD align=center width="30%">South Africa </TD>
    <TD align=center width="30%">2002/031446/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>3. </TD>
    <TD align=left width="30%">Cash Paymaster Services Proprietary Limited </TD>
    <TD align=center width="30%">South Africa </TD>
    <TD align=center width="30%">1971/007195/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>4. </TD>
    <TD align=left width="30%">EasyPay Proprietary Limited </TD>
    <TD align=center width="30%">South Africa </TD>
    <TD align=center width="30%">1983/008597/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>5. </TD>
    <TD align=left width="30%">Manje Mobile Electronic Payment Services
      Proprietary Limited </TD>
    <TD align=center width="30%">South Africa </TD>
    <TD align=center width="30%">2008/004377/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>6. </TD>
    <TD align=left width="30%">Moneyline Financial Services Proprietary
      Limited </TD>
    <TD align=center width="30%">South Africa </TD>
    <TD align=center width="30%">1998/020799/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>7. </TD>
    <TD align=left width="30%">Net1 FIHRST Holdings Proprietary Limited </TD>
    <TD align=center width="30%">South Africa </TD>
    <TD align=center width="30%">2009/022023/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>8. </TD>
    <TD align=left width="30%">Net1 Finance Holdings Proprietary Limited </TD>
    <TD align=center width="30%">South Africa </TD>
    <TD align=center width="30%">1998/020801/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>9. </TD>
    <TD align=left width="30%">Net1 Mobile Solutions Proprietary Limited </TD>
    <TD align=center width="30%">South Africa </TD>
    <TD align=center width="30%">2006/009851/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>10. </TD>
    <TD align=left width="30%">Net1 Universal Electronic Technological
      Solutions Proprietary Limited </TD>
    <TD align=center width="30%">South Africa </TD>
    <TD align=center width="30%">2009/001034/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>11. </TD>
    <TD align=left width="30%">Prism Holdings Proprietary Limited </TD>
    <TD align=center width="30%">South Africa </TD>
    <TD align=center width="30%">1998/018949/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>12. </TD>
    <TD align=left width="30%">Prism Payment Technologies Proprietary Limited
    </TD>
    <TD align=center width="30%">South Africa </TD>
    <TD align=center width="30%">1990/005062/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>13. </TD>
    <TD align=left width="30%">RMT Systems Proprietary Limited </TD>
    <TD align=center width="30%">South Africa </TD>
<TD align=center width="30%">2001/028826/07 </TD></TR></TABLE></DIV>
<P align=center>112 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_116></A>
<P align=center><B>Part II <BR>The Original Senior Lenders </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center
    vAlign=center noWrap bgcolor="#E6E6E6"
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="15%" align=center
    vAlign=center noWrap bgcolor="#E6E6E6"
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">
      <P><B>Original Senior Lender</B> </P>
      <P>[Column 2] </P></TD>
    <TD width="20%" align=center
    vAlign=center noWrap bgcolor="#E6E6E6"
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Address for Purposes
      of</B> <BR><B>Clause 33 (Notices)</B>
      <P>[Column 3] </P></TD>
    <TD width="15%" align=center
    vAlign=center noWrap bgcolor="#E6E6E6"
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Senior Facility
      A<BR>Commitment</B>
      <P>[Column 4] </P></TD>
    <TD width="15%" align=center
    vAlign=center noWrap bgcolor="#E6E6E6"
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Senior Facility B</B>
      <BR><B>Commitment</B>
      <P>[Column 5] </P></TD>
    <TD width="15%" align=center
    vAlign=center noWrap bgcolor="#E6E6E6"
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Senior Facility D</B>
      <BR><B>Commitment</B>
      <P>[Column 6] </P></TD>
    <TD width="15%" align=center
    vAlign=center noWrap bgcolor="#E6E6E6"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Senior Facility
      E<BR>Commitment</B>
  <P>[Column 7] </P></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>1</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%">FirstRand Bank Limited <BR>(acting
      through its Rand <BR>Merchant Bank division) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="20%">
      <P>1 Merchant Place, 14th Floor <BR>Cnr Fredman Drive and Rivonia <BR>Road
      <BR>Sandton, 2196 <BR>Fax: +27 11 282 4056 <BR>Email: <BR>&nbsp;&nbsp;&nbsp;Ravana.chetty@rmb.co.za</P>
      <P>&nbsp;&nbsp;&nbsp;Thabo.lukhaimane@rmb.co.za, </P>
      <P>&nbsp;&nbsp;&nbsp;Ziyaad.manie@rmb.co.za <BR>Att: Head of Transaction <BR>Management:
      Investment <BR>Banking </P></TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">R600,000,000 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">R400,000,000 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">R210,000,000 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">R1,500,000,000 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><BR><BR><BR><BR><BR><BR><BR></TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="15%">Nedbank Limited (acting <BR>through its
      Corporate and <BR>Investment Banking <BR>division) </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="20%">Leveraged Finance <BR>3rd Floor, Block F
      <BR>135 Rivonia Campus <BR>135 Rivonia Road <BR>Sandton, 2196 <BR>Email:&nbsp;&nbsp;&nbsp;
      levfin@nedbank.co.za <BR>Att: Deal Manager </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">R150,000,000 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">R100,000,000 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">Nil </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%">Nil </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="20%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%"><B>R750,000,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%"><B>R500,000,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%"><B>R210,000,000</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="15%"><B>R1,500,000,000</B> </TD></TR></TABLE>
<P align=center>113 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_117></A>
<P align=right><B>SCHEDULE 2 </B></P>
<P align=center><B>CONDITIONS PRECEDENT </B></P>
<P align=center><B>Part I <BR>Conditions Precedent to initial Utilisation </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD>
      <P align=justify><B>ORIGINAL OBLIGORS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.1 </TD>
    <TD>
      <P align=justify>A copy of the constitutional documents of each Original
      Obligor.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >1.2 </TD>
    <TD>
      <P align=justify>A copy of a resolution of the board of directors of each
      Original Obligor and other members of the Group which are party to a
      Finance Document:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.2.1 </TD>
    <TD>
      <P align=justify>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;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.2 </TD>
    <TD>
      <P align=justify>authorising it, for all purposes required under sections
      45 and/or 46 of the Companies Act (as applicable), to provide the
      "<I>financial assistance</I>" and to make any "<I>distribution</I>" that
      may arise as a result of its entry into the Finance Documents to which it
      is a party;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.3 </TD>
    <TD>
      <P align=justify>authorising a specified person or persons to execute the
      Finance Documents to which it is a party on its behalf; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.4 </TD>
    <TD>
      <P align=justify>authorising a specified person or persons, on its behalf,
      to sign and/or despatch all documents and notices to be signed and/or
      despatched by it under or in connection with the Finance Documents to
      which it is a party.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.3 </TD>
    <TD>
      <P align=justify>A copy of a special resolution duly passed by the holders
      of the issued shares of each Original Guarantor authorising it, for all
      purposes required under section 45 of the Companies Act, to provide the
      "<I>financial assistance</I>" that may arise as a result of its entry into
      the Finance Documents to which it is a party.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >1.4 </TD>
    <TD>
      <P align=justify>A specimen of the signature of each person authorised by
      the resolution referred to in paragraph 1.2.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >1.5 </TD>
    <TD>
      <P align=justify>A certificate of the Borrower and each other Original
      Obligor (signed by a director or other authorised
  signatory):</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.5.1 </TD>
    <TD>
      <P align=justify>confirming that borrowing or guaranteeing, as
      appropriate, the Total Commitments would not cause any borrowing,
      guaranteeing or similar limit binding on it to be exceeded.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.5.2 </TD>
    <TD>
      <P align=justify>certifying that each copy document relating to it
      specified in this Part I of Schedule 2 is correct, complete and in full
      force and effect as at a date no earlier than the Closing
  Date.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.6 </TD>
    <TD>
      <P align=justify>A certificate of the Borrower (signed by a director or
      other authorised signatory) confirming as at the Closing Date
  that:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.6.1 </TD>
    <TD>
      <P align=justify>no Default or Event of Default has occurred or is
      continuing or will result from the execution of the Finance
    Documents;</P></TD></TR></TABLE>
<P align=center>114 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_118></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.6.2 </TD>
    <TD>
      <P align=justify>the representations and warranties set out in Clause 19
      (Representations) are true and correct in all respects;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.6.3 </TD>
    <TD>
      <P align=justify>that no event or series of events or circumstances has
      occurred or arisen which, in the Borrower&#146;s opinion, is likely to have a
      Material Adverse Effect;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.6.4 </TD>
    <TD>
      <P align=justify>that no investigation, litigation, arbitration or
      administrative proceedings of or before any court, arbitral body,
      competent competition authority or other regulatory authority or
      government agency which, if adversely determined, will have or is
      reasonably likely to have a Material Adverse Effect have, to the best of
      its knowledge and belief, been started or threatened against it or any
      member of the Group.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.7 </TD>
    <TD>
      <P align=justify>If such Original Obligor is a US Guarantor, a certificate
      as to the existence and good standing (including verification of tax
      status, if generally available) of such US Guarantor from the appropriate
      governmental authorities in such US Guarantor&#146;s jurisdiction of
      organisation, in form and substance satisfactory to the Facility Agent and
      its counsel.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >1.8 </TD>
    <TD>
      <P align=justify>If such Original Obligor is a US Guarantor, a solvency
      certificate signed by the chief financial officer or chief accounting
      officer of such Obligor in form and substance satisfactory to the Facility
      Agent and its counsel.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>Legal opinions</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.1 </TD>
    <TD>
      <P align=justify>A legal opinion of Webber Wentzel, legal advisers to the
      Finance Parties, addressed to the Facility Agent for and on behalf of the
      Finance Parties, substantially in the form distributed to the Original
      Senior Lenders prior to signing this Agreement in respect of the legality,
      validity and enforceability of the Finance Documents.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.2 </TD>
    <TD>
      <P align=justify>A legal opinion of Cliffe Dekker Hofmeyr, legal advisers
      to the Obligors in South Africa, addressed to the Facility Agent for and
      on behalf of the Finance Parties, substantially in the form distributed to
      the Original Senior Lenders prior to signing this Agreement, in respect of
      the capacity, powers and authority of those members of the Group
      incorporated in South Africa which are party to the Finance Documents, to
      enter into and perform their obligations under the Finance Documents and
      the due execution of those documents.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.3 </TD>
    <TD>
      <P align=justify>A legal opinion of DLA Piper, legal advisers to the
      Finance Parties in the US, addressed to the Facility Agent for and on
      behalf of the Finance Parties, substantially in the form distributed to
      the Original Senior Lenders prior to signing this Agreement, in respect of
      the capacity, powers and authority of those members of the Group
      incorporated in the US which are party to the Finance Documents, to enter
      into and perform their obligations under the Finance Documents and the due
      execution of those documents.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.4 </TD>
    <TD>
      <P align=justify>A legal opinion of Bowman Gilfillan, legal advisers to
      Cell C, addressed to the Facility Agent for and on behalf of the Finance
      Parties, substantially in the form distributed to the Original Senior
      Lenders prior to signing this Agreement, in respect of the validity of the
      allotment and issue of the Cell C Shares to the
Borrower.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>Finance Documents</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >3.1 </TD>
    <TD>
      <P align=justify>An original of each of the following Finance Documents
      duly entered into by each Party to it:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >3.1.1 </TD>
    <TD>
      <P align=justify>this Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.2 </TD>
    <TD>
      <P align=justify>the Senior Facility A Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.3 </TD>
    <TD>
      <P align=justify>the Senior Facility B Agreement;</P></TD></TR></TABLE>
<P align=center>115 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_119></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >3.1.4 </TD>
    <TD>
      <P align=justify>the Senior Facility C Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.5 </TD>
    <TD>
      <P align=justify>the Subordination Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.6 </TD>
    <TD>
      <P align=justify>the Master Implementation and Funds Flow
  Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.7 </TD>
    <TD>
      <P align=justify>the Security Cession &amp; Pledge;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.8 </TD>
    <TD>
      <P align=justify>the Fee Letters; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.1.9 </TD>
    <TD>
      <P align=justify>any other executed Finance
Documents.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">3.2 </TD>
    <TD>
      <P align=justify>The following documents of title in relation to the
      shares and other securities that are subject to Transaction
    Security:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >3.2.1 </TD>
    <TD>
      <P align=justify>the original share certificates (or applicable
      certificates of title in respect of other securities);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.2.2 </TD>
    <TD>
      <P align=justify>an original securities transfer form duly executed by the
      Borrower (undated and left blank as to the transferee);</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.2.3 </TD>
    <TD>
      <P align=justify>a resolution by the directors of each company the shares
      of which are subject to Transaction Security, acknowledging the pledge and
      agreeing to give effect to any transfer of shares that may occur as a
      result;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >3.2.4 </TD>
    <TD>
      <P align=justify>a duly executed waiver of pre-emptive or similar rights
      by the shareholders of DNI,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>and all other documents of title
required to be provided under any Security Documents. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >3.3 </TD>
    <TD>
      <P align=justify>A copy of all notices required to be sent,
      acknowledgements required to be delivered and other documents required to
      be executed under the Security Documents, duly executed by the persons
      party thereto.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>Subscription Agreement</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>A copy of the Subscription Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>Credit Approval</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The approval of the credit committee of each Original
      Lender of the grant of the Facilities to the Borrower under the Finance
      Documents.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>Regulatory authorisations</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>All regulatory approvals required for the implementation
      of the transactions contemplated by the Finance Documents (including to
      the extent that any such approval is required to establish any Security
      under the Security Documents).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>Know Your Customer Requirements</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Such documentation and other evidence as is reasonably
      requested by the Facility Agent (for itself or on behalf of any other
      Finance Party) to carry out and be satisfied that it has complied with all
      necessary know your customer 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.</P></TD></TR></TABLE>
<P align=center>116 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_120></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>Financial information</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>A copy of the Original Financial
  Statements.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>Other documents and
evidence</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >9.1 </TD>
    <TD>
      <P align=justify>A copy of the Group Structure Chart.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >9.2 </TD>
    <TD>
      <P align=justify>A certificate from an authorised signatory of the
      Borrower confirming that:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >9.2.1 </TD>
    <TD>
      <P align=justify>no term of any Transaction Document (as defined in the
      Master Implementation and Funds Flow Agreement) to which it is a party has
      been waived or amended without the written agreement of the Facility
      Agent;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >9.2.2 </TD>
    <TD>
      <P align=justify>where the Borrower is party to a Transaction Document (as
      defined in the Master Implementation and Funds Flow Agreement), that
      document is unconditional, and where any suspensive condition thereto has
      been waived, such waiver is in compliance with paragraph 9.2.1 and where
      the Borrower is not a party to a Transaction Document (as defined in the
      Master Implementation and Funds Flow Agreement), the CP Satisfaction
      Letter (as defined in the Master Implementation and Funds Flow Agreement)
      relating to that document has been delivered as contemplated in clause 2.1
      of the Master Implementation and Funds Flow Agreement; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >9.2.3 </TD>
    <TD>
      <P align=justify>neither Holdco nor any other Obligor is entitled to
      terminate any Transaction Document (as defined in the Master
      Implementation and Funds Flow Agreement) to which it is a party or to
      refuse to complete the Transaction (as defined in the Master
      Implementation and Funds Flow Agreement).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >9.3 </TD>
    <TD>
      <P align=justify>Evidence that an amount of not less than R1,250,000,000
      is standing to the credit of the Net1 Funds Flow Account (as defined in
      the Master Implementation and Funds Flow Agreement).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >9.4 </TD>
    <TD>
      <P align=justify>Evidence that the Borrower has acquired the DNI
      Shares.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >9.5 </TD>
    <TD>
      <P align=justify>A copy of any other authorisation or other document,
      opinion or assurance which the Facility Agent considers to be necessary
      (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.</P></TD></TR></TABLE>
<P align=center>117 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_121></A>
<P align=center><B>Part II <BR>Conditions Precedent Required to be
<BR>Delivered by an Additional Guarantor </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>An Accession Letter, duly executed by the Additional
      Guarantor and the Borrower.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>A copy of the constitutional documents of the Additional
      Guarantor.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>A copy of a resolution of the board of directors of the
      Additional Guarantor:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >3.1 </TD>
    <TD>
      <P align=justify>approving the terms of, and the transactions contemplated
      by, the Accession Letter and the Finance Documents and resolving that it
      execute the Accession Letter;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >3.2 </TD>
    <TD>
      <P align=justify>in the case of an Additional Guarantor, authorising it,
      for all purposes required under sections 45 and 46 of the Companies Act,
      to provide the "<I>financial assistance</I>" and to make any
      "<I>distribution</I>" that may arise as a result of its entry into the
      Finance Documents to which it is a party (or, in the case of any
      Additional Guarantor incorporated in a jurisdiction other than South
      Africa, any equivalent authorisations required under the laws of such
      jurisdiction);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >3.3 </TD>
    <TD>
      <P align=justify>authorising a specified person or persons to execute the
      Accession Letter on its behalf; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >3.4 </TD>
    <TD>
      <P align=justify>authorising a specified person or persons, on its behalf,
      to sign and/or despatch all other documents and notices to be signed
      and/or despatched by it under or in connection with the Finance
      Documents.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=2>
      <P align=justify>A copy of a special resolution duly passed by the holders
      of the issued shares of an Additional Guarantor authorising it, for all
      purposes required under section 45 of the Companies Act, to provide the
      "<I>financial assistance</I>" that may arise as a result of its entry into
      the Finance Documents to which it is a party (or in the case of any
      Additional Guarantor incorporated in a jurisdiction other than South
      Africa, any equivalent authorisations required under the laws of such
      jurisdiction).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD colSpan=2>
      <P align=justify>To the extent required with reference to the
      constitutional documents of an Additional Guarantor, a copy of a
      resolution duly passed by the holders of the issued shares of that
      Additional&nbsp; Guarantor, approving the terms of, and the transactions
      contemplated by, the Finance Documents to which that Additional Guarantor
      is a party.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD colSpan=2>
      <P align=justify>A specimen of the signature of each person authorised by
      the resolution referred to in paragraph 3.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD colSpan=2>
      <P align=justify>A certificate of the Additional Guarantor (signed by a
      director) confirming that borrowing and/or guaranteeing, as appropriate,
      the Total Commitments would not cause any borrowing, guaranteeing or
      similar limit binding on it to be exceeded.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD colSpan=2>
      <P align=justify>A certificate of an authorised signatory of the
      Additional Guarantor certifying that each copy document listed in this
      Part II of Schedule 2 is correct, complete and in full force and effect as
      at a date no earlier than the date of the Accession Letter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD colSpan=2>
      <P align=justify>If such Additional Guarantor is a US Guarantor, a
      certificate as to the existence and good standing (including verification
      of tax status, if generally available) of such US Guarantor from the
      appropriate governmental authorities in such US Guarantor&#146;s jurisdiction
      of organisation, in form and substance satisfactory to the Facility Agent
      and its counsel.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD colSpan=2>
      <P align=justify>If such Additional Guarantor is a US Guarantor, a
      solvency certificate signed by the chief financial officer or chief accounting officer of such Obligor
in form and substance satisfactory to the Facility Agent and its counsel. </P></TD></TR></TABLE>
<P align=center>118 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_122></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify>If available, the latest audited financial statements of
      the Additional Guarantor.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify>All necessary regulatory approvals to the satisfaction of
      the Facility Agent required for the accession of the Additional
      Guarantor.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify>A legal opinion of Webber Wentzel, legal advisers to the
      Finance Parties and the Facility Agent in South Africa.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify>A legal opinion of [<B>&#149;</B>], legal advisers to the
      Obligors in South Africa.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify>In relation to any Additional Guarantor incorporated in a
      jurisdiction other than South Africa, a legal opinion from legal counsel
      in that jurisdiction acceptable to the Facility Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify>If the Additional Guarantor is incorporated in a
      jurisdiction other than South Africa, a legal opinion of the legal
      advisers to the Finance Parties in the jurisdiction in which the
      Additional Guarantor is incorporated.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify>A copy of any other authorisation or other document,
      opinion or assurance which the Facility Agent 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.</P></TD></TR></TABLE>
<P align=center>119 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_123></A>
<P align=right><B>SCHEDULE 3 </B></P>
<P align=center><B>FORM OF TRANSFER CERTIFICATE </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >To: </TD>
    <TD align=left width="90%">[<B>Facility Agent</B>], as Facility Agent
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >From: </TD>
    <TD align=left width="90%">[<B>The Existing Lender</B>] (the <B>Existing
      Lender</B>) and [<B>the New Lender</B>] (the <B>New Lender</B>) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="90%">[&#149;], 201[&#149;]
</TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED
<BR>Common Terms Agreement, dated [</B>&#149;<B>], 2017 <BR>(</B>the <B>Agreement)
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>We refer to Clause 24.4 (Procedure for
  transfer).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>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 24.4 (Procedure for
      transfer).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>The proposed Transfer Date is [&#149;].</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>The address of the New Lender, fax number and attention
      details for notices of the New Lender for the purposes of Clause 33.2
      (Addresses) are set out in the Schedule.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>On and with effect from the Transfer Date the New
      Lender:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >6.1 </TD>
    <TD>
      <P align=justify>becomes party to the Agreement as a [Senior Facility A
      Lender]/[Senior Facility B Lender]/[Senior Facility C Lender]/[Senior
      Facility D Lender]/[Senior Facility E Lender];</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.2 </TD>
    <TD>
      <P align=justify>becomes party to the Intercreditor Agreement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.3 </TD>
    <TD>
      <P align=justify>undertakes to perform all the obligations expressed in
      the Agreement, the Intercreditor Agreement and other applicable Finance
      Documents to be assumed by a Lender; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.4 </TD>
    <TD>
      <P align=justify>agrees that it shall be bound by all the provisions of
      the Agreement, the Intercreditor Agreement and other applicable Finance
      Documents as if it had been an original party to those Finance Documents
      as a Lender.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>The New Lender expressly acknowledges the limitations on
      the Existing Lender's obligations set out in Clause 24.3 (Limitation of
      responsibility of Existing Lenders).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>This Transfer Certificate and any non-contractual
      obligations arising out of or in connection with it are governed by South
      African law.</P></TD></TR></TABLE>
<P align=center>120 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_124></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>This Transfer Certificate has been entered into on the
      date stated at the beginning of this Transfer
  Certificate.</P></TD></TR></TABLE>
<P align=justify>[<B>EXISTING LENDER</B>] </P>
<P align=justify>By: </P>
<P align=justify>[<B>NEW LENDER</B>] </P>
<P align=justify>By: </P>
<P align=justify>[<B>FACILITY AGENT</B>] </P>
<P align=justify>By: </P>
<P align=justify>As Facility Agent and for and on behalf of each of the parties
to the Agreement (other than the Existing Lender and the New Lender) [and each
of the parties to the Intercreditor Agreement (other than the Existing Lender
and the New Lender)]. </P>
<P align=justify>Note: The execution of this Transfer Certificate may not
transfer a proportionate share of the Existing Lender's interest in security in
all cases. It is the responsibility of the New Lender to ascertain whether any
other documents or other formalities are required to perfect a transfer of such
a share in the Existing Lender's security and, if so, to arrange for execution
of those documents and completion of those formalities. </P>
<P align=center>121 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_125></A>
<P align=center><B>THE SCHEDULE </B></P>
<P align=center><B>Commitment/rights and obligations to be transferred </B></P>
<P align=center>[<I>insert relevant details, including applicable Commitment (or
part) and participation in Loans</I>] </P>
<P align=center><B>Part 1 <BR>Commitments </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Senior Facility A</B>
      <BR><B>Commitment</B> </TD>
    <TD width="20%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Senior Facility B</B>
      <BR><B>Commitment</B> </TD>
    <TD width="20%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Senior Facility C</B>
      <BR><B>Commitment</B> </TD>
    <TD width="20%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Senior Facility D</B>
      <BR><B>Commitment</B> </TD>
    <TD width="20%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Senior Facility E</B>
    <BR><B>Commitment</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center>[&#149;] </TD>
    <TD align=center width="20%">[&#149;] </TD>
    <TD align=center width="20%">[&#149;] </TD>
    <TD align=center width="20%">[&#149;] </TD>
<TD align=center width="20%">[&#149;] </TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV><B>Part 2 <BR>Participations In Loans </B></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Senior Facility
      A<BR></B>&nbsp;<B>Loans</B> </TD>
    <TD width="20%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Senior Facility B</B>
      <BR><B>Loans</B> </TD>
    <TD width="20%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Senior Facility C</B>
      <BR><B>Loans</B> </TD>
    <TD width="20%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Senior Facility D</B>
      <BR><B>Loans</B> </TD>
    <TD width="20%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Senior Facility E</B>
    <BR><B>Loans</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center>[&#149;] </TD>
    <TD align=center width="20%">[&#149;] </TD>
    <TD align=center width="20%">[&#149;] </TD>
    <TD align=center width="20%">[&#149;] </TD>
<TD align=center width="20%">[&#149;] </TD></TR></TABLE></DIV>
<P align=center><B>Part 3 <BR>Administrative Details of the New Lender </B></P>
<P align=justify>[<I>Insert details of address for notices and payment details,
etc</I>] </P>
<P align=justify>This Transfer Certificate is accepted by the Facility Agent and
the Transfer Date is confirmed as [&#149;]. </P>
<P align=justify>[<B>Facility Agent</B>]</P>
<P align=justify>&nbsp;By: </P>
<P align=center>122 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_126></A>
<P align=right><B>SCHEDULE 4 </B></P>
<P align=center><B>FORMS OF ACCESSION LETTER </B></P>
<P align=center><B>PART I : ADDITIONAL GUARANTORS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>To: </TD>
    <TD align=left width="90%">[<B>Facility Agent</B>], as Facility Agent
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>From: </TD>
    <TD align=left width="90%"><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>And: </TD>
    <TD align=left width="90%">[<B>SUBSIDIARY</B>] </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="90%">[&#149;], 201[&#149;]
</TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED
<BR>Common Terms Agreement, dated [</B>&#149;<B>], 2017 <BR>(</B>the <B>Agreement)
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>We refer to:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">1.1 </TD>
    <TD>
      <P align=justify>the Agreement; and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">1.2 </TD>
    <TD>
      <P align=justify>the Security Cession &amp; Pledge (as defined in the
      Agreement).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>2. </TD>
    <TD align=left width="95%" colSpan=2>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. </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>3. </P></TD>
    <TD align=left width="95%" colSpan=2>
      <P align=justify>[<B>Subsidiary</B>] agrees, with effect from the date of
      this Accession Letter, to become an Additional Guarantor under the
      Agreement and to be bound by the terms of the Agreement as an Additional
      Guarantor pursuant to Clause 25.2 (Additional Guarantors) of the
      Agreement. </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>4. </TD>
    <TD align=left width="95%" colSpan=2>[<B>Subsidiary</B>] is a company duly
      incorporated under the laws of [<B>name of relevant jurisdiction</B>].
  </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>5. </TD>
    <TD align=left width="95%" colSpan=2>[<B>Subsidiary's</B>] administrative
      details are as follows: </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="10%">Address: </TD>
    <TD align=left width="85%">[&#149;] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="10%">Fax No: </TD>
    <TD align=left width="85%">[&#149;] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="10%">Attention: </TD>
    <TD align=left width="85%">[&#149;] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>6. </TD>
    <TD align=left width="95%" colSpan=2>The Repeating Representations are
      correct on the date of this Accession Letter. </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>7. </TD>
    <TD align=left width="95%" colSpan=2>This Accession Letter is a Finance
      Document. </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>8. </TD>
    <TD align=left width="95%" colSpan=2>This Accession Letter may be executed
      in any number of counterparts. This has the same effect as if the
      signatures on the counterparts were on a single copy of this Accession
      Letter. </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>9. </TD>
    <TD align=left width="95%" colSpan=2>This Accession Letter and any
      non-contractual obligations arising out of or in connection with it are
      governed by South African law. </TD></TR></TABLE>
<P align=center>123 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_127></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH</B> </TD>
    <TD align=center width="50%">[<B>SUBSIDIARY</B>] </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>AFRICA PROPRIETARY LIMITED</B> </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD align=left width="50%">By: </TD></TR></TABLE>
<P align=center>124 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_128></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Accepted by the Facility Agent:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="48%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%">For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;[<B>Facility Agent</B>] </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%">[<B>Facility Agent</B>] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Name:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%"><B>Name:</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Office:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%"><B>Office:</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Date:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%"><B>Date:</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>(who warrants his authority) </TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="48%">(who warrants his authority)
</TD></TR></TABLE>
<P align=center>125 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_129></A>
<P align=right><B>SCHEDULE 5 </B></P>
<P align=center><B>FORM OF RESIGNATION LETTER </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>To: </TD>
    <TD align=left width="90%">[<B>FACILITY AGENT</B>], as Facility Agent
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>From: </TD>
    <TD align=left width="90%">[<B>RESIGNING GUARANTOR</B>] and <B>NET1
      APPLIED TECHNOLOGIES SOUTH AFRICA</B> <B>PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="90%">[&#149;], 201[&#149;]
</TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED
<BR>Common Terms Agreement, dated [</B>&#149;<B>], 2017 <BR>(</B>the <B>Agreement)
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Pursuant to clause 25.4 (Resignation of a Guarantor) of
      the Agreement, we request that [<B>resigning Guarantor</B>] be released
      from its obligations as a Guarantor under the Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>We confirm that no Default is continuing or would result
      from the acceptance of this request.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>This Resignation Letter and any non-contractual
      obligations arising out of or in connection with it are governed by South
      African law.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Yours faithfully,</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Signed: </TD>
    <TD align=center
      width="45%">-----------------------------------------------</TD>
    <TD align=center
      width="45%">-----------------------------------------------</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=center width="45%">&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="45%">Director </TD>
    <TD align=center width="45%">Director </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=center width="45%">&nbsp;</TD>
    <TD align=center width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="45%"><B>Net1 Applied Technologies South Africa</B>
    </TD>
    <TD align=center width="45%">[<B>Resigning Guarantor</B>] </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="45%"><B>Proprietary Limited</B> </TD>
    <TD align=left width="45%">&nbsp; </TD></TR></TABLE>
<P align=center>126 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_130></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Accepted by the Facility Agent:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp; </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="47%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;[<B>Facility Agent</B>] </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">[<B>Facility Agent</B>] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Name:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%"><B>Name:</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Office:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%"><B>Office:</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Date:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%"><B>Date:</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>(who warrants his authority) </TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="47%">(who warrants his authority)
</TD></TR></TABLE>
<P align=center>127 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_131></A>
<P align=right><B>SCHEDULE 6 </B></P>
<P align=center><B>FORM OF COMPLIANCE CERTIFICATE </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>To: </TD>
    <TD align=left width="90%">[<B>Facility Agent</B>], as Facility Agent
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>From: </TD>
    <TD align=left width="90%"><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED</B> </TD></TR></TABLE>
<P align=right>[&#149;], 201[&#149;] </P>
<P align=justify>Dear Sirs, </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
LIMITED<BR>Common Terms Agreement, dated [</B>&#149;<B>], 2017 <BR>(</B>the
<B>Agreement) </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>We confirm that as at [<I>relevant testing date</I>] the
      following financial ratios referred to in Clause 21 (Financial Covenants)
      were at the levels set out below:</P></TD></TR></TABLE>
<p><BR>
</p>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=center noWrap bgcolor="#E6E6E6"></TD>
    <TD width="23%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Financial Covenant
      Ratio</B> </TD>
    <TD width="24%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>As Calculated</B> </TD>
    <TD width="24%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Covenant</B>
      <BR><B>Level</B> </TD>
    <TD width="24%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Compliance</B>
    <BR><B>[Y / N]</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>1. </TD>
    <TD align=left width="23%">Total Net Leverage Ratio </TD>
    <TD align=center width="24%">[&#149;] </TD>
    <TD align=center width="24%">[&#149;] </TD>
<TD align=center width="24%">[&#149;] </TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>3. </TD>
    <TD align=left width="95%">We set out below calculations establishing the
      figures in paragraph 2 above: </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">[&#149;] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>4. </TD>
    <TD align=left width="95%">We confirm that the following companies were
      Material Subsidiaries at [relevant testing date]: </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">[&#149;] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>5. </P></TD>
    <TD align=left width="95%">
      <P align=justify>We confirm that the [financial statements]/[management
      accounts] which this compliance certificate accompanies fairly represents
      the financial condition of the Group as at the date as to which those
      [financial statements]/[management accounts] were drawn up. </P></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>6. </TD>
    <TD align=left width="95%">[We confirm that no Default is continuing as at
      [<B>relevant testing date</B>].]<SUP>*</SUP> </TD></TR></TABLE>
<P align=justify>Yours faithfully, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left>_______________________________</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>* If this statement cannot be made, the certificate should
      identify any Default that is continuing and the steps, if any, being taken
      to remedy it. </TD></TR></TABLE>
<P align=center>128 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_132></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Signed: </TD>
    <TD align=center
      width="45%">-----------------------------------------------</TD>
    <TD align=center
      width="45%">-----------------------------------------------</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=center width="45%">&nbsp;</TD>
    <TD align=center width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="45%">Director </TD>
    <TD align=center width="45%">Director </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=center width="45%">&nbsp;</TD>
    <TD align=center width="45%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="45%"><B>Net1 Applied Technologies South Africa</B>
    </TD>
    <TD align=center width="45%"><B>Net1 Applied Technologies South Africa</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="45%"><B>Proprietary Limited</B> </TD>
    <TD align=center width="45%"><B>Proprietary Limited</B>
</TD></TR></TABLE>
<P align=center>129 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_133></A>
<P align=right><B>SCHEDULE 7 </B></P>
<P align=center><B>FORM OF AUDITORS CERTIFICATION </B></P>
<P align=center><B>[TO BE PLACED ON AUDITOR&#146;S LETTERHEAD] </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >To: </TD>
    <TD align=left width="90%">[<B>Facility Agent</B>], as Facility Agent
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >From: </TD>
    <TD align=left width="90%"><B>[The Auditors of Net1 Applied Technologies
      South Africa Proprietary Limited]</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="90%">[&#149;], 201[&#149;]
</TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
LIMITED<BR> Compliance Certificate in relation to the Common Terms Agreement,
dated [</B>&#149;<B>], 2017<BR> (</B>the <B>Agreement) </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>We refer to:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.1 </TD>
    <TD>
      <P align=justify>the Agreement; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >1.2 </TD>
    <TD>
      <P align=justify>the Compliance Certificate (as defined in the Agreement)
      delivered by Net1 Applied Technologies South Africa Proprietary Limited to
      the Facility Agent on [&#149;], 201[&#149;] (the [&#149;], 201[&#149;]
  Certificate).</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>We have performed the procedures required by you in the
      review of the Compliance Certificate delivered by Net1 Applied
      Technologies South Africa Proprietary Limited to the Facility Agent on
      [&#149;], 201[&#149;]. Our engagement was undertaken in accordance with the
      International Standard on Related Services applicable to agreed-upon
      procedures engagements. The procedures below were performed solely to
      report to you in terms of the Agreement. We have performed the following
      procedures:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.1 </TD>
    <TD>
      <P align=justify>We have obtained the [financial statements]/[management
      accounts] for the relevant Measurement Period of the [&#149;], 201[&#149;]
      Certificate</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.2 </TD>
    <TD>
      <P align=justify>We have extracted the accounting policies in relation to
      the [financial statements] / [management accounts] and scrutinised the
      [financial statements] / [management accounts] for any indications of
      deviations from the relevant accounting policies.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.3 </TD>
    <TD>
      <P align=justify>We obtained the detailed calculations in relation to the
      Financial Covenants (as defined in the Agreement) and compared these to
      what is set out in Clause 3 of the [&#149;], 201[&#149;] Certificate, as well as
      agree with the results to those calculations set out in Clause 2 of the
      [&#149;], 201[&#149;] Certificate.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.4 </TD>
    <TD>
      <P align=justify>We agree that the Group revenue amounts in Clause 7 of
      the [&#149;], 201[&#149;] Certificate are consistent with the [financial
      statements]/[management accounts] and with the Agreement, as well as agree
      with the results of the calculations set out in Clause 7.5 of the [&#149;],
      201[&#149;] Certificate.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.5 </TD>
    <TD>
      <P align=justify>We agree that the amounts detailed in the above
  calculations are consistent with the[fin ancial statements] / [management accounts]. </P></TD></TR></TABLE>
<P align=center>130 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_134></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">2.6 </TD>
    <TD>
      <P align=justify>We have checked the mathematical accuracy of all
      calculations set out in the [&#149;], 201[&#149;] Certificate.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">2.7 </TD>
    <TD>
      <P align=justify>We have scrutinised the [financial
      statements]/[management accounts] for any amounts or transactions that
      should, in our opinion, be included in the above calculations but has not
      been.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Because the above procedure does not constitute either an
      audit or a review made in accordance with statements of International
      Auditing Standards, we do not express any assurance thereon. Had we
      performed additional procedures or had we performed an audit or review of
      the financial statements in accordance with International Auditing
      Standards, other matters might have come to our attention that would have
      been reported to you. Our report is solely for the purpose set out in
      paragraphs 1 and 2 of the report and for your information, and is not to
      be used for any other purpose, nor to be distributed to any other parties.

      This report relates only to the matters specified above, and does not
      extend to any financial statements of the entity taken as a
  whole.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Yours faithfully,</P></TD></TR></TABLE>
<P align=justify>&nbsp;</P>
<P align=justify>-----------------------------------------------</P>
<P align=justify><B>[The Auditors of Net1 Applied Technologies South Africa
Proprietary Limited] </B></P>
<P align=center>131 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_135></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Accepted by the Facility Agent:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="47%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;[<B>Facility Agent</B>] </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">[<B>Facility Agent</B>] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Name:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%"><B>Name:</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Office:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%"><B>Office:</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Date:</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%"><B>Date:</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>(who warrants his authority) </TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="47%">(who warrants his authority)
</TD></TR></TABLE>
<P align=center>132 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_136></A>
<P align=right><B>SCHEDULE 8 </B></P>
<P align=center><B>ACCEPTABLE LENDERS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>Local Banks</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>FirstRand Bank Limited <BR>Investec Bank Limited
      <BR>Nedbank Limited<BR>The Standard Bank of South Africa Limited</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>Foreign Banks</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Bank of China Limited<BR>China Construction Bank
      Corporation<BR>China Development Bank Limited<BR>HSBC Bank PLC<BR>KfW
      IPEX-Bank GmbH<BR>Standard Chartered Bank Limited <BR>State Bank of
      India</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>Financial Institutions</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Absa Fund Managers Limited <BR>Allan Gray Proprietary
      Limited<BR>shburton Fund Managers Proprietary Limited <BR>Atlantic Asset
      Management <BR>Cadiz Asset Management Proprietary Limited <BR>Coronation
      Fund Managers Limited <BR>Element Fund Management Proprietary Limited
      <BR>Futuregrowth Limited <BR>Grindrod Asset Management Proprietary
      Limited<BR>Investec Asset Management Proprietary Limited <BR>Liberty Group
      Limited <BR>Marriott Asset Management Proprietary Limited <BR>MMI Holdings
      Limited <BR>MMI Group Limited <BR>Momentum Asset Management Proprietary
      Limited<BR>Old Mutual Investment Group (South Africa) Proprietary Limited
      <BR>Old Mutual Life Assurance Company (South Africa) Limited <BR>Old
      Mutual Specialised Finance Proprietary Limited <BR>Prescient Investment
      Management Proprietary Limited <BR>Prowess Investment Management Managers
      Proprietary Limited <BR>Prudential Portfolio Managers South Africa
      Proprietary Limited <BR>Public Investment Corporation Limited <BR>Sanlam
      Capital Markets Proprietary Limited <BR>Sanlam Life Insurance Limited
      <BR>Santam Limited <BR>Stanlib Limited <BR>Taquanta Investment Holdings
      Proprietary Limited</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>Affiliates</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Any affiliates, Subsidiaries or Holding Companies of, or
      any <I>bona fide </I>and established trust or 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
      managed by any of the banks or financial institutions listed in this
      schedule that are not hedge funds.</P></TD></TR></TABLE>
<P align=center>133 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_137></A>
<P align=right><B>SCHEDULE 9 </B></P>
<P align=center><B>FORM OF CONFIDENTIALITY UNDERTAKING </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >To: </TD>
    <TD align=left width="90%">[<B>Insert name of Potential
      Purchaser/Purchaser&#146;s agent/broker</B>] </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">[&#149;] </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="90%">[&#149;], 201[&#149;] </TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED
<BR>Common Terms Agreement, dated [</B>&#149;<B>], 2017 <BR>(</B>the <B>Agreement)
</B></P>
<P align=justify>We understand that you are considering
[<I>acquiring</I>]<SUP>2</SUP> [<I>arranging the acquisition of</I>]<SUP>3</SUP>
an interest in the Facilities (the <B>Acquisition</B>). 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: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>CONFIDENTIALITY UNDERTAKING</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>You undertake (a) to keep the Confidential Information
      confidential and not to disclose it to anyone except as provided for by
      paragraph 2 and to ensure that the Confidential Information is protected
      with security measures and a degree of care that would apply to your own
      confidential information, (b) to use the Confidential Information only for
      the Permitted Purpose, (c) to use all reasonable endeavours to ensure that
      any person to whom you pass any Confidential Information (unless disclosed
      under paragraph [<I>2.2 or</I>] 2.3) acknowledges and complies with the
      provisions of this letter as if that person were also a party to it, and
      (d) not to make enquiries of any member of the Group or any of their
      officers, directors, employees or professional advisers relating directly
      or indirectly to the Acquisition.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>PERMITTED DISCLOSURE</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>We agree that you may disclose Confidential
      Information:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.1 </TD>
    <TD>
      <P align=justify>to members of the Purchaser Group and their officers,
      directors, employees and professional advisers to the extent necessary for
      the Permitted Purpose and to any auditors of members of the Purchaser
      Group;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.2 </TD>
    <TD>
      <P align=justify>[<I>subject to the requirements of the Agreement, in
      accordance with the Permitted Purpose so long as any prospective purchaser
      has delivered a letter to you in equivalent form to this
    letter</I>;]</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.3 </TD>
    <TD>
      <P align=justify>subject to the requirements of the Agreement, to any
      person to (or through) whom you assign or transfer (or may potentially
      assign or transfer) all or any of the rights, benefits and obligations
      which you may acquire under the Agreement or with (or through) whom you
      enter into (or may potentially enter into) any sub-participation in
      relation to, or any other transaction under which payments are to be made by
reference to, the Agreement or the Borrower or any member of the Group so long
as that person has delivered a letter to you in equivalent form to this letter;
and </P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD colspan="2" vAlign=top>____________________________________</TD>
  </TR>
  <TR>
    <TD width="5%" vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%"><sup>2 </sup></TD>
    <TD>
      <P align=justify>Delete if addressee is acting as broker or
  agent.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><sup>3 </sup></TD>
    <TD>
      <P align=justify>Delete if addressee is acting as
  principal</P></TD></TR></TABLE>
<P align=center>134 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<p>
<A name=page_138></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.4 </TD>
    <TD>
      <P align=justify>(i) where requested or required by any court of competent
      jurisdiction or any competent judicial, governmental, supervisory or
      regulatory body, (ii) where required by the rules of any stock exchange on
      which the shares or other securities of any member of the Purchaser Group
      are listed or (iii) where required by the laws or regulations of any
      country with jurisdiction over the affairs of any member of the Purchaser
      Group.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>NOTIFICATION OF REQUIRED OR UNAUTHORISED
      DISCLOSURE</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>You agree (to the extent permitted by law) to inform us
      of the full circumstances of any disclosure under paragraph 2.4 or upon
      becoming aware that Confidential Information has been disclosed in breach
      of this letter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>RETURN OF COPIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>If we so requested in writing, you shall return all
      Confidential Information supplied to you by us and destroy or permanently
      erase all copies of Confidential Information made by you and use all
      reasonable endeavours to ensure that anyone to whom you have supplied any
      Confidential Information destroys or permanently erases such Confidential
      Information and any copies made by them, in each case save to the extent
      that you or the recipients are required to retain any such Confidential
      Information by any applicable law, rule or regulation or by any competent
      judicial, governmental, supervisory or regulatory body or in accordance
      with internal policy, or where the Confidential Information has been
      disclosed under paragraph 2 above.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>CONTINUING OBLIGATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The obligations in this letter are continuing and, in
      particular, shall survive the termination of any discussions or
      negotiations between you and us. Notwithstanding the previous sentence,
      the obligations in this letter shall cease (a) if you become a party to or
      otherwise acquire (by assignment or sub-participation) an interest, direct
      or indirect, in the Agreement or (b) 12 (twelve) months after you have
      returned all Confidential Information supplied to you by us and destroyed
      or permanently erased all copies of Confidential Information made by you
      (other than any such Confidential Information or copies which have been
      disclosed under paragraph 2 above (other than sub-paragraph 2.4 above) or
      which, pursuant to paragraph 4 above, are not required to be returned or
      destroyed).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>NO REPRESENTATION, CONSEQUENCES OF BREACH,
    ETC</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>You acknowledge and agree
that:</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST height="60">

  <TR>
    <TD vAlign=top width="10%" height="60">6.1 </TD>
    <TD height="60">
      <P align=justify>neither we [<I>nor our principal</I>]<SUP>4 </SUP>nor any
      member of the Group nor any of our or their respective officers, employees
      or advisers (each a <B>Relevant Person</B>) (i) 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 (ii) shall be under any obligation to update or
      correct any inaccuracy in the Confidential Information or any other
      information supplied by us or be otherwise liable to you or any other
      person in respect to the Confidential Information or any such information;
      and</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left colSpan=2>&nbsp;________________________________</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><SUP>4 </SUP></TD>
    <TD align=left width="95%">Delete if letter is sent out by the Seller
      rather than the Seller&#146;s broker or agent. </TD></TR></TABLE>
<P align=center>135 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<p><A name=page_139></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >6.2 </TD>
    <TD>
      <P align=justify>we [<I>or our principal</I>]<SUP>5 </SUP>or members of
      the Group may be irreparably harmed by the breach of the terms hereof and
      damages may not be an adequate remedy; each Relevant Person may be granted
      an injunction or specific performance for any threatened or actual breach
      of the provisions of this letter by you.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>SOLE AGREEMENT, NO IMPLIED TERMS, NO VARIATION,
      EXTENSIONS AND WAIVERS</B></P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.1 </TD>
    <TD>
      <P align=justify>This letter constitutes the sole record of the agreement
      between us and you (each, a <B>Party</B>, and collectively the
      <B>Parties</B>) in regard to the subject matter hereof.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >7.2 </TD>
    <TD>
      <P align=justify>No Party shall be bound by any express or implied term,
      representation, warranty, promise or the like, not recorded in this
      letter.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >7.3 </TD>
    <TD>
      <P align=justify>No addition to, variation or consensual cancellation of
      this letter and no extension of time, waiver or relaxation or suspension
      of any of the provisions or terms hereof shall be of any force or effect
      unless in writing and signed by or on behalf of all the Parties.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >7.4 </TD>
    <TD>
      <P align=justify>No latitude, extension of time or other indulgence which
      may be given or allowed by any Party to any other Party in respect of the
      performance of any obligation hereunder or enforcement of any right
      arising from this letter and no single or partial exercise of any right by
      any Party shall under any circumstances be construed to be an implied
      consent by such Party or operate as a waiver or a novation of, or
      otherwise affect any of that Party&#146;s rights in terms of or arising from
      this letter or estop such Party from enforcing, at any time and without
      notice, strict and punctual compliance with each and every provision or
      term hereof.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>INSIDE INFORMATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>You acknowledge that some or all of the Confidential
      Information is or may be price-sensitive information and that the use of
      such information may be regulated or prohibited by applicable legislation
      relating to insider dealing and you undertake not to use any Confidential
      Information for any unlawful purpose.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>NATURE OF UNDERTAKINGS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The undertakings given by you under this letter are given
      to us and (without implying any fiduciary obligations on our part) are
      also given by the benefit of [<I>our principal</I>]<SUP>6 </SUP>the
      Borrower and each other member of the Group.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>GOVERNING LAW AND JURISDICTION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This letter (including the agreement constituted by your
      acknowledgment of its terms) shall be governed by and construed in
      accordance with the laws of South Africa and the parties submit to the
      non-exclusive jurisdiction of the High Court of South Africa (Gauteng
      Local Division, Johannesburg) (or any successor to that Division) in
      regard to all matters arising from this
letter.</P></TD></TR></TABLE>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top
      colSpan=2>&nbsp;_______________________________</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>5 </SUP></TD>
    <TD>
      <P align=justify>Delete if letter is sent out by the Seller rather than
      the Seller&#146;s broker or agent.</P></TD></TR>
  <TR>
    <TD width="5%"><SUP>&nbsp;</SUP></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>6 </SUP></TD>
    <TD>
      <P align=justify>Delete if letter is sent out by the Seller rather than
      the Seller&#146;s broker or agent.</P></TD></TR></TABLE>
<P align=center>136 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<p>
<A name=page_140></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>DEFINITIONS</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>In this letter, terms defined in the
Agreement shall, unless the context otherwise requires, have the same meaning
and the words and expressions set forth below shall bear the following meanings
and cognate expressions shall bear corresponding meanings: </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Borrower </B>shall bear the meaning
defined in the Agreement; </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Confidential Information </B>means
any information relating to the Borrower, the Group, the Agreement and/or the
Acquisition provided to you by us or any of our affiliates or advisers, in
whatever form, and includes information given orally and any document,
electronic file or any other way of representing or recording information which
contains or is derived or copied from such information but excludes information
that (a) is or becomes public knowledge other than as a direct or indirect
result of any breach of this letter or (b) is known by you before the date the
information is disclosed to you by us or any of our affiliates or advisers or is
lawfully obtained by you thereafter, other than from a source which is connected
with the Group and which, in either case, as far as you are aware, has not been
obtained in violation of, and is not otherwise subject to, any obligation of
confidentiality; </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Group </B>shall bear the meaning
defined in the Agreement; </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Permitted Purpose </B>means
[<I>subject to the terms of this letter, passing on information to a prospective
purchaser for the purpose of</I>]<SUP>7 </SUP>considering and evaluating whether
to enter into the Acquisition; and </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Purchaser Group </B>means you, and
each of your affiliates. </P>
<P align=justify>Please acknowledge your agreement to the above by signing and
returning the enclosed copy. </P>
<P align=justify>Yours faithfully </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top
    colSpan=2>&nbsp;____________________________</TD></TR>
  <TR>
    <TD vAlign=top width="5%" >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>7 </SUP></TD>
    <TD>
      <P align=justify>Delete if addressee is acting as
  principal.</P></TD></TR></TABLE>
<P align=center>137 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_141></A>
<P align=right><B>SCHEDULE 10 </B></P>
<P align=center><B>DISCLOSURE SCHEDULE </B></P>
<P align=center>138 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_142></A>
<P align=right><B>SCHEDULE 11 </B></P>
<P align=center><B>DORMANT SUBSIDIARIES </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center vAlign=center noWrap bgcolor="#E6E6E6"></TD>
    <TD width="31%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Name of Dormant
      Subsidiary</B> </TD>
    <TD width="32%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Jurisdiction of</B>
      <BR><B>Incorporation</B> </TD>
    <TD width="32%" align=center vAlign=center noWrap bgcolor="#E6E6E6"><B>Registration
    number</B> <BR><B>(or equivalent, if any)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>1. </TD>
    <TD align=left width="31%">Cash Paymaster Services (Kwa-Zulu Natal)
      Proprietary Limited </TD>
    <TD align=center width="32%">South Africa </TD>
    <TD align=center width="32%">1997/013382/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>2. </TD>
    <TD align=left width="31%">Cash Paymaster Services (Northern) Proprietary
      Limited </TD>
    <TD align=center width="32%">South Africa </TD>
    <TD align=center width="32%">1996/017600/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>3. </TD>
    <TD align=left width="31%">Cash Paymaster Services (Northwest) Proprietary
      Limited </TD>
    <TD align=center width="32%">South Africa </TD>
    <TD align=center width="32%">1996/011197/07 </TD></TR>
  <TR vAlign=top>
    <TD align=left>4. </TD>
    <TD align=left width="31%">Friedland 035 Investments Proprietary Limited
    </TD>
    <TD align=center width="32%">South Africa </TD>
<TD align=center width="32%">2000/003245/07 </TD></TR></TABLE></DIV>
<P align=center>139 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_143></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>THE BORROWER </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net1 Applied Technologies South Africa</B>
      <B>Proprietary Limited</B> </TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD align=left><B>HOLDCO</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Alexander
      Michael Ramsay Smith </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Net1 UEPS Technologies, Inc</B>
</TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Alexander Michael Ramsay Smith </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_144></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Alexander
      Michael Ramsay Smith </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Net1 UEPS Technologies, Inc.</B>
</TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Alexander Michael Ramsay Smith </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_145></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net1 Applied Technologies South Africa</B>
      <B>Proprietary Limited</B> </TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_146></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Cash Paymaster Services Proprietary</B> <B>Limited</B>
    </TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_147></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>EasyPay Proprietary Limited</B>
</TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_148></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Manje Mobile Electronic Payment</B> &nbsp;<b>Services Proprietary Limited</b></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_149></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Moneyline Financial Services</B> &nbsp;<b>Proprietary Limited</b></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_150></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net1 FIHRST Holdings Proprietary</B> <B>Limited</B>
  </TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_151></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net1 Finance Holdings Proprietary</B> <B>Limited</B>
  </TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_152></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net1 Mobile Solutions Proprietary</B> <B>Limited</B>
  </TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_153></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net1 Universal Electronic Technological</B> <B>Solutions
      Proprietary Limited</B> </TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_154></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Prism Holdings Proprietary Limited</B>
  </TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_155></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Prism Payment Technologies</B> &nbsp;<b>Proprietary Limited</b></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_156></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL GUARANTOR </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>RMT Systems Proprietary Limited</B>
</TD></TR></TABLE></DIV>
<p><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="90%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="90%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_157></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>FACILITY AGENT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2>/s/ D.D.
      VAN DE VYVER </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%"
    colSpan=2>/s/ Z Manie </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>FirstRand Bank Limited (acting through</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>FirstRand Bank Limited (acting
      through</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>its Rand Merchant Bank division)</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>its Rand Merchant Bank
      division)</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name:&nbsp; </TD>
    <TD align=left width="42%">D.D. VAN DE VYVER</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Name: </TD>
    <TD align=left width="42%">Z Manie </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office: </TD>
    <TD align=left width="42%">Authorised </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Office: </TD>
    <TD align=left width="42%">Authorised </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=left width="42%" >(who warrants his
      authority)&nbsp;&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="5%"></TD>
    <TD align=left width="42%" >(who warrants his
      authority)&nbsp;&nbsp;</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_158></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>THE ARRANGER </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2>/s/ D.D.
      VAN DE VYVER </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%"
    colSpan=2>/s/ Z Manie </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>FirstRand Bank Limited (acting through</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>FirstRand Bank Limited (acting
      through</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>its Rand Merchant Bank division)</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>its Rand Merchant Bank
      division)</B> </TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="42%">D.D. VAN DE VYVER </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Name: </TD>
    <TD align=left width="42%">Z Manie </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office: </TD>
    <TD align=left width="42%">Authorised </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Office: </TD>
    <TD align=left width="42%">Authorised </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=left width="42%" >(who warrants his
      authority)&nbsp;&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=left width="42%">(who warrants his authority) </TD></TR>
  <TR>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>ORIGINAL SENIOR LENDER</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2>/s/ D.D.
      VAN DE VYVER </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%"
    colSpan=2>/s/ Z Manie </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>FirstRand Bank Limited (acting through</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>FirstRand Bank Limited (acting
      through</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>its Rand Merchant Bank division)</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>its Rand Merchant Bank
      division)</B> </TD></TR>
  <TR>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="42%">D.D. VAN DE VYVER </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Name: </TD>
    <TD align=left width="42%">Z Manie </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office: </TD>
    <TD align=left width="42%">Authorised </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Office: </TD>
    <TD align=left width="42%">Authorised </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=left width="42%" >(who warrants his
      authority)&nbsp;&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=left width="42%">(who warrants his authority)
</TD></TR></TABLE>
<p><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_159></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>THE ARRANGER </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2>/s/
      Gertrude Dube </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%"
    colSpan=2>/s/ Pooven Moodliar </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>Nedbank Limited (acting through its</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>Nedbank Limited (acting through
      its</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>Corporate and Investment Banking</B>
      <B>division)</B> </TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="47%" colSpan=2><B>Corporate and Investment
      Banking</B> <B>division)</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="42%">Gertrude Dube </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Name: </TD>
    <TD align=left width="42%">Pooven Moodliar </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office: </TD>
    <TD align=left width="42%">Authorised Signatory </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Office: </TD>
    <TD align=left width="42%">Authorised Signatory </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center></TD>
    <TD align=left width="42%" >(who warrants his
      authority)&nbsp;&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="5%"></TD>
    <TD align=left width="42%" >(who warrants his
      authority)&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>ORIGINAL SENIOR LENDER</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="42%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2>/s/
      Gertrude Dube </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%"
    colSpan=2>/s/ Pooven Moodliar </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2>For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2>For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>Nedbank Limited (acting through its</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%" colSpan=2><B>Nedbank Limited (acting through
      its</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><B>Corporate and Investment Banking</B>
      <B>division)</B> </TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="47%" colSpan=2><B>Corporate and Investment
      Banking</B> <B>division)</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="42%">Gertrude Dube </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Name: </TD>
    <TD align=left width="42%">Pooven Moodliar </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office: </TD>
    <TD align=left width="42%">Authorised Signatory </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Office: </TD>
    <TD align=left width="42%">Authorised Signatory </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="42%" >(who warrants his
      authority)&nbsp;&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="42%" >(who warrants his
      authority)&nbsp;&nbsp;</TD></TR></TABLE>
<p><BR>
</p>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.96
<SEQUENCE>3
<FILENAME>exhibit10-96.htm
<DESCRIPTION>EXHIBIT 10.96
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 10.96 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>EXECUTION</B></P>
<P align=center><B>SENIOR FACILITY E AGREEMENT </B></P>
<P align=center><B>DATED 26 SEPTEMBER, 2018 </B></P>
<P align=center><B>FACILITY AGREEMENT </B></P>
<P align=center>for </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED
<BR></B>(as borrower) </P>
<P align=center>provided by </P>
<P align=center><B>FIRSTRAND BANK LIMITED </B><BR><B>(ACTING THROUGH ITS RAND
MERCHANT BANK DIVISION) </B><BR>(as lender) </P>
<P align=center>with </P>
<P align=center><B>FIRSTRAND BANK LIMITED </B><BR><B>(ACTING THROUGH ITS RAND
MERCHANT BANK DIVISION)</B> <BR>(as facility agent) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center colSpan=2>This Agreement is entered into subject
      to the terms of a Common Terms Agreement </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2>originally dated on or about 21 July,
      2017 as amended and/or amended and restated from time to </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center colSpan=2>time </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="20%">&nbsp;</TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD vAlign=center align=center width="20%" rowSpan=4><IMG src="exhibit10-96x1x1.jpg"
      border=0></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR></TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
</P><!--$$/page=--><A name=page_2></A>
<P align=center><B>Table of Contents </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      colSpan=3><B>Clause</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%"><B>Page</B>
  </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_3">1.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_3">Definitions
      and Interpretation </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_3">1
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_5">2.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_5">The
      Facility </A></TD>
    <TD align=left width="5%"><A
      href="#page_5">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_5">3.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_5">Purpose
      </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_3">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_5">4.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_5">Conditions
      of Utilisation </A></TD>
    <TD align=left width="5%"><A
      href="#page_5">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_6">5.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_6">Utilisation
      and Disbursement </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_6">4
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_7">6.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_7">Repayment
      </A></TD>
    <TD align=left width="5%"><A
      href="#page_7">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_7">7.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_7">Prepayment
      and Cancellation </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_7">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_8">8.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_8">Interest
      </A></TD>
    <TD align=left width="5%"><A
      href="#page_8">6
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_8">9.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_8">Interest
      Periods </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_8">6
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_9">10.
      </A></TD>
    <TD align=left width="5%" ><A
      href="#page_9">Fees
      </A></TD>
    <TD align=left width="85%">&nbsp; <A
      href="#page_9"></A></TD>
    <TD align=left width="5%"><A
      href="#page_7">7
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_9">11.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_9">Default
      </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_9">7
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_9">12.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_9">Undertakings
      </A></TD>
    <TD align=left width="5%"><A
      href="#page_9">7
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_11">13.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_11">General
      </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_11">9
      </A></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="85%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD width="5%" bgColor=#eeeeee >&nbsp; </TD>
    <TD width="85%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2 ><A
      href="#page_13">Schedule
      1 </A></TD>
    <TD align=left width="85%"><A
      href="#page_13">Form
      of Utilisation Request </A></TD>
    <TD align=left width="5%"><A
      href="#page_13">11
      </A></TD></TR></TABLE>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify><B>THIS AGREEMENT</B> is made between: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
      LIMITED</B>, registration number 2002/031446/07, as borrower (the
      <B>Borrower</B>);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND
      MERCHANT BANK DIVISION) </B>as original lender (in this capacity, the
      <B>Original Senior Facility E Lender</B>); and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND
      MERCHANT BANK DIVISION) </B>as agent of the Senior Facility E Lenders (the
      <B>Facility Agent</B>).</P></TD></TR></TABLE>
<P align=justify><B>IT IS AGREED</B> as follows:<B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>DEFINITIONS AND
INTERPRETATION</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.1 </TD>
    <TD>
      <P align=justify><B>Definitions</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>In this Agreement:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.1 </TD>
    <TD>
      <P align=justify><B>Applicable Margin </B>means, in relation to any Senior
      Facility E Loan or Unpaid Sum:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>minus 1.00 per cent. per annum, provided that no Event of
      Default has occurred and is continuing; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>with effect from the date of occurrence of an Event of
      Default and for so long as it is continuing, the Applicable Margin shall
      be the percentage per annum set out in paragraph (a) above plus 2.00 per
      cent.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.2 </TD>
    <TD>
      <P align=justify><B>Availability Period </B>means the period from and
      including the Effective Date to and including the earlier
  of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the date falling 12 months from the Effective Date (or
      such later date agreed by the Senior Facility E Lender); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the date on which the Senior Facility E Lender demands
      immediate repayment of all amounts owing under the
  Facility.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.3 </TD>
    <TD>
      <P align=justify><B>Available Commitment </B>means the "Available
      Commitment" (as defined in the Common Terms Agreement) of a Senior
      Facility E Lender in respect of Senior Facility E.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.4 </TD>
    <TD>
      <P align=justify><B>Available Facility </B>means the aggregate, from time
      to time, of the Available Commitment of each Senior Facility E
    Lender.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.5 </TD>
    <TD>
      <P align=justify><B>Common Terms Agreement </B>means the written agreement
      entitled "Common Terms Agreement", dated on or about 21 July, 2017 (as
      amended and/or reinstated from time to time), between, amongst others, the
      Borrower (as borrower), the Original Senior Facility E Lender (as lender)
      and the Facility Agent, as amended from time to time.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.6 </TD>
    <TD>
      <P align=justify><B>Effective Date </B>has the meaning given to that term
      in the Second Amendment and Restatement Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.7 </TD>
    <TD>
      <P align=justify><B>Fidelity </B>means Fidelity Cash Solutions Proprietary
      Limited (registration number 2000/025082/07), a company registered under
      the laws of South Africa.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.8 </TD>
    <TD>
      <P align=justify><B>Final Maturity Date </B>means the date occurring 12
      months from the Effective Date or such later date agreed by the
      Parties.</P></TD></TR></TABLE>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.9 </TD>
    <TD>
      <P align=justify><B>Interest Payment Date
</B>means:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the last day of each month; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Final Maturity Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.10 </TD>
    <TD>
      <P align=justify><B>Interest Period </B>means, in relation to a Senior
      Facility E Loan, each period determined in accordance with Clause 9
      (Interest Periods).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.11 </TD>
    <TD>
      <P align=justify><B>Party </B>means a party to this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.12 </TD>
    <TD>
      <P align=justify><B>Prime Rate </B>means the publicly quoted basic rate of
      interest, from time to time published by First National Bank as being its
      prime overdraft rate, as certified by any manager of First National Bank
      whose appointment and designation it will not be necessary to prove, which
      certificate will serve as <I>prima facie </I>proof of said Prime
    Rate.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.13 </TD>
    <TD>
      <P align=justify><B>Second Amendment and Restatement Agreement </B>means
      the written agreement entitled "Second Amendment and Restatement
      Agreement" dated on or about the Signature Date, between, amongst others,
      the Borrower (as borrower), the Original Senior Facility E Lender (as
      lender) and the Facility Agent.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.14 </TD>
    <TD>
      <P align=justify><B>Senior Facility E </B>or <B>Facility </B>means the
      facility made available to the Borrower under this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.15 </TD>
    <TD>
      <P align=justify><B>Senior Facility E Commitment </B>means the "Senior
      Facility E Commitment" as defined in the Common Terms Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.16 </TD>
    <TD>
      <P align=justify><B>Senior Facility E Discharge Date </B>means the date on
      which:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Senior Facility E Outstandings have been irrevocably
      and unconditionally paid and discharged in full (whether or not as a
      result of enforcement); and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Senior Facility E Lender has no commitment whatsoever
      to provide finance or any other form of credit or financial accommodation
      to any person under any Finance Document,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>as certified in writing by the
Facility Agent (acting on the instructions of all the Senior Facility E Lenders)
within 5 Business Days of receipt of a request for confirmation from the
Borrower, if all the requirements above have in fact been met. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.17 </TD>
    <TD>
      <P align=justify><B>Senior Facility E Loan </B>or <B>Loan </B>means a
      "Senior Facility E Loan" as defined in the Common Terms
  Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.18 </TD>
    <TD>
      <P align=justify><B>Senior Facility E Outstandings </B>means "Senior
      Facility E Outstandings" as defined in the Common Terms
  Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.19 </TD>
    <TD>
      <P align=justify><B>Signature Date </B>means the date stated at the
      beginning of this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.20 </TD>
    <TD>
      <P align=justify><B>Total Senior Facility E Commitments </B>means "Total
      Senior Facility E Commitments" as defined in the Common Terms
      Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.21 </TD>
    <TD>
      <P align=justify><B>Unpaid Sum </B>means an "Unpaid Sum" as defined in the
      Common Terms Agreement in respect of Senior Facility E.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.22 </TD>
    <TD>
      <P align=justify><B>Utilisation Request </B>means the notice substantially
      in the form set out in Schedule 1 (Form of Utilisation Request) or an
      equivalent notice provided using the RMB online banking
  system.</P></TD></TR></TABLE>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.2 </TD>
    <TD>
      <P align=justify><B>Construction</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.2.1 </TD>
    <TD>
      <P align=justify>Terms and expressions defined in the Common Terms
      Agreement, unless expressly defined in this Agreement, have the same
      meaning in this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.2 </TD>
    <TD>
      <P align=justify>The provisions of clauses 1.3 (Construction) and 1.4
      (Third party rights) of the Common Terms Agreement apply to this Agreement
      as though they were set out in full in this Agreement, except that a
      reference in those clauses to the Common Terms Agreement are to be
      construed as references to this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.3 </TD>
    <TD>
      <P align=justify>This Agreement and the rights and obligations of the
      Parties hereunder shall in all respects be subject to the terms and
      conditions of the Common Terms Agreement, which shall apply <I>mutatis
      mutandis </I>to this Agreement and be incorporated herein by reference. If
      there is any conflict between this Agreement and the Common Terms
      Agreement, this Agreement shall prevail.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>THE FACILITY</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.1 </TD>
    <TD>
      <P align=justify><B>Senior Facility E</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Subject to the terms of this Agreement and the Common
      Terms Agreement, the Senior Facility E Lender makes available to the
      Borrower the Senior Facility E.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.2 </TD>
    <TD>
      <P align=justify><B>Designation</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>This Agreement is a Senior Facility Agreement and the
      Senior Facility E Agreement, each as defined in the Common Terms
      Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>PURPOSE</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >3.1 </TD>
    <TD>
      <P align=justify>The Borrower shall apply all amounts borrowed by it under
      Senior Facility E only in or towards the purpose set out in clause 3.1.4
      (Purpose) of the Common Terms Agreement, and for no other purpose
      whatsoever. Failure to apply all amounts borrowed by the Borrower under
      Senior Facility E for that purpose shall constitute an Event of
      Default.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >3.2 </TD>
    <TD>
      <P align=justify>No Finance Party is bound to monitor or verify the
      utilisation of Senior Facility E or will be responsible for, or for the
      consequences of, such a utilisation.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>CONDITIONS OF
UTILISATION</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.1 </TD>
    <TD>
      <P align=justify><B>Conditions precedent</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower may not deliver a Utilisation Request to the
      Facility Agent under Senior Facility E (and the Senior Facility E Lender
      shall have no obligation to advance any Senior Facility E Loan or to
      provide any other form of credit or financial accommodation under this
      Agreement to any person) unless the Facility Agent has issued the notice
      contemplated by clause 2.1 (Effective Date) of the Second Amendment and
      Restatement Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.2 </TD>
    <TD>
      <P align=justify><B>Further conditions precedent</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Subject to the Common Terms Agreement and this Agreement,
      the Senior Facility E Lender will only be obliged to participate in a
      Senior Facility E Loan if the requirements of clause 4.2 (Further
      conditions precedent) of the Common Terms Agreement have been
  met.</P></TD></TR></TABLE>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>UTILISATION AND
DISBURSEMENT</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.1 </TD>
    <TD>
      <P align=justify><B>Delivery of a Utilisation
Request</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.1.1 </TD>
    <TD>
      <P align=justify>The Borrower may utilise Senior Facility E during the
      Availability Period by delivery of an email to FNB Cash Operations at the
      email address notified to the Borrower by the Senior Facility E Lender
      with a copy to the Facility Agent of a duly completed Utilisation
      Request.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >5.1.2 </TD>
    <TD>
      <P align=justify>Unless the Facility Agent otherwise agrees, the latest
      time for receipt by the Facility Agent of a Utilisation Request is 10h00
      three Business Days before the proposed Utilisation Date or such shorter
      period as the Facility Agent agrees in writing.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >5.1.3 </TD>
    <TD>
      <P align=justify>A Utilisation Request is
irrevocable.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.2 </TD>
    <TD>
      <P align=justify><B>Completion of a Utilisation
  Request</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.2.1 </TD>
    <TD>
      <P align=justify>A Utilisation Request will not be regarded as having been
      duly completed unless:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%"  ></TD>
    <TD align=left >(a) </TD>
    <TD align=left width="80%">the proposed Utilisation Date is a Business Day
      within the Availability Period; </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >(b) </TD>
    <TD align=left width="80%">the currency of the Utilisation is Rand; </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >(c) </TD>
    <TD align=left width="80%">it specifies the amount of the proposed
      Utilisation; </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >(d) </TD>
    <TD align=left width="80%">its sets out the Available Commitment after the
      proposed Utilisation; </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >(e) </TD>
    <TD align=left width="80%">it confirms that no Event of Default has
      occurred or is continuing; </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >(f) </TD>
    <TD align=left width="80%">it is signed by two authorised signatories of
      the Borrower. </TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left colSpan=2>Only one Senior Facility E Loan may be requested
      in a Utilisation Request. </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.3 </TD>
    <TD>
      <P align=justify><B>Disbursement</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.3.1 </TD>
    <TD>
      <P align=justify>If the conditions set out in this Agreement and the
      Common Terms Agreement have been met, the Senior Facility E Lender must
      advance and lend to the Borrower, who shall borrow from the Lender, the
      Senior Facility E Loan on the Utilisation Date. The Senior Facility E
      Lender must make the Senior Facility E Loan available to the Facility
      Agent by no later than 11h00 on the applicable Utilisation Date for
      disbursement to the Borrower.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >5.3.2 </TD>
    <TD>
      <P align=justify>The amount of the Senior Facility E Lender's
      participation in outstanding Senior Facility E Loans cannot exceed
      R1,500,000,000.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >5.3.3 </TD>
    <TD>
      <P align=justify>The Original Senior Facility E Lender is not obliged to
      participate in a Senior Facility E Loan if, as a
result:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the outstanding Senior Facility E Loan would exceed its
      Available Commitment; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the outstanding Senior Facility E Loan would exceed the
      Available Facility.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.4 </TD>
    <TD>
      <P align=justify><B>Automatic cancellation of Commitments</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Senior Facility E Commitments which, at that time,
      are unutilised, and in respect of which no Utilisation Request has been
      delivered, shall be immediately cancelled at 10h00 on the last day of the
      Availability Period.</P></TD></TR></TABLE>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">5.5 </TD>
    <TD>
      <P align=justify><B>Cash Processing</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>For the first 2 months after the first Utilisation Date,
      the Parties together with Fidelity and First National Bank, shall hold
      weekly meetings to monitor, analyse and optimise the cash processing
      system.</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">5.6 </TD>
    <TD>
      <P align=justify><B>Settlement Cycle</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>The aggregate amount of cash withdrawn from static
      automatic teller machines and not settled by Grindrod Bank Limited to the
      Borrower, shall not exceed R500,000,000 without the prior written consent
      of the Senior Facility E Lender.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>REPAYMENT</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">6.1 </TD>
    <TD>
      <P align=justify>The Borrower shall repay at least 90 per cent. of each
      Senior Facility E Loan within 25 days from the Utilisation Date of that
      Loan (subject to Clause 10 (Default) of the Common Terms
  Agreement).</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">6.2 </TD>
    <TD>
      <P align=justify>The Borrower shall repay each Senior Facility E Loan in
      full within 1 month from the Utilisation Date of that Loan (subject to
      Clause 10 (Default) of the Common Terms
Agreement).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">6.3 </TD>
    <TD>
      <P align=justify>The Senior Facility E Lender shall be entitled, at any
      time, to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">6.3.1 </TD>
    <TD>
      <P align=justify>cancel the Facility E Commitment;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">6.3.2 </TD>
    <TD>
      <P align=justify>terminate the Senior E Facility; and/or</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">6.3.3 </TD>
    <TD>
      <P align=justify>demand immediate repayment of all or any part of the
      amounts outstanding in terms of the Senior E Facility and/or immediate
      performance of all the Borrower&#146;s obligations under the Senior E
      Facility.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">6.4 </TD>
    <TD>
      <P align=justify>Any amount which remains outstanding under Senior
      Facility E on the Final Maturity Date shall be repaid in full on that
      date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>PREPAYMENT AND
CANCELLATION</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.1 </TD>
    <TD>
      <P align=justify><B>Voluntary cancellation</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">7.1.1 </TD>
    <TD>
      <P align=justify>The Borrower may cancel the unutilised and undrawn amount
      of the Senior Facility E Commitments in accordance with the requirements
      (and subject to the terms) of clause 7 (Prepayment and Cancellation) of
      the Common Terms Agreement.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">7.1.2 </TD>
    <TD>
      <P align=justify>No amount of the Senior Facility E Commitments cancelled
      pursuant to this Clause may be reinstated.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.2 </TD>
    <TD>
      <P align=justify><B>Voluntary prepayment</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower may make voluntary prepayments in respect of
      the Senior Facility E Loan made to it, in whole or in part, in accordance
      with the requirements (and subject to the terms) of clause 7 (Prepayment
      and Cancellation) of the Common Terms Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >7.3 </TD>
    <TD>
      <P align=justify><B>Mandatory prepayment and prepayment
  offers</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall be obliged to make mandatory
      prepayments and/or offers to make prepayments (as applicable) in respect
      of the Senior Facility E Loan made to it to the Senior Facility E Lender
      in accordance with the requirements (and subject to the terms) of clauses 7 (Prepayment and Cancellation) and 8
(Prepayment Offers and Priorities) of the Common Terms Agreement. </P></TD></TR></TABLE>
<P align=center>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>INTEREST</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">8.1 </TD>
    <TD>
      <P align=justify><B>Calculation of
interest</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">8.1.1 </TD>
    <TD>
      <P align=justify>The rate of interest on each Senior Facility E Loan, for
      each of Interest Period of that Loan, is the percentage rate per annum
      determined by the Senior Facility E Lender to be the aggregate of the
      prevailing Prime Rate and the Applicable Margin, from time to
  time.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">8.1.2 </TD>
    <TD>
      <P align=justify>Interest shall accrue on the outstanding amount of each
      Senior Facility E Loan on a day to day basis during each Interest
      Period.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">8.2 </TD>
    <TD>
      <P align=justify><B>Payment of interest</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>The Borrower shall pay all accrued interest on the Senior
      Facility E Loan made to it on each Interest Payment Date, in accordance
      with the requirements of clause 30 (Payment Mechanics) of the Common Terms
      Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >8.3 </TD>
    <TD>
      <P align=justify><B>Interest on overdue
amounts</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">8.3.1 </TD>
    <TD>
      <P align=justify>Any interest accruing on an Unpaid Sum shall be
      immediately payable by the Borrower on demand by the Facility
  Agent.</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">8.3.2 </TD>
    <TD>
      <P align=justify>Default interest (if unpaid) arising on any Unpaid Sum
      will be compounded with that Unpaid Sum on the last day of each calendar
      month, but will remain immediately due and
payable.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">8.4 </TD>
    <TD>
      <P align=justify><B>Notification of rates of interest</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>Without prejudice to the obligation of the Borrower to
      pay interest calculated at any applicable rate under this Clause 8, the
      Facility Agent shall notify the Senior Facility E Lender and the Borrower,
      as soon as reasonably practicable:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">8.4.1 </TD>
    <TD>
      <P align=justify>of the determination of a rate of interest under this
      Agreement;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">8.4.2 </TD>
    <TD>
      <P align=justify>when interest commences to accrue at the rate calculated
      by reference to the Applicable Margin specified in Clause 1.1.1(b)
      (Definitions).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>INTEREST PERIODS</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">9.1 </TD>
    <TD>
      <P align=justify><B>Duration</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>Each Senior Facility E Loan has successive Interest
      Periods:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">9.1.1 </TD>
    <TD>
      <P align=justify>commencing on (and including) the Utilisation Date (in
      respect of the first Interest Period for that Senior Facility E Loan) or
      commencing on (and including) an Interest Payment Date; and</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">9.1.2 </TD>
    <TD>
      <P align=justify>ending on (but excluding) the next Interest Payment
      Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">9.2 </TD>
    <TD>
      <P align=justify><B>Interest Periods for Unpaid Sums</B></P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%"></TD>
    <TD>
      <P align=justify>Interest accruing on an Unpaid Sum shall be calculated as
      if that Unpaid Sum, during the period of non-payment, constituted a Loan
      under Senior Facility E for successive Interest
Periods.</P></TD></TR></TABLE>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >9.3 </TD>
    <TD>
      <P align=justify><B>No overrunning the Final Maturity Date</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If an Interest Period for a Senior Facility E Loan would
      otherwise extend beyond the Final Maturity Date, it will be shortened so
      that it ends on the Final Maturity Date. This Clause does not apply to
      Interest Periods selected under Clause 9.2 above in respect of Unpaid Sums
      which remain outstanding on the Final Maturity Date.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >9.4 </TD>
    <TD>
      <P align=justify><B>Non-Business Days</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If an Interest Payment Date would otherwise occur on a
      day which is not a Business Day, that Interest Payment Date will instead
      be the next Business Day in the same calendar month (if there is one) or
      the preceding Business Day (if there is not).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>FEES</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >10.1 </TD>
    <TD>
      <P align=justify><B>Structuring Fee</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall pay to the Original Senior Facility E
      Lender a structuring fee in the amount and at the times agreed in the Fee
      Letter.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >10.2 </TD>
    <TD>
      <P align=justify><B>Facility Fee</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall pay to the Senior Facility E Lender a
      facility fee in the amount and at the times agreed in the Fee
    Letter.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >10.3 </TD>
    <TD>
      <P align=justify><B>Cash Processing Fee</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall pay to the Senior Facility E Lender a
      cash processing fee in the amount and at the times agreed in the Fee
      Letter.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >10.4 </TD>
    <TD>
      <P align=justify><B>Other Fees and Charges</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall pay to the Senior Facility E Lender
      all other fees and charges in the amounts and on the dates set out in the
      most recent pricing schedule provided to the Borrower by the Senior
      Facility E Lender.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>DEFAULT</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >11.1 </TD>
    <TD>
      <P align=justify>In addition to any other Events of Default under any
      other Finance Document, the failure by the Borrower to comply with any
      regulations and regulatory obligations applicable to its business (whether
      or not having the force of law but which are generally complied with) or
      the imposition of any fines or penalty by any regulatory authority shall
      constitute an Event of Default.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >11.2 </TD>
    <TD>
      <P align=justify>If an Event of Default occurs, and for so long as it is
      continuing, the Facility Agent may enforce any of the rights and remedies
      provided for in clause 23.15 (Acceleration) of the Common Terms
      Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B>UNDERTAKINGS</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >12.1 </TD>
    <TD>
      <P align=justify><B>Insurance</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >12.1.1 </TD>
    <TD>
      <P align=justify>In this Clause a <B>prudent owner </B>means a prudent
      owner and operator of any business, and of assets of a type and size,
      similar in all cases to those owned and operated by the Borrower in a
      similar location.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >12.1.2 </TD>
    <TD>
      <P align=justify>The Borrower shall ensure (and shall procure that
      Fidelity ensures) that its Insurances:</P></TD></TR></TABLE>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>insure it for its insurable interest in respect of all
      risks which are required to be insured against under any applicable law or
      regulation and which a prudent owner would insure against;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>insure every tangible asset for its full replacement
      value; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>in the case of any other asset or risk, provide cover up
      to a limit which a prudent owner would buy.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>For this purpose, <B>replacement
value</B> means the total cost of entirely rebuilding, reinstating or replacing
the relevant asset if it is completely destroyed. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >12.1.3 </TD>
    <TD>
      <P align=justify>The Borrower shall ensure that Fidelity
  will:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>ensure that its Insurances are underwritten by an
      insurance company or underwriter which is of international
  standing;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>promptly pay (or procure payment of) all premiums and do
      anything which is necessary to keep each of its Insurances in full force
      and effect; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>not do or allow anything to be done which may (and
      promptly notify the Senior Facility E Lender of any event or circumstance
      which does or is reasonably likely to) entitle any insurer of any of its
      Insurances to repudiate, rescind or cancel it or to treat it as avoided in
      whole or in part or otherwise decline any valid claim under
  it.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >12.1.4 </TD>
    <TD>
      <P align=justify>The Borrower shall procure that Fidelity provides
      insurance certificates, insurance schedules and insurance policies on the
      first Utilisation Date for Senior Facility E, if there is any material
      change in the insurance policy and on each anniversary thereof and at any
      other time required by the Senior Facility E Lender.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >12.1.5 </TD>
    <TD>
      <P align=justify>In the event that Fidelity fails to pay an insurance
      premium, the Borrower shall notify the Senior Facility E Lender and shall
      immediately pay such insurance premium. If the Borrower fails to pay any
      insurance premium or if the Senior Facility E Lender deems it necessary,
      the Senior Facility E Lender shall pay such insurance premium and debit
      the Senior Facility E.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >12.2 </TD>
    <TD>
      <P align=justify><B>Audit Reports</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall provide the Senior Facility E Lender
      with all internal and external audit reports provided to the Borrower by
      their auditors and shall permit the Senior Facility E Lender and/or
      accountants or other professional advisers and contractors of the Senior
      Facility E Lender free access at all reasonable times and on reasonable
      notice at the risk and cost of the Borrower to (a) the premises, assets,
      books, accounts and records of each member of the Group, (b) meet and
      discuss matters with management of the Group (c) perform an audit of all
      or part of the cash processing system of the Group.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >12.3 </TD>
    <TD>
      <P align=justify><B>Cash Reconciliation</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall prepare daily cash reconciliation
      reports in a form acceptable to the Senior Facility E Lender and shall
      provide such reports to the Senior Facility E Lender at 17:00 on each
      Business Day.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >12.4 </TD>
    <TD>
      <P align=justify><B>Management Reports</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower shall supply to the Senior Facility E Lender
      as soon as the same become available, but in any event within 30 days
      after the end of each quarter of each of its financial years, the Group&#146;s quarterly management
accounts for that quarter on a consolidated basis for that quarter. </P></TD></TR></TABLE>
<P align=center>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B>GENERAL</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >13.1 </TD>
    <TD>
      <P align=justify><B>Notices and domicilium</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>All documents in legal proceedings and notices in
      connection with this Agreement shall be served in accordance with clause
      33 (Notices) of the Common Terms Agreement, which clause is incorporated
      by reference in this Agreement as if repeated in this Agreement in full
      (except that references in that clause to the Common Terms Agreement are
      to be construed as references to this Agreement).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >13.2 </TD>
    <TD>
      <P align=justify><B>Incorporation of by reference</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The provisions clauses 17 (Costs and Expenses), 34
      (Amendments and Waivers), 36 (General Provisions) and 40 (Waiver of
      Immunity) of the Common Terms Agreement apply to this Agreement as though
      they were set out in full in this Agreement (except that references in
      those clauses to the Common Terms Agreement are to be construed as
      references to this Agreement).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >13.3 </TD>
    <TD>
      <P align=justify><B>Governing Law</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>This Agreement and any non-contractual obligations
      arising out of or in connection with it are governed by South African
      law.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >13.4 </TD>
    <TD>
      <P align=justify><B>Jurisdiction</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >13.4.1 </TD>
    <TD>
      <P align=justify>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 this Agreement
      (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 <B>dispute</B>).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >13.4.2 </TD>
    <TD>
      <P align=justify>The Parties agree that the High Court of South Africa is
      the most appropriate and convenient court to settle disputes. The Parties
      agree not to argue to the contrary and waive objection to this court on
      the grounds of inconvenient forum or otherwise in relation to proceedings
      in connection with this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >13.4.3 </TD>
    <TD>
      <P align=justify>This Clause 13.4 is for the benefit of the Finance
      Parties only. As a result, no Finance Party shall be prevented from taking
      proceedings relating to a dispute in any other court with jurisdiction. To
      the extent allowed by law, a Finance Party may take concurrent proceedings
      in any number of jurisdictions.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >13.5 </TD>
    <TD>
      <P align=justify><B>Review</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Senior Facility E Lender may review the pricing of
      the Senior E Facility, including the Applicable Margin, the Cash
      Processing Fee, any penalties, any regulatory costs, costs and penalties
      and all other pricing and/or industry imposed costs, pricing or penalties,
      at any time. The Senior Facility E Lender will endeavour to review the
      Senior E Facility on an annual basis.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >13.6 </TD>
    <TD>
      <P align=justify><B>Indemnity</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Borrower hereby indemnifies (and agrees to keep
      indemnified) and holds harmless the Senior Facility E Lender and their
      respective officers, trustees, agents, beneficiaries, employees and
      advisors against any and all losses, claims, damages or liabilities to which they may become subject
      under or in connection with this Agreement (including any fines or
      penalties imposed on the Senior Facility E Lender by any regulatory body,
      including the South African Reserve Bank, in connection with this
      Agreement), and agrees to reimburse the Senior Facility E Lender for any
      legal or other expenses reasonably incurred by them in connection with
      investigating or defending any such loss, claim, damage, liability or
      action, provided that the Borrower will not be liable to any particular
      Senior Facility E Lender in any such case to the extent that any such
      loss, claim, damage or liability of that Senior Facility E Lender arises
      out of the gross negligence or wilful misconduct of that Senior Facility E
      Lender or any of its officers, trustees, agents, beneficiaries, employees
  and advisors, as the case may be.</P></TD></TR></TABLE>
<P align=center>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="10%" >13.7 </TD>
    <TD>
      <P align=justify><B>Counterparts</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>This Agreement 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
Agreement.</P></TD></TR></TABLE>
<P align=justify><B>THIS AGREEMENT</B> has been entered into on the date stated
at the beginning of this Agreement. </P>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=right><B>SCHEDULE 1 </B></P>
<P align=center><B>FORM OF UTILISATION REQUEST </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>To: </TD>
    <TD align=left width="95%"><B>[</B><B>&#149;</B><B>]</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">as Facility Agent </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>From: </TD>
    <TD align=left width="95%"><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="95%">[&#149;], [&#149;] </TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
      LIMITED</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Senior Facility E Agreement, dated [</B><B>&#149;</B><B>],
      2018</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>(</B>the <B>Agreement)</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>We wish to borrow a Senior Facility E Loan on the
      following terms:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Proposed Utilisation Date: </TD>
    <TD align=left width="50%">[<B>&#149;</B>] (or, if that is not a Business Day,
      the next </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Business Day) </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Amount: </TD>
    <TD align=left width="50%">R[<B>&#149;</B>] or, if less, the Available Facility
    </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Available Commitment after the proposed </TD>
    <TD align=left width="50%">R[<B>&#149;</B>] </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Utilisation </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>We confirm that each condition specified in Clause 4.2
      (Further conditions precedent) of the Agreement is satisfied on the date
      of this Utilisation Request and that no Event of Default has occurred or
      is continuing.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>This Utilisation Request is
irrevocable.</P></TD></TR></TABLE>
<P align=justify>Yours faithfully, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center
    width="33%"></TD>
    <TD noWrap align=center width="33%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="33%">authorised signatory </TD>
    <TD align=center width="33%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="33%" >&nbsp;</TD>
    <TD width="33%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="33%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="33%">authorised signatory </TD>
    <TD align=center width="33%">&nbsp;</TD></TR></TABLE>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
LIMITED</B></P>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=right><B>SIGNATURE PAGE </B></P>
<P align=justify><B>BORROWER </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>/s/
      Nunthakumarin Pillay </TD>
    <TD noWrap align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Net1 Applied Technologies South Africa</B> </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Proprietary Limited</B> </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="95%">Nunthakumarin Pillay </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="95%">Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">(who warrants his authority)
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>FACILITY AGENT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>/s/ D.D.
      VAN DE VYVER </TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="45%">&nbsp; &nbsp;/s/ Z Manie </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>FirstRand Bank Limited (acting through</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%"><B>FirstRand Bank Limited (acting through</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>its Rand Merchant Bank division)</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%"><B>its Rand Merchant Bank division)</B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD align=left width="50%">D.D. VAN DE VYVER </TD>
    <TD align=left width="5%">Name: </TD>
    <TD align=left width="40%">Z Manie </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="40%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Office: </TD>
    <TD align=left width="50%">AUTHORISED </TD>
    <TD align=left width="5%">Office: </TD>
    <TD align=left width="40%">AUTHORISED </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="40%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">(who warrants his authority) </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="40%">(who warrants his authority)
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>ORIGINAL SENIOR FACILITY E LENDER </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>/s/ Adriaan
      Els </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="45%">&nbsp; &nbsp;/s/ Debbie Law </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>FirstRand Bank Limited (acting through</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%"><B>FirstRand Bank Limited (acting through</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>its Rand Merchant Bank division)</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%"><B>its Rand Merchant Bank division)</B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left >Name: </TD>
    <TD noWrap align=left width="50%" >Adrian Els </TD>
    <TD noWrap align=left width="5%">Name: </TD>
    <TD noWrap align=left width="40%">Debbie Law </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="40%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="50%" >&#147;A&#148; Signatory </TD>
    <TD align=left width="5%">Office: </TD>
    <TD align=left width="40%">Sector Director </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="40%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="50%" >(who warrants his authority) </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="40%">(who warrants his authority)
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.97
<SEQUENCE>4
<FILENAME>exhibit10-97.htm
<DESCRIPTION>EXHIBIT 10.97
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 10.97 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 10.97 </B></P>
<P align=right><B>EXECUTION</B></P>
<P align=center><B>SECURITY CESSION </B></P>
<P align=center><B>DATED 26 SEPTEMBER, 2018</B> </P>
<P align=center>given by </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED
<BR></B>(as cedent) </P>
<P align=center>in favour of </P>
<P align=center><B>FIRSTRAND BANK LIMITED <BR></B><B>(ACTING THROUGH ITS RAND
MERCHANT BANK DIVISION)</B> </P>
<P align=center><B>EACH OF THE OTHER SECURED CREDITORS <BR></B>(as cessionaries)
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center colSpan=2>in respect of certain bank accounts,
      insurances and relevant documents </TD></TR>
  <TR>
    <TD noWrap align=left  >&nbsp;</TD>
    <TD noWrap align=left width="20%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="20%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="20%"
    >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="20%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD vAlign=center align=center width="20%"  rowSpan=4><IMG
      src="exhibit10-97x1x1.jpg"
      border=0></TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD></TR></TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
</P><!--$$/page=--><A name=page_2></A>
<P align=center><B>CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      colSpan=3><B>Clause</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%"><B>Page</B>
  </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="85%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_3">1.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_3">Interpretation
      </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_3">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_5">2.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_5">Cession
      in Security </A></TD>
    <TD align=left width="5%"><A
      href="#page_5">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_5">3.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_5">Duration
      </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_5">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_6">4.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_6">Representations
      and Warranties by the Cedent </A></TD>
    <TD align=left width="5%"><A
      href="#page_6">6
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_7">5.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_7">Undertakings
      by the Cedent </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_7">7
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_8">6.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_8">Delivery
      of Documents </A></TD>
    <TD align=left width="5%"><A
      href="#page_8">8
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_9">7.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_9">Rights
      of the Cedent before Default </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_9">9
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_10">8.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_10">Enforcement
      </A></TD>
    <TD align=left width="5%"><A
      href="#page_10">10
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_12">9.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_12">Appropriation
      of Proceeds </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_12">12
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_12">10.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_12">Payments
      </A></TD>
    <TD align=left width="5%"><A
      href="#page_12">12
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_12">11.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_12">Power
      of Attorney </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_12">12
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_12">12.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_12">Further
      Assurances </A></TD>
    <TD align=left width="5%"><A
      href="#page_12">12
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_13">13.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_13">Additional
      Rights </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_13">13
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_13">14.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_13">Cedent
      bound notwithstanding certain circumstances </A></TD>
    <TD align=left width="5%"><A
      href="#page_13">13
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_13">15.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_13">Keeping,
      inspection and delivery of records </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_13">13
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_13">16.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_13">Exemption
      from Liability </A></TD>
    <TD align=left width="5%"><A
      href="#page_13">13
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_14">17.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_14">Changes
      to the Parties </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_14">14
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_14">18.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_14">Severability
      </A></TD>
    <TD align=left width="5%"><A
      href="#page_14">14
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_15">19.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_15">Governing
      Law </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_15">15
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_15">20.
      </A></TD>
    <TD align=left width="90%" colSpan=2><A
      href="#page_15">Jurisdiction
      </A></TD>
    <TD align=left width="5%"><A
      href="#page_15">15
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_15">21.
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_15">Miscellaneous
      Matters </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_15">15
      </A></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="85%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A
      href="#page_16">Schedule
      1 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_16">Secured
      Property </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_16">16
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_21">Schedule
      2 </A></TD>
    <TD align=left width="85%"><A
      href="#page_21">Notice
      to Banks </A></TD>
    <TD align=left width="5%"><A
      href="#page_21">21
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A
      href="#page_24">Schedule
      3 </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee><A
      href="#page_24">Notices
      in Respect of Insurances </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_24">24
      </A></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="85%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp; </TD>
    <TD width="85%" bgColor=#eeeeee>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=2><A
      href="#page_32">Signature
      Page </A></TD>
    <TD align=left width="85%">&nbsp; <A
      href="#page_32"></A></TD>
    <TD align=left width="5%"><A
      href="#page_32">32
      </A></TD></TR></TABLE>
<P align=center>2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify><B>THIS AGREEMENT</B> is made between: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
      LIMITED</B>, registration number 2002/031446/07, as cedent (the
      <B>Cedent</B>);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND
      MERCHANT BANK DIVISION) </B>as secured creditor (the <B>Secured
      Creditor</B>); and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify><B>EACH OF THE OTHER SECURED CREDITORS </B>(as defined in
      this Agreement below).</P></TD></TR></TABLE>
<P align=justify><B>BACKGROUND: </B></P>
<P align=justify>As security for the due and punctual performance of the Secured
Obligations, the Cedent has agreed to cede <I>in securitatem debiti</I> all its
Secured Property to the Secured Creditors, on the terms set out in this
Agreement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>INTERPRETATION</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.1 </TD>
    <TD>
      <P align=justify><B>Definitions</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>In this Agreement:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.1 </TD>
    <TD>
      <P align=justify><B>Bank Accounts </B>means, in relation to the Cedent,
      the bank accounts listed in Part A of Schedule 1 (Secured Property), and
      all amounts standing to the credit of those accounts from time to
    time.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.2 </TD>
    <TD>
      <P align=justify><B>Common Terms Agreement </B>means the common terms
      agreement, dated on or about 20 July, 2017, between, among others, the
      Cedent (as borrower), FirstRand Bank Limited (acting through its Rand
      Merchant Bank division) and Nedbank Limited (acting through its Corporate
      and Investment Banking division) (as original lenders) and FirstRand Bank
      Limited (acting through its Rand Merchant Bank division) (as facility
      agent) as amended from time to time.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.3 </TD>
    <TD>
      <P align=justify><B>Grindrod Rights </B>means:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the rights of the Cedent to receive payments from the
      account of Grindrod Bank Limited with the South African Reserve Bank as a
      settlement system participant of the South African Reserve Bank settlement
      system; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>all other rights and claims the Cedent has against
      Grindrod Bank Limited in respect of amounts outstanding under the South
      African Reserve Bank settlement system.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.4 </TD>
    <TD>
      <P align=justify><B>Insurances </B>means the policy of insurance taken out
      by the Cedent with Senate Transit Underwriters Managers Proprietary
      Limited on or about the date of this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.5 </TD>
    <TD>
      <P align=justify><B>Party </B>means a party to this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.6 </TD>
    <TD>
      <P align=justify><B>Related Rights </B>means, in relation to the Bank
      Accounts, Insurances and Relevant Documents:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any monies, distributions and proceeds (including the
      proceeds of a disposal or other realisation) accrued or receivable in
      respect of all or part thereof;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>all rights and benefits in respect of any agreement for
      the disposal or other realisation thereof;</P></TD></TR></TABLE>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>all contracts, warranties, remedies, Security,
      indemnities and other undertakings in respect thereof; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any of the reversionary interests referred to in Clause
      4.7.4 (Secured Property).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.7 </TD>
    <TD>
      <P align=justify><B>Relevant Documents </B>means, in relation to the
      Cedent, each of the documents identified as such in Part B of Schedule 1
      (Secured Property).</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.8 </TD>
    <TD>
      <P align=justify><B>South African Reserve Bank </B>means the South African
      Reserve Bank as defined in section 2 of the South African Reserve Bank
      Act, 1989.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.9 </TD>
    <TD>
      <P align=justify><B>Secured Creditor </B>means the Facility Agent and each
      person who is or becomes a Senior Facility E Lender under (and as defined
      in) the Common Terms Agreement, from time to time.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.10 </TD>
    <TD>
      <P align=justify><B>Secured Obligations </B>means all present and future
      obligations and indebtedness of whatsoever nature (whether actual or
      contingent and whether owed jointly or severally or in any other capacity
      whatsoever, including any liability to pay damages or pursuant to
      enrichment) which an Obligor may now or at any time hereafter owe or have
      towards any Secured Creditor under or in connection with the Finance
      Documents.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.11 </TD>
    <TD>
      <P align=justify><B>Secured Property </B>means,
  collectively:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Bank Accounts;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Insurances;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Grindrod Rights;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the Relevant Documents; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the Related Rights,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and all of the Cedent's rights, title
and interests therein and thereto and claims against any person in respect
thereof, of whatsoever nature and howsoever arising (whether actual, prospective
or contingent, direct or indirect, arising under common law or statute, whether
a claim for the payment of money or the performance of another obligation and
whether or not those rights and interests were within the contemplation of the
Parties at the Signature Date) and, in each case, any property forming part
thereof. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.12 </TD>
    <TD>
      <P align=justify><B>Senior Facility E Discharge Date </B>means the "Senior
      Facility E Discharge Date" as defined in the Senior Facility E
      Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.13 </TD>
    <TD>
      <P align=justify><B>Signature Date </B>means the date on which, once this
      Agreement has been signed by all the Parties, it is signed by the last
      Party to do so.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.2 </TD>
    <TD>
      <P align=justify><B>Construction</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.2.1 </TD>
    <TD>
      <P align=justify>Terms and expressions defined in the Common Terms
      Agreement, unless expressly defined in this Agreement, have the same
      meaning in this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.2 </TD>
    <TD>
      <P align=justify>The provisions of Clauses 1.3 (Construction) and 1.4
      (Third Party Rights) of the Common Terms Agreement apply to this Agreement
      as though they were set out in full in this Agreement, except that any
      reference in that clause to the Common Terms Agreement is to be construed
      as references to this Agreement.</P></TD></TR></TABLE>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.2.3 </TD>
    <TD>
      <P align=justify>Any undertaking of the Cedent under this Agreement
      remains in force until the Senior Facility E Discharge Date.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.4 </TD>
    <TD>
      <P align=justify>If any Secured Creditor considers that an amount paid to
      it under a Finance Document is capable of being avoided or otherwise set
      aside on the sequestration, liquidation, business rescue or administration
      of the payer or otherwise, then that amount will not be considered to have
      been irrevocably discharged for the purposes of this
  Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>CESSION IN SECURITY</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.1 </TD>
    <TD>
      <P align=justify><B>Cession</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Cedent hereby cedes <I>in securitatem debiti </I>to
      the Secured Creditors, jointly and severally, all its Secured Property, in
      each case individually and collectively with all other Secured Property,
      as continuing general covering collateral security for the due, proper and
      punctual payment and performance in full of all the Secured Obligations,
      on the terms set out in this Agreement, which cession the Secured
      Creditors accept.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.2 </TD>
    <TD>
      <P align=justify><B>Nature of cession</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >2.2.1 </TD>
    <TD>
      <P align=justify>The cession contemplated by this Agreement is intended to
      operate as a cession of each part and all of the Secured Property,
      individually and collectively.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >2.2.2 </TD>
    <TD>
      <P align=justify>If, for any reason, any Security intended to be created
      under this Agreement is or becomes illegal, invalid or unenforceable in
      respect of some of the Secured Property, the cession of that Secured
      Property shall be severed from this Agreement, and this Agreement and all
      the Security created over the remainder of the Secured Property shall
      continue in full force and effect.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >2.2.3 </TD>
    <TD>
      <P align=justify>The cession contemplated by this Agreement operates as a
      security cession and not as an outright cession, and the Cedent retains
      bare ownership of all the Secured Property, subject to the rights of the
      Secured Creditors as secured creditors under this
  Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.3 </TD>
    <TD>
      <P align=justify><B>Cedent remains liable to perform
  obligations</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Notwithstanding any other provision of a Finance
      Document, the Cedent shall remain liable to perform all its duties and
      obligations, whether contractual or otherwise, in respect of the Secured
      Property and nothing in this Agreement or the exercise by a Finance Party
      of any right under a Finance Document shall constitute or be deemed to
      constitute a delegation to or acceptance by a Finance Party of any
      obligation of the Cedent or any other person.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>DURATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This Agreement and the Security created pursuant to this
      Agreement:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >3.1 </TD>
    <TD>
      <P align=justify>comes into full force and effect on the Signature Date
      without any further action, consent or authority required from any
      person;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >3.2 </TD>
    <TD>
      <P align=justify>unless otherwise agreed by the Secured Creditors, shall
      not terminate before the Senior Facility E Discharge Date; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >3.3 </TD>
    <TD>
      <P align=justify>shall remain of full force and effect, notwithstanding
      any intermediate discharge or settlement of, or temporary fluctuation in,
      the Secured Obligations.</P></TD></TR></TABLE>
<P align=center>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>REPRESENTATIONS AND WARRANTIES BY THE
  CEDENT</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.1 </TD>
    <TD>
      <P align=justify><B>General</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.1.1 </TD>
    <TD>
      <P align=justify>The Cedent makes the representations and warranties set
      out in this Clause 4 to each Finance Party on each day that this Agreement
      is in force. References in this Clause to "<B>it" </B>or "<B>its"</B>,
      unless the context otherwise requires, is a reference to the
  Cedent.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.1.2 </TD>
    <TD>
      <P align=justify>The Finance Parties enter into the Finance Documents on
      the strength of and relying on the representations and warranties set out
      in this Clause 4, each of which is a separate representation and warranty,
      given without prejudice to any other representation or warranty and is
      deemed to be a material representation or warranty (as applicable)
      inducing the Finance Parties to enter into the Finance
  Documents.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.2 </TD>
    <TD>
      <P align=justify><B>Status</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.2.1 </TD>
    <TD>
      <P align=justify>It is a limited liability company, duly incorporated and
      validly existing under the laws of South Africa.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.2.2 </TD>
    <TD>
      <P align=justify>It has the power to own its assets (including all the
      Secured Property) and carry on its business as it is being
    conducted.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.3 </TD>
    <TD>
      <P align=justify><B>Powers and authority</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>It has the power to enter into and perform, and has taken
      all necessary action to authorise the entry into and performance of, this
      Agreement and the transactions contemplated by this Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.4 </TD>
    <TD>
      <P align=justify><B>Legal validity</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>This Agreement:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.4.1 </TD>
    <TD>
      <P align=justify>creates the Security it purports to create and is not
      liable to be avoided or otherwise set aside on its liquidation or business
      rescue or otherwise; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.4.2 </TD>
    <TD>
      <P align=justify>constitutes its legally valid and binding obligation,
      enforceable against it in accordance with its
terms.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.5 </TD>
    <TD>
      <P align=justify><B>Non-conflict</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Its entry into and the performance of its obligations
      under this Agreement, the transactions contemplated by and the Security
      created under this Agreement, do not and will not conflict
  with:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.5.1 </TD>
    <TD>
      <P align=justify>any law or regulation applicable to it;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.5.2 </TD>
    <TD>
      <P align=justify>its constitutional documents; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.5.3 </TD>
    <TD>
      <P align=justify>any material agreement or instrument binding upon it or
      any of its assets, or constitute a default or termination event (however
      described) under any such document.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.6 </TD>
    <TD>
      <P align=justify><B>Authorisations</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.6.1 </TD>
    <TD>
      <P align=justify>All authorisations required by it in connection with the
      entry into, performance, validity and enforceability of, the transactions
      contemplated by and the Security established under, this Agreement have
      been obtained or effected (as appropriate) and are in full force and
      effect.</P></TD></TR></TABLE>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.6.2 </TD>
    <TD>
      <P align=justify>If it is required to give notice to or obtain consents or
      waivers from any person to cede the Secured Property under this Agreement,
      all such notices have been given and consents or waivers obtained before
      the Signature Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.7 </TD>
    <TD>
      <P align=justify><B>Secured Property</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.7.1 </TD>
    <TD>
      <P align=justify>The Secured Property is and will be valid and all rights
      evidenced thereby or which exists in respect thereof are and will be
      legally valid, binding and fully enforceable in accordance with their
      terms in all respects.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.7.2 </TD>
    <TD>
      <P align=justify>It is and will remain the sole legal and beneficial owner
      of all of the Secured Property over which it purports to grant the
      Security under this Agreement, to the exclusion of all others.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.7.3 </TD>
    <TD>
      <P align=justify>No person has an option or right of refusal over the
      Secured Property or any part thereof which would apply on an enforcement
      by a Secured Creditor of its rights under this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.7.4 </TD>
    <TD>
      <P align=justify>No part of the Secured Property has been ceded (either
      outright or as security), discounted, factored, mortgaged under notarial
      bond or otherwise, or otherwise disposed of or hypothecated, nor is it
      subject to any other right or claim in favour of any person (including any
      rights of pre-emption) which would apply on enforcement by a Secured
      Creditor of its rights under this Agreement. If any Secured Property is
      subject to Security in breach of this representation and warranty then,
      without prejudice to any other rights that the Secured Creditors may have,
      any reversionary or other interests the Cedent may have in the said
      Secured Property are also ceded to the Secured
Creditors.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>UNDERTAKINGS BY THE CEDENT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Cedent is bound by the undertakings set out in this
      Clause 5. The undertakings in this Clause 5 remain in force from the
      Signature Date until the Senior Facility E Discharge
  Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.1 </TD>
    <TD>
      <P align=justify><B>Negative pledge</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Cedent:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.1.1 </TD>
    <TD>
      <P align=justify>shall not grant or permit to exist any further Security
      over any Secured Property or dispose of the Secured Property in any manner
      without the express prior consent of the Secured Creditors; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >5.1.2 </TD>
    <TD>
      <P align=justify>must at all times keep the Secured Property free of
      judicial attachments and other Security.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.2 </TD>
    <TD>
      <P align=justify><B>Preservation of Secured
Property</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.2.1 </TD>
    <TD>
      <P align=justify>The Cedent undertakes:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to the extent reasonably possible, that it shall not
      permit any material depreciation of the value of, or a variation of rights
      relating to, the Secured Property or any of them to occur without the
      express prior consent of the Secured Creditors;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>not to take or omit to take any action which could
      reasonably be expected to adversely affect the rights of the Secured
      Creditors under this Agreement or the effectiveness of the Security
      created by this Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>to take all appropriate steps required from time to time
      for the care, preservation and protection of the Secured Property and the
      rights of the Secured Creditors under this Agreement;
and</P></TD></TR></TABLE>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>to timeously comply in full with all its obligations in
      respect of the Secured Property, from time to
time.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.2.2 </TD>
    <TD>
      <P align=justify>The Cedent waives for the benefit of the Secured
      Creditors any and all rights it may have in respect of the Secured
      Property which conflict with or may restrict the rights of the Secured
      Creditors under this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.3 </TD>
    <TD>
      <P align=justify><B>Amounts received on account of Secured
    Property</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If an Event of Default occurs and is continuing, the
      Cedent shall forthwith pay and transfer to the Secured Creditors or to
      their order, and place them in possession of, all cash and other assets
      received in respect of the Secured Property.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.4 </TD>
    <TD>
      <P align=justify><B>Insurances</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.4.1 </TD>
    <TD>
      <P align=justify>Without limiting its other obligations under the Finance
      Documents, the Cedent must:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>pay all premiums in respect of all its Insurances in full
      on the due date and, on request by the Secured Creditors, provide proof to
      the Secured Creditors of such payments; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>procure that all the proceeds of claims made under its
      Insurances are applied in accordance with the provisions of the this
      Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.4.2 </TD>
    <TD>
      <P align=justify>The Cedent confirms, in respect of all Insurances
      required to be maintained by it under the Finance Documents, that it is
      aware and fully appraised of the following choices it has under section 43
      of the Short-Term Insurance Act, 1998 (the
<B>STIA</B>):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>a choice of entering into a new policy contract, making
      available an existing policy contract or using a combination of those
      options;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a choice as to the identity of the insurer (if a new
      policy contract is to be entered into) and the person (if any) who is to
      render services as intermediary in connection with the transaction;
    and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>subject to the provisions of the Facility Agreement, a
      choice as to whether or not the value of the relevant policy will exceed
      the value of the interests of the Finance
Parties.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.4.3 </TD>
    <TD>
      <P align=justify>This Clause 5.4 constitutes written notification to the
      Cedents of their rights under section 43 of the STIA. Regardless of the
      sequence in which the Finance Documents are executed, no benefits under
      any policy contract made available to the Finance Parties under a Finance
      Document shall accrue to the Finance Parties before the date of this
      Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >5.4.4 </TD>
    <TD>
      <P align=justify>The Cedent confirms that it exercised its freedom of
      choice under section 43 of the STIA and that it was not subject to any
      coercion or inducement as to the manner in which that freedom of choice
      was exercised.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>DELIVERY OF DOCUMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Cedent must deliver the documents set out this Clause
      6 to the Secured Creditors by no later than the Signature Date (or in
      respect of Secured Property acquired by the Cedent or otherwise arising
      thereafter, as soon as reasonably possible after that property becomes
      Secured Property, but in any event within 5 Business
  Days).</P></TD></TR></TABLE>
<P align=center>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >6.1 </TD>
    <TD>
      <P align=justify><B>Bank Accounts</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Cedent must deliver to the Secured Creditors, in
      respect of each of the Bank Accounts it maintains, a copy of a notice to
      the relevant account bank of the cession of its Bank Accounts and related
      Secured Property under this Agreement, together with an acknowledgement of
      that notice signed by each of those banks, in each case substantially in
      the form of Schedule 2 (Notice to Banks).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.2 </TD>
    <TD>
      <P align=justify><B>Insurances</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Cedent must deliver to the Secured Creditors in
      respect of all its Insurances:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >6.2.1 </TD>
    <TD>
      <P align=justify>a copy of the relevant contract or policy of
      insurance;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >6.2.2 </TD>
    <TD>
      <P align=justify>a duly executed copy of a letter of undertakings by its
      insurance broker addressed to the Secured Creditors, substantially in the
      form of Schedule 3; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >6.2.3 </TD>
    <TD>
      <P align=justify>a duly executed copy of a notice to the applicable
      insurers and an acknowledgement thereto by such insurers, substantially in
      the form of Schedule 3.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >6.3 </TD>
    <TD>
      <P align=justify><B>Other requirements</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.4 </TD>
    <TD>
      <P align=justify>If any Secured Property, or part thereof, is evidenced by
      a document, or when the Cedent holds Security for any obligation owed to
      it in respect of Secured Property and that Security is evidenced by a
      document, the Cedent shall, at the request of the Secured Creditors,
      promptly deliver a certified copy of that document to the Secured
      Creditors.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.5 </TD>
    <TD>
      <P align=justify>In addition to the documents referred to above, the
      Cedent shall deliver to the Secured Creditors any other documents relating
      to the Secured Property for which the Secured Creditors may at any time
      reasonably call, which documents must be delivered to the Secured
      Creditors within a reasonable period, as agreed between the Secured
      Creditors and the Cedent and, failing such agreement, within 5 Business
      Days.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.6 </TD>
    <TD>
      <P align=justify>The Secured Creditors may retain possession of all
      documents delivered to them under this Clause 6 and deal with them in
      accordance with the Finance Documents until the Senior Facility E
      Discharge Date, after which date they shall be returned to the Cedent as
      soon as reasonably possible.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.7 </TD>
    <TD>
      <P align=justify>If any third party consents are required by the Cedent to
      cede any of its Secured Property under this Agreement, it must obtain
      those third party consents before or on the Signature
  Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>RIGHTS OF THE CEDENT BEFORE
  DEFAULT</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.1 </TD>
    <TD>
      <P align=justify>Unless the Facility Agent has given the Cedent written
      notice of a Default which is continuing (a <B>Default Notice</B>) or an
      Event of Default occurs and is continuing, the Cedent is entitled, at its
      own cost, to enforce and receive payment for, delivery of or performance
      in respect of all amounts or obligations owing in respect of the Secured
      Property in the ordinary course of business and, subject to the Finance
      Documents, to appropriate amounts so recovered to its own use.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >7.2 </TD>
    <TD>
      <P align=justify>If the Facility Agent has given the written notice of a
      Default which is continuing as contemplated in Clause 7.1 or an Event of
      Default is continuing, all rights, powers and privileges attaching to the
      Secured Property, including, but not limited to those set out in Clause
      7.1, shall vest in the Secured Creditors, jointly or severally, with the
      power to exercise them either in any of their own name or in the name of
      the Cedent. If any Secured Creditor so directs when a Default is
      continuing, the Cedent shall exercise the Secured Creditors' rights, powers and privileges in its own
name and to the greatest extent permitted by applicable law. </P></TD></TR></TABLE>
<P align=center>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>ENFORCEMENT</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >8.1 </TD>
    <TD>
      <P align=justify><B>Rights of the Secured Creditors</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If an Event of Default is continuing, the Secured
      Creditors (or any of them) may, without prejudice to any other rights they
      may have against the Cedent, exercise their rights under this Clause 8,
      and otherwise put into force and effect all rights, powers and remedies
      available to them in relation to the Secured Property, in such manner and
      on such terms and conditions as they in their sole discretion consider
      most expedient. Without limiting the foregoing, if an Event of Default is
      continuing, the Secured Creditors (or any of them) may, and the Cedent
      hereby irrevocably and unconditionally authorises and empowers each of
      them or their nominee, and appoints each of them <I>in rem suam</I>,
      without any further authority or consent of any nature whatsoever required
      from any person, in the name of any or all of the Secured Creditors or
      their nominee or in the name of the Cedent to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >8.1.1 </TD>
    <TD>
      <P align=justify>exercise all or any of the rights, powers and privileges
      and enforce all or any obligations attaching to the Secured Property, in
      such manner and on such terms as the Secured Creditors in their sole
      discretion deem fit;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >8.1.2 </TD>
    <TD>
      <P align=justify>receive payment for, delivery of, and/or performance in
      respect of, the Secured Property in their own name or that of their
      nominee;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >8.1.3 </TD>
    <TD>
      <P align=justify>authorise any officer of any Secured Creditor (whose
      appointment need not be proved) to sign, on behalf of and in the name of
      the Cedent, any document that may be necessary to give effect to any
      disposal or realisation of Secured Property by the Secured Creditors under
      this Clause;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >8.1.4 </TD>
    <TD>
      <P align=justify>at the election of the Secured
  Creditors:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>sell or otherwise realise all or some of the Secured
      Property by public auction;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>sell or otherwise realise at a Fair Value all or some of
      the Secured Property by private treaty; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>take over all or some of the Secured Property at a Fair
      Value,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and, subject to the provisions of
Clause 9 (Appropriation of Proceeds), apply the proceeds of such sale, purchase
or other realisation or transfer (including the purchase price payable for any
Secured Property taken over by the Secured Creditors) against the Secured
Obligations on the basis that any excess upon realisation or balance owing to
the Cedent (as the case may be) will be paid to the Cedent and any shortfall on
realisation will remain a debt due by the Cedent to the Secured Creditors. </P>
<P style="MARGIN-LEFT: 15%" align=justify>For the purposes of paragraph (c)
above, the <B>Fair Value</B> of any Secured Property will be the value agreed in
writing between the Secured Creditors and the Cedent or, failing agreement
within ten Business Days after delivery of a notice to the Cedent stating that
the Secured Creditors exercise their rights under this Clause 8.1, the value
determined by an independent chartered accountant employed by either PwC, EY,
Deloitte or KPMG agreed to by the Secured Creditors and the Cedent (or, failing
agreement within 5 Business Days, appointed, at the request of either Party, by
the President of the South African Institute of Chartered Accountants, or the
successor body thereto), which independent accountant shall act as an expert and
not as an arbitrator, shall be instructed to make his determination within ten Business Days and shall
      determine the liability for his charges (which shall be paid accordingly),
      provided that if a determination is manifestly unjust and a court
      exercises its general power, if any, to correct such determination, the
Parties shall be bound thereby;</P>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="15%" >8.1.5 </TD>
    <TD>
      <P align=justify>institute any legal proceedings which the Secured
      Creditors may deem necessary in connection with any sale, purchase or
      other realisation or transfer of any of the Secured Property and to
      prosecute such proceedings to their final end and conclusion, including
      the prosecution of such appeals and reviews as the Secured Creditors in
      their discretion may determine;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >8.1.6 </TD>
    <TD>
      <P align=justify>compromise any of the Secured Property, grant any
      extension or other indulgence in respect of the Secured Property, agree to
      amend the terms of the Secured Property, and/or release any security,
      guarantee or suretyship held for the Secured Property or waive any right
      which relates to or constitutes part of the Secured Property;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >8.1.7 </TD>
    <TD>
      <P align=justify>give transfer of and convey valid title in any Secured
      Property to any person (including a Secured Creditor); and/or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >8.1.8 </TD>
    <TD>
      <P align=justify>take all such further or other steps as the Secured
      Creditors may consider necessary to deal with the Secured Property in
      order to give effect to this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >8.2 </TD>
    <TD>
      <P align=justify><B>Undertakings by the Cedent in respect of
      realisation</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>On the Secured Creditors taking any action under Clause
      8.1, or otherwise as required by the Secured Creditors if an Event of
      Default is continuing, the Cedent shall on demand by the Secured
      Creditors:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >8.2.1 </TD>
    <TD>
      <P align=justify>give written notice to all persons required by the
      Secured Creditors that payment for, delivery of or performance in respect
      of the relevant Secured Property must be made to the Secured Creditors or
      their nominee and that payment, delivery or performance to the Cedent or
      to anyone else will not constitute valid payment, delivery or performance,
      and the Secured Creditors shall be entitled to do likewise. The Cedent
      shall on demand by the Secured Creditors provide proof that such
      notification has been duly given;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >8.2.2 </TD>
    <TD>
      <P align=justify>refuse to accept any payment, delivery, or performance
      tendered in respect of any of the Secured Property and order that such
      payment, delivery or performance be tendered to the Secured
    Creditors;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >8.2.3 </TD>
    <TD>
      <P align=justify>forthwith pay over or deliver to the Secured Creditors
      any interest, dividend, negotiable instruments or other monetary benefits
      of any nature accrued or received in respect of the Secured Property after
      the date of an Event of Default, by depositing the same into any bank
      account in South Africa nominated by the Secured Creditors;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >8.2.4 </TD>
    <TD>
      <P align=justify>deliver to the Secured Creditors any property which the
      Cedent acquires or which accrues to it in connection with the Secured
      Property;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >8.2.5 </TD>
    <TD>
      <P align=justify>at its own cost, carry out any lawful directions the
      Secured Creditors may give in regard to the realisation of Secured
      Property, and sign any document or do any other lawful act necessary
      to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>vest the Secured Property in the Secured
  Creditors;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>enable any sale, purchase or other realisation or
      transfer of Secured Property; or</P></TD></TR></TABLE>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>perfect and complete (to the extent necessary) the
      cession of any Secured Property under this
Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >8.3 </TD>
    <TD>
      <P align=justify><B>No obligation on the Secured Creditors</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Notwithstanding anything to the contrary contained in
      this Agreement, no Secured Creditor shall be obliged to take any steps to
      preserve, protect, collect, recover or otherwise enforce its rights under
      or in respect of the Secured Property.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>APPROPRIATION OF PROCEEDS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Secured Creditors shall apply the net proceeds of all
      amounts received pursuant to the sale or other realisation of Secured
      Property, or from the appropriation of cash amounts which constitute
      Secured Property, under this Agreement (after deducting all properly
      evidenced costs and expenses incurred by the Secured Creditors) in
      reduction or discharge of the Secured Obligations, in such order and in
      such manner as the Secured Creditors deem fit.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>PAYMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Unless otherwise agreed or specified by the Secured
      Creditors by notice in writing, all payments due by the Cedent under this
      Agreement or in respect of the Secured Property shall be made free of any
      bank or other charges in the currency of the Secured Obligation into a
      bank account, or at such other address in South Africa, nominated by the
      Secured Creditors.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>POWER OF ATTORNEY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Cedent irrevocably and severally appoints the Secured
      Creditors, jointly and severally, and any of their delegates or
      sub-delegates to be its attorney to take any action which the Cedent is
      obliged to take under this Agreement but has failed to take. The Cedent
      ratifies and confirms whatever any attorney does or purports to do
      pursuant to its appointment under this Clause.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B>FURTHER ASSURANCES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Cedent shall generally promptly do everything that
      may be required in order to comply with its obligations under this
      Agreement, and as may otherwise be required by the Secured Creditors for
      the purposes of, and to give effect to, this Agreement, failing which the
      Secured Creditors may, to the extent possible, attend thereto on behalf of
      the Cedent and recover on demand from the Cedent any reasonable expenses
      incurred in relation thereto. In particular the Cedent shall execute and
      do all such acts and things as the Secured Creditors, in their reasonable
      discretion, may require:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >12.1 </TD>
    <TD>
      <P align=justify>to perfect or protect the Security created (or intended
      to be created) by this Agreement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >12.2 </TD>
    <TD>
      <P align=justify>to preserve or protect any of the rights of the Secured
      Creditors under this Agreement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >12.3 </TD>
    <TD>
      <P align=justify>to enforce any Security created under this Agreement on
      or at any time after it becomes enforceable;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >12.4 </TD>
    <TD>
      <P align=justify>for the exercise of any power, authority or discretion
      vested in a Secured Creditor under this Agreement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >12.5 </TD>
    <TD>
      <P align=justify>to carry out the effect, intent and purpose of this
      Agreement,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>in any such case, forthwith upon demand
by the Secured Creditors, to the maximum extent permitted by law and at the
expense of the Cedent. </P>
<P align=center>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B>ADDITIONAL RIGHTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The rights conferred on the Secured Creditors by this
      Agreement are additional to and not in substitution
for:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >13.1 </TD>
    <TD>
      <P align=justify>any other rights a Secured Creditor has, or may at any
      time in the future have, against the Cedent or any other person;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >13.2 </TD>
    <TD>
      <P align=justify>any other Security held or hereafter to be held by a
      Secured Creditor from the Cedent or any other person, in connection with
      the Secured Obligations. A Secured Creditor may release any Security held
      by it without prejudice to its rights under this
  Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><B>CEDENT BOUND NOTWITHSTANDING CERTAIN
      CIRCUMSTANCES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Cedent agrees that on signature of this Agreement, it
      will be bound under this Agreement to the full extent hereof, despite the
      fact that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >14.1 </TD>
    <TD>
      <P align=justify>any additional Security from the Cedent or any other
      person for the Secured Obligations may not be obtained or may be released
      or may cease to be held for any other reason;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >14.2 </TD>
    <TD>
      <P align=justify>the Finance Parties may agree any variation or novation
      of the Finance Documents (including any amendment providing for the
      increase in the amount of the Facility or an additional
  facility);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >14.3 </TD>
    <TD>
      <P align=justify>any Finance Party may receive a dividend or benefit in
      any insolvency, liquidation or business rescue or any compromise or
      composition, whether in terms of any statutory enforcement or the common
      law;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >14.4 </TD>
    <TD>
      <P align=justify>the Secured Creditors may grant any indulgences to the
      Cedent or may not exercise any one or more of its rights under the Finance
      Documents, either timeously or at all; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >14.5 </TD>
    <TD>
      <P align=justify>any other fact or circumstance may arise on which the
      Cedent might otherwise be able to rely on a defence based on prejudice,
      waiver or estoppel.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>If the Cedent suffers any loss arising
from any of the facts, circumstances, acts or omissions referred to above, it
will have no claim against any Secured Creditor in respect thereof. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><B>KEEPING, INSPECTION AND DELIVERY OF
  RECORDS</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >15.1 </TD>
    <TD>
      <P align=justify>The Cedent shall at all times keep up-to-date records of
      the Secured Property and shall comply with any reasonable directions the
      Secured Creditors may give in regard to the keeping of such
  records.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >15.2 </TD>
    <TD>
      <P align=justify>The Secured Creditors or anyone authorised by the Secured
      Creditors may at any time and on reasonable notice inspect any of the
      Cedent's books of account and other records, including books of account
      and records in the possession of a third party.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >15.3 </TD>
    <TD>
      <P align=justify>If the Secured Creditors at any time so request, the
      Cedent shall at its own cost deliver to the Secured Creditors or their
      order certified copies of any of the books and records referred to in
      Clauses 15.1 and 15.2.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B>EXEMPTION FROM
LIABILITY</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >16.1 </TD>
    <TD>
      <P align=justify>A Secured Creditor, their officers, trustees, agents,
      beneficiaries, employees and advisors (each an <B>Exempt Party</B>) shall
      not be liable for any loss or damage, whether direct, indirect,
      consequential or otherwise, suffered by the Cedent howsoever arising in
      connection with this Agreement, whether that loss or damage arises as a
      result of a breach of contract (whether total, fundamental or otherwise),
      delict or any other cause, and whether this Agreement has been terminated or not,
      other than as a result of the gross negligence or wilful misconduct of
  that Exempt Party.</P></TD></TR></TABLE>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="10%" >16.2 </TD>
    <TD>
      <P align=justify>The Cedent hereby indemnifies (and agrees to keep
      indemnified) and holds harmless the Secured Creditors and their respective
      officers, trustees, agents, beneficiaries, employees and advisors against
      any and all losses, claims, damages or liabilities (excluding any
      consequential damages, loss or liability (including opportunity cost)) to
      which they may become subject under or in connection with this Agreement,
      and agrees to reimburse the Secured Creditors for any legal or other
      expenses reasonably incurred by them in connection with investigating or
      defending any such loss, claim, damage, liability or action; provided that
      the Cedent will not be liable to any particular Secured Creditor in any
      such case to the extent that any such loss, claim, damage or liability of
      that Secured Creditor arises out of the gross negligence or wilful
      misconduct of that Secured Creditor or any of its officers, trustees,
      agents, beneficiaries, employees and advisors, as the case may
  be.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><B>CHANGES TO THE PARTIES</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >17.1 </TD>
    <TD>
      <P align=justify><B>Transfers by a Secured
Creditor</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >17.1.1 </TD>
    <TD>
      <P align=justify>A Secured Creditor may cede any of its rights and/or
      delegate any of its obligations under this Agreement to any person to whom
      it cedes any of its rights and/or delegates any of its obligations under
      the Finance Documents. The Cedent agrees to co-operate and take all such
      steps as a Secured Creditor may reasonably request to give any such
      transferee the benefit of this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >17.1.2 </TD>
    <TD>
      <P align=justify>To the extent that a splitting of claims arises as a
      result of any actions taken under Clause 17.1.1, the Cedent hereby
      consents to such splitting of claims.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >17.2 </TD>
    <TD>
      <P align=justify><B>Stipulation for the benefit of future Secured
      Creditors</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The provisions of this Agreement which confer benefits on
      the Secured Creditors constitute stipulations for the benefit of any
      person who becomes a Finance Party and a Secured Creditor after the
      Signature Date, and shall be capable of acceptance by that person at any
      time. To the extent that a splitting of claims arises as a result of the
      provisions of this Clause, the Cedent hereby consents to such splitting of
      claims.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >17.3 </TD>
    <TD>
      <P align=justify><B>Transfers by the Cedent</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Cedent may not cede any of its rights nor delegate
      any of its obligations under this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify><B>SEVERABILITY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each term of this Agreement, whether forming an entire
      clause or only part of a clause, is divisible and severable from all the
      other terms (regardless of the manner in which they may be linked together
      or grouped grammatically). If a term or provision of this Agreement is or
      becomes illegal, invalid or unenforceable in any respect in any
      jurisdiction, that will not affect:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >18.1 </TD>
    <TD>
      <P align=justify>the legality, validity or enforceability in that
      jurisdiction of any other term or provision of this Agreement which shall
      remain in full force and effect, and such illegal, invalid or
      unenforceable term or provision shall be severed from this Agreement;
      or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >18.2 </TD>
    <TD>
      <P align=justify>the legality, validity or enforceability in other
      jurisdictions of that or any other term of this
  Agreement,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>and in particular, a Secured Creditor
shall be entitled to deal with its rights in respect of the Secured Property in
such manner as is sanctioned or approved in terms of a court order or as is
otherwise legally permissible. </P>
<P align=center>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify><B>GOVERNING LAW</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This Agreement and any non-contractual obligations
      arising out of or in connection with it are governed by South African
      law.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify><B>JURISDICTION</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >20.1 </TD>
    <TD>
      <P align=justify>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 this Agreement (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 <B>dispute</B>).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >20.2 </TD>
    <TD>
      <P align=justify>The Parties agree that the courts of South Africa are the
      most appropriate and convenient courts to settle disputes. The Parties
      agree not to argue to the contrary and waive objection to this court on
      the grounds of inconvenient forum or otherwise in relation to proceedings
      in connection with this Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >20.3 </TD>
    <TD>
      <P align=justify>This Clause 20 is for the benefit of the Secured
      Creditors only. As a result, the Secured Creditors shall not be prevented
      from taking proceedings relating to a dispute in any other court with
      jurisdiction. To the extent allowed by law, the Secured Creditors may take
      concurrent proceedings in any number of
jurisdictions.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">21. </TD>
    <TD>
      <P align=justify><B>MISCELLANEOUS MATTERS</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >21.1 </TD>
    <TD>
      <P align=justify><B>Amendments, waivers and
  cancellation</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >21.1.1 </TD>
    <TD>
      <P align=justify>No contract varying, adding to, deleting from or
      cancelling this Agreement will be effective unless reduced to writing and
      signed by or on behalf of the Parties.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >21.1.2 </TD>
    <TD>
      <P align=justify>The expiry or termination of this Agreement will not
      prejudice the rights of the Secured Creditors in respect of any antecedent
      breach by the Cedent of, or non- performance under, this
  Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >21.2 </TD>
    <TD>
      <P align=justify><B>Certificates and Determinations</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Any certification or determination by a manager of a
      Secured Creditor (whose appointment need not be proved) as to the
      existence of and the amount of indebtedness by the Cedent to the Secured
      Creditors, that such amount is due and payable, the amount of interest
      accrued thereon and as to any other fact, matter or thing related to the
      Cedent's indebtedness under the Finance Documents shall be, in the absence
      of manifest error, <I>prima facie </I>evidence of contents and correctness
      of the matters to which it relates for the purposes of provisional
      sentence, summary judgement or any other proceedings, shall be valid as a
      liquid document for such purposes and shall, in addition, be <I>prima
      facie </I>proof for purposes of pleading or trial in any action instituted
      against the Cedent arising herefrom.</P></TD></TR></TABLE>
<P align=justify><B>THIS AGREEMENT</B> has been entered into on the date stated
at the beginning of this Agreement. </P>
<P align=center>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A>
<P align=right><B>SCHEDULE 1 </B></P>
<P align=center><B>SECURED PROPERTY </B></P>
<P align=center><B>PART A: BANK ACCOUNTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left
    noWrap bgcolor="#eeeeee"
    style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" >&nbsp; </TD>
    <TD width="47%" align=left
    noWrap bgcolor="#eeeeee" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>BANK ACCOUNTS</B> </TD>
  <TD width="47%"
    align=left bgcolor="#eeeeee"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >1. </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >2 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >3 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >4 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >5 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR></TABLE>
<P align=center>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >6 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=left width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >7 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >8 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >9 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >10 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >11 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >12 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR></TABLE>
<P align=center>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left >13 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left
      width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    noWrap align=left width="47%">FirstRand Bank Limited (acting through its
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >14 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >15 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >16 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >17 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >18 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >19 </TD>
    <TD align=left width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
      width="47%">FirstRand Bank Limited (acting through its </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR></TABLE>
<P align=center>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    noWrap align=left >20 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left
      width="47%">Bank: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    noWrap align=left width="47%">FirstRand Bank Limited (acting through its
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">Rand
      Merchant Bank division) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">RMB JHB
      Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Branch number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left >&nbsp;
    </TD>
    <TD align=left width="47%">Account number: </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="47%">XXX
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="47%">Named
      account beneficiary: </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="47%">XXX </TD></TR></TABLE>
<P align=center>19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=center><B>PART B:</B> <B>RELEVANT DOCUMENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>A written agreement dated on or about the date of this
      Agreement, entered into between Net1 Applied Technologies South Africa
      Proprietary Limited and Fidelity Cash Solutions Proprietary
  Limited.</P></TD></TR></TABLE>
<P align=center>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P align=right><B>SCHEDULE 2 </B></P>
<P align=justify><B>NOTICE TO BANKS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >To: </TD>
    <TD align=left width="95%">[&#149;] (the <B>Bank</B>) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Copy: </TD>
    <TD align=left width="95%"><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK</B> <STRONG>DIVISION)</STRONG>, as the Facility Agent
    </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"></TD></TR>
  <TR vAlign=top>
    <TD align=left >From: </TD>
    <TD align=left width="95%"><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="95%">[<B>Date</B>] </TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>CESSION IN SECURITY DATED [</B><B>&#149;</B><B>], 2018 BY NET1
APPLIED TECHNOLOGIES SOUTH </B><BR><B>AFRICA PROPRIETARY LIMITED (THE CEDENT) IN
FAVOUR OF FIRSTRAND BANK LIMITED </B><BR><B>(ACTING THROUGH ITS RAND MERCHANT
BANK DIVISION) (THE SECURED CREDITOR) </B><BR><B>(THE SECURITY CESSION) </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>We refer to the Security Cession (a copy of which is
      attached for your records). Unless otherwise defined herein, terms and
      expressions defined in the Security Cession have the same meaning where
      used in this letter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>This letter constitutes notice to you that under the
      Security Cession the Cedent has ceded or will cede <I>in securitatem
      debiti </I>in favour of the Secured Creditor, <I>inter alia</I>, all of
      their rights and interests in and to the following bank
  accounts:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>[insert details] </I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>and any other bank accounts that they
maintain with you at any of your branches from time to time (including all their
claims in respect of amounts standing to the credit of those bank accounts from
time to time) (the <B>Applicable Bank Accounts</B>). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>We irrevocably instruct and authorise you to disclose to
      the Secured Creditors any information relating to any Applicable Bank
      Account requested from you by the Secured Creditors.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>We irrevocably instruct and authorise you, with effect
      from the date on which the Secured Creditors notify you in writing that an
      Event of Default has occurred and is continuing, and thereafter until
      otherwise notified by the Secured Creditors,
to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.1 </TD>
    <TD>
      <P align=justify>comply with the terms of any written notice or
      instruction relating to any Applicable Bank Account received by you from
      the Secured Creditors;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.2 </TD>
    <TD>
      <P align=justify>hold all sums standing to the credit of any Applicable
      Bank Account to the order of the Secured Creditors;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.3 </TD>
    <TD>
      <P align=justify>pay all sums received by you for the account of the
      Cedent to the credit of an Applicable Bank Account held by the Cedent;
      and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.4 </TD>
    <TD>
      <P align=justify>pay or release any sum standing to the credit of any
      Applicable Bank Account in accordance with the written instructions of the
      Secured Creditors.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>We acknowledge that you may comply with the instructions
      in this letter without any further permission from us and without any
      enquiry by you as to the justification for or validity of any request,
      notice or instruction.</P></TD></TR></TABLE>
<P align=center>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>The instructions in this letter may not be revoked or
      amended without the prior written consent of the Secured
  Creditors.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>This letter and any non-contractual obligations arising
      out of or in connection with this letter are governed by the laws of South
      Africa.</P></TD></TR></TABLE>
<P align=justify>Please send the attached acknowledgement confirming your
agreement to the above to the Secured Creditors, with a copy to ourselves. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>For and on
      behalf of: </TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NET1 APPLIED TECHNOLOGIES</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>SOUTH AFRICA PROPRIETARY</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>LIMITED</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="45%">&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE>
<P align=center>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=center><B>FORM OF ACKNOWLEDGEMENT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>To: </TD>
    <TD noWrap align=left width="95%"><B>FIRSTRAND BANK LIMITED (ACTING
      THROUGH ITS RAND MERCHANT BANK</B> <STRONG>DIVISION)</STRONG>, as the
      Facility Agent </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>Copy: </TD>
    <TD align=left width="95%"><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>From: </TD>
    <TD align=left width="95%">[<B>BANK</B>] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="95%">[<B>Date</B>] </TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>NOTICE OF CESSION </B></P>
<P align=justify>We acknowledge receipt of the notice of cession dated [&#149;], 2018
by Net1 Applied Technologies South Africa Proprietary Limited and acknowledge
and agree to the terms and conditions thereof. </P>
<P align=justify>We confirm that we have not received notification from any
other person of a cession over the Applicable Bank Accounts referred to in the
abovementioned notice of cession. </P>
<P align=justify>Nothing contained in the above notice or this acknowledgement
shall commit us to providing any facilities or making advances available to the
Secured Creditors. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>For and on
      behalf of: </TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>[<B>BANK</B>] </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE>
<P align=center>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></A>
<P align=right><B>SCHEDULE 3 </B></P>
<P align=center><B>NOTICES IN RESPECT OF INSURANCES </B></P>
<P align=center><B>BROKER&#146;S LETTER OF UNDERTAKING </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >To: </TD>
    <TD align=left width="95%"><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK</B> <B>DIVISION) </B>, as the Facility Agent </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >And to: </TD>
    <TD align=left width="95%"><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK</B> <B>DIVISION) </B>as the Senior Facility E Lender
      (under and as defined in the Senior Facility E Agreement) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="95%">[<B>Date</B>] </TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>UNDERTAKINGS IN RELATION TO INSURANCE ARRANGEMENTS
<BR></B><B>FOR NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED (THE
CEDENT) </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>We have acted as insurance broker to the Cedent and its
      subsidiaries, associates, affiliates and joint venture companies in
      respect of the insurances referred to in this letter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>We refer to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.1 </TD>
    <TD>
      <P align=justify>the written R1,500,000,000 credit facility agreement (the
      <B>Senior Facility E Agreement</B>), dated [&#149;], 2018, between, amongst
      others, FirstRand Bank Limited (acting through its Rand Merchant Bank
      division) (as Original Senior Facility E Lender), and the Cedent (as
      Borrower) and FirstRand Bank Limited (acting through its Rand Merchant
      Bank division) (as the Facility Agent); and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.2 </TD>
    <TD>
      <P align=justify>the written cession in security (the <B>Security
      Cession</B>) dated [&#149;], 2018 given by the Cedent in favour of the Facility
      Agent and the Senior Facility E Lender and each person who is or becomes a
      Senior Facility E Lender, from time to time (the <B>Secured
      Creditors</B>).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Unless expressly defined in this letter, terms and
      expressions defined in the Senior Facility E Agreement have the same
      meaning where used in this letter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>We confirm that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.1 </TD>
    <TD>
      <P align=justify>the insurances listed in Annex A to this letter (the
      <B>Insurances</B>) are in full force and effect at the date of this
      letter;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.2 </TD>
    <TD>
      <P align=justify>the existing contracts and policies of insurance entered
      into in respect of the Insurances include the loss payee endorsements set
      out in Annex A to this letter;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.3 </TD>
    <TD>
      <P align=justify>the interests of the Secured Creditors under the Security
      Cession have been noted on each policy in respect of the Insurances as set
      out in Annex A to this letter; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.4 </TD>
    <TD>
      <P align=justify>we have delivered to each relevant insurer a copy of all
      duly signed notices of cession in respect of the Insurances substantially
      in the form set out in Annex B;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.5 </TD>
    <TD>
      <P align=justify>all premiums due in respect of the Insurances at the date
      of this letter have been paid in full in accordance with the requirements
      of the applicable policies;</P></TD></TR></TABLE>
<P align=center>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.6 </TD>
    <TD>
      <P align=justify>we have not received notice of the interest of any third
      party in the Insurances or the proceeds of such
  Insurances.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>To the best of our knowledge and belief, the Insurances
      are placed with reputable and financially sound insurers and provide
      adequate cover against risk which an operator of any business and of
      assets of a type and size, similar in all cases to those owned and
      operated by the Cedent would insure against, to an extent which is usual
      for such insurance.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>We undertake, in respect of the interests in the
      Insurances of the Secured Creditors and the Facility Agent,
  to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >6.1 </TD>
    <TD>
      <P align=justify>in respect of policies issued after the date of this
      notice (including any renewals of policies or any substitute policies), to
      ensure that (a) an endorsement substantially in the form set out in Annex
      A is noted on each such policy as and when it is issued, and (b) that a
      notice substantially in the form set out in Annex B is delivered to the
      applicable insurer promptly upon such signed notice being delivered to us
      by the Cedent or the Secured Creditors (as the case may be);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.2 </TD>
    <TD>
      <P align=justify>hold the policies and all insurance slips or contracts
      (with any renewals thereof or any new or substitute policies), any cover
      notes, certificates, endorsements, renewal receipts and confirmation of
      renewal and the benefit of those Insurances to the order of the Secured
      Creditors;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.3 </TD>
    <TD>
      <P align=justify>notify the Secured Creditors and the Facility
    Agent:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >6.3.1 </TD>
    <TD>
      <P align=justify>promptly upon becoming aware of any material change
      proposed to be made to the terms of the Insurances or to any policy which,
      if effected, would result in a material reduction in any limits or
      coverage (including those resulting from extensions) or in an increase in
      any deductibles, exclusions or exceptions or in the termination,
      suspension, cancellation or expiry (in the latter case, which is not
      immediately followed by a renewal on the same terms with the same
      insurers) of any Insurances;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >6.3.2 </TD>
    <TD>
      <P align=justify>of any breach by any Cedent of the terms and conditions
      of the Insurances (including any non payment of premiums), which notice
      shall be provided promptly upon us becoming aware thereof, and in any
      event, before we notify the relevant insurers of such breach;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >6.3.3 </TD>
    <TD>
      <P align=justify>at least 60 days prior to our ceasing to act as insurance
      brokers to the Group, unless owing to circumstances beyond our control we
      are unable to provide such notice, in which case we shall notify you
      promptly upon becoming aware that we have ceased or will cease so to
      act;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >6.3.4 </TD>
    <TD>
      <P align=justify>promptly if, by a date falling one month before expiry of
      any Insurances, we have not received renewal instructions from the Cedent
      in relation to the relevant policy;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >6.3.5 </TD>
    <TD>
      <P align=justify>promptly upon becoming aware thereof advise the Secured
      Creditors and the Facility Agent if any insurer cancels or gives notice of
      the cancellation or suspension of any
Insurance;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >6.4 </TD>
    <TD>
      <P align=justify>supply to the Secured Creditors and the Facility Agent,
      on its written request, and without reference to or further authority from
      the Cedent, any documents and/or information relating to the Insurances,
      which are in our possession and to make available to the Secured Creditors
      and the Facility Agent, promptly on request, all the originals of any of
      those documents which are in our possession, if required by the Secured
      Creditors or the Facility Agent, as the case may be, in connection with
      the making of an insurance claim.</P></TD></TR></TABLE>
<P align=center>25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Our above undertakings do not derogate from or limit any
      other functions or duties we may have as insurance broker to a person
      which is an insured under any of the Insurances and are given subject to
      the following:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">7.1 </TD>
    <TD>
      <P align=justify>our continued appointment as insurance brokers to the
      Cedent in relation to the Insurances;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">7.2 </TD>
    <TD>
      <P align=justify>an insurer&#146;s right of cancellation (if any) following a
      failure to pay any premiums due in respect of the
  Insurances.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>This letter and attachments may be relied on only by the
      Cedent, the Secured Creditors and the Facility
Agent.</P></TD></TR></TABLE>
<P align=justify>This letter and any non contractual obligations arising out of
or in connection with this letter are governed by the laws of South Africa. </P>
<P align=justify>Yours faithfully, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>For and on
      behalf of: </TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>[<B>INSURANCE BROKER</B>] </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE>
<P align=center>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=right><B>ANNEX A </B></P>
<P align=center><B>LIST OF INSURANCES AND FORM OF ENDORSEMENTS </B></P>
<P align=center><B>INSURANCES </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center bgColor=#eeeeee>&nbsp; </TD>
    <TD noWrap align=center width="24%" bgColor=#eeeeee><B>Insurer</B> </TD>
    <TD noWrap align=center width="24%" bgColor=#eeeeee><B>Policy Number</B>
    </TD>
    <TD noWrap align=center width="24%" bgColor=#eeeeee><B>Cover</B> </TD>
    <TD noWrap align=center width="24%" bgColor=#eeeeee><B>Insured</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>1. </TD>
    <TD align=left width="24%">[&#149;] </TD>
    <TD align=left width="24%">[&#149;] </TD>
    <TD align=left width="24%">[&#149;] </TD>
    <TD align=left width="24%">[&#149;] </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2. </TD>
    <TD align=left width="24%" bgColor=#ffffff>[&#149;] </TD>
    <TD align=left width="24%" bgColor=#ffffff>[&#149;] </TD>
    <TD align=left width="24%" bgColor=#ffffff>[&#149;] </TD>
    <TD align=left width="24%" bgColor=#ffffff>[&#149;] </TD></TR>
  <TR vAlign=top>
    <TD align=left>3. </TD>
    <TD align=left width="24%">[&#149;] </TD>
    <TD align=left width="24%">[&#149;] </TD>
    <TD align=left width="24%">[&#149;] </TD>
    <TD align=left width="24%">[&#149;] </TD></TR></TABLE></DIV>
<P align=center><B>FORM OF POLICY ENDORSEMENT </B></P>
<P align=justify><B>ENDORSEMENT # [</B><B>&#149;</B><B>] ATTACHING TO AND FORMING
PART OF POLICY # [</B><B>&#149;</B><B>] (THE</B> <B>POLICY) IN THE NAME OF NET1
APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED (THE COMPANY) </B></P>
<P align=justify>It is agreed and noted that, with effect from the date of the
Senior Facility E Agreement and until expiry of the current insurance period on
[&#149;], 201[&#149;], the following is noted in respect of policy # [&#149;]: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>A.</B> </TD>
    <TD>
      <P align=justify><B>Loss Payee Clause in respect of FirstRand Bank Limited
      (acting through its Rand Merchant Bank division)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The insurer hereby agrees, in respect of any individual
      claim, that payment thereof shall be made directly into a bank account in
      South Africa nominated in writing by the Facility Agent, but subject to
      the insurers option to reinstate any loss or damage.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>B.</B> </TD>
    <TD>
      <P align=justify><B>Notice of Cession</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Noted that, under a written cession in security dated
      [&#149;], 2018, given by the Company and others in favour of FirstRand Bank
      Limited (acting through its Rand Merchant Bank division), the Company has
      ceded to the Secured Creditors all its existing and future claims and
      rights and interests in and to the insurance to which the abovementioned
      policy relates.</P></TD></TR></TABLE>
<P align=justify><B>SUBJECT OTHERWISE TO THE TERMS, EXCEPTIONS AND CONDITIONS OF
THE POLICY </B></P>
<P align=center>27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A>
<P align=right><B>ANNEX B </B></P>
<P align=center><B>NOTICE TO INSURERS</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>To: </TD>
    <TD noWrap align=left width="95%">[<B>INSURER</B>] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Copy: </TD>
    <TD align=left width="95%"><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK</B> <STRONG>DIVISION)</STRONG> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>From: </TD>
    <TD align=left width="95%"><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="95%">[<B>Date</B>] </TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>CESSION IN SECURITY DATED [</B><B>&#149;</B><B>], 2018 BY NET1
APPLIED TECHNOLOGIES SOUTH </B><BR><B>AFRICA PROPRIETARY LIMITED (THE</B>
<B>CEDENT) IN FAVOUR OF FIRSTRAND BANK LIMITED </B><BR><B>(ACTING THROUGH ITS
RAND MERCHANT BANK DIVISION) (THE SECURED CREDITORS), </B><BR><B>(THE</B>
<B>SECURITY</B> <B>CESSION) </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=2>
      <P align=justify>We refer to the Security Cession (a copy of which is
      attached for your records).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD colSpan=2>
      <P align=justify>In this letter:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2.1 </TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Insurances </B>means any of the following policies of
      insurances:</P></TD></TR></TABLE><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="90%" border=1>

  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee>&nbsp; </TD>
    <TD noWrap align=left width="31%" bgColor=#eeeeee><B>Policy Number</B> </TD>
    <TD noWrap align=left width="31%" bgColor=#eeeeee><B>Cover</B> </TD>
    <TD noWrap align=left width="31%" bgColor=#eeeeee><B>Insured</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>1. </TD>
    <TD align=left width="31%">[&#149;] </TD>
    <TD align=left width="31%">[&#149;] </TD>
    <TD align=left width="31%">[&#149;] </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2. </TD>
    <TD align=left width="31%" bgColor=#ffffff>[&#149;] </TD>
    <TD align=left width="31%" bgColor=#ffffff>[&#149;] </TD>
    <TD align=left width="31%" bgColor=#ffffff>[&#149;] </TD></TR>
  <TR vAlign=top>
    <TD align=left>3. </TD>
    <TD align=left width="31%">[&#149;] </TD>
    <TD align=left width="31%">[&#149;] </TD>
    <TD align=left width="31%">[&#149;] </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.2 </TD>
    <TD>
      <P align=justify><B>Insurance Proceeds </B>means all proceeds of insurance
      payable to or received by us in respect of the Insurances, whether in
      respect of claims, by way of return of premium or
  otherwise,</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Unless expressly defined in this letter, terms and
      expressions defined in the Security Cession have the same meaning where
      used in this letter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>This letter constitutes notice to you that under the
      Security Cession, each of the companies listed at the end of this notice
      as Cedent has ceded <I>in securitatem debiti </I>in favour of the Secured
      Creditors, <I>inter alia</I>, all of its rights and interests in and to
      the Insurances and the Insurance Proceeds.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>We request that an endorsement substantially in the form
      set out in Annex B1 to this letter is noted on each such policy in respect
      of the Insurances.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>On behalf of the Cedent, we confirm
  that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >6.1 </TD>
    <TD>
      <P align=justify>the Cedent will remain liable under such Insurance to
      perform all the obligations assumed by it under that Insurance;
  and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.2 </TD>
    <TD>
      <P align=justify>none of the Secured Creditors, its agents or any Finance
      Party will at any time be under any obligation or liability to you under
      or in respect of such Insurance.</P></TD></TR></TABLE>
<P align=center>28 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>The Cedent will also remain entitled to exercise all of
      its rights under such Insurance and you should continue to give notices
      under such Insurance to the Cedent, unless and until you receive notice
      from the Secured Creditor to the contrary. Unless the Secured Creditors
      otherwise agrees in writing:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">7.1 </TD>
    <TD>
      <P align=justify>all amounts payable to the Cedent under such Insurance
      must be paid to the Secured Creditors; and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">7.2 </TD>
    <TD>
      <P align=justify>any rights of the Cedent in connection with those amounts
      will be exercisable by, and notices must be given to, the Secured Creditor
      or as it directs.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Please note that the Cedent has agreed that it will not
      amend or waive any term of or terminate Insurance without the prior
      consent of the Secured Creditors.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>The instructions in this letter may not be revoked or
      amended without the prior written consent of the Secured
  Creditors.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>We acknowledge that you may comply with the instructions
      in this letter without any further permission from us or the Cedent and
      without any enquiry by you as to the justification for or validity of any
      request, notice or instruction.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify>This letter is governed by the laws of South
    Africa.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify>We request that you sign the acknowledgement set out as
      Annex B2 to this letter and return it to the Secured Creditors<I>,
      </I>with a copy to us<I>.</I></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>For and on
      behalf of: </TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NET1 APPLIED TECHNOLOGIES</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>SOUTH AFRICA PROPRIETARY</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>LIMITED</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE>
<P align=center>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=right><B>ANNEX B1 <BR>FORM OF POLICY ENDORSEMENT </B></P>
<P align=justify><B>ENDORSEMENT # [</B><B>&#149;</B><B>] ATTACHING TO AND FORMING
PART OF POLICY # [</B><B>&#149;</B><B>] (THE</B> <B>POLICY) IN THE NAME OF NET1
APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED (THE COMPANY) </B></P>
<P align=justify>It is agreed and noted that, with effect from the date of
Senior Facility E Agreement and until expiry of the current insurance period on
[&#149;], 201[&#149;], the following is noted in respect of policy # [&#149;]: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"><STRONG>A.</STRONG> </TD>
    <TD vAlign=top colSpan=2>
      <P align=justify><B>Loss Payee Clause in respect of FIRSTRAND BANK LIMITED
      (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The insurer hereby agrees, in respect of any individual
      claim, that payment thereof shall be made directly into a bank account in
      South Africa nominated in writing by the Facility Agent, but subject to
      the insurers option to reinstate any loss or damage.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%"><B>B.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Notice of Cession</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Noted that, under a written cession in security dated
      [&#149;], 2018, given by the Company and others in favour of FirstRand Bank
      Limited (acting through its Rand Merchant Bank division), the Company has
      ceded to the Secured Creditors all its existing and future claims and
      rights and interests in and to the insurance to which the abovementioned
      policy relates.</P></TD></TR></TABLE>
<P align=justify><B>SUBJECT OTHERWISE TO THE TERMS, EXCEPTIONS AND CONDITIONS OF
THE POLICY</B> </P>
<P align=center>30 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></A>
<P align=right><B>ANNEX B2 </B><BR><B>FORM OF ACKNOWLEDGEMENT BY INSURER
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>To: </TD>
    <TD align=left width="95%"><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK</B> <STRONG>DIVISION)</STRONG> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>Copy: </TD>
    <TD align=left width="95%"><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>From: </TD>
    <TD align=left width="95%">[<B>INSURER</B>] </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="95%">[<B>Date</B>] </TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>NOTICE OF CESSION IN SECURITY </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>We refer to the written notice of cession in security
      dated [&#149;], 2018 (the <B>Security Notice</B>), attaching a copy of a
      written cession in security given by Net1 Applied Technologies South
      Africa Proprietary Limited (the <B>Cedent</B>) in favour of FirstRand Bank
      Limited (acting through its Rand Merchant Bank division) (the <B>Secured
      Creditor</B>).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Terms and expressions defined in the Security Notice have
      the same meaning where used in this letter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>We acknowledge receipt of the Security Notice and
    we:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">3.1 </TD>
    <TD>
      <P align=justify>accept the instructions contained in the notice and agree
      to comply with the notice;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">3.2 </TD>
    <TD>
      <P align=justify>confirm that we have not received notice of the interest
      of any third party in the Insurances or the Insurance Proceeds;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">3.3 </TD>
    <TD>
      <P align=justify>undertake to note on the relevant contracts your
      interests as Secured Creditors and those of the Facility Agent as loss
      payee of the Insurances and the Insurance Proceeds as required in the
      Security Notice;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">3.4 </TD>
    <TD>
      <P align=justify>undertake to disclose to you without any reference to or
      further authority from the Cedent any information relating to those
      contracts which you may at any time request;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">3.5 </TD>
    <TD>
      <P align=justify>undertake to promptly notify you of any breach by the
      Cedent of the terms and conditions of the Insurances (including any non
      payment of premiums) and to allow you to remedy that breach; and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">3.6 </TD>
    <TD>
      <P align=justify>undertake not to amend or waive any term of or terminate
      any of those contracts on request by any Cedent without your prior written
      consent.</P></TD></TR></TABLE>
<P align=justify>Yours faithfully, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>For and on
      behalf of: </TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-TOP: #000000 0px solid" noWrap align=left>&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>[<B>INSURER</B>] </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE>
<P align=center>31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>THE CEDENT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap
      align=left>/s/Nunthakumarin Pillay </TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Net1 Applied Technologies South</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Africa Proprietary Limited</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%">Nunthakumarin Pillay </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="45%"></TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%">Director </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD align=left width="45%"></TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD align=left width="45%">&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%">(who warrants his authority) </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE>
<P align=center>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>THE SECURED CREDITOR </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>/s/ Adriaan
      Els </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="45%">/s/ Debbie Law </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>FirstRand Bank Limited (acting through</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%"><B>FirstRand Bank Limited (acting through</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>its Rand Merchant Bank division)</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%"><B>its Rand Merchant Bank division)</B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >Adriaan Els </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%">Debbie
      Law </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >&#147;A&#148; Signatory </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Office: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%">Sector
      Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="45%" >(who warrants his authority) </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="40%">(who warrants his authority)
</TD></TR></TABLE>
<P align=center>33 </P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.98
<SEQUENCE>5
<FILENAME>exhibit10-98.htm
<DESCRIPTION>EXHIBIT 10.98
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 10.98 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 10.98 </B></P>
<P align=right><B>EXECUTION</B></P>
<P align=center><B>PLEDGE </B></P>
<P align=center><B>DATED 26 SEPTEMBER, 2018 </B></P>
<P align=center>given by </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED
<BR></B>(as pledgor) </P>
<P align=center>in favour of </P>
<P align=center><B>FIRSTRAND BANK LIMITED <BR></B><B>(ACTING THROUGH ITS RAND
MERCHANT BANK DIVISION)</B> </P>
<P align=center>and </P>
<P align=center><B>EACH OF THE OTHER SECURED CREDITORS <BR></B>(as pledgees)
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center colSpan=2>in respect of certain Cash and Related
      Rights </TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="20%" >&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="20%"
    >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="20%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD>
    <TD vAlign=center align=center width="20%"  rowSpan=4><IMG
      src="exhibit10-98x1x1.jpg"
      border=0></TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD></TR>
  <TR>
    <TD align=left  >&nbsp;</TD></TR></TABLE>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
</P><!--$$/page=--><A name=page_2></A>
<P align=center><B>CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      colSpan=3><B>Clause</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%"><B>Page</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" colSpan=2>&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_3">1. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_3">Interpretation </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A href="#page_3">3 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_4">2. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_4">Pledge and Cession
      in Security </A></TD>
    <TD align=left width="5%"><A href="#page_4">4 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_5">3. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_5">Duration </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A href="#page_5">5 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_5">4. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_5">Representations and
      Warranties by the Pledgor </A></TD>
    <TD align=left width="5%"><A href="#page_5">5 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_7">5. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_7">Undertakings by the Pledgor </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A href="#page_7">7 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_8">6. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_8">Delivery of
      Documents </A></TD>
    <TD align=left width="5%"><A href="#page_8">8 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_8">7. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_8">Enforcement </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A href="#page_8">8 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_10">8. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_10">Appropriation of
      Proceeds </A></TD>
    <TD align=left width="5%"><A href="#page_10">10 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_11">9. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_11">Payments </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A href="#page_11">11 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_11">10. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_11">Power of Attorney
      </A></TD>
    <TD align=left width="5%"><A href="#page_11">11 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_11">11. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_11">Further Assurances </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A href="#page_11">11 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_11">12. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_11">Additional Rights
      </A></TD>
    <TD align=left width="5%"><A href="#page_11">11 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_12">13. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_12">Pledgor bound notwithstanding certain circumstances
</A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A href="#page_12">12 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_12">14. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_12">Keeping,
      inspection and delivery of records </A></TD>
    <TD align=left width="5%"><A href="#page_12">12 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_12">15. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_12">Exemption from Liability </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A href="#page_12">12 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_13">16. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_13">Changes to the
      Parties </A></TD>
    <TD align=left width="5%"><A href="#page_13">13 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_13">17. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_13">Severability </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A href="#page_13">13 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_13">18. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_13">Governing Law
    </A></TD>
    <TD align=left width="5%"><A href="#page_13">13 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_13">19. </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee colSpan=2><A
      href="#page_13">Jurisdiction </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A href="#page_13">13 </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_14">20. </A></TD>
    <TD align=left width="90%" colSpan=2><A href="#page_14">Miscellaneous
      Matters </A></TD>
    <TD align=left width="5%"><A href="#page_14">14 </A></TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD width="90%" bgColor=#eeeeee colSpan=2>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><A href="#page_15">Schedule 1 </A></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="85%"><A href="#page_15">Cash </A></TD>
    <TD align=left width="5%"><A href="#page_15">15 </A></TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD width="90%" bgColor=#eeeeee colSpan=2>&nbsp; </TD>
    <TD align=left width="5%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" colSpan=2>&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=3><A href="#page_19">Signature Page
      </A></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A href="#page_19">19
  </A></TD></TR></TABLE>
<P align=center>2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify><B>THIS AGREEMENT</B> is made between: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
      LIMITED</B>, registration number 2002/031446/07, as pledgor and cedent
      (the <B>Pledgor</B>);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND
      MERCHANT BANK DIVISION) </B>as Secured Creditors; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify><B>EACH OF THE OTHER SECURED CREDITORS </B>(as defined in
      this Agreement below).</P></TD></TR></TABLE>
<P align=justify><B>BACKGROUND: </B></P>
<P align=justify>As security for the due and punctual performance of the Secured
Obligations, the Pledgor has agreed to pledge its Cash and to cede <I>in
securitatem debiti</I> all its Secured Property to the Secured Creditors, on the
terms set out in this Agreement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>INTERPRETATION</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.1 </TD>
    <TD>
      <P align=justify><B>Definitions</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>In this Agreement:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.1 </TD>
    <TD>
      <P align=justify><B>Cash </B>means South African banknotes and coins held
      by Fidelity pursuant to the Cash-in-Transit Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.2 </TD>
    <TD>
      <P align=justify><B>Cash-in-Transit Agreement </B>means the written
      agreement dated on or about the date of this Agreement, entered into
      between Net 1 Applied Technologies South Africa Proprietary Limited and
      Fidelity Cash Solutions Proprietary Limited.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.3 </TD>
    <TD>
      <P align=justify><B>Common Terms Agreement </B>means the common terms
      agreement, dated on or about 20 July, 2017, between, among others, the
      Pledgor (as borrower), FirstRand Bank Limited (acting through its Rand
      Merchant Bank division) and Nedbank Limited (acting through its Corporate
      and Investment Banking division) (as original lenders) and FirstRand Bank
      Limited (acting through its Rand Merchant Bank division) (as facility
      agent), as amended from time to time.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.4 </TD>
    <TD>
      <P align=justify><B>Fidelity </B>means Fidelity Cash Solutions Proprietary
      Limited (registration number 2000/025082/07), a company registered under
      the laws of South Africa.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.5 </TD>
    <TD>
      <P align=justify><B>Party </B>means a party to this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.6 </TD>
    <TD>
      <P align=justify><B>Related Rights </B>means, in relation to any
    Cash:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>all contracts, warranties, remedies, security,
      indemnities and other undertakings in respect thereof; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any of the reversionary interests referred to in Clause
      4.7.4 (Secured Property).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.7 </TD>
    <TD>
      <P align=justify><B>Secured Creditor </B>means the Facility Agent and each
      person who is or becomes a Senior Facility E Lender under (and as defined
      in) the Common Terms Agreement, from time to time.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.8 </TD>
    <TD>
      <P align=justify><B>Secured Obligations </B>means all present and future
      obligations and indebtedness of whatsoever nature (whether actual or
      contingent and whether owed jointly or severally or in any other capacity
      whatsoever, including any liability to pay damages or pursuant to
      enrichment) which an Obligor may now or at any time hereafter owe or have
      towards any Secured Creditor under or in connection with the Finance
      Documents.</P></TD></TR></TABLE>
<P align=center>3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.9 </TD>
    <TD>
      <P align=justify><B>Secured Property </B>means,
  collectively:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Cash; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Related Rights,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and all of the Pledgor's rights, title
and interests therein and thereto and claims against any person in respect
thereof, of whatsoever nature and howsoever arising (whether actual, prospective
or contingent, direct or indirect, arising under common law or statute, whether
a claim for the payment of money or the performance of another obligation and
whether or not those rights and interests were within the contemplation of the
Parties at the Signature Date) and, in each case, any property forming part
thereof. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.1.10 </TD>
    <TD>
      <P align=justify><B>Senior Facility E Discharge Date </B>means the "Senior
      Facility E Discharge Date" as defined in the Senior Facility E
      Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.1.11 </TD>
    <TD>
      <P align=justify><B>Signature Date </B>means the date on which, once this
      Agreement has been signed by all the Parties, it is signed by the last
      Party to do so.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >1.2 </TD>
    <TD>
      <P align=justify><B>Construction</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >1.2.1 </TD>
    <TD>
      <P align=justify>Terms and expressions defined in the Common Terms
      Agreement, unless expressly defined in this Agreement, have the same
      meaning in this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.2 </TD>
    <TD>
      <P align=justify>The provisions of Clauses 1.3 (Construction) and 1.4
      (Third Party Rights) of the Common Terms Agreement apply to this Agreement
      as though they were set out in full in this Agreement, except that any
      reference in that clause to the Common Terms Agreement is to be construed
      as references to this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.3 </TD>
    <TD>
      <P align=justify>Any undertaking of the Pledgor under this Agreement
      remains in force until the Senior Facility E Discharge Date.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >1.2.4 </TD>
    <TD>
      <P align=justify>If any Secured Creditor considers that an amount paid to
      it under a Finance Document is capable of being avoided or otherwise set
      aside on the sequestration, liquidation, business rescue or administration
      of the payer or otherwise, then that amount will not be considered to have
      been irrevocably discharged for the purposes of this
  Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>PLEDGE AND CESSION IN
SECURITY</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.1 </TD>
    <TD>
      <P align=justify><B>Pledge and cession</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Pledgor hereby pledges to the Secured Creditors all
      its Cash and cedes <I>in securitatem debiti </I>to the Secured Creditors,
      jointly and severally, all its Secured Property, in each case individually
      and collectively with all other Secured Property, as continuing general
      covering collateral security for the due, proper and punctual payment and
      performance in full of all the Secured Obligations, on the terms set out
      in this Agreement, which pledge and cession the Secured Creditors
      accept.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >2.2 </TD>
    <TD>
      <P align=justify><B>Nature of pledge and
cession</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >2.2.1 </TD>
    <TD>
      <P align=justify>The pledge and cession contemplated by this Agreement are
      intended to operate as a pledge and a cession of each part and all of the
      Cash and the Secured Property, individually and collectively.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >2.2.2 </TD>
    <TD>
      <P align=justify>If, for any reason, any Security intended to be created
      under this Agreement is or becomes illegal, invalid or unenforceable in
      respect of some of the Cash or the Secured Property, the pledge of those
      Cash and the cession of that Secured Property shall be severed from this Agreement, and this
      Agreement and all the Security created over the remainder of the Secured
  Property shall continue in full force and effect.</P></TD></TR></TABLE>
<P align=center>4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="15%" >2.2.3 </TD>
    <TD>
      <P align=justify>The cession contemplated by this Agreement operates as a
      security cession and not as an outright cession, and the Pledgor retains
      bare ownership of all the Secured Property, subject to the rights of the
      Secured Creditors as secured creditors under this
  Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >2.3 </TD>
    <TD>
      <P align=justify><B>Pledgor remains liable to perform
    obligations</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Notwithstanding any other provision of a Finance
      Document, the Pledgor shall remain liable to perform all its duties and
      obligations, whether contractual or otherwise, in respect of the Secured
      Property and nothing in this Agreement or the exercise by a Finance Party
      of any right under a Finance Document shall constitute or be deemed to
      constitute a delegation to or acceptance by a Finance Party of any
      obligation of the Pledgor or any other person.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>DURATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This Agreement and the Security created pursuant to this
      Agreement:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >3.1 </TD>
    <TD>
      <P align=justify>comes into full force and effect on the Signature Date
      without any further action, consent or authority required from any
      person;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >3.2 </TD>
    <TD>
      <P align=justify>unless otherwise agreed by the Secured Creditors, shall
      not terminate before the Senior Facility E Discharge Date; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >3.3 </TD>
    <TD>
      <P align=justify>shall remain of full force and effect, notwithstanding
      any intermediate discharge or settlement of, or temporary fluctuation in,
      the Secured Obligations.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>REPRESENTATIONS AND WARRANTIES BY THE
    PLEDGOR</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.1 </TD>
    <TD>
      <P align=justify><B>General</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.1.1 </TD>
    <TD>
      <P align=justify>The Pledgor makes the representations and warranties set
      out in this Clause 4 to each Finance Party on each day that this Agreement
      is in force. References in this Clause to "<B>it</B>" or "<B>its</B>",
      unless the context otherwise requires, is a reference to the
    Pledgor.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.1.2 </TD>
    <TD>
      <P align=justify>The Finance Parties enter into the Finance Documents on
      the strength of and relying on the representations and warranties set out
      in this Clause 4, each of which is a separate representation and warranty,
      given without prejudice to any other representation or warranty and is
      deemed to be a material representation or warranty (as applicable)
      inducing the Finance Parties to enter into the Finance
  Documents.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.2 </TD>
    <TD>
      <P align=justify><B>Status</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.2.1 </TD>
    <TD>
      <P align=justify>It is a limited liability company, duly incorporated and
      validly existing under the laws of South Africa.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.2.2 </TD>
    <TD>
      <P align=justify>It has the power to own its assets (including all the
      Secured Property) and carry on its business as it is being
    conducted.</P></TD></TR></TABLE>
<P align=center>5</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.3 </TD>
    <TD>
      <P align=justify><B>Powers and authority</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>It has the power to enter into and perform, and has taken
      all necessary action to authorise the entry into and performance of, this
      Agreement and the transactions contemplated by this Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >4.4 </TD>
    <TD>
      <P align=justify><B>Legal validity</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>This Agreement:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.4.1 </TD>
    <TD>
      <P align=justify>creates the Security it purports to create and is not
      liable to be avoided or otherwise set aside on its liquidation or business
      rescue or otherwise; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.4.2 </TD>
    <TD>
      <P align=justify>constitutes its legally valid and binding obligation,
      enforceable against it in accordance with its
terms.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.5 </TD>
    <TD>
      <P align=justify><B>Non-conflict</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Its entry into and the performance of its obligations
      under this Agreement, the transactions contemplated by and the Security
      created under this Agreement, do not and will not conflict
  with:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.5.1 </TD>
    <TD>
      <P align=justify>any law or regulation applicable to it;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.5.2 </TD>
    <TD>
      <P align=justify>its constitutional documents; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.5.3 </TD>
    <TD>
      <P align=justify>any material agreement or instrument binding upon it or
      any of its assets, or constitute a default or termination event (however
      described) under any such document.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.6 </TD>
    <TD>
      <P align=justify><B>Authorisations</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.6.1 </TD>
    <TD>
      <P align=justify>All authorisations required by it in connection with the
      entry into, performance, validity and enforceability of, the transactions
      contemplated by and the Security established under, this Agreement have
      been obtained or effected (as appropriate) and are in full force and
      effect.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.6.2 </TD>
    <TD>
      <P align=justify>If it is required to give notice to or obtain consents or
      waivers from any person to pledge the Cash and cede the Secured Property
      under this Agreement, all such notices have been given and consents or
      waivers obtained before the Signature Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >4.7 </TD>
    <TD>
      <P align=justify><B>Secured Property</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >4.7.1 </TD>
    <TD>
      <P align=justify>The Secured Property is and will be valid and all rights
      evidenced thereby or which exists in respect thereof are and will be
      legally valid, binding and fully enforceable in accordance with their
      terms in all respects.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.7.2 </TD>
    <TD>
      <P align=justify>It is and will remain the sole legal and beneficial owner
      of all of the Secured Property over which it purports to grant the
      Security under this Agreement, to the exclusion of all others.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.7.3 </TD>
    <TD>
      <P align=justify>No person has an option or right of refusal over the
      Secured Property or any part thereof which would apply on an enforcement
      by a Secured Creditor of its rights under this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >4.7.4 </TD>
    <TD>
      <P align=justify>No part of the Secured Property has been pledged, ceded
      (either outright or as security), discounted, factored, mortgaged under
      notarial bond or otherwise, or otherwise disposed of or hypothecated, nor
      is it subject to any other right or claim in favour of any person (including any rights of pre-emption)
which would apply on enforcement by a Secured Creditor of its rights under this
Agreement. If any Secured Property is subject to Security in breach of this
representation and warranty then, without prejudice to any other rights that the
Secured Creditors may have, any reversionary or other interests the Pledgor may
have in the said Secured Property are also ceded to the Secured Creditors. </P></TD></TR></TABLE>
<P align=center>6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>UNDERTAKINGS BY THE PLEDGOR</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Pledgor is bound by the undertakings set out in this
      Clause 5. The undertakings in this Clause 5 remain in force from the
      Signature Date until the Senior Facility E Discharge
  Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.1 </TD>
    <TD>
      <P align=justify><B>Negative pledge</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Pledgor:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.1.1 </TD>
    <TD>
      <P align=justify>shall not grant or permit to exist any further Security
      over any Secured Property or dispose of the Secured Property in any manner
      without the express prior consent of the Secured Creditors; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >5.1.2 </TD>
    <TD>
      <P align=justify>must at all times keep the Secured Property free of
      judicial attachments and other Security.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.2 </TD>
    <TD>
      <P align=justify><B>Preservation of Secured
Property</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.2.1 </TD>
    <TD>
      <P align=justify>The Pledgor undertakes:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to the extent reasonably possible, that it shall not
      permit any material depreciation of the value of, or a variation of rights
      relating to, the Secured Property or any of them to occur without the
      express prior consent of the Secured Creditors;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>not to take or omit to take any action which could
      reasonably be expected to adversely affect the rights of the Secured
      Creditors under this Agreement or the effectiveness of the Security
      created by this Agreement;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>to take all appropriate steps required from time to time
      for the care, preservation and protection of the Secured Property and the
      rights of the Secured Creditors under this Agreement; and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>to timeously comply in full with all its obligations in
      respect of the Secured Property, from time to
time.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.2.2 </TD>
    <TD>
      <P align=justify>The Pledgor waives for the benefit of the Secured
      Creditors any and all rights it may have in respect of the Secured
      Property which conflict with or may restrict the rights of the Secured
      Creditors under this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >5.2.3 </TD>
    <TD>
      <P align=justify>The Pledgor undertakes not to cancel or amend the
      Cash-in-Transit Agreement without the express prior consent of the Secured
      Creditors.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.3 </TD>
    <TD>
      <P align=justify><B>Amounts received on account of Secured
    Property</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If an Event of Default occurs and is continuing, the
      Pledgor shall forthwith pay and transfer to the Secured Creditors or to
      their order, and place them in possession of, all cash and other assets
      received in respect of the Secured Property.</P></TD></TR></TABLE>
<P align=center>7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>DELIVERY OF DOCUMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Pledgor must deliver the documents set out this
      Clause 6 to the Secured Creditors by no later than the Signature Date (or
      in respect of Secured Property acquired by the Pledgor or otherwise
      arising thereafter, as soon as reasonably possible after that property
      becomes Secured Property, but in any event within 5 Business
  Days).</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >6.1 </TD>
    <TD>
      <P align=justify><B>Cash</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Pledgor must deliver to the Facility Agent in respect
      of all its Cash a copy of a notice by the Pledgor and the Secured Creditor
      to Fidelity of the pledge and cession of Cash under this Agreement,
      together with an acknowledgement of that notice signed by Fidelity,
      substantially in the form of Schedule 1 (Cash).</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >6.2 </TD>
    <TD>
      <P align=justify><B>Other requirements</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >6.2.1 </TD>
    <TD>
      <P align=justify>If any Secured Property, or part thereof, is evidenced by
      a document, or when the Pledgor holds Security for any obligation owed to
      it in respect of Secured Property and that Security is evidenced by a
      document, the Pledgor shall, at the request of the Secured Creditors,
      promptly deliver a certified copy of that document to the Secured
      Creditors.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >6.2.2 </TD>
    <TD>
      <P align=justify>In addition to the documents referred to above, the
      Pledgor shall deliver to the Secured
Creditors:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>in respect of all Secured Property acquired by the
      Pledgor or otherwise arising after the Signature Date, all information and
      applicable items of documentation referred to in Clause 6.1;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any other documents relating to the Secured Property for
      which the Secured Creditors may at any time reasonably
  call,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>which documents must be delivered to
the Secured Creditors within a reasonable period, as agreed between the Secured
Creditors and the Pledgor and, failing such agreement, within 5 Business Days.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >6.2.3 </TD>
    <TD>
      <P align=justify>The Secured Creditors may retain possession of all
      documents delivered to them under this Clause 6 and deal with them in
      accordance with the Finance Documents until the Senior Facility E
      Discharge Date, after which date they shall be returned to the Pledgor as
      soon as reasonably possible.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >6.2.4 </TD>
    <TD>
      <P align=justify>If any third party consents are required by the Pledgor
      to cede any of its Secured Property under this Agreement, it must obtain
      those third party consents before or on the Signature
  Date.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>ENFORCEMENT</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.1 </TD>
    <TD>
      <P align=justify><B>Rights of the Secured Creditors</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>If an Event of Default is continuing, the Secured
      Creditors (or any of them) may, without prejudice to any other rights they
      may have against the Pledgor, exercise their rights under this Clause 7,
      and otherwise put into force and effect all rights, powers and remedies
      available to them in relation to the Secured Property, in such manner and
      on such terms and conditions as they in their sole discretion consider
      most expedient. Without limiting the foregoing, if an Event of Default is
      continuing, the Secured Creditors (or any of them) may, and the Pledgor
      hereby irrevocably and unconditionally authorises and empowers each of
      them or their nominee, and appoints each of them <I>in rem suam</I>,
      without any further authority or consent of any nature whatsoever
      required from any person, in the name of any or all of the Secured
Creditors or their nominee or in the name of the Pledgor to: </P></TD></TR></TABLE>
<P align=center>8</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.1.1 </TD>
    <TD>
      <P align=justify>exercise all or any of the rights, powers and privileges
      and enforce all or any obligations attaching to the Secured Property, in
      such manner and on such terms as the Secured Creditors in their sole
      discretion deem fit;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.1.2 </TD>
    <TD>
      <P align=justify>receive payment for, delivery of, and/or performance in
      respect of, the Secured Property in their own name or that of their
      nominee;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.1.3 </TD>
    <TD>
      <P align=justify>authorise any officer of any Secured Creditor (whose
      appointment need not be proved) to sign, on behalf of and in the name of
      the Pledgor, any document that may be necessary to give effect to any
      disposal or realisation of Secured Property by the Secured Creditors under
      this Clause;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.1.4 </TD>
    <TD>
      <P align=justify>at the election of the Secured
  Creditors:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>sell or otherwise realise all or some of the Secured
      Property by public auction;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>sell or otherwise realise at a Fair Value all or some of
      the Secured Property by private treaty; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>take over all or some of the Secured Property at a Fair
      Value,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>and, subject to the provisions of
Clause 8 (Appropriation of Proceeds), apply the proceeds of such sale, purchase
or other realisation or transfer (including the purchase price payable for any
Secured Property taken over by the Secured Creditors) against the Secured
Obligations on the basis that any excess upon realisation or balance owing to
the Pledgor (as the case may be) will be paid to the Pledgor and any shortfall
on realisation will remain a debt due by the Pledgor to the Secured Creditors.
</P>
<P style="MARGIN-LEFT: 15%" align=justify>For the purposes of paragraph (c)
above, the <B>Fair Value</B> of any Secured Property will be (a) in the case of
Cash, the face value of such Cash and (b) in all other instances, the value
agreed in writing between the Secured Creditors and the Pledgor or, failing
agreement within ten Business Days after delivery of a notice to the Pledgor
stating that the Secured Creditors exercise their rights under this Clause 7.1,
the value determined by an independent chartered accountant employed by either
PwC, EY, Deloitte or KPMG agreed to by the Secured Creditors and the Pledgor
(or, failing agreement within 5 Business Days, appointed, at the request of
either Party, by the President of the South African Institute of Chartered
Accountants, or the successor body thereto), which independent accountant shall
act as an expert and not as an arbitrator, shall be instructed to make his
determination within ten Business Days and shall determine the liability for his
charges (which shall be paid accordingly), provided that if a determination is
manifestly unjust and a court exercises its general power, if any, to correct
such determination, the Parties shall be bound thereby; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.1.5 </TD>
    <TD>
      <P align=justify>institute any legal proceedings which the Secured
      Creditors may deem necessary in connection with any sale, purchase or
      other realisation or transfer of any of the Secured Property and to
      prosecute such proceedings to their final end and conclusion, including
      the prosecution of such appeals and reviews as the Secured Creditors in
      their discretion may determine;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.1.6 </TD>
    <TD>
      <P align=justify>compromise any of the Secured Property, grant any
      extension or other indulgence in respect of the Secured Property, agree to
      amend the terms of the Secured Property, and/or release any security,
      guarantee or suretyship held for the Secured Property or waive any right which relates to
  or constitutes part of the Secured Property;</P></TD></TR></TABLE>
<P align=center>9</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="15%" >7.1.7 </TD>
    <TD>
      <P align=justify>give transfer of and convey valid title in any Secured
      Property to any person (including a Secured Creditor); and/or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.1.8 </TD>
    <TD>
      <P align=justify>take all such further or other steps as the Secured
      Creditors may consider necessary to deal with the Secured Property in
      order to give effect to this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.2 </TD>
    <TD>
      <P align=justify><B>Undertakings by the Pledgor in respect of
      realisation</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>On the Secured Creditors taking any action under Clause
      7.1, or otherwise as required by the Secured Creditors if an Event of
      Default is continuing, the Pledgor shall on demand by the Secured
      Creditors:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >7.2.1 </TD>
    <TD>
      <P align=justify>give written notice to all persons required by the
      Secured Creditors that payment for, delivery of or performance in respect
      of the relevant Secured Property must be made to the Secured Creditors or
      their nominee and that payment, delivery or performance to the Pledgor or
      to anyone else will not constitute valid payment, delivery or performance,
      and the Secured Creditors shall be entitled to do likewise. The Pledgor
      shall on demand by the Secured Creditors provide proof that such
      notification has been duly given;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.2.2 </TD>
    <TD>
      <P align=justify>refuse to accept any payment, delivery, or performance
      tendered in respect of any of the Secured Property and order that such
      payment, delivery or performance be tendered to the Secured
    Creditors;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.2.3 </TD>
    <TD>
      <P align=justify>forthwith pay over or deliver to the Secured Creditors
      any interest, dividend, negotiable instruments or other monetary benefits
      of any nature accrued or received in respect of the Secured Property after
      the date of an Event of Default, by depositing the same into any bank
      account in South Africa nominated by the Secured Creditors;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.2.4 </TD>
    <TD>
      <P align=justify>deliver to the Secured Creditors any property which the
      Pledgor acquires or which accrues to it in connection with the Secured
      Property;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >7.2.5 </TD>
    <TD>
      <P align=justify>at its own cost, carry out any lawful directions the
      Secured Creditors may give in regard to the realisation of Secured
      Property, and sign any document or do any other lawful act necessary
      to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>vest the Secured Property in the Secured
  Creditors;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>enable any sale, purchase or other realisation or
      transfer of Secured Property; or</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>perfect and complete (to the extent necessary) the
      cession of any Secured Property under this
Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >7.3 </TD>
    <TD>
      <P align=justify><B>No obligation on the Secured Creditors</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Notwithstanding anything to the contrary contained in
      this Agreement, no Secured Creditor shall be obliged to take any steps to
      preserve, protect, collect, recover or otherwise enforce its rights under
      or in respect of the Secured Property.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>APPROPRIATION OF PROCEEDS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Secured Creditors shall apply the net proceeds of all
      amounts received pursuant to the sale or other realisation of Secured
      Property, or from the appropriation of cash
amounts which constitute Secured Property, under this Agreement
      (after deducting all properly evidenced costs and expenses incurred by the
      Secured Creditors) in reduction or discharge of the Secured Obligations,
      in such order and in such manner as the Secured Creditors deem
  fit.</P></TD></TR></TABLE>
<P align=center>10</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>PAYMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subject to the Common Terms Agreement, and unless
      otherwise agreed or specified by the Secured Creditors by notice in
      writing, all payments due by the Pledgor under this Agreement or in
      respect of the Secured Property shall be made free of any bank or other
      charges in the currency of the Secured Obligation into a bank account, or
      at such other address in South Africa, nominated by the Secured
      Creditors.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>POWER OF ATTORNEY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Pledgor irrevocably and severally appoints the
      Secured Creditors, jointly and severally, and any of their delegates or
      sub-delegates to be its attorney to take any action which the Pledgor is
      obliged to take under this Agreement but has failed to take. The Pledgor
      ratifies and confirms whatever any attorney does or purports to do
      pursuant to its appointment under this Clause.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>FURTHER ASSURANCES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Pledgor shall generally promptly do everything that
      may be required in order to comply with its obligations under this
      Agreement, and as may otherwise be required by the Secured Creditors for
      the purposes of, and to give effect to, this Agreement, failing which the
      Secured Creditors may, to the extent possible, attend thereto on behalf of
      the Pledgor and recover on demand from the Pledgor any reasonable expenses
      incurred in relation thereto. In particular the Pledgor shall execute and
      do all such acts and things as the Secured Creditors, in their reasonable
      discretion, may require:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >11.1 </TD>
    <TD>
      <P align=justify>to perfect or protect the Security created (or intended
      to be created) by this Agreement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >11.2 </TD>
    <TD>
      <P align=justify>to preserve or protect any of the rights of the Secured
      Creditors under this Agreement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >11.3 </TD>
    <TD>
      <P align=justify>to enforce any Security created under this Agreement on
      or at any time after it becomes enforceable;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >11.4 </TD>
    <TD>
      <P align=justify>for the exercise of any power, authority or discretion
      vested in a Secured Creditor under this Agreement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >11.5 </TD>
    <TD>
      <P align=justify>to carry out the effect, intent and purpose of this
      Agreement,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>in any such case, forthwith upon demand
by the Secured Creditors, to the maximum extent permitted by law and at the
expense of the Pledgor. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B>ADDITIONAL RIGHTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The rights conferred on the Secured Creditors by this
      Agreement are additional to and not in substitution
for:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >12.1 </TD>
    <TD>
      <P align=justify>any other rights a Secured Creditor has, or may at any
      time in the future have, against the Pledgor or any other
person;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >12.2 </TD>
    <TD>
      <P align=justify>any other Security held or hereafter to be held by a
      Secured Creditor from the Pledgor or any other person, in connection with
      the Secured Obligations. A Secured Creditor may release any Security held
      by it without prejudice to its rights under this
  Agreement.</P></TD></TR></TABLE>
<P align=center>11</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B>PLEDGOR BOUND NOTWITHSTANDING CERTAIN
      CIRCUMSTANCES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Pledgor agrees that on signature of this Agreement,
      it will be bound under this Agreement to the full extent hereof, despite
      the fact that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >13.1 </TD>
    <TD>
      <P align=justify>any additional Security from the Pledgor or any other
      person for the Secured Obligations may not be obtained or may be released
      or may cease to be held for any other reason;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >13.2 </TD>
    <TD>
      <P align=justify>the Finance Parties may agree any variation or novation
      of the Finance Documents (including any amendment providing for the
      increase in the amount of the Facility or an additional
  facility);</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >13.3 </TD>
    <TD>
      <P align=justify>any Finance Party may receive a dividend or benefit in
      any insolvency, liquidation or business rescue or any compromise or
      composition, whether in terms of any statutory enforcement or the common
      law;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >13.4 </TD>
    <TD>
      <P align=justify>the Secured Creditors may grant any indulgences to the
      Pledgor or may not exercise any one or more of its rights under the
      Finance Documents, either timeously or at all; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >13.5 </TD>
    <TD>
      <P align=justify>any other fact or circumstance may arise on which the
      Pledgor might otherwise be able to rely on a defence based on prejudice,
      waiver or estoppel.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>If the Pledgor suffers any loss arising
from any of the facts, circumstances, acts or omissions referred to above, it
will have no claim against any Secured Creditor in respect thereof. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >14. </TD>
    <TD>
      <P align=justify><B>KEEPING, INSPECTION AND DELIVERY OF
  RECORDS</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >14.1 </TD>
    <TD>
      <P align=justify>The Pledgor shall at all times keep up-to-date records of
      the Secured Property and shall comply with any reasonable directions the
      Secured Creditors may give in regard to the keeping of such
  records.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >14.2 </TD>
    <TD>
      <P align=justify>The Secured Creditors or anyone authorised by the Secured
      Creditors may at any time and on reasonable notice inspect any of the
      Pledgor's books of account and other records, including books of account
      and records in the possession of a third party.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >14.3 </TD>
    <TD>
      <P align=justify>If the Secured Creditors at any time so request, the
      Pledgor shall at its own cost deliver to the Secured Creditors or their
      order certified copies of any of the books and records referred to in
      Clauses 14.1 and 14.2.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><B>EXEMPTION FROM
LIABILITY</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >15.1 </TD>
    <TD>
      <P align=justify>A Secured Creditor, their officers, trustees, agents,
      beneficiaries, employees and advisors (each an <B>Exempt Party</B>) shall
      not be liable for any loss or damage, whether direct, indirect,
      consequential or otherwise, suffered by the Pledgor howsoever arising in
      connection with this Agreement, whether that loss or damage arises as a
      result of a breach of contract (whether total, fundamental or otherwise),
      delict or any other cause, and whether this Agreement has been terminated
      or not, other than as a result of the gross negligence or wilful
      misconduct of that Exempt Party.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >15.2 </TD>
    <TD>
      <P align=justify>The Pledgor hereby indemnifies (and agrees to keep
      indemnified) and holds harmless the Secured Creditors and their respective
      officers, trustees, agents, beneficiaries, employees and advisors against
      any and all losses, claims, damages or liabilities (excluding any
      consequential damages, loss or liability (including opportunity cost)) to
      which they may become subject under or in connection with this Agreement,
      and agrees to reimburse the Secured Creditors for any legal or other
      expenses reasonably incurred by them in connection with investigating or
      defending any such loss, claim, damage, liability or action; provided that
      the Pledgor will not be liable to any particular Secured Creditor in any such case to the extent that any such
loss, claim, damage or liability of that Secured Creditor arises out of the
gross negligence or wilful misconduct of that Secured Creditor or any of its
officers, trustees, agents, beneficiaries, employees and advisors, as the case
may be. </P></TD></TR></TABLE>
<P align=center>12</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B>CHANGES TO THE PARTIES</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >16.1 </TD>
    <TD>
      <P align=justify><B>Transfers by a Secured
Creditor</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >16.1.1 </TD>
    <TD>
      <P align=justify>A Secured Creditor may cede any of its rights and/or
      delegate any of its obligations under this Agreement to any person to whom
      it cedes any of its rights and/or delegates any of its obligations under
      the Finance Documents. The Pledgor agrees to co-operate and take all such
      steps as a Secured Creditor may reasonably request to give any such
      transferee the benefit of this Agreement.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >16.1.2 </TD>
    <TD>
      <P align=justify>To the extent that a splitting of claims arises as a
      result of any actions taken under Clause 16.1.1, the Pledgor hereby
      consents to such splitting of claims.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >16.2 </TD>
    <TD>
      <P align=justify><B>Stipulation for the benefit of future Secured
      Creditors</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The provisions of this Agreement which confer benefits on
      the Secured Creditors constitute stipulations for the benefit of any
      person who becomes a Finance Party and a Secured Creditor after the
      Signature Date, and shall be capable of acceptance by that person at any
      time. To the extent that a splitting of claims arises as a result of the
      provisions of this Clause, the Pledgor hereby consents to such splitting
      of claims.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >16.3 </TD>
    <TD>
      <P align=justify><B>Transfers by the Pledgor</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>The Pledgor may not cede any of its rights nor delegate
      any of its obligations under this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><B>SEVERABILITY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each term of this Agreement, whether forming an entire
      clause or only part of a clause, is divisible and severable from all the
      other terms (regardless of the manner in which they may be linked together
      or grouped grammatically). If a term or provision of this Agreement is or
      becomes illegal, invalid or unenforceable in any respect in any
      jurisdiction, that will not affect:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >17.1 </TD>
    <TD>
      <P align=justify>the legality, validity or enforceability in that
      jurisdiction of any other term or provision of this Agreement which shall
      remain in full force and effect, and such illegal, invalid or
      unenforceable term or provision shall be severed from this Agreement;
      or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >17.2 </TD>
    <TD>
      <P align=justify>the legality, validity or enforceability in other
      jurisdictions of that or any other term of this
  Agreement,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>and in particular, a Secured Creditor
shall be entitled to deal with its rights in respect of the Secured Property in
such manner as is sanctioned or approved in terms of a court order or as is
otherwise legally permissible. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify><B>GOVERNING LAW</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This Agreement and any non-contractual obligations
      arising out of or in connection with it are governed by South African
      law.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify><B>JURISDICTION</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >19.1 </TD>
    <TD>
      <P align=justify>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 this
  Agreement(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 <b>dispute</b>). </P></TD></TR></TABLE>
<P align=center>13</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="10%" >19.2 </TD>
    <TD>
      <P align=justify>The Parties agree that the courts of South Africa are the
      most appropriate and convenient courts to settle disputes. The Parties
      agree not to argue to the contrary and waive objection to this court on
      the grounds of inconvenient forum or otherwise in relation to proceedings
      in connection with this Agreement.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >19.3 </TD>
    <TD>
      <P align=justify>This Clause 19 is for the benefit of the Secured
      Creditors only. As a result, the Secured Creditors shall not be prevented
      from taking proceedings relating to a dispute in any other court with
      jurisdiction. To the extent allowed by law, the Secured Creditors may take
      concurrent proceedings in any number of
jurisdictions.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify><B>MISCELLANEOUS MATTERS</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >20.1 </TD>
    <TD>
      <P align=justify><B>Amendments, waivers and
  cancellation</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >20.1.1 </TD>
    <TD>
      <P align=justify>No contract varying, adding to, deleting from or
      cancelling this Agreement will be effective unless reduced to writing and
      signed by or on behalf of the Parties.</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%" >20.1.2 </TD>
    <TD>
      <P align=justify>The expiry or termination of this Agreement will not
      prejudice the rights of the Secured Creditors in respect of any antecedent
      breach by the Pledgor of, or non- performance under, this
  Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >20.2 </TD>
    <TD>
      <P align=justify><B>Certificates and Determinations</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" ></TD>
    <TD>
      <P align=justify>Any certification or determination by a manager of a
      Secured Creditor (whose appointment need not be proved) as to the
      existence of and the amount of indebtedness by the Pledgor to the Secured
      Creditors, that such amount is due and payable, the amount of interest
      accrued thereon and as to any other fact, matter or thing related to the
      Pledgor's indebtedness under the Finance Documents shall be, in the
      absence of manifest error, <I>prima facie </I>evidence of contents and
      correctness of the matters to which it relates for the purposes of
      provisional sentence, summary judgement or any other proceedings, shall be
      valid as a liquid document for such purposes and shall, in addition, be
      <I>prima facie </I>proof for purposes of pleading or trial in any action
      instituted against the Pledgor arising herefrom.</P></TD></TR></TABLE>
<P align=justify><B>THIS AGREEMENT</B> has been entered into on the date stated
at the beginning of this Agreement. </P>
<P align=center>14</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A>
<P align=right><B>SCHEDULE 1 </B></P>
<P align=center><B>CASH </B></P>
<P align=center><B>NOTICE AND ACKNOWLEDGMENT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >To: </TD>
    <TD align=left width="95%"><B>FIDELITY CASH SOLUTIONS PROPRIETARY LIMITED
      </B>(the <B>Company</B>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>[</B><B>&#149;</B><B>]</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>[</B><B>&#149;</B><B>]</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%"><B>[</B><B>&#149;</B><B>]</B>
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left >From: </TD>
    <TD noWrap align=left width="95%"><B>NET1 APPLIED TECHNOLOGIES SOUTH
      AFRICA PROPRIETARY LIMITED </B>(the <B>Pledgor</B>) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="95%"><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK</B> <B>DIVISION) </B>(a <B>Secured Creditor</B>) </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="95%">[<B>Date</B>] </TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>Pledge dated [</B><B>&#149;</B><B>], 20[</B><B>&#149;</B><B>] by Net1
Applied Technologies South Africa Proprietary Limited (the </B><BR><B>Pledgor)
in favour of the Secured Creditors </B><BR>(the<B> Pledge</B>)<B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>We refer to the Pledge (a copy of which is attached for
      your records).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Terms and expressions defined in the Pledge have the same
      meaning where used in this letter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>The Secured Creditors hereby appoint the Company and, by
      signing the acknowledgement, the Company hereby agrees to act as agent of
      the Secured Creditors upon the terms and subject to the conditions set out
      below, for the purposes of, performing all the functions and duties
      imposed on the Company in respect of holding Cash as agent of the Secured
      Creditors.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>The Pledgor and the Secured Creditors give the Company
      notice that pursuant to the Pledge, the Pledgor has, <I>inter alia</I>,
      pledged all its Cash and ceded <I>in securitatem debiti </I>to the Secured
      Creditors all its Cash and any Related Rights.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>The Secured Creditors, the Pledgor and the Company agree
      that:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%" >5.1 </TD>
    <TD>
      <P align=justify>the Pledgor is and remains the owner of the Cash and the
      Cash is and remains the property of the Pledgor, at all times, subject to
      the terms of the Pledge and the Cash-in- Transit Agreement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >5.2 </TD>
    <TD>
      <P align=justify>the Company is in physical possession of the Cash at all
      times and until the Signature Date holds the cash for and on behalf of the
      Pledgor, subject to the terms of the Cash- in-Transit Agreement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%" >5.3 </TD>
    <TD>
      <P align=justify>on and with effect from the Signature
  Date:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%" >5.3.1 </TD>
    <TD>
      <P align=justify>all the Cash remains the property of the Pledgor subject
      to the terms of the Pledge and the Cash-in-Transit
  Agreement;</P></TD></TR></TABLE>
<P align=center>15</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">5.3.2 </TD>
    <TD>
      <P align=justify>all the Cash are pledged to the Secured Creditors on the
      terms of the Pledge;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">5.3.3 </TD>
    <TD>
      <P align=justify>physical possession of the Cash is delivered to the
      Secured Creditors by way of attornment so that the Company immediately
      ceases to hold the Cash as the property of, for and on behalf of, the
      Pledgor as owner and with immediate effect holds all the Cash for and on
      behalf of the Secured Creditors as pledgees;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">5.3.4 </TD>
    <TD>
      <P align=justify>subject to the terms of the Pledge and the
      Cash-in-Transit Agreement all Cash is considered to have been delivered by
      the Pledgor to the Secured Creditors by way of attornment, and held by the
      Company in its physical possession of the Secured Creditors as
      pledgees;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">5.4 </TD>
    <TD>
      <P align=justify>the Company will retain possession and direct management
      of the Cash at all times;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">5.5 </TD>
    <TD>
      <P align=justify>the Cash will be handled and controlled by the Company at
      all times and packaged in clearly identifiable bags that are marked in the
      name of the Pledgor;</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">5.6 </TD>
    <TD>
      <P align=justify>at no point will the Cash be co-mingled with or in any
      other way mixed with any cash not owned by the Pledgor; and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">5.7 </TD>
    <TD>
      <P align=justify>the Cash in the possession of and under the direct
      management of the Company as agent of the Secured Creditors will
  be:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="15%">5.7.1 </TD>
    <TD>
      <P align=justify>held in separate, clearly designated sections of the cash
      centres of the Company and segregated from any other cash which the
      Company may hold from time to time;</P></TD></TR>
  <TR>
    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="15%">5.7.2 </TD>
    <TD>
      <P align=justify>transported by the Company separately at all times with
      no other cash not owned by the Pledgor.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>In the event that the Company receives conflicting
      instructions from the Secured Creditors and the Pledgor, the instructions
      of the Secured Creditors will prevail.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>The instructions in this letter may not be revoked or
      amended without the prior written consent of the Secured
  Creditors.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>This letter is governed by the laws of South
    Africa.</P></TD></TR></TABLE>
<P align=justify>Please send to each Secured Creditor, with a copy to ourselves,
the attached acknowledgement confirming your agreement to the above. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>For and on
      behalf of: </TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net1 Applied Technologies South</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Africa Proprietary Limited</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="45%">&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE>
<P align=center>16</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>For and on
      behalf of: </TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FirstRand Bank Limited (acting</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>through its Rand Merchant Bank</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>division)</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Date: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE>
<P align=center>17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=center><B>FORM OF ACKNOWLEDGEMENT </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>To: </TD>
    <TD align=left width="95%"><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK</B> <STRONG>DIVISION)</STRONG> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%"></TD></TR>
  <TR vAlign=top>
    <TD align=left>Copy: </TD>
    <TD align=left width="95%"><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>From: </TD>
    <TD align=left width="95%"><B>FIDELITY CASH SOLUTIONS PROPRIETARY LIMITED
      </B>(the <B>Company</B>) </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="95%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="95%">[<B>Date</B>] </TD></TR></TABLE>
<P align=justify>Dear Sirs, </P>
<P align=center><B>NOTICE OF PLEDGE </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>We refer to the notice of pledge dated
      <B>[</B><B>&#149;</B><B>]</B>, 2018 (the <B>Security Notice</B>), attaching a
      copy of a written cession and pledge in security given by Net1 Applied
      Technologies South Africa Proprietary Limited in favour of the Secured
      Creditors.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Terms and expressions defined in the Security Notice have
      the same meaning where used in this letter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>The Company acknowledges receipt of the Security Notice
      and hereby irrevocably and unconditionally confirms its consent to, and
      acknowledges and agrees to the terms and conditions thereof.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>In the event of you exercising your rights under the
      Pledge, the Company irrevocably and unconditionally undertakes
  to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="10%">4.1 </TD>
    <TD>
      <P align=justify>give effect thereto and to perform our obligations in
      relation to the Secured Property to and in favour of the Secured
      Creditors; and</P></TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="10%">4.2 </TD>
    <TD>
      <P align=justify>recognise any person to whom the Cash is to be
      transferred and approve the transfer to that
person.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>For and on
      behalf of: </TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Fidelity Cash Solutions Proprietary</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Limited</B> </TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="45%">&nbsp;</TD>
    <TD align=left width="50%">&nbsp;</TD></TR></TABLE>
<P align=center>18</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>THE PLEDGOR </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>/s/ Nunthakumarin
      Pillay </TD>
    <TD align=center width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Net1 Applied Technologies South</B> </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>Africa Proprietary Limited</B> </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Nunthakumarin Pillay </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Name: </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Director </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Office: </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(who warrants his authority) </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=center><B>SIGNATURE PAGE </B></P>
<P align=justify><B>THE SECURED CREDITOR </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>/s/ Adriaan
      Els </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="45%">/s/ Debbie Law </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;For and on behalf of: </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%">For and on behalf of: </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>FirstRand Bank Limited (acting through</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%"><B>FirstRand Bank Limited (acting through</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;<B>its Rand Merchant Bank division)</B> </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="45%"><B>its Rand Merchant Bank division)</B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left >Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="45%">Adriaan Els </TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="5%">Name: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="40%">/s/ Debbie Law </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="39%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Office: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">&#147;A&#148;
      Signatory </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">Office: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="39%">Sector
      Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="45%">(who warrants his authority) </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
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