<SEC-DOCUMENT>0001062993-19-002045.txt : 20190508
<SEC-HEADER>0001062993-19-002045.hdr.sgml : 20190508
<ACCEPTANCE-DATETIME>20190508080720
ACCESSION NUMBER:		0001062993-19-002045
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20190507
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190508
DATE AS OF CHANGE:		20190508

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:		19805256

	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>
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   <TITLE>Net 1 UEPS Technologies Inc. - Form 8-K - Filed by newsfilecorp.com</TITLE>
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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>Washington, D.C.
20549</P>
<P align=center>___________________________ </P>
<P align=center><B><FONT size=5>FORM 8-K </FONT></B></P>
<P align=center><B>CURRENT REPORT</B><BR><B>Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</B><BR></P>
<P align=center>Date of Report (Date of earliest event reported): <B><U>May 8,
2019 (May 3, 2019)</U></B></P>
<P align=center><B><U><FONT size=5>NET 1 UEPS TECHNOLOGIES,
INC.</FONT></U></B><B> </B><BR>(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 align=center><B><U>Florida </U></B></TD>
    <TD align=center width="33%"><B><U>000-31203 </U></B></TD>
  <TD align=center width="33%"><B><U>98-0171860 </U></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><U>Rosebank, Johannesburg, South
Africa</U></B><BR>(Address of principal executive offices) (ZIP Code)<BR></P>
<P align=justify>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>
<P align=justify>[&nbsp; &nbsp;] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</P>
<P align=justify>[&nbsp;&nbsp; ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a -12)</P>
<P align=justify>[&nbsp;&nbsp; ] Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))</P>
<P align=justify>[&nbsp;&nbsp; ] Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))</P>
<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=right>Emerging growth company [&nbsp; &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;&nbsp; ]</P>
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<P align=justify><B>Item 1.01 Entry into a Material Definitive Agreement.
</B></P>
<P align=justify>On May 3, 2019, Net 1 UEPS Technologies Inc. (<B>&#147;Net1&#148;</B>),
through its wholly owned subsidiary, Net1 Applied Technologies South Africa
Proprietary Limited (<B>&#147;Net1 SA&#148;</B>), entered into an agreement (the <B>&#147;Sale
of Shares Agreement&#148;) </B>pursuant to which Net1 SA further reduced its
shareholding in DNI-4PL Contracts Proprietary Limited (&#147;<b>DNI</b>&#148;) from 38% to
approximately 30% through the sale of 7,605,235 ordinary &#147;A&#148;
shares (the <B>&#147;Sale Shares&#148;</B>) issued by DNI to FirstRand Bank Limited, acting through its Rand
Merchant Bank division (<B>&#147;RMB&#148;</B>), for a transaction consideration of ZAR
215.0 million ($14.9 million, translated at exchange rates applicable as of May
3, 2019) (the &#147;<B>RMB Transaction</B>&#148;). Net1 SA was required, as a condition to
closing, to use ZAR 15.0 million ($1.0 million, translated at exchange rates
applicable as of May 3, 2019) of its cash reserves to settle a portion of its
outstanding long-term borrowings. </P>
<P align=justify>On May 3, 2019, Net1 SA entered into an agreement (the <B>&#147;Call
Option Agreement&#148;</B>) pursuant to which it granted a call option to DNI to
acquire Net1 SA&#146;s retained 30% interest in DNI. The option expires on December
31, 2019, and may be exercised at any time during this period. The option strike
price is calculated as ZAR 2.827 billion ($195.2 million, translated at exchange
rates applicable as of May 3, 2019) less any special distribution made by DNI
multiplied by Net1 SA&#146;s retained interest (i.e. assuming no special
distribution, the strike price for the 30% retained interest is ZAR 859.3
million, or $59.3 million, translated at exchange rates applicable as of May 3,
2019). The call option may be split into smaller denominations, but Net1 SA
cannot be left with less than 20% unless the whole remaining interest is
disposed of. DNI may nominate another party to exercise the call option in the
place of DNI, provided that the nominated party acquires call options
representing at least 1.0% of DNI&#146;s voting and participation interests.</P>
<P align=justify>The Sale of Shares Agreement included a condition precedent
that DNI Retail Proprietary Limited, The Starterpack Company Proprietary
Limited, DNI, the shareholders of DNI and RMB enter into a Put and Call Option
Agreement (the <B>&#147;Put/Call Agreement&#148;</B>). Under the Put/Call Agreement, DNI
Retail Proprietary Limited granted to RMB an option to require DNI Retail
Proprietary Limited to purchase all of the Sale Shares, and RMB granted to JAA
Holdings Proprietary Limited, PK Gain Investment Holdings Proprietary Limited,
Sabvest Finance and Guarantee Corporation Proprietary Limited and Sabvest
Investments Proprietary Limited an option to acquire all of the Sale Shares in
the proportions determined by them, from RMB on the further terms and conditions
as set out therein.</P>
<P align=justify>The descriptions of the documents above 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 10.99 through 10.101
and are incorporated herein by reference. </P>
<P align=justify>On May 3, 2019, the USD/ZAR exchange rate was $1.00 / ZAR
14.46.</P>
<P align=justify><B>Item 2.01. Completion of Acquisition or Disposition of
Assets.</B></P>
<P align=justify>The RMB Transaction closed on May 3, 2019. The ZAR 215.0
million ($14.9 million, translated at exchange rates applicable as of May 3,
2019) portion of the transaction was completed through a cashless process to
settle a portion of Net1 SA&#146;s outstanding long-term borrowings and, as described
above, Net1 SA paid ZAR 15.0 million ($1.0 million, translated at exchange rates
applicable as of May 3, 2019) in order to settle the remaining portion of Net1
SA&#146;s ZAR 230.0 million outstanding long-term borrowings.</P>
<P align=justify><B>Item 9.01. Financial Statements and Exhibits. </B></P>
<P align=justify>(b)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>Pro forma financial information</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="89%" align=left bgColor=#eeeeee>Unaudited Pro Forma Financial Statements
      for Net1 comprising: </TD>
    <TD align=left width="11%" bgColor=#eeeeee>&nbsp; </TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="11%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Unaudited Pro Forma Consolidated Balance
      Sheet as of December 31, 2018 </TD>
    <TD align=left width="11%" bgColor=#eeeeee>F-1 </TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="11%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Unaudited Pro Forma Consolidated Statement
      of Operations for the year ended June 30, 2018 </TD>
    <TD align=left width="11%" bgColor=#eeeeee>F-2 </TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="11%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Unaudited Pro Forma Consolidated Statement
      of Operations for the six months ended December 31, 2018 </TD>
    <TD align=left width="11%" bgColor=#eeeeee>F-3 </TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="11%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Notes to the Unaudited Pro Forma
      Consolidated Financial Statements </TD>
    <TD align=left width="11%" bgColor=#eeeeee>F-4 </TD>
  </TR></TABLE><BR>
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<P align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits</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><U>Exhibit</U> </TD>
    <TD align=left width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><U>No.</U> </TD>
    <TD align=center width="90%"><U>Description</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit10-99.htm">10.99 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit10-99.htm">Sale of shares agreement dated as of May 3, 2019, between
      FirstRand Bank Limited (acting through its Rand Merchant Bank Division)
      and Net1 Applied Technologies South Africa Proprietary Limited and DNI-
  4PL Contracts Proprietary Limited </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="exhibit10-100.htm">10.100 </a></TD>
    <TD align=left width="90%">
      <P align=justify><a href="exhibit10-100.htm">Call option agreement dated as of May 3, 2019, between
      Net1 Applied Technologies South Africa Proprietary Limited and DNI-4PL
      Contracts Proprietary Limited </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit10-101.htm">10.101 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit10-101.htm">Put and call option agreement dated as of May 3, 2019,
      between FirstRand Bank Limited (acting through its Rand Merchant Bank
      Division), DNI-4PL Contracts Proprietary Limited , DNI Retail Proprietary
      Limited, The Starterpack Company Proprietary Limited, Net1 Applied
      Technologies South Africa Proprietary Limited, JAA Holdings Proprietary
      Limited, Sabvest Finance and Guarantee Corporation Proprietary Limited,
      Sabvest Investments Proprietary Limited and PK Gain Investment Holdings
      Proprietary Limited </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD align=left width="90%">
      <P align=justify><a href="exhibit99-1.htm">Press Release, dated May 7, 2019, issued by Net 1 UEPS
      Technologies, Inc. </a></P></TD></TR></TABLE>
<BR>
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<P align=center><B>NET 1 UEPS TECHNOLOGIES, INC. </B><BR><B>UNAUDITED PRO FORMA
CONSOLIDATED FINANCIAL STATEMENTS</B><BR></P>
<P
align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview</B></P>
<P
align=justify>&nbsp;&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;On
July 27, 2017, Net 1 UEPS Technologies, Inc. (&#147;Net1&#148; and collectively with its
consolidated subsidiaries, the &#147;Company&#148;) acquired a 45% voting and economic
interest in DNI-4PL Contracts Proprietary Limited (&#147;DNI&#148;) and on March 9, 2018,
it increased this interest to 49%. The Company obtained control of DNI on June
30, 2018 and held a 55% interest in DNI as of that date. From that date, the
Company consolidated DNI in its financial statements and ceased accounting for
DNI using the equity method. As previously disclosed, on February 28, 2019, the
Company announced that it had entered into a transaction to reduce its
shareholding in DNI from 55% to 38% (the &#147;JAA/ PKG Disposal&#148;). The JAA/ PKG
Disposal closed on March 31, 2019 and the Company filed a Current Report on Form
8-K on April 4, 2019, which includes pro forma consolidated financial statements
related to the closing of the JAA/ PKG Disposal. On May 3, 2019, Net1, through
its wholly owned subsidiary, Net1 Applied Technologies South Africa Proprietary
Limited (&#147;Net1 SA&#148;), entered into a transaction with FirstRand Bank Limited,
acting through its Rand Merchant Bank division (&#147;RMB&#148;), in terms of which Net1
SA further reduced its shareholding in DNI from 38% to 30% through the sale of
7,605,235 ordinary &#147;A&#148; shares issued by DNI, for transaction consideration of
ZAR 215.0 million ($14.9 million, translated at exchange rates applicable as of
May 3, 2019) (the &#147;RMB Disposal&#148; and, together with the JAA/ PKG Disposal, the
&#147;Disposal&#148;) to settle a portion of its long-term borrowings. Net1 SA was
required, as a condition to closing, to use ZAR 15.0 million ($1.0 million,
translated at exchange rates applicable as of May 3, 2019) of its cash reserves
to settle a portion of its outstanding long-term borrowings. </P>
<P
align=justify>&nbsp;&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;The
following unaudited pro forma consolidated financial statements have been
prepared to give effect to two transactions pursuant to which the Company
reduced its shareholding in DNI from 55% to 30%: (a) the sale of a 17% equity
stake in DNI pursuant to the JAA/ PKG Disposal and (b) the sale of an 8% stake
pursuant to the RMB Disposal. The Company has prepared these unaudited pro forma
consolidated financial statements based on (a) its historical unaudited
consolidated financial statements as of and for the six months ended December
31, 2018 (b) its historical audited consolidated financial statements as of and
for the year ended June 30, 2018 and (c) financial information for DNI as of the
same date and for the same period which has been derived as described below. The
unaudited pro forma consolidated financial statements present the pro forma
financial position and results of operations of the consolidated company based
on the historical financial information and after giving effect to the Disposal
and certain adjustments which the Company believes to be (a) directly
attributable to the Disposal, (b) factually supportable, and (c) in the case of
certain income adjustments, expected to have a continuing impact, as described
in the notes to the unaudited pro forma consolidated financial statements. The
Company has combined and presented the JAA/ PKG Disposal and RMB Disposal in
these unaudited pro forma consolidated financial statements because it believes
that it is more meaningful for investors to assess the impact of the Disposal on
the Company on a combined basis rather than separately. The disposal
transactions were negotiated and finalized separately.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>&nbsp;The
Company has presented an unaudited pro forma consolidated balance sheet which
removes the historical balance sheet of DNI and the Company&#146;s purchase
accounting entries related to the acquisition of DNI from the Company as of
December 31, 2018 (but retains an equity-accounted investment in DNI as
described below), as if the Disposal had occurred on that date. The Company has
presented unaudited pro forma consolidated statement of operations of the
Company and DNI for the six months ended December 31, 2018, and the year ended
June 30, 2018, which removes (a) the historical statements of operations of DNI,
(b) interest income related to cash reserves utilized, (c) a portion of interest
expense incurred under its borrowing facilities, (d) earnings under the equity
method and (e) the Company&#146;s purchasing accounting adjustments, from the Company
for the periods presented and includes earnings under the equity method related
to the Company&#146;s retained investment in DNI, as if the Disposal had occurred on
July 1, 2017. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>&nbsp;The
unaudited pro forma consolidated statement of operations for the year ended June
30, 2018 has been prepared on the basis that the Disposal, and specifically the
RMB Disposal, was concluded on July 1, 2017. The Company has assumed that the
cash reserves used to settle a portion of the ZAR 1.25 billion facility used to
fund the acquisition of Cell C Proprietary Limited as of August 1, 2017, were
paid on August 1, 2017, and therefore the interest reduction included in the pro
forma consolidated statement of operations for the year ended June 30, 2018, is
from August 1, 2017. The Company also assumed that the proceeds from the RMB
Disposal have been applied against the ZAR 1.25 billion facility used to fund
the acquisition of Cell C Proprietary Limited as of August 1, 2017, and has not
recorded any interest income on surplus funds received from the RMB Disposal
during the month of July 2017 in the unaudited pro forma consolidated statement
of operations for the year ended June 30, 2018.</P>
<P
align=justify>&nbsp;&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;The
financial information of DNI was prepared in accordance with US GAAP, is
unaudited, and is denominated in South African Rand (&#147;ZAR&#148;). An exchange rate of
$1/ZAR 14.3960 has been used to translate DNI&#146;s historical balance sheet as of
December 31, 2018, from ZAR to U.S. dollars, based on the closing exchange rate
as of December 31, 2018, as reported by an independent external source
(www.oanda.com) (&#147;Oanda&#148;). Exchange rates of $1/ZAR 14.3376 and $1/ZAR 12.6951
have been used to translate DNI&#146;s results of operations for the six months ended
December 31, 2018, and the year ended June 30, 2018, respectively, from ZAR to
U.S. dollars, based on the average daily exchange rates for those periods, as
reported by Oanda.</P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>&nbsp;&nbsp;Following
the Disposal, the Company owns 30% of the voting and economic rights of DNI. The
Company will account for its 30% investment in DNI following the Disposal using
the equity method. The remaining 30% investment in DNI has been recorded at fair
value as of the Disposal date which was determined using the implied fair value
of DNI pursuant to the RMB Disposal. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>&nbsp;&nbsp;No
account has been taken within these unaudited pro forma consolidated financial
statements of any future changes in accounting policies which may or may not
occur as a result of the Disposal. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The pro forma adjustments are based on information that is currently
available and contain certain preliminary estimates and assumptions and thus the
actual effects of the Disposal may differ from the effects reflected herein.
These unaudited pro forma consolidated financial statements are not intended to
be indicative of the consolidated results of operations or financial position of
the consolidated company that would have been reported had the Disposal been
completed as of the dates presented, and are not representative of future
consolidated results of operations or financial condition of the consolidated
company. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>&nbsp;&nbsp;You
should read these unaudited pro forma consolidated financial statements in
conjunction with the Company&#146;s audited consolidated financial statements
included in its Annual Report on Form 10-K/A filed on December 6, 2018, and its
unaudited condensed consolidated financial statements included in the Company&#146;s
Quarterly Report on Form 10-Q filed on February 7, 2019.</P>
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<P align=justify><B>UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET</B><BR><B>As
of December 31, 2018, in $ &#145;000</B><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>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>Net1</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>Pro forma adjustments</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="6%"><B>Notes</B> </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>Pro forma</B> </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgColor=#e6efff><B>ASSETS</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Current assets </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(3,785</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">69,910 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(1,042</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (b)*</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">65,083 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Restricted cash </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>63,131 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>63,131 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(23,941</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>27,786 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (c) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Accounts receivable, net </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">105,007 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(27,786</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (c) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">81,066 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Finance loans receivable, net    </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>25,122 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(5,577</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>19,545 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Inventory </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">10,272 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(1,324</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">8,948    </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Total current
      assets before settlement assets </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>273,442 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(35,669</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>237,773 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement assets </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">65,765 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">65,765 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Total current assets </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">339,207 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(35,669</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">303,538 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Property, plant and equipment, net </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">23,739 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(1,149</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">22,590 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(172</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Equity-accounted investments </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">93,561 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">59,687 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (e)*</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">153,076 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Goodwill </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>267,964 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(108,844</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>159,120 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Intangible assets, net </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">115,250 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(95,333</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">19,917 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Deferred income taxes </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>20,826 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(16,603</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>4,223 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Other long-term assets, including reinsurance assets </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">219,577 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(13,023</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">206,554 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>TOTAL ASSETS</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">1,080,124 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">(211,106</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">869,018 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center valign="bottom" bgColor=#e6efff><B>LIABILITIES</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Current liabilities </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Short-term credit facilities
      for ATM funding </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>63,131 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>63,131 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Accounts payable </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">20,939 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(9,319</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">11,620 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(11,205</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">996 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (g) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(27,786</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (c) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Other payables </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">73,464 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">70 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (j) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">35,539 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(14,153</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (h)*</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Current portion of long-term borrowings </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">24,660 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(49</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (h)*</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">10,458 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Income taxes payable </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">6,770 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(529</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">6,241 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp;Total current liabilities before
      settlement obligations </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">188,964 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(61,975</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">126,989 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement obligations </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">65,765 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">65,765 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Total current liabilities </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">254,729 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(61,975</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">192,754 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Deferred income taxes </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>52,376 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(42,608</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>9,768 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(8,683</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(1,823</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (h)*</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Long-term debt </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">10,395 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">111 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (h)*</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">- </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Other long-term liabilities, including
      insurance policy liabilities </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">2,515 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">2,515 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>TOTAL LIABILITIES</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">320,015 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(114,978</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">205,037 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Redeemable common stock </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>107,672 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>107,672 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center valign="bottom"><B>EQUITY</B> </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Common stock </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>80 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>80 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Additional paid-in-capital </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">277,463 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">277,463 </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Treasury shares </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(286,951</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(286,951</TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Accumulated other comprehensive (loss) income </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(198,272</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">2,329 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (d)*</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(195,943</TD>
  <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(6,509</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (d)*</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(996</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (g) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(62</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (h)*</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Retained earnings </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">768,485 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(70</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (j) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">760,848 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>TOTAL NET1 EQUITY</B> </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>560,805 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(5,308</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>555,497 </TD>
  <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Non-controlling interest </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">91,632 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(90,820</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">812    </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>TOTAL EQUITY</B> </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">652,437 </TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">(96,128</TD>
    <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">556,309 </TD>
  <TD width="2%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>TOTAL LIABILITIES, REDEEMABLE COMMON</B> <B>STOCK AND
      SHAREHOLDERS&#146; EQUITY</B> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">1,080,124 </TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double"
    >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">(211,106</TD>
    <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double"
    >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double"
    >&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double"
    >&nbsp;</TD>
    <TD
      width="11%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">869,018 </TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double"
    >&nbsp;</TD>
  </TR></TABLE>
<P align=left>(*) Pro forma adjustments related to the RMB Disposal.</P>
<P align=center>See accompanying notes to unaudited pro forma consolidated
financial statements. </P>
<P align=center>F-1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=justify><B>UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF
OPERATIONS</B><BR><B>For the six months ended December 31, 2018</B><BR><B>(in $
&#145;000, except per share data or unless otherwise indicated)</B><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>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>Net1</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>Pro forma adjustments</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="6%"><B>Notes</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>Pro forma</B> </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="6%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Revenue </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>223,034 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(38,111</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>184,923 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Expenses </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Cost of goods sold, IT processing, servicing
      and support </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">123,501 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(19,940</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">103,561 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Selling, general and
      administration </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>112,874 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(2,322</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>110,552 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Depreciation and amortization </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">20,647 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(5,541</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">15,106 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Impairment losses </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">8,191 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">8,191 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Operating loss </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(42,179</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(10,308</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(52,487</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Change in fair value of equity securities    </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(15,836</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(15,836</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(493</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Interest income, net of impairment </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">1,545 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(33</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (b)*</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">1,019 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(414</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(839</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (g) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(780</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (h)*</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Interest expense </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">5,537 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(91</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (h)*</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,413 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Loss before income tax expense </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(62,007</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(8,710</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(70,717</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(2,947</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">725 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Income tax (benefit) expense </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">4,192 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(12</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (b)*</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,958 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Net loss before earnings from
      equity-accounted investments </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(66,199</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(6,476</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(72,675</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>47 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">3,233 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Earnings from equity-accounted investments    </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">126 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(1,063</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (f) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">2,343 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Net loss </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(66,073</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(4,259</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(70,332</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Less (Add) net income (loss) attributable
      to non-controlling interest </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,067 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(3,909</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (a) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(842</TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Net loss attributable to Net1 </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(69,140</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(350</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(69,490</TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Loss per share: </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;<I>Basic loss</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(1.22</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(1.22</TD>
  <TD width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;<I>Diluted loss</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(1.22</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(1.22</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Weighted-average number of outstanding
      shares of common stock used to calculate basic loss per share </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>55,962 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>55,962 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="bottom">&nbsp; </TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" valign="bottom">&nbsp;</TD>
    <TD width="11%" valign="bottom">&nbsp; </TD>
  <TD width="2%" valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Weighted-average number of outstanding
      shares of common stock used to calculate diluted loss per share </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>55,998 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>55,998 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR></TABLE>
<P align=left>(*) Pro forma adjustments related to the RMB Disposal.</P>
<P align=center>See accompanying notes to unaudited pro forma consolidated
financial statements. </P>
<P align=center>F-2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=left><B>UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF
OPERATIONS</B><BR><B>For the year ended June 30, 2018</B><BR><B>(in $ &#145;000,
except per share data or unless otherwise indicated)</B><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>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>Net1</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>Pro forma adjustments</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="6%"><B>Notes</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>Pro forma</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="11%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="11%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="6%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="11%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Revenue </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>612,889 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>612,889 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Expenses </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Cost of goods sold, IT processing, servicing
      and support </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">304,536 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">304,536 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Selling, general and
      administration </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>193,003 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(4,614</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (k) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>188,389 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Depreciation and amortization </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">35,484 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">35,484 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Impairment losses </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">20,917 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">20,917 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Operating income </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>58,949 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>4,614 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>63,563 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Change in fair value of equity securities    </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>32,473 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>32,473 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Interest income </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>17,885 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>(70</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (b)*</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>17,815 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(1,622</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (h)*</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Interest expense </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">8,941 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(121</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (h)*</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">7,198 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Income before income tax expense </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>100,366 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>6,287 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>106,653 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">1,418 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Income tax expense </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">48,627 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(24</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (b)*</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">50,021 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Net income before earnings from
      equity-accounted investments </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>51,739 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>4,893 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>56,632 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">(9,510</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (i) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>2,505 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (i) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">6,333 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">2 (a) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Earnings from equity-accounted investments    </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">11,730 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(2,403</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>2 (f) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">8,655 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Net income </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>63,469 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>1,818 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>65,287 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Add net (loss) attributable to
      non-controlling interest </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(880</TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(880</TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Net income attributable to Net1 </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">64,349 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">1,818 </TD>
    <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">66,167 </TD>
  <TD width="2%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Earnings per share: </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;<I>Basic earnings</I> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">1.13 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">1.16 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;<I>Diluted earnings</I> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>1.13 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>1.16 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp;</TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Weighted-average number of outstanding
      shares of common stock used to calculate basic earnings per share </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>55,860 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>55,860 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="11%" align=left valign="bottom">&nbsp;</TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="11%" align=right valign="bottom">&nbsp;</TD>
  <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Weighted-average number of outstanding
      shares of common stock used to calculate diluted earnings per share </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>55,911 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=left valign="bottom" bgColor=#e6efff></TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="11%" align=right valign="bottom" bgColor=#e6efff>55,911 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR></TABLE>
<P align=left>(*) Pro forma adjustments related to the RMB Disposal.</P>
<P align=center>See accompanying notes to unaudited pro forma consolidated
financial statements. </P>
<P align=center>F-3</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>NET 1 UEPS TECHNOLOGIES, INC. </B></P>
<P align=center><B>NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL
STATEMENTS</B> </P>
<P align=justify><B>1. Basis of presentation</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The accompanying unaudited pro forma consolidated financial statements
present the pro forma financial position and results of operations of the
consolidated company based on the historical financial information and after
giving effect to the Disposal and certain adjustments which we believe to be (a)
directly attributable to the Disposal, (b) factually supportable, and (c) in the
case of certain income adjustments, expected to have a continuing impact, which
are described in these notes. Please refer to &#147;Overview&#148; for further discussion
of the basis of presentation of these unaudited pro forma consolidated financial
statements. </P>
<P align=justify><B>2. Pro forma adjustments</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The following are descriptions of each of the pro forma adjustments
included in the unaudited pro forma consolidated financial statements:</P>
<P align=justify>(a) Deconsolidation of DNI </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Consolidated balance sheet as of
December 31, 2018</I></P>
<P style="MARGIN-LEFT: 5%" align=justify>The table below presents DNI&#146;s
unaudited consolidated balance sheet as of December 31, 2018, including the
Company&#146;s at acquisition purchase accounting adjustments, including recognition
of the non-controlling interest, goodwill, intangible assets and related tax
effects, in ZAR and $ that has been deconsolidated from the Company&#146;s unaudited
pro forma consolidated balance sheet as a result of the Disposal:</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 style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>DNI</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2018</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>ZAR &#145;000</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&nbsp;$&#145;000</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff><B>ASSETS</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>54,487 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,785 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Accounts receivable, net </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">344,662 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">23,941 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Finance loans receivable, net    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>80,279 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,577 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">19,056 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,324    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
      current assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>498,484 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>34,627 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Property, plant and equipment, net </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">16,540 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,149 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Equity-accounted investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,469 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>172 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Goodwill </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,566,921 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">108,844 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Intangible assets, net </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,372,417 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>95,333 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Deferred income taxes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">239,014 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">16,603 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other long-term assets, including
      reinsurance assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>187,490 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>13,023 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>TOTAL ASSETS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">3,883,335 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">269,751 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff><B>LIABILITIES</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts payable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>134,157 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,319 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Other payables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">161,309 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">11,205 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Income taxes payable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>7,612 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>529 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Total current liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">303,078 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">21,053 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Deferred income taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>613,395 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>42,608 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Long-term debt </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">125,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">8,683    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>TOTAL LIABILITIES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,041,473 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>72,344 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>EQUITY</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>At acquisition &#150; Net1 equity </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,533,969 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>111,761 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accumulated other comprehensive loss since acquisition </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(5,206</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accumulated loss, net of dividends paid by
      DNI, since acquisition </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>452 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>32 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>TOTAL NET1 EQUITY</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,534,421 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">106,587 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Non-controlling interest </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,307,441 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>90,820 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>TOTAL EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">2,841,862 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">197,407 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>TOTAL LIABILITIES AND SHAREHOLDERS&#146;
      EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>3,883,335 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>269,751 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>F-4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=justify><I>Consolidated statement of operations for the six months
ended December 31, 2018</I></P>
<P align=justify>The table below presents DNI&#146;s consolidated statement of
operations for the six months ended December 31, 2018, including the Company&#146;s
amortization of acquired intangible assets and related tax effects, and the
amounts allocated to the non-controlling interest, in ZAR and $ that has been
deconsolidated from the Company&#146;s unaudited pro forma consolidated statement of
operations as a result of the Disposal:</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 style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="5" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>DNI</B>  </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="5" align=center><B>Six months ended</B>  </TD>
    <TD align=center width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="5" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2018</B>  </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>ZAR &#145;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>&nbsp;$&#145;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>546,431 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>38,111 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Expenses </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cost of goods sold, IT
      processing, servicing and support </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>285,901 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>19,940 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Selling, general and administration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">33,296 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">2,322 </TD>
    <TD align=left width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Depreciation and amortization    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>79,441 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>5,541 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>147,793 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>10,308 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>7,069 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>493 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>5,931 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>414 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Income before income tax expense </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>148,931 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>10,387 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>42,248 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>2,947 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net income before loss from
      equity-accounted investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>106,683 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>7,440 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss from equity-accounted investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(678</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(47</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>106,005 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>7,393 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Less net income attributable to
      non-controlling interest </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>56,053 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>3,909 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Arising from consolidation of subsidiaries by
      DNI </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">7,100 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">495 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Arising from consolidation of
      DNI by Net1 </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>48,953 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>3,414 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net income attributable to DNI </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>49,952 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>3,484 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Calculation of Earnings from equity
      accounted investments attributed to 30% of DNI </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Net income generated </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">7,393 </TD>
    <TD align=left width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Less: net income
      attributed to DNI non-controlling interest </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>(495</TD>
    <TD align=left width="1%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: back acquired
      intangible amortization, net </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">3,741    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net income of DNI used to calculate attribution to Net1 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="11%"
    bgColor=#e6efff>10,639 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Net income attributed to the Company&#146;s
      retained 30% interest in DNI </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">3,233 </TD>
    <TD align=left width="1%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Deferred tax effect on 30% of
      DNI equity earnings<SUP>(1)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>725 </TD>
    <TD align=left width="1%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>(1) represents an increase in the basis difference between the
financial reporting carrying value of DNI and its tax value. </P>
<P align=justify><I>Consolidated statement of operations for the year ended June
30, 2018</I> </P>
<P align=justify>DNI&#146;s audited consolidated statement of operations for the year
ended June 30, 2018, reflects net income attributable to DNI shareholders of ZAR
264.5 million ($20.8 million, translated at average rate of exchange for the
year ended June 30, 2018). DNI was not consolidated into the Company&#146;s
consolidated statement of operations for the year ended June 30, 2018, because
the Company only acquired control of DNI as of June 30, 2018. Therefore, a pro
forma adjustment has not been made to deconsolidate DNI&#146;s operations from the
Company&#146;s unaudited pro forma statement of operations for the year ended June
30, 2018.</P>
<P align=center>F-5</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has included 30% of the
$20.8 million net income attributable to DNI shareholders, or $6.333 million, in
earnings from equity accounted investments in the unaudited pro forma statement
of operations for the year ended June 30, 2018. The Company recorded a deferred
tax adjustment of $1.418 million related to an increase in the basis difference
between the financial reporting carrying value of DNI and its tax value. </P>
<P align=justify>(b) Reduction in cash and cash equivalents and interest
income</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company utilized ZAR 15.0 million
($1.042 million, translated at exchange rates applicable as of December 31,
2018) of its cash reserves to settle a portion of its long-term borrowings
pursuant to the RMB Disposal and the Company has included a pro forma adjustment
to record the reduction in interest income, net of taxation. The table below
presents the interest income reduction, the average interest rate and the
related tax impact for the periods presented:</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="10%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Interest </B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>income </B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Average </B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap>&nbsp; </TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>reduction</B><B><SUP>(1)</SUP></B></TD>
    <TD width="2%" align=center nowrap ></TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>interest rate</B><B><SUP>(2)</SUP></B></TD>
    <TD width="2%" align=center nowrap ></TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>Tax impact</B><B><SUP>(1)</SUP></B></TD>
  <TD align=center width="2%" ></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;$&#145;000 </B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(%) </B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;$&#145;000 </B></TD>
  <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >For the six months ended
      December 31, 2018 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>33 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6.35% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >For the year ended June 30, 2018<SUP>(3)
      </SUP></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">70 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5.93% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">24 </TD>
    <TD align=left width="2%" >&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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Translated into $ using the average rate of exchange for
      the period presented.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The average interest rate is the assumed pre-tax South
      African interest rate for the period presented.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The interest income reduction adjustment is for the 11
      months ended June 30, 2018, as discussed in the &#147;Overview&#148;
  section.</P></TD></TR></TABLE>
<P align=justify>(c) Consideration received on Disposal </P>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the consideration
received on JAA/ PKG Disposal was ZAR 400.0 million ($27.8 million, translated
at exchange rates applicable as of December 31, 2018). The purchasers acquired
the DNI shares on loan account and the Company ceded the loan account to settle
the ZAR 400.0 million subscription price due related to the contingent
consideration mechanism.</P>
<P align=justify>(d) Loss recognized on Disposal </P>
<P style="MARGIN-LEFT: 5%" align=justify>The table below presents the
calculation of the loss recognized on Disposal:</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="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>Before </B></TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>FCTR </B></TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>FCTR<SUP>(1)</SUP></B></TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>Total </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>ZAR &#145;000 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>&nbsp;$&#145;000 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Fair value of consideration received </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>615,000 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>42,720 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>42,720 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>Fair value of retained interest in 30% of DNI<SUP>(2)
    </SUP></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">859,260 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">59,687 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">59,687 </TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Carrying value of non-controlling interest
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>1,307,441 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>90,820 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>90,820 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Subtotal </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">2,781,701 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">193,227 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">193,227 </TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Less: carrying value of DNI
</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>2,841,862 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>197,407 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>5,206 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>202,613 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Less: retained in Company </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="11%">(2,877</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="11%">(2,877</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">)
</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Loss recognized
      on Disposal, before tax, comprising </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(60,161</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(4,180</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(2,329</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(6,509</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD
      align=left><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </STRONG>Net loss related to sale of 25% of DNI </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">(71,451</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="11%">(4,964</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="11%">(2,329</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="11%">(7,293</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">) </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Loss related to sale of 17% of DNI </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>(74,276</TD>
    <TD align=left width="1%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>(5,160</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>(1,609</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>(6,769</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Gain
      Related to sale of 8% of DNI </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">2,825
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">196
    </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="11%">(720</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="11%">(524</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">) </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Gain related to fair value adjustment of retained interest in 30% of
      DNI </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>11,290 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>784 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>784 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Taxes related to gain recognized on Disposal<SUP>(3) </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Loss recognized on Disposal, after tax </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>(60,161</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>(4,180</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>(2,329</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>(6,509</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>) </TD></TR></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="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company recorded a foreign currency translation
      reserve loss of $5.206 million related to its investment in DNI which was
      included within accumulated other comprehensive loss in its consolidated
      balance sheet. The Company released $2.329 million from its accumulated
      other comprehensive loss related to the Disposal and included this loss in
      the determination of the loss on Disposal. The balance of $2.877 million
      is retained in accumulated other comprehensive loss.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The fair value of the retained interest in 30% of DNI has
      been calculated using the implied fair value of DNI pursuant to the RMB
      Disposal and has been calculated as ZAR 215.0 million divided by 8%
      multiplied by 30%, translated to dollars at the December 31, 2018, rate of
      exchange.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The Disposal result in a capital loss for tax purposes of
      approximately $4.8 million. The Company has provided a valuation allowance
      of $4.8 million against this capital loss because it does not have any
      capital gains to offset against this amount.</P></TD></TR></TABLE>
<P align=center>F-6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=justify>(e) Components of retained interest in 30% of DNI using the
equity method </P>
<P style="MARGIN-LEFT: 5%" align=justify>The equity-accounted investment in 30%
of DNI comprises the following components:</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="22%"
    ><B>$&#145;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net carrying value (assets less
      liabilities) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff >5,778 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Acquired intangibles, net of deferred tax (refer to Note 2
      (f)) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%" >19,573 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Goodwill, including re-measurements </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="22%"
    bgColor=#e6efff >34,336 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Equity-accounted investment &#150;
      30% of DNI </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="22%"
    >59,687 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>(f) Acquired intangible assets and amortization expense
included in equity-accounted investments and earnings from equity-accounted
investments</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company previously recognized
acquired intangible assets related to its acquisition of a controlling stake in
DNI on June 30, 2018. The Company retained a 30% interest in these acquired
intangible assets as a result of the Disposal and this portion of these acquired
intangible assets, net of deferred tax liabilities, is included in the Company&#146;s
equity-accounted investments included on the unaudited pro forma balance sheet
as of December 31, 2018. These acquired intangible assets are amortized and an
amount, net of deferred taxes, is included in earnings from equity-accounted
investments in the Company&#146;s condensed consolidated statement of operations. The
December 31, 2018, carrying value of these acquired intangible assets, net of
deferred tax liabilities, their expected remaining useful lives, and the
amortization, net, included in equity accounted earnings are presented in the
table below.</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="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>December 31, 2018</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>Amortization expense, net of</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>Carrying value of 30% of</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>deferred tax</B><B><SUP>(1)</SUP></B></TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>intangible assets</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>($ &#145;000)</B></TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>Six months</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>Estimated</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>ended</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>Year ended</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>useful life</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>December 31,</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>June 30,</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>(ZAR &#145; 000)</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>($ &#145;000)</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>(in years)</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>2018</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>2018</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B><I>Finite lived intangibles assets</I></B>    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" ></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Customer relationships </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>372,938 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>25,906 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>4.5&#150;14.5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>1,335 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>3,016 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Software and unpatented technology </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">2,250 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">156 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">4.5 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">17 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">39 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Trademarks </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>16,160 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>1,123 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>4.5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>125 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>283 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Deferred tax </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">(109,577</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="11%">(7,612</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="11%">(414</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="11%">(935</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>281,771 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>19,573 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>1,063 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
    bgColor=#e6efff>2,403 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Amortization expense, net has been calculated using the
      respective average exchange rate for the six months ended December 31,
      2018, and the year ended June 30, 2018, as appropriate. The amortization
      expense, net has been offset against earnings from equity-accounted
      investments in the consolidated statement of operations for the six months
      ended December 31, 2018, and the year ended June 30, 2018, as
      appropriate.</P></TD></TR></TABLE>
<P align=justify>(g) Adjustments in respect of the Company&#146;s DNI contingent
liability</P>
<P style="MARGIN-LEFT: 5%" align=justify>Under the terms of its subscription
agreements with DNI, the Company agreed to pay to DNI an additional amount of up
to ZAR 400.0 million ($27.8 million, translated at exchange rates applicable as
of December 31, 2018), in cash, subject to the achievement of certain
performance targets by DNI. The Company expected to pay the contingent
consideration during the first quarter of the year ended June 30, 2020, and
recorded an amount of ZAR 385.6 million ($26.8 million), in other payables in
its consolidated balance sheet as of December 31, 2018, which amount represents
the present value of the ZAR 400 million to be paid. The present value of ZAR
385.6 million has been calculated using the following assumptions (a) the
maximum additional amount of ZAR 400 million would be paid on August 1, 2019 and
(b) an interest rate of 6.3 % (the rate used to calculate interest earned by the
Company on its surplus South African funds) has been used to discount the ZAR
400.0 million to its present value as of December 31, 2018. Utilization of
different inputs, or changes to these inputs, may result in significantly higher
or lower fair value measurement. </P>
<P style="MARGIN-LEFT: 5%" align=justify>As a result of the JAA/ PKG Disposal
additional interest of ZAR 14.4 million ($0.996 million translated at exchange
rates applicable as of December 31, 2018) has been recognized in the unaudited
pro forma consolidated balance sheet to accrete the present value amount of
R385.6 million to the ZAR 400 million settled. </P>
<P align=center>F-7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has reversed interest
accreted and included in interest expense in the unaudited pro forma
consolidated statement of operations for the six months ended December 31, 2018,
of ZAR 12.0 million ($0.839 million), in respect of the contingent liability.
</P>
<P align=justify>(h) Interest expense adjustment related to RMB Disposal</P>
<P style="MARGIN-LEFT: 5%" align=justify>The RMB Disposal, including the
utilization of cash reserves discussed in note 2 (b), resulted in a reduction in
the Company&#146;s long-term borrowings of ZAR 230.0 million ($16.0 million), of
which ZAR 203.8 million ($14.2 million) has been applied against the current
portion of the long-term borrowings and ZAR 26.2 million ($1.8 million) has been
applied against long-term borrowings. The interest expense is not deductible for
tax purposes. The table below presents the long-term borrowings repaid per
facility, the respective average interest rate and the pro forma impact on
interest expense for the six months ended December 31, 2018, and the year ended
June 30, 2018:</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="10%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Interest expense</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Long-term</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Average</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>For the six months</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>For the year ended</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>borrowing</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>interest</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>ended December 31,</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><STRONG>June 30, 2018<SUP>(2)</SUP></STRONG>    </TD>
    <TD align=center width="2%" ></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>repaid</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>rate</B><B><SUP>(1)</SUP></B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><STRONG>2018<SUP>(2)</SUP></STRONG> </TD>
    <TD align=center width="2%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&nbsp;$&#145;000</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&nbsp;$&#145;000</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>(%)</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&nbsp;$&#145;000</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Facility A and B </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15,976 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9.73% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>780 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>n/a </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >Facility A and B </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">15,976 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9.77% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">n/a </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,622 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>(1) The average interest rate is
calculated based on an average margin of 2.75% plus the applicable average JIBAR
rate for the periods presented. <BR>(2) Interest expense has been translated
into $ using the average rate of exchange for the period presented. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company reallocated prepaid
facility fees of $0.111 million from long-term borrowings to current portion of
long-term borrowings. The Company expensed prepaid facility fees of $0.062
million as a result of the repayment of its long-term borrowings as of December
31, 2018. The result of these transactions is a net movement in the current
portion of long-term borrowings of $0.049 million ($0.111 million less $0.62
million). The Company also reversed amortization of prepaid facility fees
related to long-term borrowings settled of $0.091 million and $0.121 million
during the six months ended December 31, 2018 and the year ended June 30, 2018,
respectively. </P>
<P align=justify>(i) Elimination of recorded earnings from equity accounted
investments attributed to interest in DNI for the year ended June 30, 2018 </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company accounted for its interest
in DNI using the equity method from August 1, 2017, until June 30, 2018, the
date upon which it acquired control of DNI. The Company recognized earnings from
DNI of $7.0 million in earnings from equity-accounted investments during the
year ended June 30, 2018, which comprised the Company&#146;s share of DNI&#146;s net
income of $9.510 million, net of amortization of intangible assets, net of
$2.505 million ($3.480 million amortization less net of deferred tax of $0.975
million). These earnings have been eliminated in the unaudited pro forma
statement of operations for the year ended June 30, 2018. </P>
<P align=justify>(j) Transaction costs &#150; incurred subsequent to December 31,
2018 </P>
<P style="MARGIN-LEFT: 5%" align=justify>Represents the Company&#146;s estimate of
the expected disposal costs of ZAR 1.0 million ($0.07 million) owing to external
professional advisors for services provided which are not reflected in the
Company&#146;s December 31, 2018 consolidated balance sheet. These costs have been
accrued as a current liability. The Company does not expect to deduct these
expenses for tax purposes. Because the Company is required to expense these
costs as they are incurred, it has charged them to retained earnings as of
December 31, 2018. No adjustment has been made to the unaudited pro forma
consolidated statement of operations for these costs as they are non-recurring.
</P>
<P align=justify>(k) Reversal of loss on re-measurement of previously held
non-controlling interest during the year ended June 30, 2018 </P>
<P style="MARGIN-LEFT: 5%" align=justify>At the time the Company obtained
control of DNI in June 2018, it recognized a non-cash loss of $4.614 million
related to the re-measurement of its previously held non-controlling interest in
DNI, at 49%, upon acquisition in June 2018. The remeasurement loss was included
in selling, general and administration expenses in the consolidated statement of
operations for the year ended June 30, 2018, and has been reversed in the
unaudited pro forma consolidated statement of operations. </P>
<P align=center>F-8</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=center><B>SIGNATURES</B></P>
<P
align=justify><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align=left>&nbsp;</TD>
    <TD align=left width="50%"><B>NET 1 UEPS TECHNOLOGIES, INC.</B> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: May 8, 2019 </TD>
    <TD align=left width="50%">By: <U>/s/ Herman G. Kotz&#233;</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Name: Herman G. Kotz&#233; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Title: Chief Executive Officer
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.99
<SEQUENCE>2
<FILENAME>exhibit10-99.htm
<DESCRIPTION>EXHIBIT 10.99
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies Inc. - Exhibit 10.99 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 10.99</B></P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=center><B>SALE OF SHARES AGREEMENT</B> </P>
<P align=center>&nbsp;</P>
<P align=center>between</P>
<P align=center>&nbsp;</P>
<P align=center><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK
DIVISION)</B> </P>
<P align=center>&nbsp;</P>
<P align=center>and</P>
<P align=center>&nbsp;</P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
LIMITED</B></P>
<P align=center>&nbsp;</P>
<P align=center>and</P>
<P align=center>&nbsp;</P>
<P align=center><B>DNI-4PL CONTRACTS PROPRIETARY LIMITED </B></P>
<P align=justify>&nbsp;</P>
<P align=right><IMG
src="cdhlogo.jpg"
border=0></P>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=justify>Sale of Shares Agr Execution Version<B> </B></P>
<P align=justify>3 May 2019</P>
<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 align=left bgColor=#eeeeee><A
      href="#page_3"><B>1</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_3"><B>PARTIES</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_3"><B>1</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_3"><B>2</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_3"><B>INTERPRETATION</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_3"><B>1</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_14"><B>3</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_14"><B>INTRODUCTION</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_14"><B>12</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_14"><B>4</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_14"><B>CONDITIONS
      PRECEDENT</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_14"><B>12</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_16"><B>5</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_16"><B>SALE</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_16"><B>14</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_16"><B>6</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_16"><B>OWNERSHIP,
      RISK AND BENEFIT</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_16"><B>14</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_16"><B>7</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_16"><B>PURCHASE
      CONSIDERATION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_16"><B>14</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_16"><B>8</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_16"><B>SETTLEMENT</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_16"><B>14</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_17"><B>9</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_17"><B>CLOSING</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_17"><B>15</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18"><B>10</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_18"><B>DISTRIBUTIONS</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_18"><B>16</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18"><B>11</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_18"><B>GENERAL
      WARRANTIES</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_18"><B>16</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_19"><B>12</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_19"><B>WARRANTIES
      BY THE SELLER</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_19"><B>17</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_20"><B>13</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_20"><B>INDEMNITIES
      BY THE SELLER</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_20"><B>18</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_21"><B>14</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_21"><B>LIMITATION
      OF LIABILITY</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_21"><B>19</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_26"><B>15</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_26"><B>PROTECTION
      OF RIGHTS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_26"><B>24</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_27"><B>16</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_27"><B>CONFIDENTIALITY</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_27"><B>25</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28"><B>17</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_28"><B>PUBLICITY</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_28"><B>26</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28"><B>18</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_28"><B>SUPPORT</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_28"><B>26</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_29"><B>19</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_29"><B>BREACH</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_29"><B>27</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_30"><B>20</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_30"><B>DISPUTE
      RESOLUTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_30"><B>28</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_31"><B>21</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_31"><B>NOTICES
      AND DOMICILIA</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_31"><B>29</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_32"><B>22</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_32"><B>BENEFIT
      OF THE AGREEMENT</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_32"><B>30</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_33"><B>23</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_33"><B>APPLICABLE
      LAW AND JURISDICTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_33"><B>31</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_33"><B>24</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_33"><B>INDEPENDENT
      ADVICE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_33"><B>31</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_33"><B>25</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_33"><B>GENERAL</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_33"><B>31</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_35"><B>26</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_35"><B>COSTS</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_35"><B>33</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_35"><B>27</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_35"><B>SIGNATURE</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_35"><B>33</B>
      </A></TD></TR></TABLE>
<P align=justify><B>ANNEXURES</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 bgColor=#eeeeee><A
      href="#page_38"><B>Annexure
      A</B> </A></TD>
    <TD align=left width="86%" bgColor=#eeeeee ><A
      href="#page_38"><B>Audited
      Accounts</B> </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="86%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_39"><B>Annexure
      B</B> </A></TD>
    <TD align=left width="86%" bgColor=#eeeeee ><A
      href="#page_39"><B>Signature
      Date Accounts</B> </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="86%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_40"><B>Annexure
      C</B> </A></TD>
    <TD align=left width="86%" bgColor=#eeeeee ><A
      href="#page_40"><B>Warranties
      by the Seller</B> </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="86%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_72"><B>Annexure
      D</B> </A></TD>
    <TD align=left width="86%" bgColor=#eeeeee ><A
      href="#page_72"><B>Disclosure
      Schedule</B> </A></TD></TR></TABLE>
<br>
<table style="font-size: 10pt;border-color:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=right>1</P>
<TABLE
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>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="7%">1.1 </TD>
    <TD >
      <P align=justify>The Parties to this Agreement are
&#150;</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="9%">1.1.1 </TD>
    <TD >
      <P align=justify>FirstRand Bank Limited (acting through its Rand Merchant
      Bank division);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">1.1.2 </TD>
    <TD >
      <P align=justify>Net1 Applied Technologies South Africa Proprietary
      Limited; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">1.1.3 </TD>
    <TD >
      <P align=justify>DNI-4PL Contracts Proprietary
Limited.</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="7%">1.2 </TD>
    <TD >
      <P align=justify>The Parties agree as set out
below.</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>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="7%">2.1 </TD>
    <TD >
      <P align=justify>In this Agreement, unless the context indicates a
      contrary intention, the following words and expressions bear the meanings
      assigned to them and cognate expressions bear corresponding meanings
    &#150;</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="9%">2.1.1 </TD>
    <TD >
      <P align=justify>"<B>AFSA</B>" means the Arbitration Foundation of
      Southern Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.2 </TD>
    <TD >
      <P align=justify>"<B>Adverse Consequences</B>" means all adverse
      consequences of whatever description including, but not limited to, all
      actions, applications, suits, proceedings, damages, penalties, fines,
      costs, reasonable amounts paid in settlement, liabilities, obligations,
      tax, liens, losses, compensation (including compensation paid or payable
      to any employee), expenses and fees, including reasonable fees and
      expenses of attorneys, counsel, accountants, consultants and
    experts;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.3 </TD>
    <TD >
      <P align=justify>"<B>Agreement</B>" means the agreement contained in this
      document;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.4 </TD>
    <TD >
      <P align=justify>"<B>Anti-Corruption Laws</B>" means any anti-corruption
      or bribery laws or regulations of any applicable jurisdiction, as amended
      from time to time, including &#150;</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="11%">2.1.4.1 </TD>
    <TD >
      <P align=justify>the Prevention and Combating of Corrupt Activities Act,
      No 12 of 2004;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.4.2 </TD>
    <TD >
      <P align=justify>the UK Bribery Act 2010;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.4.3 </TD>
    <TD >
      <P align=justify>the U.S. Foreign Corrupt Practices Act
  1977;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=right>2</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">2.1.4.4 </TD>
    <TD >
      <P align=justify>any law, rule, or regulation promulgated to implement the
      OECD Convention on Combating Bribery of Foreign Public Officials in
      International Business Transactions, signed on 17 December 1997;
  and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.4.5 </TD>
    <TD >
      <P align=justify>any other law of similar purpose and scope in any
      jurisdiction;</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="9%">2.1.5 </TD>
    <TD >
      <P align=justify>"<B>Audited Accounts</B>" means the consolidated audited
      annual financial statements of the Group as at and in respect of the
      financial year ended 30 June 2018, a copy of which is annexed hereto
      marked Annexure A;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.6 </TD>
    <TD >
      <P align=justify>"<B>Aware</B>" means, in relation to the Seller, the
      actual knowledge of those directors of the Company nominated by the
      Seller, provided that the expression will be deemed to include an
      additional statement that such directors have made due enquiry of the
      executive directors of the Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.7 </TD>
    <TD >
      <P align=justify>"<B>Business</B>" means the business carried on by the
      Group as at the Signature Date, including the business of operating as a
      distributor of mobile cellular products in the formal and informal markets
      of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.8 </TD>
    <TD >
      <P align=justify>"<B>Capacity and Authority Warranties</B>" means those
      warranties given by the Seller as set out in clause 11;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.9 </TD>
    <TD >
      <P align=justify>"<B>Claim</B>" means any claim by the Purchaser against
      the Seller of any nature whatsoever and howsoever arising out of or in
      connection with a breach of any Warranties and/or any indemnities given
      under this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.10 </TD>
    <TD >
      <P align=justify>"<B>Closing Date</B>" means the date upon which the last
      of the Conditions Precedent is fulfilled or waived, as the case may
    be;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.11 </TD>
    <TD >
      <P align=justify>"<B>Common Terms Agreement</B>" means the written
      agreement headed "<I>Common Terms Agreement</I>" dated 21 July 2017
      entered into between, amongst others, the Seller (as borrower), the
      Purchaser and Nedbank Limited (acting through its Corporate and Investment
      Banking division) (collectively, the "<B>Original Senior Lenders</B>") and
      the Purchaser (as the facility agent), in terms of which the Senior
      Facilities were made available to the Seller, as amended by
  -</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="11%">2.1.11.1 </TD>
    <TD >
      <P align=justify>a written agreement titled "<I>First Amendment and
      Restatement Agreement</I>" dated 9 March 2018;
and</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=right>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="11%">2.1.11.2 </TD>
    <TD >
      <P align=justify>a written agreement titled "<I>Second Amendment and
      Restatement Agreement</I>" dated 26 September
2018;</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="9%">2.1.12 </TD>
    <TD >
      <P align=justify>"<B>Companies Act</B>" means the Companies Act, No 71 of
      2008;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.13 </TD>
    <TD >
      <P align=justify>"<B>Company</B>" means DNI-4PL Contracts Proprietary
      Limited, registration number 2005/040937/07, a limited liability private
      company duly incorporated in accordance with the laws of South
    Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.14 </TD>
    <TD >
      <P align=justify>"<B>Conditions Precedent</B>" means the conditions set
      out in clause 4.1;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.15 </TD>
    <TD >
      <P align=justify>"<B>Disclosure Schedule</B>" means the disclosure
      schedule attached hereto as Annexure D;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.16 </TD>
    <TD >
      <P align=justify>"<B>Designated Period</B>" means the period commencing on
      1 August 2017 and terminating on the Closing Date;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.17 </TD>
    <TD >
      <P align=justify>"<B>Distribution</B>" means, in relation to the Company,
      any payment (whether in cash or <I>in specie </I>and whether by way of
      set-off, counterclaim or otherwise) by way of interest or principal
      (whether in respect of an inter-company loan or otherwise), dividend,
      redemption, fee, royalty or other distribution or payment (including by
      way of the repurchase of any shares) by or on behalf of the Company to or
      for the account of any direct or indirect shareholder of the Company (in
      its capacity as such), and the term Distribution shall include a
      <I>distribution</I>, as such term is defined in the Companies Act, but
      specifically excluding any and all repayments made (whether in respect of
      capital or interest) in terms of the Loan Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.18 </TD>
    <TD >
      <P align=justify>"<B>EBITDA</B>" means, in respect of the Group, the
      consolidated net profits of the Group, together with the net profits
      attributable to the Group's profit share in Evercomm, determined in
      accordance with IFRS &#150;</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="11%">2.1.18.1 </TD>
    <TD >
      <P align=justify>before income tax as per the income statement;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.18.2 </TD>
    <TD >
      <P align=justify>before interest received or receivable and interest paid
      or payable;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.18.3 </TD>
    <TD >
      <P align=justify>adding book depreciation and amortisation;
  and</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=right>4</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">2.1.18.4 </TD>
    <TD >
      <P align=justify>before deducting any extraordinary or abnormal costs or
      including any extraordinary or abnormal
income;</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="9%">2.1.19 </TD>
    <TD >
      <P align=justify>"<B>Encumbrance</B>" means any pledge, charge,
      hypothecation, lien, subordination, mortgage, option over, right of
      retention or any other encumbrance whatsoever, or any form of hedging or
      similar derivative instrument of any nature whatsoever;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.20 </TD>
    <TD >
      <P align=justify>"<B>Environment</B>" means the surroundings within which
      humans exist and that are made up of the land, water and atmosphere of the
      earth, all forms of life, ecological systems; and the physical, chemical,
      aesthetic and cultural properties and conditions of the foregoing that
      influence human health and well-being;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.21 </TD>
    <TD >
      <P align=justify>"<B>Environmental Law</B>" means laws that are concerned
      with the protection or rehabilitation of the Environment, the use of
      natural resources (including land), and the maintenance of an Environment
      conducive to human health and well- being, and any licence, permit,
      approval, consent, authorisation, order, licence application, and licence
      amendment application of or to a Governmental Body issued under any such
      laws;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.22 </TD>
    <TD >
      <P align=justify>"<B>Evercomm</B>" means Evercomm Proprietary Limited,
      registration number 2011/123401/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.23 </TD>
    <TD >
      <P align=justify>"<B>Fairly Disclosed</B>" means disclosed in such a
      manner and in such detail as would enable a prospective purchaser, acting
      reasonably and in good faith, to make an informed assessment of the matter
      concerned and to establish what the consequences thereof would
  be;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.24 </TD>
    <TD >
      <P align=justify>"<B>Governmental Body</B>" means any country, any
      national body, any state, province, municipality, or subdivision of any of
      the foregoing, any Governmental department, or any agency, court, entity,
      commission, board, ministry, bureau, department, locality or authority of
      any of the foregoing, or other political subdivision of any government,
      entity or organisation described in the foregoing provisions, or any
      quasi-Governmental or private body exercising any regulatory, taxing,
      importing, exporting, or other Governmental or quasi-Governmental function, or any company, business,
      enterprise, or other entity owned, in whole or in part, or controlled by
      any government, entity, organisation, or other person described in the
  foregoing provisions of this definition, or any political party;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=right>5</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">2.1.25 </TD>
    <TD >
      <P align=justify>"<B>Group</B>" means the Company and its subsidiaries
      from time to time, and "<B>Group Company</B>" shall mean any of
    them;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.26 </TD>
    <TD >
      <P align=justify>"<B>IFRS</B>" means International Financial Reporting
      Standards as issued by the Board of the International Accounting Standards
      Committee from time to time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.27 </TD>
    <TD >
      <P align=justify>"<B>Intellectual Property Rights</B>" means in relation
      to a person, all intellectual property right of any nature whatsoever,
      including (i) any registered or unregistered trademarks, logos, trade
      names and corporate names (including all domain names, internet and
      intranet names, addresses, icons and other designations), and all
      applications, registrations, and renewals in connection therewith; (ii)
      any inventions (whether patentable or unpatentable) and all improvements
      thereto; (iii) any patents, patent applications and patent disclosures,
      together with all revisions, extensions and re-examinations thereof; (iv)
      any design or copyright and all applications, registrations and renewals
      in connection therewith; (v) any computer software (including data and
      related documentation); and (vi) any rights in any trade secrets, know-how
      or confidential information; used by that person in the conduct of its
      business;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.28 </TD>
    <TD >
      <P align=justify>"<B>JAA</B>" means JAA Holdings Proprietary Limited,
      registration number 2018/223075/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.29 </TD>
    <TD >
      <P align=justify>"<B>Loan Agreement</B>" means the agreement headed
      "<I>Loan Agreement</I>" to be entered into between the shareholders of the
      Company and the Company which, among other things, records the advancing
      of a loan in the amount of R60,000,000 by the Seller to the Company and
      the terms of such loan;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.30 </TD>
    <TD >
      <P align=justify>"<B>MOI</B>" means the memorandum of incorporation of the
      Company, as amended from time to time;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=right>6</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.31 </TD>
    <TD >
      <P align=justify>"<B>Net Debt</B>" means, in respect of the Group, the
      consolidated net debt of the Group, being the aggregate of
  &#150;</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="11%">2.1.31.1 </TD>
    <TD >
      <P align=justify>all drawn debt under the Revolving Credit Facility;
      and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.31.2 </TD>
    <TD >
      <P align=justify>provision for the purchase price payable by any Group
      Company to the Purchaser pursuant to the exercise of the Option Agreement
      and the resultant purchase of the Sale Shares by any Group Company in
      terms of the Option Agreement; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.31.3 </TD>
    <TD >
      <P align=justify>all indebtedness of any Group Company to any third party
      funder,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 9%" align=justify>but excluding - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">2.1.31.4 </TD>
    <TD >
      <P align=justify>an amount of R60,000,000 plus all accrued interest
      thereon which is owed by the Company to the Seller;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.31.5 </TD>
    <TD >
      <P align=justify>an amount of R50,000,000 plus all accrued interest
      thereon which is owed by the Company to Graeme Bryson; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.31.6 </TD>
    <TD >
      <P align=justify>for purposes of clarity, any financial indebtedness of
      Evercomm, less any unrestricted and accessible cash and cash equivalents
      held within 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="9%">2.1.32 </TD>
    <TD >
      <P align=justify>"<B>Option Agreement</B>" means the written agreement
      titled "<I>Put and Call Option Agreement</I>" entered into or to be
      entered into between DNI Retail Proprietary Limited ("<B>DNI Retail</B>"),
      The Starterpack Company Proprietary Limited ("<B>TSPC</B>"), the Company,
      the Shareholders and the Purchaser contemporaneously with this Agreement,
      in terms of 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 vAlign=top width="11%">2.1.32.1 </TD>
    <TD >
      <P align=justify>DNI-Retail will grant to the Purchaser an option to
      require DNI-Retail to purchase all of the Sale Shares; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.32.2 </TD>
    <TD >
      <P align=justify>the Purchaser confers on JAA and PK Gain an option to
      acquire all of the Sale Shares in the proportions determined by
    them,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 9%" align=justify>from the Purchaser on the further
terms and conditions as set out therein; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=right>7</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.33 </TD>
    <TD >
      <P align=justify>"<B>Ordinary Course of Business</B>" means the usual and
      ordinary course of the Business as carried out in accordance with policies
      and practices applied in the 12 months immediately preceding the Signature
      Date;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.34 </TD>
    <TD >
      <P align=justify>"<B>Parties</B>" means the parties to this
    Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.35 </TD>
    <TD >
      <P align=justify>"<B>PK Gain</B>" means PK Gain Investment Holdings
      Proprietary Limited, registration number 2006/005036/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.36 </TD>
    <TD >
      <P align=justify>"<B>Purchase Consideration</B>" means the amount payable
      by the Purchaser to the Seller for the Sale Shares in terms of this
      Agreement, as set out in clause 7;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.37 </TD>
    <TD >
      <P align=justify>"<B>Purchaser</B>" means FirstRand Bank Limited, acting
      through its Rand Merchant Bank division, registration number
      1929/001225/06, a limited liability public company duly incorporated in
      accordance with the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.38 </TD>
    <TD >
      <P align=justify>"<B>Purchaser's Representatives</B>" means Chris
      Welthagen, Ziyaad Manie and Kayleigh Spurway;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.39 </TD>
    <TD >
      <P align=justify>"<B>Revolving Credit Facility</B>" means the written
      agreement titled "<I>Revolving Credit Facility</I>" dated 28 June 2018,
      entered into between the Company (as borrower), the Purchaser (as lender)
      and K2018318388 (South Africa) (RF) Proprietary Limited (as debt
      guarantor), in terms of which the funding facilities were made available
      to the Company, as amended or reinstated from time to time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.40 </TD>
    <TD >
      <P align=justify>"<B>Sale</B>" means the sale by the Seller to the
      Purchaser of the Sale Shares in terms of this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.41 </TD>
    <TD >
      <P align=justify>"<B>Sale Shares</B>" means 7,605,235 ordinary "A" shares
      issued by the Company, conferring a 7.605,235% voting and participation
      interest in the Company on the holder thereof as at the Signature Date and
      the Closing Date;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.42 </TD>
    <TD >
      <P align=justify>"<B>Seller</B>" means Net1 Applied Technologies South
      Africa Proprietary Limited, registration number 2002/031446/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=right>8</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.43 </TD>
    <TD >
      <P align=justify>"<B>Sanctions Laws</B>" means any anti-corruption or
      bribery laws or regulations of any applicable jurisdiction, as amended
      from time to time, including &#150;</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="11%">2.1.43.1 </TD>
    <TD >
      <P align=justify>any of the Trading With the Enemy Act, the International
      Emergency Economic Powers Act, the United Nations Participation Act, or
      the Syria Accountability and Lebanese Sovereignty Act, all as amended, or
      regulations of the US Treasury Department Office of Foreign Assets
      Controls ("<B>OFAC</B>"), or any export control law or regulation
      applicable to US-origin goods, or any enabling legislation or executive
      order relating to any of the above, as collectively interpreted and
      applied by the US Government at the prevailing point in time;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.43.2 </TD>
    <TD >
      <P align=justify>any U.S. sanctions related to or administered by the
      Department of State; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.43.3 </TD>
    <TD >
      <P align=justify>any sanctions measures or embargos imposed by the United
      Nations Security Council, Her Majesty's Treasury, the European Union or
      other relevant sanctions authority (including the government of the
      Republic of France, the government of Switzerland and the Commonwealth of
      Australia) (each a "<B>Sanctions
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="9%">2.1.44 </TD>
    <TD >
      <P align=justify>"<B>Sanctions Target</B>" means (i) any country or
      territory that is the subject of country-wide or territory-wide Sanctions,
      including, but not limited to, as the date of this Agreement, Iran, Cuba,
      Syria, Sudan and North Korea; (ii) a person or entity that is on the list
      of Specially Designated Nationals and Blocked Persons published by OFAC or
      any equivalent list of sanctioned persons issued by the U.S. Department of
      State; or (iii) a person or entity that is located in or organised under
      the laws of a country or territory that is identified as the subject of
      country-wide or territory-wide Sanctions Law;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.45 </TD>
    <TD >
      <P align=justify>"<B>Senior Facilities</B>" means the amortising term loan
      facilities provided by the Original Senior Lenders to the Seller (as
      borrower) in terms of the Common Terms Agreement and the Senior Facility
      Agreements (as defined in the Common Terms Agreement), and in respect of
      which an aggregate amount of R230,000,000 remains owing to the Purchaser
      (in its capacity as one of the Original Senior Lenders) as at the
Signature Date and the Closing Date, as set out below &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=right>9</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">2.1.45.1 </TD>
    <TD >
      <P align=justify>in respect of Senior Facility A, an amount of
      R75,000,000;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.45.2 </TD>
    <TD >
      <P align=justify>in respect of Senior Facility B, an amount of
      R50,000,000; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.45.3 </TD>
    <TD >
      <P align=justify>in respect of Senior Facility D, an amount of
      R105,000,000;</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="9%">2.1.46 </TD>
    <TD >
      <P align=justify>"<B>Shareholders</B>" means the shareholders of the
      Company (other than the Purchaser);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.47 </TD>
    <TD >
      <P align=justify>"<B>Shareholders Agreement</B>" means the written
      shareholders agreement entered into between the Seller, JAA, PK Gain and
      the Company dated 29 October 2018, governing the relationships between the
      Shareholders <I>inter se</I>, and between the Shareholders and the
      Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.48 </TD>
    <TD >
      <P align=justify>"<B>Signature Date</B>" means the date of signature of
      this Agreement by the Party last signing;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.49 </TD>
    <TD >
      <P align=justify>"<B>Signature Date Accounts</B>" means the unaudited,
      consolidated and internally prepared management accounts of the Group for
      the period between 1 July 2018 and 28 February 2019, attached hereto as
      Annexure B;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.50 </TD>
    <TD >
      <P align=justify>"<B>South Africa</B>" means the Republic of South Africa,
      as constituted from time to time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.51 </TD>
    <TD >
      <P align=justify>"<B>Tax</B>" means all income tax, capital gains tax,
      secondary tax on companies (or any similar tax replacing or substituting
      it), dividend tax, value-added tax, stamp duty, securities transfer tax,
      uncertificated securities tax, PAYE, levies, assessments, imposts,
      deductions, charges and withholdings whatsoever in terms of any tax
      legislation, and includes all penalties and interest payable as a
      consequence of any failure or delay in paying any taxes;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.52 </TD>
    <TD >
      <P align=justify>"<B>Tax Warranties</B>" means those warranties pertaining
      to tax as set out in clause 8 of Annexure C;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.53 </TD>
    <TD >
      <P align=justify>"<B>Title Warranties</B>" means those warranties
      pertaining to the Sale Shares as set out in clause 2 of Annexure
  C;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=right>10</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.54 </TD>
    <TD >
      <P align=justify>"<B>Warranted Accounts</B>" means the Audited Accounts
      and the Signature Date Accounts; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.55 </TD>
    <TD >
      <P align=justify>"<B>Warranties</B>" means the warranties given by the
      Seller to the Purchaser in respect of the Group in Annexure C and
      otherwise expressly given in terms 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%">2.2 </TD>
    <TD>
      <P align=justify>In this Agreement &#150;</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="7%">2.2.1 </TD>
    <TD >
      <P align=justify>clause headings and the heading of the Agreement are for
      convenience only and are not to be used in its interpretation;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.2.2 </TD>
    <TD >
      <P align=justify>an expression which denotes &#150;</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="9%">2.2.2.1 </TD>
    <TD >
      <P align=justify>any gender includes the other genders;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.2.2.2 </TD>
    <TD >
      <P align=justify>a natural person includes a juristic person and <I>vice
      versa</I>;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.2.2.3 </TD>
    <TD >
      <P align=justify>the singular includes the plural and <I>vice versa</I>;
      and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.2.2.4 </TD>
    <TD >
      <P align=justify>a Party includes a reference to that Party's successors
      in title and assigns allowed at law;</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="7%">2.2.3 </TD>
    <TD >
      <P align=justify>a reference to a consecutive series of two or more
      clauses is deemed to be inclusive of both the first and last mentioned
      clauses.</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%">2.3 </TD>
    <TD>
      <P align=justify>Any reference in this Agreement to
&#150;</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="7%">2.3.1 </TD>
    <TD >
      <P align=justify>"<B>business hours</B>" shall be construed as being the
      hours between 08h30 and 17h00 on any business day. Any reference to time
      shall be based upon South African Standard Time;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.3.2 </TD>
    <TD >
      <P align=justify>"<B>days</B>" shall be construed as calendar days unless
      qualified by the word "business", in which instance a "<B>business
      day</B>" will be any day other than a Saturday, Sunday or public holiday
      as gazetted by the government of South Africa from time to time;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.3.3 </TD>
    <TD >
      <P align=justify>"<B>related</B>" person shall have the meaning ascribed
      thereto in section 2 of the Companies Act or an "<B>inter-related</B>"
      persons as such terms is defined in the Companies
Act;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=right>11</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.3.4 </TD>
    <TD >
      <P align=justify>"<B>subsidiary</B>" or "<B>holding company</B>" shall
      have the meaning ascribed thereto in section 2 of the Companies Act;
      and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.5 </TD>
    <TD >
      <P align=justify>"<B>laws</B>" means all constitutions; statutes;
      regulations; by-laws; codes; ordinances; decrees; rules; judicial,
      arbitral, administrative, ministerial, departmental or regulatory
      judgments, orders, decisions, rulings, or awards; policies; voluntary
      restraints; guidelines; directives; compliance notices; abatement notices;
      agreements with, requirements of, or instructions by any Governmental Body
      in each case to the extent the aforegoing has the force of law; and the
      common law, and "<B>law</B>" shall have a similar meaning;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.6 </TD>
    <TD >
      <P align=justify>"<B>person</B>" means any natural person, company, close
      corporation, trust, partnership, joint venture, association,
      unincorporated association, Governmental Body, or other entity whether or
      not having separate legal personality.</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="7%">2.4 </TD>
    <TD >
      <P align=justify>The words "<B>include</B>" and "<B>including</B>" mean
      "include without limitation" and "including without limitation". The use
      of the words "<B>include</B>" and "<B>including</B>" followed by a
      specific example or examples shall not be construed as limiting the
      meaning of the general wording preceding it.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.5 </TD>
    <TD >
      <P align=justify>Any substantive provision, conferring rights or imposing
      obligations on a Party and appearing in any of the definitions in this
      clause 2 or elsewhere in this Agreement, shall be given effect to as if it
      were a substantive provision in the body of the Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.6 </TD>
    <TD >
      <P align=justify>Words and expressions defined in any clause shall, unless
      the application of any such word or expression is specifically limited to
      that clause, bear the meaning assigned to such word or expression
      throughout this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.7 </TD>
    <TD >
      <P align=justify>Unless otherwise provided, defined terms appearing in
      this Agreement in title case shall be given their meaning as defined,
      while the same terms appearing in lower case shall be interpreted in
      accordance with their plain English meaning.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.8 </TD>
    <TD >
      <P align=justify>Unless specifically otherwise provided, any number of
      days prescribed shall be determined by excluding the first and including
      the last day or, where the last day falls on a day that is not a business
      day, the next succeeding business day.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=right>12</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">2.9 </TD>
    <TD >
      <P align=justify>If the due date for the performance of any obligation in
      terms of this Agreement is a day which is not a business day then (unless
      otherwise stipulated) the due date for performance of the relevant
      obligation shall be the immediately preceding business day.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.10 </TD>
    <TD >
      <P align=justify>The rule of construction that this Agreement shall be
      interpreted against the Party responsible for the drafting of this
      Agreement, shall not apply.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.11 </TD>
    <TD >
      <P align=justify>No provision of this Agreement shall (unless otherwise
      stipulated) constitute a stipulation for the benefit of any person
      (<I>stipulatio alteri</I>) who is not a Party to this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.12 </TD>
    <TD >
      <P align=justify>Any reference in this Agreement to "<B>this
      Agreement</B>" or any other agreement or document shall be construed as a
      reference to this Agreement or, as the case may be, such other agreement
      or document, as amended, varied, novated or supplemented from time to
      time.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.13 </TD>
    <TD >
      <P align=justify>In this Agreement the words "<B>clause</B>" or
      "<B>clauses</B>" refer to clauses 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>INTRODUCTION</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="7%">3.1 </TD>
    <TD >
      <P align=justify>The Sale Shares are beneficially owned by and registered
      in the name of the Seller.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">3.2 </TD>
    <TD >
      <P align=justify>The Purchaser wishes to purchase the Sale Shares from the
      Seller and the Seller has agreed to sell the Sale Shares to the Purchaser,
      on the terms and subject to the conditions herein contained.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">3.3 </TD>
    <TD >
      <P align=justify>The Parties wish to record in writing their agreement in
      respect of the above and matters ancillary
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>CONDITIONS PRECEDENT</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="7%">4.1 </TD>
    <TD >
      <P align=justify>Save for clauses 1 to 4 and clauses 16 to 27, all of
      which will become effective immediately, this Agreement is subject to the
      fulfilment of the Conditions Precedent that by no later than 3 May 2019
      &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></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=right>13</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">4.1.1 </TD>
    <TD >
      <P align=justify>a principal amount of R17,183,424.66 inclusive of all
      accrued interest, as at the Closing Date, has been received by the
      Purchaser from the Seller in settlement of a portion of the Senior
      Facilities;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.2 </TD>
    <TD >
      <P align=justify>the board of directors of the Seller has approved and/or
      ratified the entering into and implementation of this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.3 </TD>
    <TD >
      <P align=justify>the board of directors of the Company has approved the
      transfer of the Sale Shares pursuant to this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.4 </TD>
    <TD >
      <P align=justify>all the Shareholders have waived in writing any
      pre-emptive rights which they may have in respect of the Sale Shares,
      whether under the MOI, the Shareholders Agreement or otherwise;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.5 </TD>
    <TD >
      <P align=justify>the Option Agreement has been entered into by the parties
      thereto and has become unconditional in accordance with its terms, save
      for (i) any condition requiring that this Agreement becomes unconditional;
      and (ii) any condition precedent required for the lawful implementation of
      any resultant sale arising from the exercise of the put option or call
      option provided for therein;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.6 </TD>
    <TD >
      <P align=justify>the Purchaser has entered into a deed of adherence
      binding itself to the provisions of the Shareholders Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.7 </TD>
    <TD >
      <P align=justify>to the extent required, the Common Terms Agreement and
      relevant Senior Facility Agreement has been amended in order to allow for
      the payment arrangements contemplated in 8.1, and such amendment agreement
      is of full force and effect; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.8 </TD>
    <TD >
      <P align=justify>any and all consents and approvals required under the
      Common Terms Agreement and Senior Facilities for the unencumbered transfer
      of the Sale Shares in terms of this Agreement, have been
  obtained.</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="7%">4.2 </TD>
    <TD >
      <P align=justify>Each of the Parties will, to the extent within its
      control, use reasonable endeavours to procure the fulfilment of the
      Conditions Precedent.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">4.3 </TD>
    <TD >
      <P align=justify>The Conditions Precedent may only be waived by agreement
      in writing between the Seller and the Purchaser, save for the Condition
      Precedent in clause 4.1.5 which may be waived by notice in writing from the
  Purchaser to the remaining Parties.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></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=right>14</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="7%">4.4 </TD>
    <TD >
      <P align=justify>Unless all of the Conditions Precedent have been
      fulfilled or waived by not later than the relevant dates for fulfilment
      thereof set out in clause 4.1 (or such later date or dates as may be
      agreed in writing between the Seller and the Purchaser) the provisions of
      this Agreement, save for clauses 1 to 4 and clauses 16 to 27, which will
      remain of full force and effect, will never become of any force or effect
      and the <I>status quo ante </I>will be restored as near as may be possible
      and none of the Parties will have any claim against the others in terms
      hereof or arising from the failure of the Conditions Precedent, save for
      any claim arising from the failure of a Party to comply with its
      obligations in terms of clause 4.2.</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%">5 </TD>
    <TD>
      <P align=justify><B>SALE</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Seller hereby sells to the Purchaser the Sale Shares
      with effect from the Closing Date.</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>OWNERSHIP, RISK AND
BENEFIT</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="7%">6.1 </TD>
    <TD >
      <P align=justify>All risk in and all benefit attaching to the Sale Shares
      will pass to the Purchaser on the Closing Date.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">6.2 </TD>
    <TD >
      <P align=justify>Possession and effective control of the Sale Shares
      acquired by the Purchaser will be given to the Purchaser on the Closing
      Date. The Seller will accordingly retain all rights attaching to the Sale
      Shares, including the right to exercise all voting rights attaching to the
      Sale Shares, until the Closing 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>PURCHASE CONSIDERATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Purchase Consideration payable by the Purchaser to
      the Seller is an aggregate amount of R215,000,000.</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><B>SETTLEMENT</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="7%">8.1 </TD>
    <TD >
      <P align=justify>Payment of the Purchase Consideration shall be discharged
      by way of set off and accordingly, the obligation of the Purchaser to pay
      the Seller the Purchase Consideration in terms of this Agreement shall be
      set off against the obligation of the Seller to pay the Purchaser (in its
      capacity as Original Senior Lender) a corresponding amount in terms of the Senior Facilities as
  contemplated in clauses 2.1.45.1, 2.1.45.2 and 2.1.45.3.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=right>15</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="7%">8.2 </TD>
    <TD >
      <P align=justify>Settlement of the Purchase Consideration in terms of
      clause 8.1 shall constitute full discharge of all amounts (whether in
      respect of interest, principal or otherwise and whether contingent or
      otherwise) owing by the Seller to the Purchaser under the Senior
      Facilities.</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>CLOSING</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="7%">9.1 </TD>
    <TD >
      <P align=justify>It is recorded that the share certificate(s) representing
      the Seller's entire shareholding in the Company, including the Sale
      Shares, is in the possession or under the control of the Purchaser as a
      result of the such shares being Encumbered under the Common Terms
      Agreement and relevant Senior Facilities Agreement, and that the Sale
      Shares shall be released from any and all such encumbrances pursuant to
      clause 4.1.8, with effect from the Closing Date.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">9.2 </TD>
    <TD >
      <P align=justify>On the Closing Date &#150;</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="9%">9.2.1 </TD>
    <TD >
      <P align=justify>the Seller will deliver to the Purchaser a currently
      dated share transfer form in respect of the Sale Shares duly completed by
      the Seller as the registered holder thereof, in favour of the Purchaser
      (as the transferee);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">9.2.2 </TD>
    <TD >
      <P align=justify>the Purchaser will deliver a share certificate reflecting
      at least the Sale Shares ("<B>Original Share Certificate</B>") to the
      Company; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">9.2.3 </TD>
    <TD >
      <P align=justify>the Company 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 vAlign=top width="11%">9.2.3.1 </TD>
    <TD >
      <P align=justify>cancel the Original Share Certificate and issue share
      certificates in the name of the &#150;</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="13%">9.2.3.1.1 </TD>
    <TD >
      <P align=justify>Purchaser representing the Sale Shares; and</P></TD></TR>
  <TR>
    <TD width="13%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="13%">9.2.3.1.2 </TD>
    <TD >
      <P align=justify>Seller representing the balance of the shares reflected
      on the Original Share Certificate,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 9%" align=justify>and forthwith deliver the new share
certificates to the Purchaser. While the Original Share Certificate is held by
the Company and until delivery by the Company of the new share certificates to
the Purchaser, the Company shall hold the Original Share Certificate and the new share
certificates as agent for and on behalf of the Purchaser; and</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=right>16</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="11%">9.2.3.2 </TD>
    <TD >
      <P align=justify>deliver to the Purchaser a copy of the securities
      register of the Company reflecting the Purchaser as the holder of the Sale
      Shares.</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>DISTRIBUTIONS</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="7%">10.1 </TD>
    <TD >
      <P align=justify>It is recorded that the Company will declare the monthly
      dividend for the month of April 2019 in the ordinary course in an amount
      not exceeding R18,000,000, and that the Seller will continue to be
      entitled to receive payment of such dividend notwithstanding that such
      payment may take place after the Closing Date.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">10.2 </TD>
    <TD >
      <P align=justify>Any Distribution declared in respect of the Sale Shares
      after the Closing Date will accrue for the benefit of and be paid to the
      Purchaser.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">10.3 </TD>
    <TD >
      <P align=justify>The Company shall not, and the Seller, to the extent
      within its control (which shall include voting accordingly in respect of
      any applicable resolution), shall procure that the Company shall not, for
      so long as the Purchaser remains a shareholder of the Company, make any
      special Distribution (being a Distribution other than the monthly dividend
      declared and paid by the Company in accordance with past practice) without
      the prior written consent of the Purchaser.</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>GENERAL WARRANTIES</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="7%">11.1 </TD>
    <TD >
      <P align=justify>Each of the Parties hereby warrants to and in favour of
      the other that &#150;</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="9%">11.1.1 </TD>
    <TD >
      <P align=justify>it has the legal capacity and has taken all necessary
      corporate action required to empower and authorise it to enter into this
      Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.1.2 </TD>
    <TD >
      <P align=justify>this Agreement constitutes an agreement valid and binding
      on it and enforceable against it in accordance with its terms;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.1.3 </TD>
    <TD >
      <P align=justify>the execution of this Agreement and the performance of
      its obligations hereunder does not and shall not
&#150;</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="11%">11.1.3.1 </TD>
    <TD >
      <P align=justify>contravene any law or regulation to which that Party is
      subject;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">11.1.3.2 </TD>
    <TD >
      <P align=justify>contravene any provision of that Party's constitutional
      documents; or</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=right>17</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">11.1.3.3 </TD>
    <TD >
      <P align=justify>conflict with or constitute a breach of any of the
      provisions of any other agreement, obligation, restriction or undertaking
      which is binding on it; and</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="9%">11.1.4 </TD>
    <TD >
      <P align=justify>to the best of its knowledge and belief, it is not aware
      of the existence of any fact or circumstance that may impair its ability
      to comply with all of its obligations in terms of this
Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.1.5 </TD>
    <TD >
      <P align=justify>it is entering into this Agreement as principal (and not
      as agent or in any other capacity);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.1.6 </TD>
    <TD >
      <P align=justify>the natural person who signs and executes this Agreement
      on its behalf is validly and duly authorised to do so;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.1.7 </TD>
    <TD >
      <P align=justify>no other party is acting as a fiduciary for
  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="7%">11.2 </TD>
    <TD >
      <P align=justify>Each of the representations and warranties given by the
      Parties in terms of clause 11.1 shall &#150;</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="9%">11.2.1 </TD>
    <TD >
      <P align=justify>be a separate warranty and will in no way be limited or
      restricted by inference from the terms of any other warranty or by any
      other words in this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.2.2 </TD>
    <TD >
      <P align=justify>continue and remain in force notwithstanding the
      completion of any or all the transactions contemplated in this Agreement;
      and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.2.3 </TD>
    <TD >
      <P align=justify><I>prima facie </I>be deemed to be material and to be a
      material representation inducing the other Party/ies to enter into 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%">12 </TD>
    <TD>
      <P align=justify><B>WARRANTIES BY THE SELLER</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Seller hereby gives to and in favour of the Purchaser
      the Warranties more fully set out in this Agreement and in Annexure C, on
      the basis that each Warranty &#150;</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="7%">12.1 </TD>
    <TD >
      <P align=justify>is, insofar as it is promissory or relates to a future
      event, deemed to have been given as at the date of fulfilment of the
      promise or future happening of the event, as the case may be;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">12.2 </TD>
    <TD >
      <P align=justify>save where any Warranty is expressly limited to a
      particular date, is given as at the Signature Date and the Closing Date
      and the period between those dates;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></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=right>18</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">12.3 </TD>
    <TD >
      <P align=justify>is deemed to be material and to be a material
      representation inducing the Purchaser to enter into this
  Agreement;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">12.4 </TD>
    <TD >
      <P align=justify>is a separate Warranty and will in no way be limited or
      restricted by reference to or inference from the terms of any other
      Warranty; and</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">12.5 </TD>
    <TD >
      <P align=justify>shall remain in force notwithstanding the completion of
      the Sale.</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%">13 </TD>
    <TD>
      <P align=justify><B>INDEMNITIES BY THE
SELLER</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="7%">13.1 </TD>
    <TD >
      <P align=justify>Without prejudice to any rights of the Purchaser arising
      from any other provision of this Agreement and to the extent that such
      liability is not fully provided for or reflected as a liability in the
      Warranted Accounts, the Seller hereby agrees to indemnify and hold the
      Purchaser harmless from and against the entirety of any Adverse
      Consequences which the Purchaser may suffer (whether directly or
      indirectly) resulting from, arising out of, or relating to
  &#150;</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="9%">13.1.1 </TD>
    <TD >
      <P align=justify>a failure of any of the Warranties or any undertakings
      contained in this Agreement to be true and correct; and/or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">13.1.2 </TD>
    <TD >
      <P align=justify>any liability for Tax not fully provided for in the
      Warranted Accounts in respect of the Designated
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="7%">13.2 </TD>
    <TD >
      <P align=justify>The indemnification provisions in this clause 13 are in
      addition to, and do not in any way derogate from, any statutory or common
      law remedy the Purchaser may have for breach of this Agreement including
      breach of any representation or Warranty.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">13.3 </TD>
    <TD >
      <P align=justify>The indemnities provided for in clause 13.1 shall be
      limited as provided for in clause 14, <I>mutatis mutandis</I>.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">13.4 </TD>
    <TD >
      <P align=justify>Upon a third party threatening or bringing a Claim in
      respect of which the Seller has given an indemnity pursuant to this clause
      13 &#150;</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="9%">13.4.1 </TD>
    <TD >
      <P align=justify>the Purchaser will notify the Seller as soon as
      reasonably possible upon becoming aware of the Claim provided, however,
      that no delay on the part of the Purchaser in so notifying the Seller
      shall relieve the Seller from any obligation hereunder unless (and then
      solely to the extent that) the Seller is thereby prejudiced;
  and</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P align=right>19</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">13.4.2 </TD>
    <TD >
      <P align=justify>the Seller will elect whether or not to defend the Claim,
      in accordance with clause 13.5.</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="7%">13.5 </TD>
    <TD >
      <P align=justify>The Seller may elect, by giving written notice, within 15
      business days following receipt of the notice provided for in clause
      13.4.2 or, if earlier, 5 business days prior to the first date when a
      response to the Claim is due, to assume control of the defence and
      settlement of the Claim, in which case &#150;</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="9%">13.5.1 </TD>
    <TD >
      <P align=justify>the Seller will, at its own expense, defend the Claim and
      have control of the conduct of the defence and settlement of the Claim,
      provided however that the Purchaser will have the right to
  &#150;</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="11%">13.5.1.1 </TD>
    <TD >
      <P align=justify>participate in any defence and settlement, such
      participation to be at its own cost where it is not pursuant to a request
      for participation from the Seller; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">13.5.1.2 </TD>
    <TD >
      <P align=justify>join the Seller as a defendant in legal proceedings
      arising out of the Claim;</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="9%">13.5.2 </TD>
    <TD >
      <P align=justify>the Purchaser will &#150;</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="11%">13.5.2.1 </TD>
    <TD >
      <P align=justify>not make admissions (except under compulsion of law),
      agree to any settlement or otherwise compromise the defence or settlement
      of the Claim without prior written approval of the Seller, which will not
      be unreasonably withheld;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">13.5.2.2 </TD>
    <TD >
      <P align=justify>give, at the Seller's request and cost, all reasonable
      assistance in connection with the defence and settlement of the
    Claim.</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>LIMITATION OF
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="7%">14.1 </TD>
    <TD >
      <P align=justify>The Warranties are limited and qualified by (and as a
      result no liability shall attach to the Seller to the extent that)
      anything that is &#150;</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="9%">14.1.1 </TD>
    <TD >
      <P align=justify>Fairly Disclosed in the Disclosure Schedule or in any
      written material or document provided to any of the Purchaser's
      Representatives prior to the Signature Date; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.1.2 </TD>
    <TD >
      <P align=justify>as at the Signature Date, within the actual knowledge of
      the Purchaser. For this purpose, the Purchaser shall only be deemed to be
      aware of or have knowledge of anything of which the Purchaser's
Representatives are actually aware and no other fact, matter or circumstance of
which the Purchaser may otherwise be deemed to have actual knowledge, or of
which the Purchaser may have or be deemed to have constructive or imputed
knowledge shall prejudice any claim made by the Purchaser under the Warranties
or indemnities provided under this Agreement or operate to reduce the amount
recoverable.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=right>20</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">14.2 </TD>
    <TD >
      <P align=justify>No warranties or representations (whether made
      negligently or innocently), express or implied or tacit whether by law,
      contract or otherwise and whether they induced the contract or not, which
      are not set forth in this Agreement shall be binding on the Seller, but
      excluding, for the avoidance of doubt, any fraudulent or intentional
      misrepresentation.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">14.3 </TD>
    <TD >
      <P align=justify>For the avoidance of doubt and notwithstanding anything
      to the contrary contained in this Agreement &#150;</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="9%">14.3.1 </TD>
    <TD >
      <P align=justify>the Seller shall not be liable for any forward-looking
      statements and/or representations, regarding the future financial
      position, performance or business strategy of the Group. Accordingly, the
      actual performance of the Company or any Group Company may accordingly
      differ from forward- looking statements and/or representations made by the
      Seller; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.3.2 </TD>
    <TD >
      <P align=justify>the Purchaser shall not be entitled to make any Claim (as
      described below) against the Seller in respect of and/or in connection
      with any breach of the Warranties or any other provision of this
      Agreement, if that Claim would result in the Purchaser being compensated
      more than once for the same damage or loss. Accordingly, a Claim by the
      Purchaser arising out of a breach of any one or more Warranties and/or
      other relevant provision of this Agreement, shall not entitle the
      Purchaser to make a Claim against the Seller in respect of more than one
      Warranty or other claim arising from or which is attributable to the same
      cause of action.</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="7%">14.4 </TD>
    <TD >
      <P align=justify>Notwithstanding the Warranties, representations and
      indemnifications given by the Seller in this Agreement, no liability shall
      attach to the Seller in relation to Claims &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=right>21</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">14.4.1 </TD>
    <TD >
      <P align=justify>to the extent that the underlying applicable facts,
      matters and/or circumstances which result in any representation and/or any
      Warranty being incorrect, or which would otherwise have resulted in any
      indemnifications being triggered, did not arise during the Designated
      Period, provided that the aforegoing restriction shall not apply to any
      Claims relating to the Capacity and Authority Warranties and the Title
      Warranties;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.4.2 </TD>
    <TD >
      <P align=justify>to the extent to which the Purchaser receives payment in
      full of the put option price or the call option price pursuant to an
      exercise of the put option or call option provided for in the Option
      Agreement, and then only if the relevant purchaser under the Option
      Agreement (being either DNI Retail, JAA, PK Gain, Sabvest Finance and
      Guarantee Corporation Proprietary Limited or Sabvest Investments
      Proprietary Limited) does not have a claim against the Purchaser in terms
      of the Option Agreement which it would not otherwise have had but for a
      breach of the Warranties given by the Seller in this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.4.3 </TD>
    <TD >
      <P align=justify>which are less than R4,700,000 in aggregate, provided
      that: (i) when such aggregate or individual claims or loss exceed the said
      amount, the Seller shall, subject to clause 14.4.4 and clause 14.4.5, be
      liable for the full amount of such claim/s and/or loss and/or liabilities
      and not only for the amount in excess of the said amount; and (ii) regard
      shall only be had to individual claims and/or losses which exceed R215,000
      per individual claim and/or loss in determining whether the aforementioned
      R4,700,000 threshold has been reached; (iii) the aforegoing restrictions
      shall not apply to any Claims relating to the Capacity and Authority
      Warranties and the Title Warranties;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.4.4 </TD>
    <TD >
      <P align=justify>if the Purchaser has not made a demand for arbitration
      for recovery of such Claims, within 30 months of the Closing Date,
      provided that the aforegoing restriction shall not apply to any Claims
      relating to the Tax Warranties (in which case demand for arbitration must
      be made within 3 years of the most recent date of assessment (occurring
      after the Closing Date) of the applicable Group Company to which the Claim
      relates); or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.4.5 </TD>
    <TD >
      <P align=justify>which in aggregate exceed an amount equal to the Purchase
      Consideration on the basis that the aggregate amount recoverable from the
      Seller, exclusive of interest and costs, from whatever
cause arising, shall be limited to the Purchase Consideration. </P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></A>
<P align=right>22</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">14.5 </TD>
    <TD >
      <P align=justify>The aggregate damages that the Purchaser suffers as a
      result of a Claim shall be reduced (at a maximum, to R0) by the aggregate
      of &#150;</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="9%">14.5.1 </TD>
    <TD >
      <P align=justify>an amount equal to 7.605,235% of any assessed Tax benefit
      (including without limitation any reduction in the Taxes due,
      deductibility of the damages suffered by the Group or the incurral of a
      capital loss that may be used to reduce capital gains in the future) as
      and when such Tax benefit accrues to the Group as a direct result
      thereof;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.5.2 </TD>
    <TD >
      <P align=justify>7.605,235% of any amount actually recovered by the Group
      from any third party in respect thereof (including, but not limited to any
      insurer); and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.5.3 </TD>
    <TD >
      <P align=justify>any amount by which the subject matter of the Claims has
      been or is made good or otherwise compensated for, less any cost thereof
      to the Seller and/or 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 width="7%"></TD>
    <TD >
      <P align=justify>and any amount refunded to the Seller by the Purchaser or
      any reduction in damages in terms of this clause 14.5 shall be regarded as
      never having been claimed from the Seller for purposes of clause
    14.4.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">14.6 </TD>
    <TD >
      <P align=justify>Notwithstanding anything to the contrary contained in
      this Agreement, no liability shall attach to the Seller in respect of any
      Claim to the extent that &#150;</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="9%">14.6.1 </TD>
    <TD >
      <P align=justify>the Claim is for any indirect, special or consequential
      damages (including loss of profit) of whatsoever nature suffered by any
      Group Company and/or the Seller;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.6.2 </TD>
    <TD >
      <P align=justify>the Claim or the events giving rise to the Claim would
      not have arisen but for an act, omission or transaction of any of the
      Purchaser's Representatives;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.6.3 </TD>
    <TD >
      <P align=justify>the Claim is based upon a liability which is contingent
      only, unless and until such contingent liability becomes an actual
      liability or until the same is finally adjudicated;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.6.4 </TD>
    <TD >
      <P align=justify>allowance, provision or reserve in respect of the matter
      giving rise to the Claim shall have been made in the Warranted
      Accounts;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A>
<P align=right>23</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">14.6.5 </TD>
    <TD >
      <P align=justify>the Claim occurs wholly or partly out of or the amount
      thereof is increased as a result of any change in law, regulation,
      guideline, codes of conduct, and the like or in their interpretation or
      administration by the South African courts, or by any other fiscal,
      monetary or regulatory authority, whether or not having the force of law,
      after the Closing Date; and/or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.6.6 </TD>
    <TD >
      <P align=justify>any amount by which the subject matter of the claim has
      been made good or otherwise compensated for without cost to the Purchaser
      or the Company.</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="7%">14.7 </TD>
    <TD >
      <P align=justify>Notwithstanding anything to the contrary contained in
      this Agreement, no liability will arise and no Claim may be made if the
      matter giving rise to such Claim is remediable, to the reasonable
      satisfaction of the Purchaser, within the period of 30 days of receipt by
      the Seller of written notice from the Purchaser requiring the Seller to
      remedy the matter giving rise to such Claim (or if it is not reasonably
      possible to remedy the matter giving rise to such Claim within 30 days,
      within such further period as may be reasonable in the circumstances
      provided that the Seller furnishes evidence within the period of 30 days,
      reasonably satisfactory to the Purchaser, that it has taken whatever steps
      are available to it, to commence remedying the matter giving rise to such
      Claim).</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">14.8 </TD>
    <TD >
      <P align=justify>Unless it is restricted by law from doing so and/or the
      Seller is the counterparty of the Purchaser in any such Claim, the
      Purchaser shall &#150;</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="9%">14.8.1 </TD>
    <TD >
      <P align=justify>within 10 business days inform the Seller in writing of
      any fact, matter, event or circumstance which comes to its notice whereby
      it appears that the Seller is or may be liable to make any payment in
      respect of any Claim;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.8.2 </TD>
    <TD >
      <P align=justify>thereafter keep the Seller informed of all developments
      in relation thereto;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.8.3 </TD>
    <TD >
      <P align=justify>provide access to the Purchaser's Representatives and
      give all such information and documentation (no matter how it is recorded
      or stored) as the Seller shall reasonably request in connection therewith,
      subject to any such disclosure not breaching any duty of confidentiality
      on the Purchaser or any Group Company under or in terms of any other
      agreement or arrangement.</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="7%">14.9 </TD>
    <TD >
      <P align=justify>Nothing in this Agreement shall or shall be deemed to
      relieve the Purchaser of any common law or other duty to mitigate any loss
      or damage incurred by it.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P align=right>24</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">14.10 </TD>
    <TD >
      <P align=justify>Notwithstanding anything to the contrary contained in
      this Agreement, the Capacity and Authority Warranties and the Title
      Warranties shall not be limited or qualified in any respect whatsoever,
      and no disclosure (regardless of whether a fact or circumstance is Fairly
      Disclosed) shall be regarded as amending or supplementing the Disclosure
      Schedule or shall prevent or cure any misrepresentation or breach of a the
      Capacity and Authority Warranties and the Title Warranties, 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%">15 </TD>
    <TD>
      <P align=justify><B>PROTECTION OF RIGHTS</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="7%">15.1 </TD>
    <TD >
      <P align=justify>This Agreement in no way restricts any rights or remedies
      which the Purchaser may have against the Seller or any Group Company in
      terms of any other agreements or arrangements concluded between them in
      relation to any other subject matter, nor does this Agreement purport, in
      any way, to limit the liability of the Seller and any Group Company to the
      Purchaser in terms of the aforesaid agreements or arrangements,
      generally.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">15.2 </TD>
    <TD >
      <P align=justify>If the Seller fails to comply with any obligation imposed
      on it by this Agreement, the Purchaser shall be entitled to effect or
      attempt to effect such compliance at the expense of the Seller and to
      recover the costs and expenses of doing so from the Seller on
    demand.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">15.3 </TD>
    <TD >
      <P align=justify>The Seller shall not have any claim against the Purchaser
      arising out of any act or omission on the part of the Purchaser connected
      with effecting or attempting to effect such compliance or, even if the
      Purchaser has undertaken to effect such compliance, failing to do so
      properly or at all.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">15.4 </TD>
    <TD >
      <P align=justify>The Purchaser's rights in terms of this clause 15 are
      without prejudice to any other rights it may have and in particular no
      exercise, attempted exercise or undertaking to exercise the rights in
      terms of this clause by the Purchaser shall relieve the Seller of any
      liability or obligation arising out of a failure to comply with the
      obligation referred to in clause 15.1.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=right>25</P>
<TABLE
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>CONFIDENTIALITY</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="7%">16.1 </TD>
    <TD >
      <P align=justify>The Parties undertake that during the operation of, and
      for a period of 2 years after the earlier of the lapsing, expiration,
      termination or cancellation of, this Agreement or the Closing Date for any
      reason, they will keep confidential &#150;</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="9%">16.1.1 </TD>
    <TD >
      <P align=justify>any information which any Party ("<B>Disclosing
      Party</B>") communicates to any other Party ("<B>Recipient</B>") and which
      is stated to be or by its nature is intended to be confidential;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.2 </TD>
    <TD >
      <P align=justify>all other information of the same confidential nature
      concerning the business of a Disclosing Party which comes to the knowledge
      of any Recipient whilst it is engaged in negotiating the terms of this
      Agreement or after its conclusion; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.3 </TD>
    <TD >
      <P align=justify>the terms and conditions 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="7%">16.2 </TD>
    <TD >
      <P align=justify>If a Recipient is uncertain about whether any information
      is to be treated as confidential in terms of this clause 16, it shall be
      obliged to treat it as such until written clearance is obtained from the
      Disclosing Party.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">16.3 </TD>
    <TD >
      <P align=justify>Notwithstanding the provisions of clause 16.1, a
      Recipient shall be entitled to disclose any information to be kept
      confidential to its auditors, bankers, insurers, professional and other
      advisors and to any other person if and to the extent only that the
      disclosure is necessary for the purposes of carrying out its obligations
      or implementing of enforcing any of its rights in terms of this
      Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">16.4 </TD>
    <TD >
      <P align=justify>The obligation of confidentiality placed on the Parties
      in terms of this clause 16 shall cease to apply to a Recipient in respect
      of any information which &#150;</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="9%">16.4.1 </TD>
    <TD >
      <P align=justify>has been independently developed by the
  Recipient;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.4.2 </TD>
    <TD >
      <P align=justify>is or becomes generally available to the public other
      than by the negligence or default of the Recipient or by the breach of
      this Agreement by the Recipient;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.4.3 </TD>
    <TD >
      <P align=justify>the Disclosing Party confirms in writing is disclosed on
      a non-confidential basis;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A>
<P align=right>26</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">16.4.4 </TD>
    <TD >
      <P align=justify>has lawfully become known by or come into the possession
      of the Recipient on a non-confidential basis from a source other than the
      Disclosing Party having the legal right to disclose same; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.4.5 </TD>
    <TD >
      <P align=justify>is disclosed pursuant to a requirement or request by
      operation of law, regulation or court order or any regulatory or
      supervisory body or any applicable securities exchange, to the extent of
      compliance with such requirement or request only and not for any other
      purpose,</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="7%"></TD>
    <TD >
      <P align=justify>provided that the onus shall at all times rest on the
      Recipient to establish that information falls within the exclusions set
      out in clauses 16.4.1 to 16.4.5.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">16.5 </TD>
    <TD >
      <P align=justify>In the event that the Recipient is required to disclose
      confidential information of the Disclosing Party as contemplated in clause
      16.4.5, the Recipient will notify the Disclosing Party of the recipient
      of, and the form and extent of, any such disclosure or announcement as
      soon as reasonably possible after it is made to the extent possible and
      permitted by any applicable law.</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>PUBLICITY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>No public announcements of any nature whatsoever will be
      made by or on behalf of a Party relating to this Agreement and the terms
      and contents thereof without the prior written consent of the other
      Parties, save for any announcement or other statement required to be made
      in terms of the provisions of any law or by the rules of any recognised
      securities exchange, in which event the Party obliged to make such
      statement will first consult with the other Parties in order to enable the
      Parties in good faith to attempt to agree the content of such
      announcement, which (unless agreed) must go no further than is required in
      terms of such law or rules. This will not apply to a Party wishing to
      respond to any other Party which has made an announcement of some nature
      in breach of this clause 17.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">18 </TD>
    <TD>
      <P align=justify><B>SUPPORT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each of the Parties undertakes, and shall procure that
      its representatives, at all times to do all such things, perform all such
      actions and take all such steps and to procure the doing of all such
      things, the performance of all such actions and the taking of
  all such steps as may be open to them and necessary for or
      incidental to the putting into effect or maintenance of the terms,
  conditions and/or import of this Agreement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=right>27</P>
<TABLE
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>BREACH</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="7%">19.1 </TD>
    <TD >
      <P align=justify>If a Party ("<B>Defaulting Party</B>") commits any breach
      of this Agreement and fails to remedy such breach within 10 business days
      ("<B>Notice Period</B>") of written notice requiring the breach to be
      remedied, then the Party giving the notice ("<B>Aggrieved Party</B>") will
      be entitled, at its option &#150;</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="9%">19.1.1 </TD>
    <TD >
      <P align=justify>to claim immediate specific performance of any of the
      Defaulting Party's obligations under this Agreement, with or without
      claiming damages, whether or not such obligation has fallen due for
      performance, and to require the Defaulting Party to provide security to
      the satisfaction of the Aggrieved Party for the Defaulting Party's
      obligations; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">19.1.2 </TD>
    <TD >
      <P align=justify>to cancel this Agreement, with or without claiming
      damages, in which case written notice of the cancellation shall be given
      to the Defaulting Party, and the cancellation shall take effect on the
      giving of the notice. Notwithstanding the aforesaid, none of the Parties
      shall be entitled to cancel this Agreement unless the breach is a material
      breach going to the root of the 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="7%">19.2 </TD>
    <TD >
      <P align=justify>The Parties agree that any costs awarded will be
      recoverable on an attorney-and- own-client scale unless the Court
      specifically determines that such scale shall not apply, in which event
      the costs will be recoverable in accordance with the High Court tariff,
      determined on an attorney-and-client scale.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">19.3 </TD>
    <TD >
      <P align=justify>The Aggrieved Party's remedies in terms of this clause 19
      are without prejudice to any other remedies to which the Aggrieved Party
      may be entitled in law.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">19.4 </TD>
    <TD >
      <P align=justify>Notwithstanding the aforegoing, after the acquisition of
      all of the Sale Shares and payment of the Purchase Consideration in full
      in accordance with this Agreement, none of the Parties will have the right
      to cancel this Agreement as a result of a breach thereof, and the Parties'
      only remedies thereafter will be to claim specific performance of all the
      Defaulting Party's obligations, together with damages, if
  any.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=right>28</P>
<TABLE
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>DISPUTE RESOLUTION</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="7%">20.1 </TD>
    <TD >
      <P align=justify>In the event of there being any dispute or difference
      between all or some of the Parties arising out of this Agreement, the said
      dispute or difference shall on written demand by any Party be submitted to
      arbitration in Johannesburg in accordance with the AFSA rules, which
      arbitration shall be administered by AFSA.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.2 </TD>
    <TD >
      <P align=justify>Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the parties to the dispute or failing
      agreement within 10 business days of the demand for arbitration, then any
      party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg Bar Council to nominate the arbitrator,
      provided that the person so nominated shall be an advocate of not less
      than 10 years standing as such. The person so nominated shall be the duly
      appointed arbitrator in respect of the dispute. In the event of the
      attorneys of the parties to the dispute failing to agree on any matter
      relating to the administration of the arbitration, such matter shall be
      referred to and decided by the arbitrator whose decision shall be final
      and binding on the parties to the dispute.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.3 </TD>
    <TD >
      <P align=justify>Any party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.4 </TD>
    <TD >
      <P align=justify>Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.5 </TD>
    <TD >
      <P align=justify>Any arbitration in terms of this clause 20 (including any
      appeal proceedings) shall be conducted <I>in camera </I>and the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.6 </TD>
    <TD >
      <P align=justify>This clause 20 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of the
  Agreement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></A>
<P align=right>29</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">20.7 </TD>
    <TD >
      <P align=justify>The Parties agree that the written demand by a party to
      the dispute in terms of clause 20.1, that the dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.</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>NOTICES AND DOMICILIA</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="7%">21.1 </TD>
    <TD >
      <P align=justify>The Parties select as their respective <I>domicilia
      citandi et executandi </I>the following physical addresses, and for the
      purposes of giving or sending any notice provided for or required under
      this Agreement, the following physical and email addresses
  &#150;</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD width="7%"  >&nbsp;</TD>
    <TD align=left><B><U>Name</U></B> </TD>
    <TD align=left width="32%"><B><U>Physical Address</U></B> </TD>
    <TD align=right width="32%"><B><U>Email</U></B> </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Purchaser </TD>
    <TD align=left width="32%" bgColor=#e6efff>1 Merchant Place </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="32%" align=left bgcolor="#E6EFFF">14<SUP>th </SUP>Floor </TD>
    <TD width="32%" align=right bgcolor="#E6EFFF">xxx </TD>
  </TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#E6EFFF>Cnr Fredman Drive &amp; </TD>
    <TD align=right width="32%" bgColor=#E6EFFF>xxx </TD>
  </TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="32%" align=left bgcolor="#E6EFFF">Rivonia Road </TD>
    <TD width="32%" align=right bgcolor="#E6EFFF">xxx </TD>
  </TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#E6EFFF>Sandton </TD>
    <TD align=right width="32%" bgColor=#E6EFFF>xxx </TD>
  </TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="32%" align=left bgcolor="#E6EFFF">Johannesburg </TD>
    <TD width="32%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
  </TR></TABLE></DIV>
<P style="MARGIN-LEFT: 7%" align=justify>Marked for the attention of: <B>Head of
Transaction Management</B> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD width="7%"  >&nbsp;</TD>
    <TD align=left><B><U>Name</U></B> </TD>
    <TD align=left width="32%"><B><U>Physical Address</U></B> </TD>
    <TD align=right width="32%"><B><U>Email</U></B> </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Seller </TD>
    <TD align=left width="32%" bgColor=#E6EFFF>6th Floor </TD>
    <TD align=right width="32%" bgColor=#E6EFFF>xxx </TD>
  </TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="32%" align=left bgcolor="#E6EFFF">President Place </TD>
    <TD width="32%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#E6EFFF>Cnr Jan Smuts Ave and Bolton
      Road </TD>
    <TD align=left width="32%" bgColor=#E6EFFF>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="32%" align=left bgcolor="#E6EFFF">Rosebank </TD>
    <TD width="32%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Johannesburg </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp;
</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT:7%" align=justify>Marked for the attention of: <B>Chief
Financial Officer</B> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD width="7%"  >&nbsp;</TD>
    <TD align=left><B><U>Name</U></B> </TD>
    <TD align=left width="32%"><B><U>Physical Address</U></B> </TD>
    <TD align=right width="32%"><B><U>Email</U></B> </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Company </TD>
    <TD align=left width="32%" bgColor=#e6efff>23/25 Commerce </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx
</TD></TR></TABLE></DIV>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></A>
<P align=right>30</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="7%"  >&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="32%" bgColor=#e6efff>Crescent </TD>
    <TD align=left width="32%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="32%" align=left bgcolor="#E6EFFF">Kramerville </TD>
  <TD width="32%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="32%" bgColor=#e6efff>Johannesburg </TD>
    <TD align=left width="32%"
  bgColor=#e6efff>&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 width="7%"></TD>
    <TD >
      <P align=justify>Marked for the attention of: <B>Andrew Dunn</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>provided that a Party may change its <I>domicilium </I>to
      any other physical address in South Africa, or its address for the
      purposes of notices to any other physical or email address, by written
      notice to the other Parties to that effect. Such change of address will be
      effective 5 business days after receipt of the notice of the
  change.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">21.2 </TD>
    <TD >
      <P align=justify>All notices to be given in terms of this Agreement will
      be given in writing and will &#150;</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="9%">21.2.1 </TD>
    <TD >
      <P align=justify>be delivered by hand or sent by email;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.2.2 </TD>
    <TD >
      <P align=justify>if delivered by hand during business hours, be presumed
      to have been received on the date of delivery. Any notice delivered after
      business hours or on a day which is not a business day will be presumed to
      have been received on the following business day; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.2.3 </TD>
    <TD >
      <P align=justify>if sent by email during business hours, be presumed to
      have been received on the date of successful transmission of the email.
      Any email sent after business hours or on a day which is not a business
      day will be presumed to have been received on the following business
      day.</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="7%">21.3 </TD>
    <TD >
      <P align=justify>Notwithstanding the above, any notice given in writing,
      and actually received by the Party to whom the notice is addressed, will
      be deemed to have been properly given and received, notwithstanding that
      such notice has not been given in accordance with this clause
  21.</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%">22 </TD>
    <TD>
      <P align=justify><B>BENEFIT OF THE AGREEMENT</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 will also be for the benefit of and be
      binding upon the successors in title and permitted assigns of the Parties
      or any of them.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></A>
<P align=right>31</P>
<TABLE
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>APPLICABLE LAW AND
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="7%">23.1 </TD>
    <TD >
      <P align=justify>This Agreement will in all respects be governed by and
      construed under the laws of South Africa.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.2 </TD>
    <TD >
      <P align=justify>Subject to clause 20, the Parties hereby consent and
      submit to the non-exclusive jurisdiction of the High Court of South
      Africa, Gauteng Local Division (Johannesburg), in any dispute arising from
      or in connection with 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%">24 </TD>
    <TD>
      <P align=justify><B>INDEPENDENT ADVICE</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each of the Parties hereby acknowledges and agrees that
      &#151;</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="7%">24.1 </TD>
    <TD >
      <P align=justify>it has been free to secure independent legal and other
      professional advice (including financial and taxation advice) as to the
      nature and effect of all of the provisions of this Agreement and that it
      has either taken such independent advice or has dispensed with the
      necessity of doing so; and</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">24.2 </TD>
    <TD >
      <P align=justify>all of the provisions of this Agreement and the
      restrictions herein contained are fair and reasonable in all the
      circumstances and are in accordance with the Party's
  intentions.</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%">25 </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="7%">25.1 </TD>
    <TD >
      <P align=justify><B>Whole Agreement</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>This Agreement constitutes the whole of the agreement
      between the Parties relating to the matters dealt with herein and, save to
      the extent otherwise provided herein, no undertaking, representation, term
      or condition relating to the subject matter of this Agreement not
      incorporated in this Agreement shall be binding on any of the
    Parties.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">25.2 </TD>
    <TD >
      <P align=justify><B>Variations to be in Writing</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>No addition to or variation, deletion, or agreed
      cancellation of all or any clauses or provisions of this Agreement will be
      of any force or effect unless in writing and signed by the
  Parties.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=right>32</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">25.3 </TD>
    <TD >
      <P align=justify><B>No Indulgences</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>No latitude, extension of time or other indulgence which
      may be given or allowed by any Party to the other in respect of the
      performance of any obligation hereunder, and no delay or forbearance in
      the enforcement of any right of any Party arising from this Agreement and
      no single or partial exercise of any right by any Party under this
      Agreement, shall in any circumstances be construed to be an implied
      consent or election by that Party or operate as a waiver or a novation of
      or otherwise affect any of its rights in terms of or arising from this
      Agreement or estop or preclude it from enforcing at any time and without
      notice, strict and punctual compliance with each and every provision or
      term hereof. Failure or delay on the part of any Party in exercising any
      right, power or privilege under this Agreement will not constitute or be
      deemed to be a waiver thereof, nor will any single or partial exercise of
      any right, power or privilege preclude any other or further exercise
      thereof or the exercise of any other right, power or privilege.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">25.4 </TD>
    <TD >
      <P align=justify><B>No Waiver or Suspension of Rights</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>No waiver, suspension or postponement by any Party of any
      right arising out of or in connection with this Agreement shall be of any
      force or effect unless in writing and signed by that Party. Any such
      waiver, suspension or postponement will be effective only in the specific
      instance and for the purpose given.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">25.5 </TD>
    <TD >
      <P align=justify><B>Continuing Effectiveness of Certain
    Provisions</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they will operate after any such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">25.6 </TD>
    <TD >
      <P align=justify><B>No Assignment</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>Neither this Agreement nor any part, share or interest
      herein nor any rights or obligations hereunder may be ceded, delegated or
      assigned by any Party without the prior signed written consent of the
      others.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_35></A>
<P align=right>33</P>
<TABLE
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>COSTS</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="7%">26.1 </TD>
    <TD >
      <P align=justify>Subject to clause 26.2, the Seller will bear and pay all
      the legal costs and expenses of and incidental to the negotiation,
      drafting, preparation and implementation of this Agreement, including the
      legal costs and expenses of the Purchaser in connection with the
      negotiation, drafting, preparation and implementation of this
      Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">26.2 </TD>
    <TD >
      <P align=justify>The Company shall pay securities transfer tax on the
      transfer of the Sale Shares in terms of the Securities Transfer Tax Act,
      No. 25 of 2007, which amount shall be recoverable from the Seller (and the
      Seller hereby agrees and undertakes to pay such amount within 5 business
      days after written demand therefor).</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%">27 </TD>
    <TD>
      <P align=justify><B>SIGNATURE</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="7%">27.1 </TD>
    <TD >
      <P align=justify>This Agreement is signed by the Parties on the dates and
      at the places indicated below.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">27.2 </TD>
    <TD >
      <P align=justify>This Agreement may be executed in counterparts, each of
      which shall be deemed an original, and all of which together shall
      constitute one and the same Agreement as at the date of signature of the
      Party last signing one of the counterparts.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">27.3 </TD>
    <TD >
      <P align=justify>The persons signing this Agreement in a representative
      capacity warrant their authority to do so.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">27.4 </TD>
    <TD >
      <P align=justify>The Parties record that it is not required for this
      Agreement to be valid and enforceable that a Party shall initial the pages
      of this Agreement and/or have its signature of this Agreement verified by
      a witness.</P></TD></TR></TABLE>
<P align=center>[<I>Remainder of page left intentionally blank. Signature pages
follow hereafter.</I>]</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_36></A>
<P align=right>34</P>
<P align=justify>SIGNED at
..................................................................................................
on
............................................................................................
2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>FIRSTRAND BANK LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>(ACTING THROUGH ITS RAND</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>MERCHANT BANK DIVISION)</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ C Welthagen </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">C Welthagen </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Authorised </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ Z Manie </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Z Manie </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Authorised </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory </TD></TR></TABLE>
<P align=justify>SIGNED at Rosebank on 3 May 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>NET1 APPLIED TECHNOLOGIES</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>SOUTH AFRICA PROPRIETARY</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ A.M.R. Smith </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">A.M.R. Smith </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory
</TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_37></A>
<P align=right>35</P>
<P align=justify>SIGNED at Sandton on 3 May 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>DNI-4PL CONTRACTS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ Andrew Dunn </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Andrew Dunn </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory
</TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_38></A>
<P align=right>36</P>
<P align=right><B>Annexure A</B></P>
<P align=center><B>Audited Accounts</B></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></A>
<P align=right>37</P>
<P align=right><B>Annexure B</B></P>
<P align=center><B>Signature Date Accounts</B></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_40></A>
<P align=right>38</P>
<P align=right><B>Annexure C</B></P>
<P align=center><B>Warranties by the Seller</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>INTRODUCTION</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="7%">1.1 </TD>
    <TD >
      <P align=justify>Expressions defined in the sale of shares agreement to
      which this document is attached as Annexure C ("<B>Agreement</B>") shall
      bear the same meaning in this Annexure C as that assigned to them in the
      Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">1.2 </TD>
    <TD >
      <P align=justify>To the extent that the Warranties are given on a date
      which results in the use of any tense being inappropriate, the Warranties
      set out below shall be read in the appropriate tense.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">1.3 </TD>
    <TD >
      <P align=justify>The Warranties set out below are given by the Seller on
      the basis set out in clause 12 of the Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">1.4 </TD>
    <TD >
      <P align=justify>All the Warranties given by the Seller in this annexure
      are given subject to the limitations and qualifications set out in clause
      14 of the Agreement (or any other relevant provision of the
    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>INCORPORATION AND
EXISTENCE</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="7%">2.1 </TD>
    <TD >
      <P align=justify>The Company is a company duly incorporated and registered
      under South African law and has been in continuous existence since
      incorporation.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.2 </TD>
    <TD >
      <P align=justify>Each Group Company is a private company duly incorporated
      and registered under South African law and has been in continuous
      existence since incorporation.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.3 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, no steps have been taken
      in respect of the deregistration of any Group Company in terms of section
      82(3) of the Companies Act.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.4 </TD>
    <TD >
      <P align=justify>As at the Signature Date and the Closing Date the Company
      has an authorised share capital of 1,000 ordinary shares with a par value
      of R1 each, all ranking <I>pari passu </I>in all respects, and 90,000,000
      class A ordinary shares of no par value, all ranking <I>pari passu </I>in
      all respects.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_41></A>
<P align=right>39</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">2.5 </TD>
    <TD >
      <P align=justify>As at the Signature Date and the Closing Date, all the
      Group Companies will be wholly owned subsidiaries, save for the following
      Group Companies where the issued shares will be held as follows
  &#150;</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="9%">2.5.1 </TD>
    <TD >
      <P align=justify>the Company holds 55% of all of the shares in Switch
      Mobile Proprietary Limited (registration number 2000/030913/07);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.5.2 </TD>
    <TD >
      <P align=justify>the Company holds 55% of all of the shares in Mobile Mart
      Proprietary Limited (registration number 2014/030933/07);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.5.3 </TD>
    <TD >
      <P align=justify>the Company holds 50% of all of the shares in Speckpack
      Field Services Proprietary Limited (registration number
      2014/164903/07);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.5.4 </TD>
    <TD >
      <P align=justify>the Company holds 51.2% of all of the shares in M4Jam
      Proprietary Limited (registration number 2003/011766/07) , which in turn
      holds 100% of all of the shares in M4Jam South Africa Proprietary Limited
      (registration number 2004/013252/07), which in turn holds 100% of all of
      the shares in M4You Proprietary Limited (registration number
      2013/026161/07) and 40% of all of the shares in Fanaka Holdings
      Proprietary Limited (registration number
2011/110167/07).</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="7%">2.6 </TD>
    <TD >
      <P align=justify>As at the Closing Date the Group Companies have no shares
      in issue other than ordinary shares.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.7 </TD>
    <TD >
      <P align=justify>All of the issued shares in the Company, as at the
      Signature Date, are held as follows &#150;</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="9%">2.7.1 </TD>
    <TD >
      <P align=justify>the Seller holds 38,000,000 ordinary "A" shares in the
      Company, conferring a 38% voting and participation interest in the
      Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.7.2 </TD>
    <TD >
      <P align=justify>PK Gain holds 5,920,000 ordinary "A" shares and 28
      ordinary shares in the Company, conferring a 16% voting and participation
      interest in the Company; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.7.3 </TD>
    <TD >
      <P align=justify>JAA holds 11,080,000 ordinary "A" shares and 97 ordinary
      shares in the Company, conferring a 46% voting and participation interest
      in the Company.</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="7%">2.8 </TD>
    <TD >
      <P align=justify>All of the issued shares in the Company, as at the
      Closing Date, will be held as follows &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_42></A>
<P align=right>40</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.8.1 </TD>
    <TD >
      <P align=justify>the Purchaser will hold 7,605,235 ordinary "A" shares in
      the Company, conferring a 7.605,235% voting and participation interest in
      the Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.8.2 </TD>
    <TD >
      <P align=justify>Net1 will hold 30,394,765 ordinary "A" shares in the
      Company, conferring a 30.394,765% voting and participation interest in the
      Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.8.3 </TD>
    <TD >
      <P align=justify>PK Gain will hold 5,920,000 ordinary "A" shares and 28
      ordinary shares in the Company, conferring a 16% voting and participation
      interest in the Company; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.8.4 </TD>
    <TD >
      <P align=justify>JAA will hold 11,080,000 ordinary "A" shares and 97
      ordinary shares in the Company, conferring a 46% voting and participation
      interest in the Company.</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="7%">2.9 </TD>
    <TD >
      <P align=justify>Save as provided for above, the Company has no other
      direct or indirect shareholding in another company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.10 </TD>
    <TD >
      <P align=justify>The Company has the right, power and authority to conduct
      its business.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.11 </TD>
    <TD >
      <P align=justify>Each Group Company has the right, power and authority to
      conduct the businesses conducted by them.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.12 </TD>
    <TD >
      <P align=justify>The entry into this Agreement by the Seller, and the
      performance by it of its obligations under this Agreement, does not, and
      will not &#150;</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="9%">2.12.1 </TD>
    <TD >
      <P align=justify>as at the Closing Date, result in any present or future
      material indebtedness of the Seller becoming due or capable of being
      declared due and payable prior to its stated maturity; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.12.2 </TD>
    <TD >
      <P align=justify>contravene, conflict with, or result in a breach or
      default of, the terms of, or give any person the right to declare a
      default or exercise any remedy under, or to accelerate the maturity or
      performance of, or to cancel, terminate or modify, any agreement,
      indenture, mortgage or other instrument of any kind to which it/he is a
      party, that has not been waived or consented to in writing by that person
      prior to 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%">3 </TD>
    <TD>
      <P align=justify><B>SHARES</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="7%">3.1 </TD>
    <TD >
      <P align=justify><U>The Shares</U></P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_43></A>
<P align=right>41</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">3.1.1 </TD>
    <TD >
      <P align=justify>The Seller is the sole beneficial holder of the Sale
      Shares and is reflected as the sole registered holder thereof in the
      securities register of the Company, and no person has any right to obtain
      an order for the rectification of such register.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.2 </TD>
    <TD >
      <P align=justify>The Sale Shares will, following the Closing Date, confer
      on the Purchaser: (i) 7.605235% of the total voting rights exercisable in
      the Company (ii) 7.605235% of the rights to any and all distributions by
      the Company; and (iii) upon the Company's liquidation, 7.605235% of the
      net assets of the Company.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.3 </TD>
    <TD >
      <P align=justify>There is no Encumbrance, and there is no agreement,
      arrangement or obligation to create or give an Encumbrance, in relation to
      any shares in the Company (including the Sale Shares). As far as the
      Seller is Aware, no person has claimed to be entitled to an Encumbrance in
      relation to any of the shares in the Company.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.4 </TD>
    <TD >
      <P align=justify>As at the Closing Date, save as contemplated in the
      agreement headed "<I>Share Sale and Subscription Agreement</I>" entered
      into between the Company, PK Gain Investment Holdings Proprietary Limited,
      JAA Holdings Proprietary Limited, the Seller, AJD Holdings Proprietary
      Limited and Richmark Holdings Proprietary Limited on or about 30 January
      2019 ("<B>Share Sale and Subscription Agreement</B>"), the agreement
      headed "<I>Call Option Agreement</I>" entered into or to be entered into
      between, amongst others, the Seller and the Company contemporaneously with
      this Agreement ("<B>Call Option</B>"), the Option Agreement, the
      Shareholders Agreement or the MOI, there is no agreement, arrangement or
      obligation requiring the creation, allotment, issue, transfer, redemption
      or repayment of, or the grant to a person of the right (conditional or
      not) to require the allotment, issue, transfer, redemption or repayment
      of, a share in the capital of the Company or any Group Company (including,
      without limitation, an option or right of pre-emption or conversion), in
      terms of which such creation, allotment, issue, transfer, redemption or
      repayment must still occur.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.5 </TD>
    <TD >
      <P align=justify>As at the Closing Date, save as contemplated in the
      Option Agreement, neither the Company nor any Group Company is and will
      not be under any obligation (whether contingently upon the exercise of any
      right or otherwise), and no resolution shall have been passed, requiring
      the Company or any Group Company to increase or to reduce its authorised or issued
      shares, or to vary any of the rights attaching to any of its shares, or to
      buyback any of its shares, or to make any payment(s) to its
  shareholder.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_44></A>
<P align=right>42</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">3.1.6 </TD>
    <TD >
      <P align=justify>As at the Closing Date, no person (other than the
      Purchaser in terms of the Option Agreement, JAA and PK Gain in terms of
      the Share Sale and Subscription Agreement and the Shareholders in terms of
      the Shareholders Agreement and the MOI) has any right, actual or
      contingent, (including, <I>inter alia</I>, any option or right of first
      refusal) to subscribe for any shares or any other Securities in the
      authorised shares of any Group Company.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.7 </TD>
    <TD >
      <P align=justify>No person is entitled to participate in, or to a
      commission on the dividends or profits of, any Group Company, except as a
      shareholder.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.8 </TD>
    <TD >
      <P align=justify>As at the Closing Date, no Group Company is obliged to
      cancel any of the shares in its capital or to create or issue any
      debentures or any derivatives.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.9 </TD>
    <TD >
      <P align=justify>The Sale Shares have been validly and lawfully authorised
      and issued.</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="7%">3.2 </TD>
    <TD >
      <P align=justify><U>Securities Register</U></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="9%">3.2.1 </TD>
    <TD >
      <P align=justify>The securities register of the Company contains true and
      accurate records of the holders of securities from time to time issued by
      the Company and the Company does not know of any facts or circumstances
      which may give rise to a rectification of the securities register of the
      Company.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.2.2 </TD>
    <TD >
      <P align=justify>No person has any right to obtain an order for the
      rectification of the securities register of any Group
  Company.</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>NET DEBT / EBITDA</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Group's Net Debt is less than the EBITDA of the Group
      for the 12 month period ended 28 February 2019, based on the Signature
      Date Accounts.</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>RECEIVABLES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As at the Closing Date &#150;</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="7%">5.1 </TD>
    <TD >
      <P align=justify>the receivables book will be in the name of the Company
      or relevant Group Company;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_45></A>
<P align=right>43</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">5.2 </TD>
    <TD >
      <P align=justify>security relating to the receivables book will be
      documented to reflect the terms of the security and all such documents are
      in the possession, or under the control of the Company;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">5.3 </TD>
    <TD >
      <P align=justify>the provision by the Company for bad or doubtful debt of
      the Group is adequate;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">5.4 </TD>
    <TD >
      <P align=justify>the contracts with customers forming part of the
      receivables book and all documents ancillary thereto will be in the
      possession, and under the control, of the Company;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">5.5 </TD>
    <TD >
      <P align=justify>the receivables book has accurately recorded the
      principle and material terms of these contracts (including the sum
      outstanding and the payment/repayment dates); and</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">5.6 </TD>
    <TD >
      <P align=justify>all accounts receivable of each Group Company will be
      fully recovered save to the extent specifically provided against in the
      Warranted Accounts.</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>RECORDS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each Group Company complies in all material respects with
      all record keeping requirements imposed by applicable laws and all such
      records (including the books, registers, accounts, ledgers and accounting
      records) of that Group Company &#150;</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="7%">6.1 </TD>
    <TD >
      <P align=justify>are up-to-date in all material respects;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">6.2 </TD>
    <TD >
      <P align=justify>are in its possession or under its control;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">6.3 </TD>
    <TD >
      <P align=justify>give and reflect a true and fair view of that Group
      Company concerned and are not misleading in any material way;
and</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">6.4 </TD>
    <TD >
      <P align=justify>are properly completed on a basis consistent with the
      accounting records of the 3 most recent financial years of the Group
      Company concerned (unless otherwise stated therein) and in accordance with
      the Companies Act, IFRS (to the extent applicable) and the law of, and
      applicable standards, principles and practices generally accepted in South
      Africa.</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>FINANCIAL STATEMENTS</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="7%">7.1 </TD>
    <TD >
      <P align=justify><U>No Undisclosed
Liabilities</U></P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_46></A>
<P align=right>44</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">7.1.1 </TD>
    <TD >
      <P align=justify>The Group has no liabilities, which would be regarded as
      material by an auditor, of any kind (including, for the avoidance of
      doubt, off statement of financial position liabilities) that would have
      been required to be reflected in, reserved against or otherwise described
      on the Warranted Accounts or in the notes thereto in accordance with IFRS
      and were not so reflected, reserved against or described, other than (i)
      liabilities incurred in the Ordinary Course of Business after 1 March
      2019, and (ii) liabilities incurred in connection with the transactions
      contemplated in the Agreement, other than as reflected and Fairly
      Disclosed in the Warranted Accounts.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.1.2 </TD>
    <TD >
      <P align=justify>No Shareholder or any related person to any such person
      has any claims against any Group Company whether on loan account, current
      account or otherwise.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.1.3 </TD>
    <TD >
      <P align=justify>The Group has paid its creditors which would be regarded
      as material creditors by an auditor, within the time limits agreed with
      such creditors save where a creditor's claim is disputed or as may be
      otherwise indicated and Fairly Disclosed in the Warranted
  Accounts.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.1.4 </TD>
    <TD >
      <P align=justify>No report has been furnished to any Group Company by its
      auditor concerning a material irregularity as contemplated in the Auditing
      Professions Act No. 26 of 2005 (as amended), or any similar predecessor
      section, or any analogous legislation in a relevant
jurisdiction.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.1.5 </TD>
    <TD >
      <P align=justify>Between the Signature Date and the Closing Date, the
      Group's Business will be operated in the usual way so as to maintain it as
      a going concern.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.1.6 </TD>
    <TD >
      <P align=justify>The Audited Accounts &#150;</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="11%">7.1.6.1 </TD>
    <TD >
      <P align=justify>comply with the requirements of the Companies
  Act;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">7.1.6.2 </TD>
    <TD >
      <P align=justify>have been prepared in accordance with IFRS;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">7.1.6.3 </TD>
    <TD >
      <P align=justify>fairly present the financial position, operations and
      results of the Group as at the close of business at the end of the
      financial period to which they relate;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">7.1.6.4 </TD>
    <TD >
      <P align=justify>save as noted therein, reflect no change in any of the
      bases of accounting or accounting principles used in respect of any
      material item;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_47></A>
<P align=right>45</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">7.1.6.5 </TD>
    <TD >
      <P align=justify>reflect or disclose all liabilities, actual or
      contingent, at their full amount;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">7.1.6.6 </TD>
    <TD >
      <P align=justify>adequately provide for bad and doubtful debts as well as
      for any and all accrued liabilities including accrued leave pay, accrued
      holiday pay, pensions, bonuses or other similar payments or liabilities to
      employees;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">7.1.6.7 </TD>
    <TD >
      <P align=justify>have been reported on by the auditors of the Group
      without any qualification other than in respect of post-balance sheet
      events; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">7.1.6.8 </TD>
    <TD >
      <P align=justify>have been approved and signed by the directors of the
      Company.</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="9%">7.1.7 </TD>
    <TD >
      <P align=justify>All provisions contained or brought to account are
      adequate and sufficient in respect of the matters to which they relate,
      including but not limited to foreign exchange commitments.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.1.8 </TD>
    <TD >
      <P align=justify>As at the Signature Date, the financial year end of the
      Company is June.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.1.9 </TD>
    <TD >
      <P align=justify>The Signature Date Accounts &#150;</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="11%">7.1.9.1 </TD>
    <TD >
      <P align=justify>fairly present the financial position, operations and
      results of the Group as at the close of business at the end of the
      financial period to which they relate;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">7.1.9.2 </TD>
    <TD >
      <P align=justify>save as noted therein, reflect no change in any of the
      bases of accounting or accounting principles used in the preparation of
      the Audited Accounts and have been prepared consistent with past
      practice;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">7.1.9.3 </TD>
    <TD >
      <P align=justify>reflect or disclose all liabilities, actual or
      contingent, at their full amount; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">7.1.9.4 </TD>
    <TD >
      <P align=justify>adequately provide for bad and doubtful debts as well as
      for any and all accrued liabilities including accrued leave pay, accrued
      holiday pay, pensions, bonuses or other similar payments or liabilities to
      employees.</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="7%">7.2 </TD>
    <TD >
      <P align=justify><U>Minute Books</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>As at the Signature Date and the Closing Date, the minute
      book of each Group Company contain all material resolutions passed by the
      directors and shareholders thereof, save for resolutions required to give
      effect to the provisions of this Agreement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_48></A>
<P align=right>46</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">7.3 </TD>
    <TD >
      <P align=justify><U>Specific</U></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="9%">7.3.1 </TD>
    <TD >
      <P align=justify>Since 1 July 2018 &#150;</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="11%">7.3.1.1 </TD>
    <TD >
      <P align=justify>no Group Company has, other than in the Ordinary Course
      of its Business &#150;</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="13%">7.3.1.1.1 </TD>
    <TD >
      <P align=justify>acquired or disposed of, or agreed to acquire or dispose
      of, an asset which an auditor would regard as material; or</P></TD></TR>
  <TR>
    <TD width="13%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="13%">7.3.1.1.2 </TD>
    <TD >
      <P align=justify>assumed or incurred, or agreed to assume or incur, a
      liability, obligation or expense (actual or contingent) that an auditor
      would regard as material;</P></TD></TR>
  <TR>
    <TD width="13%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="13%">7.3.1.2 </TD>
    <TD >
      <P align=justify>the Group's business has not been materially and
      adversely affected by the termination of, or a change in the terms of, any
      licence, an agreement or by the loss of a customer or supplier or by an
      abnormal factor not affecting similar businesses;</P></TD></TR>
  <TR>
    <TD width="13%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="13%">7.3.1.3 </TD>
    <TD >
      <P align=justify>the Company has not declared, paid or made a dividend or
      distribution (including, without limitation, a distribution within the
      meaning of the Income Tax Act), except as provided for in the Warranted
      Accounts; and</P></TD></TR>
  <TR>
    <TD width="13%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="13%">7.3.1.4 </TD>
    <TD >
      <P align=justify>no Group Company has changed its financial year end
      (other than the change from 28 February to 30 June) or its
  auditors.</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>TAX</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="7%">8.1 </TD>
    <TD >
      <P align=justify>Each Group Company shall at all times have complied in
      all material respects with the provisions of the Income Tax Act, the
      Value-added Tax Act, No. 89 of 1991 ("<B>VAT Act</B>") and all Tax returns
      (including without limitation employees' tax returns and specifically
      including all returns and information that relate to reportable
      arrangements as contemplated in Part B of Chapter 4 (sections 34 to 39 of
      the Tax Administration Act, No. 28 of 2011 or sections 80M to 80T of the
      Income Tax Act) and declarations required to be returned shall have been
      made by it in respect of the 4 financial years immediately preceding the
      Closing Date and shall have accurately disclosed all information properly
      required to be disclosed to the Commissioner or other appropriate
      authorities, and all provisional and other Taxes shall have been paid as at the due date thereof in
  material compliance with the provisions of the Income Tax Act.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_49></A>
<P align=right>47</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="7%">8.2 </TD>
    <TD >
      <P align=justify>Each Group Company has paid and discharged when due, all
      Taxes payable by it from the date of its incorporation to the Closing
      Date, including any Tax in respect of &#150;</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="9%">8.2.1 </TD>
    <TD >
      <P align=justify>its assets, income or profits;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">8.2.2 </TD>
    <TD >
      <P align=justify>any transactions concluded by the Group Company
      concerned;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">8.2.3 </TD>
    <TD >
      <P align=justify>the declaration and payment of dividends and/or deemed
      dividends by the Group Company concerned.</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="7%">8.3 </TD>
    <TD >
      <P align=justify>All assessments for Tax raised in respect of the Group
      where the due date for payment of the Tax arises on or before the Closing
      Date or which relate to the period prior to the Closing Date or as
      otherwise provided in the Signature Date Accounts shall have been paid in
      full by the Closing Date, unless disputed by the Company in good
    faith.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.4 </TD>
    <TD >
      <P align=justify>In respect of any Tax of the Group which is due for
      payment after the Closing Date, adequate provision therefor shall have
      been made in the financial statements of the relevant Group
  Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.5 </TD>
    <TD >
      <P align=justify>Final assessments have been issued for all Tax periods in
      respect of which the Group Company has submitted Tax returns and the
      Seller is not Aware of any intention by the Commissioner to re-open any
      such assessment.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.6 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, no Group Company is liable
      to pay any penalty, late payment penalty, administrative non-compliance
      penalty, understatement penalty, fine or interest in connection with any
      Tax.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.7 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, no Group Company is party
      to any transactions in respect of which the Tax authority may lawfully
      substitute, for purposes of Tax, a different consideration for the actual
      consideration given or received by the Group.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_50></A>
<P align=right>48</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">8.8 </TD>
    <TD >
      <P align=justify>The wear and tear, depreciation or capital allowances
      applied in the past to the Group's fixed or other assets for Tax purposes
      shall conform in all material respects to, and shall not exceed, those
      permitted in terms of the Income Tax Act.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.9 </TD>
    <TD >
      <P align=justify>All financing costs incurred to date (including any
      interest or similar expenses) in relation to any financing entered into by
      the Group before Closing have been and will be deductible on an accruals
      basis.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.10 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, no facts or circumstances
      exist which could cause a revenue authority to disallow any existing
      assessable/accumulated tax losses or the carrying forward of such
      losses.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.11 </TD>
    <TD >
      <P align=justify>The current and deferred Tax provisions and/or assets
      that will be included in the Audited Accounts have been properly provided
      for in accordance with the IFRS.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.12 </TD>
    <TD >
      <P align=justify>Where required, a Group Company has duly registered as a
      VAT vendor in terms of the VAT Act, has complied in all material respects
      with all statutory provisions and regulations relating to VAT and has duly
      paid or provided for all amounts of VAT which have become due and payable
      or for which that Group Company is liable; and is not operating any
      special arrangement or scheme relating to VAT nor has it agreed any
      special method of accounting for VAT.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.13 </TD>
    <TD >
      <P align=justify>Except as otherwise Fairly Disclosed in the Disclosure
      Schedule, no Group Company has, at any time since the date of its
      incorporation &#150;</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="9%">8.13.1 </TD>
    <TD >
      <P align=justify>entered into any transaction as contemplated in sections
      41 to 47 of the Income Tax Act;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">8.13.2 </TD>
    <TD >
      <P align=justify>issued any "hybrid equity instrument", as contemplated in
      section 8E of the Income Tax Act, or any "third-party backed share", as
      contemplated in section 8EA of the Income Tax Act;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">8.13.3 </TD>
    <TD >
      <P align=justify>issued any "hybrid debt instrument" as contemplated in
      section 8F of the Income Tax Act;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">8.13.4 </TD>
    <TD >
      <P align=justify>incurred "hybrid interest" as contemplated in section 8FA
      of the Income Tax Act.</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="7%">8.14 </TD>
    <TD >
      <P align=justify>Each Group Company is &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_51></A>
<P align=right>49</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">8.14.1 </TD>
    <TD >
      <P align=justify>a resident for South African Tax purposes and has not
      ceased such residence since the date of its incorporation; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">8.14.2 </TD>
    <TD >
      <P align=justify>is not treated as resident or liable to Tax in any other
      jurisdiction for any Tax purpose (including for the purposes of any double
      taxation agreement); and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">8.14.3 </TD>
    <TD >
      <P align=justify>not subject to the interest-limitation provisions
      contained in sections 23M or 23N of the Income Tax
Act.</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="7%"></TD>
    <TD >
      <P align=justify>formation transaction', 'share-for-share transaction',
      'amalgamation transaction', 'intra-group transaction', 'unbundling
      transaction' or 'liquidation, winding-up or deregistration transaction'
      all as contemplated in Part III of the Income Tax Act, or any other
      transaction which might be so classified.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.16 </TD>
    <TD >
      <P align=justify>As at the Signature Date, there are no material queries,
      notices, suits, proceedings, investigations or inspections pending against
      any Group Company by the Commissioner or any Tax authority relating to any
      claim for any additional Tax or assessment, or any material matters under
      discussion with the Commissioner or any Tax authority relating to any
      claim for any Tax or assessment, nor is there any pending Tax objection or
      appeal by any Group Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.17 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, the Tax files and records
      of the Group contain complete, full and accurate details in all material
      respects of all communications with the Commissioner and Tax advisors,
      respectively, for the 3 year period prior to the Closing Date.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.18 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, to the extent that any
      Group Company claimed Tax allowances or deductions prior to the Closing
      Date (including, without limitation, in respect of leasehold improvements)
      it was, insofar as it was Aware, entitled to do so in accordance with the
      provisions of the Income Tax Act.</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>BUSINESS OF THE
COMPANY</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="7%">9.1 </TD>
    <TD >
      <P align=justify>The sole business of the Company is the Business which
      the Company conducts as a going concern solely in South
  Africa.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_52></A>
<P align=right>50</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">9.2 </TD>
    <TD >
      <P align=justify>No Group Company is bound by any restraint of trade
      agreement and no Group Company has committed (whether actually or
      contingently) to entering into any restraint of trade agreement by which
      it may be so bound.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">9.3 </TD>
    <TD >
      <P align=justify>The Seller is not Aware of anything which will prevent
      the Company from carrying on the Business nor any Group Company carrying
      on its business.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">9.4 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, the Company has not given
      any express, tacit or implied warranties in respect of products sold by it
      or services rendered by it other than those given in the normal and
      ordinary course of conduct of the Business.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">9.5 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, the Group has utilised all
      import permits issued to it only in respect of the Business and has not
      used any such import permit for the importation of goods on behalf of
      anyone else.</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>ASSETS</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="7%">10.1 </TD>
    <TD >
      <P align=justify><U>Title and Condition</U></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="9%">10.1.1 </TD>
    <TD >
      <P align=justify>Each asset included in the Signature Date Accounts or
      acquired by the Group since the Signature Date Accounts (other than stock
      disposed of in the Ordinary Course of Business or leased assets) is
    &#150;</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="11%">10.1.1.1 </TD>
    <TD >
      <P align=justify>legally and beneficially owned solely by the Group;
      and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">10.1.1.2 </TD>
    <TD >
      <P align=justify>where capable of possession, in the possession or under
      the control 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="9%">10.1.2 </TD>
    <TD >
      <P align=justify>Unless otherwise Fairly Disclosed in the Disclosure
      Schedule, all the material assets of the Group included in the Signature
      Date Accounts or acquired by the Group since the Audited Accounts, whether
      movable, immovable, fixed or of whatever nature or description will be
      owned by the Group in full, free and unEncumbered ownership, and none of
      them will be subject to &#150;</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="11%">10.1.2.1 </TD>
    <TD >
      <P align=justify>any credit agreement, credit transaction, instalment sale
      transaction or leasing transaction;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_53></A>
<P align=center>51</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">10.1.2.2 </TD>
    <TD >
      <P align=justify>any other credit agreement, instalment sale agreement,
      hire-purchase or suspensive sale agreement, lease or any like agreement
      whatever its form, save for motor vehicle leases in the Ordinary Course of
      Business;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">10.1.2.3 </TD>
    <TD >
      <P align=justify>any pledge, mortgage bond, lien or notarial
  bond;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">10.1.2.4 </TD>
    <TD >
      <P align=justify>any other right in favour of any third person;
  or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">10.1.2.5 </TD>
    <TD >
      <P align=justify>any arrangement for the payment of a premium or like
      consideration to or by the Group for the use of the asset
  concerned.</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="9%">10.1.3 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, no person has or will have
      any right (including any option or right of first refusal) to acquire or
      claim delivery, ownership or transfer or the use, occupation, possession
      or enjoyment of, any of the assets of any Group Company, other than in the
      Ordinary Course of its Business.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">10.1.4 </TD>
    <TD >
      <P align=justify>There has been no exercise, purported exercise or claim
      for any Encumbrance over any of the assets of any Group Company, and there
      is no dispute directly or indirectly relating to any such
assets.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">10.1.5 </TD>
    <TD >
      <P align=justify>Each Group Company has the legal capacity and power to
      own its assets and carry on its business as it is presently being
      conducted.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">10.1.6 </TD>
    <TD >
      <P align=justify>No Group Company has stopped or suspended payment of a
      material portion of its debts, or otherwise become unable to pay its debts
      or otherwise become insolvent in any relevant jurisdiction.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">10.1.7 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, none of the assets of the
      Group have been revalued during the immediately past 2 financial
    years.</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>INTELLECTUAL 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="7%">11.1 </TD>
    <TD >
      <P align=justify>Each of the Intellectual Property Rights owned or
      licensed by the Group and material to the conduct of the Business is
    &#150;</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="9%">11.1.1 </TD>
    <TD >
      <P align=justify>valid and enforceable and nothing has been done or
      omitted to be done by any Group Company by which it may cease to be valid
      and enforceable;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.1.2 </TD>
    <TD >
      <P align=justify>legally and beneficially owned by the Group alone, or
      legally licensed by the Group; and</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_54></A>
<P align=right>52</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">11.1.3 </TD>
    <TD >
      <P align=justify>as far as the Seller is Aware, not the subject of a claim
      or opposition from a person (including, without limitation, an employee of
      the Group) as to title, validity, enforceability, entitlement 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="7%">11.2 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, no Group Company has
      infringed any third party's Intellectual Property Rights or rendered any
      Group Company liable to an action in respect of the infringement of any
      Intellectual Property Rights belonging to a third party, provided that the
      aforesaid Warranty does not apply to instances where any infringement
      occurs or may have occurred as a result of any Intellectual Property
      Rights not having been licensed to the Company validly by a licensor
      purporting to do so. There is and during the 2 years prior to the
      Signature Date has been, no civil, criminal, arbitration, administrative
      or other proceeding or dispute in any jurisdiction by or against any Group
      Company concerning any of the Intellectual Property Rights. The Seller is
      not Aware of any civil, criminal, arbitration, administrative or other
      proceeding or dispute concerning any of the Intellectual Property Rights
      being pending or threatened against it or any Group Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">11.3 </TD>
    <TD >
      <P align=justify>The Group is entitled to use the Intellectual Property
      Rights and there is nothing prohibiting its use of any Intellectual
      Property Rights and computer systems or other similar property licensed to
      the Group and used by the Company at present in connection with or for the
      Business operations of the Group.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">11.4 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, no person is entitled to
      an order requiring any Group Company to change the trading style or
      trading name of any aspect of the Business.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">11.5 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, the Group owns or has the
      exclusive right to use, modify or copy pursuant to licence, sub-licence,
      agreement, or permission, all Intellectual Property, free of any
      Encumbrance, licence, or other restriction except as set out in the
      Disclosure Schedule, necessary or desirable for the operation of the
      Business or used by the Group in the Business as conducted on the Closing
      Date and as proposed to be conducted.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">11.6 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, except as set out in the
      Disclosure Schedule, no royalties or other considerations are owed in
      relation to the Business as conducted in the 12-month period preceding the
      Closing Date and no additional royalties or other considerations are anticipated
according to any known business plan or anticipated activity of the Business,
including the services it provides.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_55></A>
<P align=right>53</P>
<TABLE
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>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="7%">12.1 </TD>
    <TD >
      <P align=justify><U>Status of the Policies</U></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="9%">12.1.1 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, each of the current
      insurance and indemnity policies in respect of which the Group has an
      interest (including any active historic policies which provide cover on a
      losses occurring basis) ("<B>Policies</B>") is valid and
    enforceable.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.2 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, no Group Company has done
      or omitted to do anything which &#150;</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="11%">12.1.2.1 </TD>
    <TD >
      <P align=justify>makes any of the Policies unenforceable; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">12.1.2.2 </TD>
    <TD >
      <P align=justify>prejudices the ability to effect insurance on the same or
      better terms in the future.</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="9%">12.1.3 </TD>
    <TD >
      <P align=justify>No insurer under any of the Policies has disputed, or
      given any indication that they intend to dispute, the validity of any of
      the Policies on any grounds.</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="7%">12.2 </TD>
    <TD >
      <P align=justify><U>Insurance of Assets</U></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="9%">12.2.1 </TD>
    <TD >
      <P align=justify>All Policies are and remain in full force and
    effect.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.2.2 </TD>
    <TD >
      <P align=justify>All Policies are adequate in respect of the assets to
      which such Policies relate.</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="7%">12.3 </TD>
    <TD >
      <P align=justify><U>Claims</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>As far as the Seller is Aware
&#150;</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="9%">12.3.1 </TD>
    <TD >
      <P align=justify>no material claims have been made under any Policy (other
      than claims made in the Ordinary Course of Business);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.3.2 </TD>
    <TD >
      <P align=justify>no claim is outstanding;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.3.3 </TD>
    <TD >
      <P align=justify>there exists no fact or circumstance which will give rise
      to a material claim under any of the Policies;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_56></A>
<P align=right>54</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">12.3.4 </TD>
    <TD >
      <P align=justify>no event, act or omission has occurred which requires
      notification under any of the Policies the failure of which would have a
      material adverse effect on the Business of the Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.3.5 </TD>
    <TD >
      <P align=justify>no insurer under any of the Policies has refused, or
      given any indication to the Company that it intends to refuse, indemnity
      in whole or in part in the Ordinary Course of Business in respect of any
      material claims under the Policies; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.3.6 </TD>
    <TD >
      <P align=justify>nothing has been done or omitted to be done by the Group,
      which will entitle the insurers under any of the Policies to refuse
      indemnity in whole or in part in respect of any material claims under the
      Policies.</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="7%">12.4 </TD>
    <TD >
      <P align=justify><U>Premiums</U></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="9%">12.4.1 </TD>
    <TD >
      <P align=justify>All premiums which are due under the Policies have been
      paid.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.4.2 </TD>
    <TD >
      <P align=justify>The Seller is not Aware that any Group Company has done
      anything or omitted to do anything (other than to submit claims in the
      Ordinary Course of Business of the Company) which will result in a
      material increase in the premium payable under any of the Policies
      (excluding annual increases of premiums in the ordinary
  course).</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%">13 </TD>
    <TD>
      <P align=justify><B>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="7%">13.1 </TD>
    <TD >
      <P align=justify><U>Immovable Property</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>The Group owns no immovable property.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">13.2 </TD>
    <TD >
      <P align=justify><U>Leasehold Property used by the
  Group</U></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="9%">13.2.1 </TD>
    <TD >
      <P align=justify>The warranties in this clause 13.2 are given only to the
      extent that a breach thereof would have a material adverse financial
      effect on the Group as a whole.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">13.2.2 </TD>
    <TD >
      <P align=justify>No person (including, without limitation, the landlord)
      may bring the term of any lease agreement to which any Group Company is a
      party as a lessee to an end before the expiry of the term of the relevant
      lease agreement by effluxion of time (except by forfeiture).</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">13.2.3 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, there is no fact or
      circumstance which will restrict or terminate the Group's continued and
      uninterrupted possession or occupation of any of its premises, where such restriction
      or termination will have a material adverse effect on the
  Business.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_57></A>
<P align=right>55</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">13.2.4 </TD>
    <TD >
      <P align=justify>The Group has the right to conduct the Business from the
      premises from which it trades in the ordinary course thereof.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">13.2.5 </TD>
    <TD >
      <P align=justify>No Group Company has any obligation to alter, renovate or
      improve the premises from which it trades, save as otherwise provided in
      any lease agreement and in such an event such obligation will not have a
      material adverse effect on the Business.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">13.2.6 </TD>
    <TD >
      <P align=justify>Rent payable in respect of the Group's premises is not
      being reviewed and cannot be reviewed before the Closing Date, save for
      reviews in the ordinary course as provided for in the relevant lease
      agreements.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">13.2.7 </TD>
    <TD >
      <P align=justify>No Group Company is in breach of any lease agreement 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="5%">14 </TD>
    <TD>
      <P align=justify><B>AGREEMENTS</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="7%">14.1 </TD>
    <TD >
      <P align=justify><U>Validity of Agreements</U></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="9%">14.1.1 </TD>
    <TD >
      <P align=justify>As at the Closing Date, the Seller is not Aware of the
      existence of any fact or circumstance which will invalidate or give rise
      to a ground for termination, avoidance or repudiation of an agreement or
      arrangement to which any Group Company is a party which would have a
      material adverse effect on the Business. As far as the Seller is Aware, no
      party with whom any Group Company has entered into a material agreement or
      arrangement has given notice of its intention to terminate, or has sought
      to repudiate or disclaim, the agreement or arrangement.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.1.2 </TD>
    <TD >
      <P align=justify>No Group Company is in breach of any agreement,
      arrangement or obligation entered into by any Group Company and which is
      material to the business of the Group.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.1.3 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware
&#150;</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="11%">14.1.3.1 </TD>
    <TD >
      <P align=justify>no party with whom any Group Company has entered into an
      agreement, arrangement or obligations which is material to the business of
      the Group is in breach of the agreement, arrangement or
  obligation;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_58></A>
<P align=right>56</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">14.1.3.2 </TD>
    <TD>
      <P align=justify>there exists no fact or circumstance which will give rise
      to a breach of this type which would have a material adverse effect on the
      Business; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">14.1.3.3 </TD>
    <TD>
      <P align=justify>no fact or circumstance exists which will or is likely to
      result in any loss being suffered by the Company in respect of any
      contract or which will or is likely to form the basis of a claim to
      rectification at the instance of 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="9%">14.1.4 </TD>
    <TD>
      <P align=justify>No Group Company is party to any agreement of a material
      nature which has not been entered into (i) on an arms'-length basis; and
      (ii) on terms which are normal having regard to the nature of its
      business.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.1.5 </TD>
    <TD>
      <P align=justify>Save as Fairly Disclosed in the Disclosure Schedule, the
      Group is not bound by any &#150;</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="11%">14.1.5.1 </TD>
    <TD>
      <P align=justify>any contract with the Seller, any company within the
      Seller's group, any of the Seller's shareholders or any director or
      officer of the Seller or any person that is related to any of them or that
      is an inter-related person in regard to any of them (as such terms are
      defined in the Companies Act);</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">14.1.5.2 </TD>
    <TD>
      <P align=justify>contract in restraint of trade or any management contract
      in terms of which a party provides management services to the Group, as
      far as the Seller is Aware; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">14.1.5.3 </TD>
    <TD>
      <P align=justify>agreement (or group of related agreements) under which
      the Company has created, incurred, assumed, or guaranteed any indebtedness
      for borrowed money, or any capitalised lease obligation or under which the
      Company has imposed a security interest on any of the assets of the
      Company, as far as the Seller is Aware.</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="7%">14.2 </TD>
    <TD>
      <P align=justify><U>Effect of Transaction</U></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="9%">14.2.1 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware the execution or the
      performance of this Agreement will not result in any Group Company losing
      the benefit of a material asset, grant, subsidy, right or privilege which
      it enjoys at the Signature Date which would have a material adverse effect
      on the Business.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_59></A>
<P align=right>57</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">14.2.2 </TD>
    <TD >
      <P align=justify>Neither the execution nor the performance of this
      Agreement will conflict with, result in a breach of, give rise to an event
      of default under, require the consent of a person under, enable a person
      to terminate, or relieve a person from an obligation under any material
      agreement or arrangement to which any Group Company is a party which would
      have a material adverse effect on the Business of the
  Company.</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>EMPLOYEES</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="7%">15.1 </TD>
    <TD >
      <P align=justify><U>General</U></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="9%">15.1.1 </TD>
    <TD >
      <P align=justify>Save as Fairly Disclosed in the Disclosure Schedule, the
      Group owes no amount to a present or former director, other officer or
      employee of the Group (or his dependant) other than for accrued
      remuneration or reimbursement of business expenses in the Ordinary Course
      of Business.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">15.1.2 </TD>
    <TD >
      <P align=justify>There is no agreement or arrangement between any Group
      Company and an employee or former employee with respect to his employment,
      his ceasing to be employed or his retirement which is not included in the
      written terms of his employment or previous employment. The Group has not
      provided, nor agreed to provide, a gratuitous payment or benefit to a
      director, officer or employee or to any of their dependants.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">15.1.3 </TD>
    <TD >
      <P align=justify>The Group has maintained in all material respects
      up-to-date, full and accurate records regarding the employment of each of
      its employees (including, without limitation, details of terms of
      employment, payments of statutory sick pay and statutory maternity pay,
      income tax and social security contributions, disciplinary and health and
      safety matters) and termination of employment.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">15.1.4 </TD>
    <TD >
      <P align=justify>No executive employee of any Group Company, being an
      employee of the Group and with annual cost to company in excess of
      R1,000,000 ("<B>Employee</B>"), is entitled to any exceptional benefits in
      relation to leave privileges, accumulated leave in excess of 30 days,
      pension or the like, other than provided for by the documented policies of
      the Group as at the Signature Date (copies of which have been provided, in
      writing, to the Purchaser prior to the Signature
Date).</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_60></A>
<P align=right>58</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">15.1.5 </TD>
    <TD >
      <P align=justify>Save for market-related annual wage and salary increases
      and salary increases attributable to Employee promotions in the Ordinary
      Course of Business, between the Signature Date and the Closing Date, no
      Group Company has in any way improved or undertaken to improve the terms
      of service of any of the Employees from those which prevailed at 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="7%">15.2 </TD>
    <TD >
      <P align=justify><U>Payments to employees and consultants/independent
      contractors </U>As far as the Seller is Aware
&#150;</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="9%">15.2.1 </TD>
    <TD >
      <P align=justify>no material liability has been incurred by the Group, or
      may be incurred between the Signature Date and the Closing Date
  &#150;</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="11%">15.2.1.1 </TD>
    <TD >
      <P align=justify>for breach of any contract of employment with any of its
      employees, or termination of an employment contract with any of its
      employees, including, without limitation, a severance (whether voluntary
      or otherwise) payment, protective award and/or compensation for wrongful,
      unlawful dismissal, unfair dismissal, unfair labour practice, unfair
      discrimination or any other form of compensation for sex, race or
      disability discrimination, reinstatement or re-employment and/or failure
      to comply with an order for the reinstatement or re-employment of an
      employee or former employee; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">15.2.1.2 </TD>
    <TD >
      <P align=justify>whether arising in contract, statute, delict or
      otherwise, for breach or termination of a consultancy agreement;
  or</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="9%">15.2.2 </TD>
    <TD >
      <P align=justify>the Group has not made or agreed to make a material
      payment or provided or agreed to provide a material benefit to a present
      or former director, other officer or employee of the Group or to any of
      their dependants in connection with the actual or proposed termination or
      suspension of employment or variation of an employment
  contract.</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="7%">15.3 </TD>
    <TD >
      <P align=justify><U>Compliance with Law and
Disputes</U></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="9%">15.3.1 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, there are no material
      claims or threatened material claims and/or investigations against the
      Group relating to &#150;</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="11%">15.3.1.1 </TD>
    <TD >
      <P align=justify>the refusal by the Group to employ any
  person;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_61></A>
<P align=right>59</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">15.3.1.2 </TD>
    <TD>
      <P align=justify>the employment by the Group of any person the terms and
      conditions of the employment relationship between them and/or the
      termination of such employment; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">15.3.1.3 </TD>
    <TD>
      <P align=justify>any workplace related accident, injury, disease or
      illness suffered by any employee or former employee 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="9%">15.3.2 </TD>
    <TD >
      <P align=justify>Save in respect of those disputes Fairly Disclosed in the
      Disclosure Schedule, no Group Company is a party to any dispute (with a
      maximum claim against it exceeding R1,000,000) with any employee before
      any court or tribunal, whether under the Labour Relations Act, the Basic
      Conditions of Employment Act No. 75 of 1997 (as amended), the Employment
      Equity Act 55 of 1998, the Occupational Health and Safety Act 85 of 1983,
      the Compensation for Occupational Injuries and Diseases Act 130 of 1993,
      the Skills Development Act 97 of 1998, the Skills Development Levies Act 9
      of 1999, the common law or otherwise, and the Seller is not Aware of any
      facts or circumstances that may afford grounds or give rise to any such
      dispute.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">15.3.3 </TD>
    <TD >
      <P align=justify>The Seller warrants that all statutory levies and
      contributions due in respect of any employee of the Group has been paid in
      all material respects and that it has no material undischarged liability
      to any government, regulatory authority or similar authority or any other
      person in respect of employees engaged in the
Business.</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="7%">15.4 </TD>
    <TD >
      <P align=justify><U>Trade Unions</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>The Group is not involved in, and the Seller is not Aware
      of a fact or circumstance, or demand from any employee, trade union or
      association of employees for any alterations to the terms of their
      employment including demands for increased remuneration which will give
      rise to, a dispute of any nature whatsoever with a trade union, works
      council, workplace forum, employee or staff association or other body
      representing any of its employees.</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>LICENCES AND PERMITS</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="7%">16.1 </TD>
    <TD >
      <P align=justify>Each Group Company is in possession of all Licences as
      are prescribed by applicable law for the lawful conduct of the business/es
      carried on by it, and, as far as the Seller is Aware, all such Licences are valid
      and subsisting and will not terminate or be terminable at the election of
      any person by virtue of the execution or implementation of this
  Agreement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_62></A>
<P align=right>60</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="7%">16.2 </TD>
    <TD >
      <P align=justify>No Group Company is in breach of any of the terms or
      conditions of any such Licences which may lead to the suspension,
      withdrawal or termination of any Licences issued to a Group
  Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">16.3 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware
&#150;</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="9%">16.3.1 </TD>
    <TD >
      <P align=justify>there are no circumstances, facts or matters that may
      give rise to all of the above Licences being cancelled or not being
      renewed in the future or only being renewed subject to the imposition of
      onerous terms;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.3.2 </TD>
    <TD >
      <P align=justify>there are no outstanding requirements of any relevant
      authorities with which the Group is required to comply or has been called
      upon to comply before it may lawfully carry on or continue its Business
      generally, and the Seller is not Aware of any contravention or breach by
      the Group of any such material requirements;
and</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="9%">16.3.3 </TD>
    <TD >
      <P align=justify>there exists no fact or circumstance which will or may
      prejudice the renewal of any Licence required by the Group to conduct its
      Business generally.</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="7%">16.4 </TD>
    <TD >
      <P align=justify>Each action required by the Group for the renewal or
      extension of each Licence to be issued by relevant authorities in order to
      enable the Group lawfully to carry on or continue its Business generally,
      has, as far as the Seller is Aware, been
taken.</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>INSOLVENCY AND WINDING UP</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>No Group Company has taken any action, nor have any
      proceedings been served on or notified to any Group Company to commence
      business rescue proceedings in respect of any Group Company or for its
      winding up or dissolution or for the appointment of a liquidator, business
      rescue practitioner, curator or similar officer. As far as the Seller is
      Aware no execution or other similar process which has been commenced or
      undertaken or threatened in respect of the assets of the Group or in
      respect of any Group Company, nor is the Seller Aware of any unfulfilled
      or unsatisfied judgment or court order which is outstanding against the
      Company. No Group Company shall enter into any
arrangement or composition for the benefit of creditors generally.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_63></A>
<P align=right>61</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">17.1 </TD>
    <TD >
      <P align=justify><U>Payment of Debts and Acts of Insolvency</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">17.2 </TD>
    <TD >
      <P align=justify>The Group is not unable to pay its debts as they fall
      due, nor has the Group commenced negotiations with one or more of its
      creditors with a view to rescheduling or restructuring any of its
      indebtedness. No Group Company has committed an act of insolvency as
      defined in the Insolvency Act, which will have an impact on the Company's
      or Group's ability to continue its business as a going concern.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">17.3 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, the directors of each
      Group Company have not, pursuant to section 129(7) of the Companies Act,
      issued any written notice to the effect that there are reasonable grounds
      to believe that any Group Company is financially distressed.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">17.4 </TD>
    <TD >
      <P align=justify><U>Removal from Register</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, no steps are pending or
      threatened against any Group Company for its deregistration in terms of
      section 82 of the Companies Act.</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>LITIGATION AND COMPLIANCE WITH
  LAW</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="7%">18.1 </TD>
    <TD >
      <P align=justify><U>Litigation</U></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="9%">18.1.1 </TD>
    <TD >
      <P align=justify>Except as otherwise Fairly Disclosed in the Disclosure
      Schedule &#150;</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="11%">18.1.1.1 </TD>
    <TD >
      <P align=justify>the Group is not involved, as at the Signature Date and
      as far as the Seller is Aware, will not be involved as at the Closing
      Date, in a civil, criminal, arbitration, administrative or other
      proceeding, which has, or will have, a material adverse effect on the
      Business;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">18.1.1.2 </TD>
    <TD >
      <P align=justify>no civil, criminal, arbitration, administrative or other
      proceeding is pending or threatened by or against the Group or any of its
      directors or officers, which will have a material adverse effect on the
      Business;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_64></A>
<P align=right>&nbsp;62</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">18.1.1.3 </TD>
    <TD>
      <P align=justify>as far as the Seller is Aware, no person for whose acts
      or defaults the Group may be vicariously liable is involved, or has during
      the 2 years prior to the Signature Date been involved, in a civil,
      criminal, arbitration, administrative or other proceeding;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">18.1.1.4 </TD>
    <TD>
      <P align=justify>as far as the Seller is Aware, no civil, criminal,
      arbitration, administrative or other proceeding pending or threatened by
      or against a person for whose acts or defaults the Group may be
      vicariously liable.</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="9%">18.1.2 </TD>
    <TD>
      <P align=justify>As far as the Seller is Aware, there is no material
      outstanding judgment, order, decree, arbitral award or decision of a
      court, tribunal, arbitrator or governmental agency against any Group
      Company and the Seller is not aware of any outstanding judgment, order,
      decree, arbitral award or decision of a court, tribunal, arbitrator or
      governmental agency against a person for whose acts or defaults any Group
      Company may be vicariously liable.</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="7%">18.2 </TD>
    <TD>
      <P align=justify><U>Compliance with Law</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD>
      <P align=justify>The Group has complied in all material respects with all
      laws and administrative requirements governing its assets and Business
      where the failure to do so would have a material adverse effect on its
      Business, and to the extent that the Group has contravened any such laws,
      administrative requirements or regulations in the past, those
      contraventions have been remedied in full and the Group has paid all
      penalties or fines imposed for those contraventions, or has provided
      therefor in the Warranted Accounts.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">18.3 </TD>
    <TD>
      <P align=justify><U>Investigations of a Material Nature</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD>
      <P align=justify>All action formally requested by any regulatory authority
      has been taken (save where it has been agreed with any regulatory
      authority that no action need be taken) within any time limit specified
      and any request for action or activities to be discontinued has been
      complied with in a timely manner where failure would have a material
      adverse effect on the Business of the Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">18.4 </TD>
    <TD>
      <P align=justify><U>Unlawful Payments</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD>
      <P align=justify>The Group has not, nor is the Seller Aware, that any
      person for whose acts or defaults the Group may be vicariously liable has
      &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_65></A>
<P align=right>63</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">18.4.1 </TD>
    <TD >
      <P align=justify>induced a person to enter into an agreement or
      arrangement with the Group by means of an unlawful payment, contribution,
      gift or other inducement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">18.4.2 </TD>
    <TD >
      <P align=justify>offered or made an unlawful payment, contribution, gift
      or other inducement to a government official or employee; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">18.4.3 </TD>
    <TD >
      <P align=justify>made an unlawful contribution to a political
    activity.</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%">19 </TD>
    <TD>
      <P align=justify><B>THE ENVIRONMENT</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="7%">19.1 </TD>
    <TD >
      <P align=justify>Each Group Company is aware of all Environmental Laws
      that apply to it, its assets and the Business in each jurisdiction in
      which it owns immovable property or in which the Business is conducted,
      has identified the actual and potential impacts on the Environment of the
      Business or arising from land that it owns, controls or has the right to
      use, and monitors those impacts that may cause significant harm to human
      health or the Environment.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">19.2 </TD>
    <TD >
      <P align=justify>Any person that performed any task that had the potential
      to harm human health or the Environment either for, or on behalf of, the
      Company or the Group, was adequately trained and competent to recognise
      the risks of that harm occurring, and to take appropriate measures to
      avoid and minimise such harm and to comply with applicable Environmental
      Laws.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">19.3 </TD>
    <TD >
      <P align=justify>The Group is in compliance with any contractual
      obligations that it has assumed or contractual undertakings that it has
      given to monitor or remedy its impacts on the Environment.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">19.4 </TD>
    <TD >
      <P align=justify>The Group has made adequate financial provisions for the
      remediation of any damage to the Environment and the immovable property
      utilised in the conduct of the Business or arising from the conduct of the
      Business.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">19.5 </TD>
    <TD >
      <P align=justify>No Group Company has received any
&#150;</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="9%">19.5.1 </TD>
    <TD >
      <P align=justify>complaint regarding alleged nuisances arising from the
      immovable property utilised in the conduct of the Business (including any
      leased premises) or the conduct of the Business, including complaints
      about odours, noise, dust, smoke or fumes;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_66></A>
<P align=right>64</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">19.5.2 </TD>
    <TD >
      <P align=justify>notice from any enforcement authority, or other person,
      concerning any alleged breach of an Environmental Law or requiring
      measures to be taken to protect the health and well-being of any person,
      to stop pollution of the Environment, to remedy ecological degradation, or
      to pay any costs incurred by a public body in doing so; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">19.5.3 </TD>
    <TD >
      <P align=justify>notification or threat of legal proceedings (including
      civil, criminal and administrative proceeding) in respect of, or resulting
      from, any breach of any Environmental Law and no such proceedings are
      under way, or are pending against 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="5%">20 </TD>
    <TD>
      <P align=justify><B>CONSTITUTION, REGISTERS AND
  RETURNS</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="7%">20.1 </TD>
    <TD >
      <P align=justify><U>Constitution</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>The Group is operating and has always operated its
      business in all material respects in accordance with its Memoranda of
      Incorporation at the relevant time.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.2 </TD>
    <TD >
      <P align=justify><U>Returns</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>All material returns, particulars, resolutions and other
      documents required to be delivered by the Group to the Companies and
      Intellectual Property Commission or another governmental or other
      authority or agency have been properly prepared and
  delivered.</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>MONEY LAUNDERING</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each Group Company has in all material respects complied
      with any know your customer and money laundering reporting laws and all
      laws for detecting and identifying money laundering, and detecting,
      identifying and reporting suspicions of money laundering to the
      appropriate regulators, in force in South Africa at the relevant
    time.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">22 </TD>
    <TD>
      <P align=justify><B>ANTI-CORRUPTION LAWS</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="7%">22.1 </TD>
    <TD >
      <P align=justify>For the purposes of the Warranties given hereunder
    &#150;</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="9%">22.1.1 </TD>
    <TD >
      <P align=justify>"<B>Associate</B>" means, in relation to an organisation,
      a person (including an employee, agent or subsidiary) who performs or has
      performed services (including within the meaning of section 8 of the UK
      Bribery Act 2010) for that organisation or on its behalf and in respect of
      whose actions or inactions the organisation may be liable under
  Anti-Corruption Laws;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_67></A>
<P align=right>65</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">22.1.2 </TD>
    <TD >
      <P align=justify>"<B>Designated Party</B>" means any person or
      organisation &#150;</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="11%">22.1.2.1 </TD>
    <TD >
      <P align=justify>whose name is specified in any list issued pursuant to
      any resolution or legislation of the United Nations, South Africa, the
      United Kingdom or the United States relating to the designation of a
      person or organisation as a terrorist or terrorist organisation or
      blocking any assets of such person or organisation; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">22.1.2.2 </TD>
    <TD >
      <P align=justify>in respect of whom a Party has received notice that all
      financial transactions involving the assets of such person have been, or
      are to be, blocked under legal authority; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">22.1.2.3 </TD>
    <TD >
      <P align=justify>who is or was convicted, found guilty or against whom a
      judgment or order was entered in a court of competent jurisdiction in any
      proceedings for violating bribery, money laundering or terrorist financing
      laws;</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="9%">22.1.3 </TD>
    <TD >
      <P align=justify>"<B>Government Authority</B>" means any government (or
      any subdivision thereof, whether federal, central, regional or local) of
      any country or jurisdiction or any agency, authority, board, bureau,
      commission, department, judicial or administrative body, regulatory
      authority, public enterprise or similar body or any court or tribunal or
      public international organisation; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">22.1.4 </TD>
    <TD >
      <P align=justify>"<B>Government Official</B>" means
&#150;</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="11%">22.1.4.1 </TD>
    <TD >
      <P align=justify>any official, officer, employee, director, principal,
      consultant, agent or representative of any government, ministry, body,
      department, agency, instrumentality or part thereof, or of any public
      international organisation (including the United Nations, the
      International Monetary Fund, the International Finance Corporation and the
      World Bank), any state-owned or state-controlled entity, agency or
      enterprise, or of any political party;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">22.1.4.2 </TD>
    <TD >
      <P align=justify>any person acting in an official capacity or exercising a
      public function for and on behalf of any of the
  foregoing;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_68></A>
<P align=right>66</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">22.1.4.3 </TD>
    <TD >
      <P align=justify>any political party or party official or any candidate
      for political office;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">22.1.4.4 </TD>
    <TD >
      <P align=justify>a Politically Exposed Person as defined by the Financial
      Action Task Force or Groupe d'action Financi&#232;re sur le Blanchiment de
      Capitaux; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">22.1.4.5 </TD>
    <TD >
      <P align=justify>where the UK Bribery Act 2010 applies, includes foreign
      public officials as defined in sections 6(5) and 6(6) of the UK Bribery
      Act 2010.</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="7%">22.2 </TD>
    <TD >
      <P align=justify>The Seller acknowledges that failure by the Seller or the
      Group to comply with applicable Anti-Corruption Laws could cause the
      Purchaser and its affiliates to be in violation of such Anti-Corruption
      Laws.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">22.3 </TD>
    <TD >
      <P align=justify>No Group Company nor any of its/their or its/their
      Associates' directors, officers, employees, agents or representatives
      have, in each case in connection with the business of the Group
  &#150;</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="9%">22.3.1 </TD>
    <TD >
      <P align=justify>breached or contravened any Anti-Corruption Laws or any
      applicable anti- money laundering law, rule or regulation; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">22.3.2 </TD>
    <TD >
      <P align=justify>been the subject of any investigation, inquiry, claim or
      enforcement proceedings by any Government Authority or any other
      regulatory authority or enforcement agency or any customer regarding any
      offence or alleged offence under any applicable Anti-Corruption Laws, and
      no such investigation, inquiry or proceedings have been threatened or are
      pending in connection with the business of the Company and there are no
      matters, facts or circumstances likely to give rise to any such
      investigation, inquiry or proceedings.</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="7%">22.4 </TD>
    <TD >
      <P align=justify>No bribe or other corrupt payment has ever been made by
      any Group Company or any of its or its Associates' directors, officers,
      employees, agents or representatives to any Government Official or any
      other person during the course of the conduct of the business of each
      Group Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">22.5 </TD>
    <TD >
      <P align=justify>Books and records were made and kept which accurately and
      fairly reflect the transactions and dispositions of the assets of the
      Group.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">22.6 </TD>
    <TD >
      <P align=justify>Internal accounting controls have been established,
      maintained and followed by the Group that are and were sufficient to
      provide reasonable assurance that transactions were executed in accordance
      with management's general or specific authorisation and were recorded in accordance with
  generally accepted accounting practice.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_69></A>
<P align=right>67</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="7%">22.7 </TD>
    <TD >
      <P align=justify>The Group has, in respect of any Anti-Corruption Laws,
      put in place adequate procedures designed to prevent persons associated
      with the Group (including its or its Associates' directors, officers,
      employees, agents or representatives) from undertaking offences relating
      directly or indirectly to bribery.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">22.8 </TD>
    <TD >
      <P align=justify>There exists no relationship and there are no agreements
      or arrangements between, on the one hand, the shareholders of any Group
      Company or any of its/their Associates, and any Government Official or an
      Associate of any Government Official on the other, where such
      relationship, agreement or arrangement may or may reasonably be considered
      to have an influence on the Company's performance of its obligations
      thereunder or the performance by the Government Official of his
    duties.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">22.9 </TD>
    <TD >
      <P align=justify>No Group Company nor any of its/their or its Associates'
      directors, officers, employees, agents or representatives is an Associate
      of a Government Official or of an Associate of any Government
    Official.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">22.10 </TD>
    <TD >
      <P align=justify>No Government Official or Designated Party has any
      indirect ownership or other economic interest in either the Group, the
      contractual relationship established by this Agreement or the proceeds of
      this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">22.11 </TD>
    <TD >
      <P align=justify>No Group has, in connection with
&#150;</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="9%">22.11.1 </TD>
    <TD >
      <P align=justify>this Agreement or any consideration payable in connection
      with this Agreement; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">22.11.2 </TD>
    <TD >
      <P align=justify>the transactions contemplated by this Agreement;
  or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">22.11.3 </TD>
    <TD >
      <P align=justify>any transactions or activities after closing of the
      transactions contemplated in this Agreement, whether by itself or by
      instructing or encouraging anyone else, made, promised to make or offered
      any payment or transfer of value or given, promised to give or offered any
      bribe, gift, loan, fee, consideration, reward or advantage of any kind,
      directly or indirectly, to &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_70></A>
<P align=right>68</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">22.11.4 </TD>
    <TD >
      <P align=justify>any Government Official, Government Authority or
      political party;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">22.11.5 </TD>
    <TD >
      <P align=justify>any officer, director, employee, agent or representative
      of any customer of the Company; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">22.11.6 </TD>
    <TD >
      <P align=justify>to any other person or entity,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 7%" align=justify>in each case if such payment or
transfer would violate any law. </P>
<TABLE
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>SANCTIONS</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="7%">23.1 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, no officer, director or
      employee of any Group Company is a Sanctions Target or is located,
      organised or resident in a country or territory that is a Sanctions
      Target.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.2 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, at any time during the 5
      years immediately prior to the Signature Date, no Group Company nor any
      director, officer, agent or employee of any Group Company (in their
      capacity as such), or any other person acting for or on behalf of the
      foregoing (individually and collectively), has violated applicable
      Sanctions Laws.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.3 </TD>
    <TD >
      <P align=justify>As far as the Seller is Aware, at any time during the
      period of 5 years immediately prior to the Signature Date, no Group
      Company nor any director, officer, agent or employee of any Group Company
      (in their capacity as such), or any other person acting for or on behalf
      of the foregoing (individually and collectively), knowingly engaged in any
      dealings or transactions with any person, or in any country or territory,
      that is a Sanctions Target, nor is any Group Company currently engaged in
      any such activities.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.4 </TD>
    <TD >
      <P align=justify>No Group Company &#151;</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="9%">23.4.1 </TD>
    <TD >
      <P align=justify>is specified in either the Specially Designated Nationals
      and Blocked Persons List, the Control List, or the List of Sanctions
      Programs and Country Information administered by OFAC of the US Department
      of the Treasury, or a list of politically exposed persons issued by OFAC
      or the US Department of the Treasury, pursuant to, any resolution or
      directive thereof;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">23.4.2 </TD>
    <TD >
      <P align=justify>is specified in, or a list issued pursuant to, any
      resolution or legislation of the United Nations, South Africa, United
      Kingdom, European Union, United States or any other Sanctions Authority relating to the
      designation of a person as a terrorist or terrorist organisation or
  blocking any assets of such person; or</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_71></A>
<P align=right>69</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">23.4.3 </TD>
    <TD >
      <P align=justify>has received notice that all financial transactions
      involving the assets of such Group Company have been, or are to be,
      blocked under legal authority.</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%">24 </TD>
    <TD>
      <P align=justify><B>DEALING WITH CLIENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>All services and products provided by the Group to
      clients have been provided or organised in all material respects in
      accordance with the agreements governing such services and products and
      the Group has been compensated for such services and products in all
      material respects in accordance with such agreements.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">25 </TD>
    <TD>
      <P align=justify><B>GENERAL</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As far as the Seller is Aware, it has not withheld any
      information which the Seller, acting <I>bona fide</I>, believes is
      material to disclose to the Purchaser in terms of the Agreement or the
      Option Agreement or any of the transactions contemplated
  therein.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_72></A>
<P align=right><B>Annexure D</B></P>
<P align=center><B>Disclosure Schedule </B></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.100
<SEQUENCE>3
<FILENAME>exhibit10-100.htm
<DESCRIPTION>EXHIBIT 10.100
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies Inc. - Exhibit 10.100 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 10.100</B></P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=center><B>CALL OPTION AGREEMENT</B> </P>
<P align=center>&nbsp;</P>
<P align=center>between</P>
<P align=center>&nbsp;</P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
LIMITED</B></P>
<P align=center>&nbsp;</P>
<P align=center>and</P>
<P align=center>&nbsp;</P>
<P align=center><B>DNI-4PL CONTRACTS PROPRIETARY LIMITED </B></P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=right><IMG
src="cdhlogo.jpg"
border=0><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
</P><!--$$/page=--><A name=page_2></A>
<P align=justify>2 May 2019</P>
<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 align=left bgColor=#eeeeee><A href="#page_3"><B>1</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_3"><B>PARTIES</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_3"><B>1</B>
    </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_3"><B>2</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_3"><B>INTERPRETATION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_3"><B>1</B>
    </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_15"><B>3</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_15"><B>INTRODUCTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_15"><B>13</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_16"><B>4</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_16"><B>CONDITIONS PRECEDENT</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_16"><B>14</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_17"><B>5</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_17"><B>PLACEMENT OF CALL OPTION SHARES AND RIGHT TO
      NOMINATE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_17"><B>15</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_18"><B>6</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_18"><B>DUE DILIGENCE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_18"><B>16</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_19"><B>7</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_19"><B>CALL OPTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_19"><B>17</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_20"><B>8</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_20"><B>EXERCISE OF CALL OPTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_20"><B>18</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_21"><B>9</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_21"><B>SALE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_21"><B>19</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_21"><B>10</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_21"><B>REGULATORY AND OTHER APPROVALS FOR ANY SALE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_21"><B>19</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_25"><B>11</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_25"><B>OPTION PRICE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_25"><B>23</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_25"><B>12</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_25"><B>PAYMENT OF THE OPTION PRICE AND INTEREST ON OVERDUE
      AMOUNTS</B> </A></TD>
    <TD align=right width="5%"  bgColor=#eeeeee>&nbsp;<A
      href="#page_25"><STRONG>23</STRONG> </A></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="90%" >&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_25"><B>13</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_25"><B>SECURITIES TRANSFER TAX</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_25"><B>23</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_26"><B>14</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_26"><B>CLOSING</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_26"><B>24</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A href="#page_27"><B>15</B> </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_27"><B>WAIVERS AND CONSENTS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_27"><B>25</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_27"><B>16</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_27"><B>INTERIM
      PERIOD AND LIASON ON CONDUCT OF BUSINESS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_27"><B>25</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_32"><B>17</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_32"><B>CONTRACTS</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_32"><B>30</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_32"><B>18</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_32"><B>CONCLUSION
      OF LOAN AGREEMENT</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_32"><B>30</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_33"><B>19</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_33"><B>WARRANTIES
      BY THE GRANTOR</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_33"><B>31</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_34"><B>20</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_34"><B>INDEMNITIES
      BY THE GRANTOR</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_34"><B>32</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_35"><B>21</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_35"><B>LIMITATION
      OF LIABILITY</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_35"><B>33</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_40"><B>22</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_40"><B>GENERAL
      WARRANTIES</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_40"><B>38</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_40"><B>23</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_40"><B>CONFIDENTIALITY</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_40"><B>38</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_42"><B>24</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_42"><B>PUBLICITY</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_42"><B>40</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_42"><B>25</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_42"><B>SUPPORT</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_42"><B>40</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_43"><B>26</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_43"><B>BREACH</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_43"><B>41</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_43"><B>27</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_43"><B>DISPUTE
      RESOLUTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_43"><B>41</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_45"><B>28</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_45"><B>NOTICES
      AND DOMICILIA</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_45"><B>43</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_46"><B>29</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_46"><B>BENEFIT
      OF THE AGREEMENT</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_46"><B>44</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_46"><B>30</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_46"><B>APPLICABLE
      LAW AND JURISDICTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_46"><B>44</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_46"><B>31</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_46"><B>INDEPENDENT
      ADVICE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_46"><B>44</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_47"><B>32</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_47"><B>GENERAL</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_47"><B>45</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%"  >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_48"><B>33</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_48"><B>COSTS</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_48"><B>46</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%"  >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_48"><B>34</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_48"><B>SIGNATURE</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_48"><B>46</B>
      </A></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><B>ANNEXURES</B> </TD>
    <TD align=left width="85%" >&nbsp; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_51"><B>Annexure
      A</B> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_51"><B>Form
      of Call Option Notice</B> </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_53"><B>Annexure
      B</B> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_53"><B>Nomination
      Agreement</B> </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_55"><B>Annexure
      C</B> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_55"><B>Warranties
      by the Grantor</B> </A></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=right>1</P>
<TABLE
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>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="7%">1.1 </TD>
    <TD >
      <P align=justify>The Parties to this Agreement are
&#150;</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="9%">1.1.1 </TD>
    <TD >
      <P align=justify>Net1 Applied Technologies South Africa Proprietary
      Limited; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">1.1.2 </TD>
    <TD >
      <P align=justify>DNI-4PL Contracts Proprietary
Limited.</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="7%">1.2 </TD>
    <TD >
      <P align=justify>The Parties agree as set out
below.</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>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="7%">2.1 </TD>
    <TD >
      <P align=justify>In this Agreement, unless the context indicates a
      contrary intention, the following words and expressions bear the meanings
      assigned to them and cognate expressions bear corresponding meanings
    &#150;</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="9%">2.1.1 </TD>
    <TD >
      <P align=justify>"<B>AFSA</B>" means the Arbitration Foundation of
      Southern Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.2 </TD>
    <TD >
      <P align=justify>"<B>Adverse Consequences</B>" means all adverse
      consequences of whatever description including, but not limited to, all
      actions, applications, suits, proceedings, damages, penalties, fines,
      costs, reasonable amounts paid in settlement, liabilities, obligations,
      tax, liens, losses, compensation (including compensation paid or payable
      to any employee), expenses and fees, including reasonable fees and
      expenses of attorneys, counsel, accountants, consultants and
    experts;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.3 </TD>
    <TD >
      <P align=justify>"<B>Affected Call Option Shares</B>" means any Call
      Option Shares in respect of which the Call Option has been exercised, as
      set out and defined in clause 8.1.2.1;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.4 </TD>
    <TD >
      <P align=justify>"<B>Agreement</B>" means the agreement contained in this
      document;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.5 </TD>
    <TD >
      <P align=justify>"<B>Anti-Corruption Laws</B>" means any anti-corruption
      or bribery laws or regulations of any applicable jurisdiction, as amended
      from time to time, including &#150;</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="11%">2.1.5.1 </TD>
    <TD >
      <P align=justify>the Prevention and Combating of Corrupt Activities Act,
      No 12 of 2004;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.5.2 </TD>
    <TD >
      <P align=justify>the UK Bribery Act 2010;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.5.3 </TD>
    <TD >
      <P align=justify>the U.S. Foreign Corrupt Practices Act
  1977;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=right>2</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.5.4 </TD>
    <TD >
      <P align=justify>any law, rule, or regulation promulgated to implement the
      OECD Convention on Combating Bribery of Foreign Public Officials in
      International Business Transactions, signed on 17 December 1997;
  and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.5.5 </TD>
    <TD >
      <P align=justify>any other law of similar purpose and scope in any
      jurisdiction;</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="7%">2.1.6 </TD>
    <TD >
      <P align=justify>"<B>Audited Accounts</B>" means the most recent
      consolidated audited annual financial statements of the Group as at and in
      respect of the financial year ended immediately preceding the relevant
      Call Exercise Date (or in the event that those are not yet available at
      the time, the most recent consolidated audited annual financial statements
      of the Group that are available at the time), to be delivered to and
      approved by a Purchaser pursuant to clause 10.1;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.1.7 </TD>
    <TD >
      <P align=justify>"<B>Auditors</B>" means the auditors of the Company from
      time to time;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.1.8 </TD>
    <TD >
      <P align=justify>"<B>Aware</B>" means, in relation to the Grantor, the
      actual knowledge of those directors of the Company nominated by the
      Grantor, provided that the expression will be deemed to include an
      additional statement that such directors have made due enquiry of the
      executive directors of the Company;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.1.9 </TD>
    <TD >
      <P align=justify>"<B>Business</B>" means the business carried on by the
      Group as at the Signature Date, including the business of operating as a
      distributor of mobile cellular products in the formal and informal markets
      of South Africa;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.1.10 </TD>
    <TD >
      <P align=justify>"<B>Call Exercise Date</B>" means each date on which a
      Purchaser delivers a Call Option Notice in terms of clause 8.1;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.1.11 </TD>
    <TD >
      <P align=justify>"<B>Call Option</B>" means the call option granted by the
      Grantor to the Company (and which may be exercised by the Company and/or a
      Nominated Purchaser) in terms of clause 7.1;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.1.12 </TD>
    <TD >
      <P align=justify>"<B>Call Option Notice</B>" shall have the meaning
      ascribed thereto in clause 8.1;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.1.13 </TD>
    <TD >
      <P align=justify>"<B>Call Option Shares</B>" means 30,394,765 ordinary "A"
      shares issued by the Company, conferring a 30.394765% voting and
      participation interest in the Company on the holder thereof as at the
      Signature Date and the Effective Date, which number will diminish during
      the Option Period on each occasion when the Call Option is exercised and
      the applicable resultant Sale is implemented;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=right>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="9%">2.1.14 </TD>
    <TD >
      <P align=justify>"<B>Capacity and Authority Warranties</B>" means those
      warranties set out in clause 2 of Annexure C;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.15 </TD>
    <TD >
      <P align=justify>"<B>Claim</B>" means any claim by a Purchaser against the
      Grantor of any nature whatsoever and howsoever arising out of or in
      connection with a breach of any Warranties and/or any indemnities given
      under this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.16 </TD>
    <TD >
      <P align=justify>"<B>Closing Date</B>" means, in relation to any sale of
      Affected Call Option Shares, the 3<SUP>rd </SUP>business day after the
      date upon which the last of the Option Conditions Precedent is fulfilled
      or waived, as the case may be;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.17 </TD>
    <TD >
      <P align=justify>"<B>Commissioner</B>" means the Commissioner for the
      South African Revenue Service (or his successor in title) for purposes of
      the Income Tax Act, including his lawful representative and including any
      other authority entitled to administer any taxes in South
Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.18 </TD>
    <TD >
      <P align=justify>"<B>Companies Act</B>" means the Companies Act, No 71 of
      2008;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.19 </TD>
    <TD >
      <P align=justify>"<B>Company</B>" means DNI-4PL Contracts Proprietary
      Limited, registration number 2005/040937/07, a limited liability private
      company duly incorporated in accordance with the laws of South
    Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.20 </TD>
    <TD >
      <P align=justify>"<B>Competition Act</B>" means the Competition Act, No 89
      of 1998;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.21 </TD>
    <TD >
      <P align=justify>"<B>Competition Authorities</B>" means the Competition
      Commission, the Competition Tribunal or the Competition Appeal Court,
      whichever has jurisdiction for the purposes of any sale contemplated in
      this Agreement in terms of the Competition Act, or such other equivalent
      regulatory body having jurisdiction outside South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.22 </TD>
    <TD >
      <P align=justify>"<B>Conditions Precedent</B>" means the conditions
      precedent set out in clause 4.1;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.23 </TD>
    <TD >
      <P align=justify>"<B>Designated Account</B>" means the bank account set
      out below or such other bank account in South Africa as the Grantor may
      designate in writing, on at least 3 business days' notice, to a Purchaser
      &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=right>4</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Name of Account: </TD>
    <TD align=left width="70%">Net1 Applied Technologies South Africa
      Proprietary Limited </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Bank: </TD>
    <TD align=left width="70%">Nedbank Limited </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Branch Code: </TD>
    <TD align=left width="70%">Xxx </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Account Number: </TD>
    <TD align=left width="70%">xxx </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="9%">2.1.24 </TD>
    <TD>
      <P align=justify>"<B>Designated Period</B>" means the period commencing on
      1 August 2017 and terminating on the relevant Closing Date;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.25 </TD>
    <TD>
      <P align=justify>"<B>Disclosure Schedule</B>" means a disclosure schedule
      containing itemised disclosures (as at the applicable date) against the
      Warranties, to be delivered to and approved by a Purchaser pursuant to
      clause 10.1;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.26 </TD>
    <TD>
      <P align=justify>"<B>Distribution</B>" means, in relation to the Company,
      any payment (whether in cash or <I>in specie </I>and whether by way of
      set-off, counterclaim or otherwise) by way of interest or principal
      (whether in respect of an inter-company loan or otherwise), dividend,
      redemption, fee, royalty or other distribution or payment (including by
      way of the repurchase of any shares) by or on behalf of the Company to or
      for the account of any direct or indirect shareholder of the Company (in
      its capacity as such), and the term Distribution shall include a
      <I>distribution</I>, as such term is defined in the Companies Act, but
      specifically excluding any and all repayments made (whether in respect of
      capital or interest) in terms of the Loan Agreement, and any and all
      repayments made (whether in respect of capital or interest) in terms of
      each of the Existing RCF, the Amended and Restated RCF and the New RCF
      (each, as defined in the agreement containing the Put Option);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.27 </TD>
    <TD>
      <P align=justify>"<B>Effective Date</B>" means the date upon which the
      last of the Conditions Precedent is fulfilled or waived (as the case may
      be);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.28 </TD>
    <TD>
      <P align=justify>"<B>Encumbrance</B>" means in relation to any shares,
      includes any pledge, charge, hypothecation, lien, subordination, mortgage,
      option over, right of retention or any other encumbrance whatsoever, or
      any form of hedging or similar derivative instrument of any nature
      whatsoever of or over those shares, or any lending of
  shares;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=right>5</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.29 </TD>
    <TD >
      <P align=justify>"<B>Evercomm</B>" means Evercomm Proprietary Limited,
      registration number 2011/123401/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.30 </TD>
    <TD >
      <P align=justify>"<B>Fairly Disclosed</B>" means disclosed in such a
      manner and in such detail as would enable a prospective purchaser, acting
      reasonably and in good faith, to make an informed assessment of the matter
      concerned and to establish what the consequences thereof would
  be;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.31 </TD>
    <TD >
      <P align=justify>"<B>Grantor</B>" means Net1 Applied Technologies South
      Africa Proprietary Limited, registration number 2002/031446/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.32 </TD>
    <TD >
      <P align=justify>"<B>Governmental Body</B>" means any country, any
      national body, any state, province, municipality, or subdivision of any of
      the foregoing, any Governmental department, or any agency, court, entity,
      commission, board, ministry, bureau, department, locality or authority of
      any of the foregoing, or other political subdivision of any government,
      entity or organisation described in the foregoing provisions, or any
      quasi-Governmental or private body exercising any regulatory, taxing,
      importing, exporting, or other Governmental or quasi-Governmental
      function, or any company, business, enterprise, or other entity owned, in
      whole or in part, or controlled by any government, entity, organisation,
      or other person described in the foregoing provisions of this definition,
      or any political party;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.33 </TD>
    <TD >
      <P align=justify>"<B>Group</B>" means the Company and its subsidiaries
      from time to time, and "<B>Group Company</B>" shall mean any of
    them;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.34 </TD>
    <TD >
      <P align=justify>"<B>Health and Safety Laws</B>" means all laws regulating
      health and safety in the workplace, including but not limited to, laws
      governing compensation for injuries sustained and illnesses suffered in
      the course and scope of an employee's employment;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.35 </TD>
    <TD >
      <P align=justify>"<B>IFRS</B>" means International Financial Reporting
      Standards as issued by the Board of the International Accounting Standards
      Committee from time to time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.36 </TD>
    <TD >
      <P align=justify>"<B>Income Tax Act</B>" means the Income Tax Act, No. 58
      of 1962, as amended;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=right>6</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.37 </TD>
    <TD >
      <P align=justify>"<B>Insolvency Act</B>" means the Insolvency Act, No. 24
      of 1936, as amended;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.38 </TD>
    <TD >
      <P align=justify>"<B>Intellectual Property</B>" means in relation to a
      person, all intellectual property right of any nature whatsoever,
      including (i) any registered or unregistered trademarks, logos, trade
      names and corporate names (including all domain names, internet and
      intranet names, addresses, icons and other designations), and all
      applications, registrations, and renewals in connection therewith; (ii)
      any inventions (whether patentable or unpatentable) and all improvements
      thereto; (iii) any patents, patent applications and patent disclosures,
      together with all revisions, extensions and re-examinations thereof; (iv)
      any design or copyright and all applications, registrations and renewals
      in connection therewith; (v) any computer software (including data and
      related documentation); and (vi) any rights in any trade secrets, know-how
      or confidential information; used by that person in the conduct of its
      business;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.39 </TD>
    <TD >
      <P align=justify>"<B>JAA</B>" means JAA Holdings Proprietary Limited,
      registration number 2018/223075/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.40 </TD>
    <TD >
      <P align=justify>"<B>Labour Relations Act</B>" means the Labour Relations
      Act, No. 65 of 1995, as amended;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.41 </TD>
    <TD >
      <P align=justify>"<B>Licence</B>" means any licence, permit, approval,
      consent, authorisation, order, licence application, and licence amendment
      application of or to a Governmental Body;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.42 </TD>
    <TD >
      <P align=justify>"<B>Loan Agreement</B>" means the agreement titled
      "<I>Loan Agreement</I>" to be entered into between the Shareholders and
      the Company which, among other things, records the advancing of a loan in
      the amount of R60,000,000 by the Grantor to the Company and the terms of
      such loan;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.43 </TD>
    <TD >
      <P align=justify>"<B>Management Accounts</B>" means the unaudited
      consolidated internally prepared management accounts of the Group for the
      period between the 1<SUP>st </SUP>day after the date of the Audited
      Accounts and the last day of the month immediately preceding the month in
      which the Call Exercise Date falls, to be delivered to and approved by a
      Purchaser pursuant to clause 10.1;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=right>7</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.44 </TD>
    <TD align=left >"<B>MOI</B>" means the memorandum of
      incorporation of the Company, as amended from time to time;</TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.45 </TD>
    <TD align=left >"<B>Nomination Agreement</B>" shall have the
      meaning ascribed thereto in clause 5.3;</TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.46 </TD>
    <TD align=left >"<B>Nominated Purchaser</B>" shall have the
      meaning ascribed thereto in clause 5.2;</TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.47 </TD>
    <TD align=left >"<B>Option Conditions Precedent</B>" means
      conditions precedent referred to in clause 10.1;</TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.48 </TD>
    <TD align=left >"<B>Option Period</B>" means the period from
      the Effective Date up to and including 31 December 2019;</TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TR>
    <TD vAlign=top width="9%">2.1.49 </TD>
    <TD align=left >"<B>Option Price</B>" means the amount
      payable by a Purchaser to the Grantor for any Affected Call Option Shares
      in terms of this Agreement, as set out in clause 11;</TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.50 </TD>
    <TD align=left >"<B>Ordinary Course of Business</B>" means
      the usual and ordinary course of the Business as carried out in accordance
      with policies and practices applied in the 12 months immediately preceding
      the Signature Date;</TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  <TR>
    <TD vAlign=top width="9%">2.1.51 </TD>
    <TD align=left >"<B>Ordinary Distribution</B>" means any
      Distribution which the Company pays to the ordinary Shareholders from
      profits of the Company, generated in the Ordinary Course of
Business;</TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.52 </TD>
    <TD align=left >"<B>Parties</B>" means the parties to this
      Agreement, including any person who accedes to this Agreement by
      concluding a Nomination Agreement, and "<B>Party</B>" means any one of
      them as the case may be;</TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.53 </TD>
    <TD align=left >"<B>Pension Funds Act</B>" means the Pension
      Funds Act, No 24 of 1956;</TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.54 </TD>
    <TD align=left >"<B>PK Gain</B>" means PK Gain Investment
      Holdings Proprietary Limited, registration number 2006/005036/07, a
      limited liability private company duly incorporated in accordance with the
      laws of South Africa;</TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD align=left >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.55 </TD>
    <TD align=left >"<B>Prime Rate</B>" means the publicly quoted
      basic rate of interest (percent, per annum, compounded monthly in arrears
      and calculated on a 365 day year irrespective of whether or not the year
      is a leap year) from time to time published by FirstRand Bank Limited (acting through its
      First National Bank division) as being its prime overdraft rate, as
      purportedly certified by any representative of that bank whose appointment
      and designation it shall not be necessary to prove;</TD>
  </TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=right>8</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">2.1.56 </TD>
    <TD >
      <P align=justify>"<B>Purchaser</B>" means the Company or a Nominated
      Purchaser, as the case may be, as the purchaser of Affected Call Option
      Shares;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.57 </TD>
    <TD >
      <P align=justify>"<B>Purchaser's Representatives</B>" means those members
      of a Purchaser's deal team who are involved in the negotiation and/or
      implementation of any Sale;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.58 </TD>
    <TD >
      <P align=justify>"<B>Put Option</B>" means a put option granted to RMB by
      DNI-4PL Retail Proprietary Limited, a subsidiary of the Company, in terms
      of which RMB is granted a right to require DNI-4PL Retail Proprietary
      Limited to purchase from RMB the Put Option Shares;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.59 </TD>
    <TD >
      <P align=justify>"<B>Put Option Shares</B>" means 7,605,235 ordinary "A"
      shares issued by the Company, conferring a 7.605235% voting and
      participation interest in the Company on the holder thereof;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.60 </TD>
    <TD >
      <P align=justify>"<B>RMB</B>" means FirstRand Bank Limited, acting through
      its Rand Merchant Bank division, registration number 1929/001225/06, a
      limited liability public company duly incorporated in accordance with the
      laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.61 </TD>
    <TD >
      <P align=justify>"<B>Sale</B>" means the sale by the Grantor to a
      Purchaser of Affected Call Option Shares in terms of this
  Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.62 </TD>
    <TD >
      <P align=justify>"<B>Sale Agreement</B>" means the written agreement
      titled "<I>Sale of Shares Agreement</I>" entered into or to be entered
      into between the Parties and RMB contemporaneously with this Agreement,
      pursuant to which RMB will acquire the Put Option Shares from the
      Grantor;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.63 </TD>
    <TD >
      <P align=justify>"<B>Sanctions Laws</B>" means any anti-corruption or
      bribery laws or regulations of any applicable jurisdiction, as amended
      from time to time, including &#150;</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="11%">2.1.63.1 </TD>
    <TD >
      <P align=justify>any of the Trading With the Enemy Act, the International
      Emergency Economic Powers Act, the United Nations Participation Act, or
      the Syria Accountability and Lebanese Sovereignty Act, all as amended,
      or regulations of the US Treasury Department Office of
      Foreign Assets Controls ("<b>OFAC</b>"), or any export control law or
      regulation applicable to US-origin goods, or any enabling legislation or
      executive order relating to any of the above, as collectively interpreted
      and applied by the US Government at the prevailing point in
time;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=right>9</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="11%">2.1.63.2 </TD>
    <TD >
      <P align=justify>any U.S. sanctions related to or administered by the
      Department of State; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.63.3 </TD>
    <TD >
      <P align=justify>any sanctions measures or embargos imposed by the United
      Nations Security Council, Her Majesty's Treasury, the European Union or
      other relevant sanctions authority (including the government of the
      Republic of France, the government of Switzerland and the Commonwealth of
      Australia) (each a "<B>Sanctions
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="9%">2.1.64 </TD>
    <TD >
      <P align=justify>"<B>Sanctions Target</B>" means (i) any country or
      territory that is the subject of country-wide or territory-wide Sanctions,
      including, but not limited to, as the date of this Agreement, Iran, Cuba,
      Syria, Sudan and North Korea; (ii) a person or entity that is on the list
      of Specially Designated Nationals and Blocked Persons published by OFAC or
      any equivalent list of sanctioned persons issued by the U.S. Department of
      State; or (iii) a person or entity that is located in or organised under
      the laws of a country or territory that is identified as the subject of
      country-wide or territory-wide Sanctions Law;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.65 </TD>
    <TD >
      <P align=justify>"<B>Shareholders</B>" means the shareholders of the
      Company from time to time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.66 </TD>
    <TD >
      <P align=justify>"<B>Shareholders Agreement</B>" means the written
      agreement titled "<I>Shareholders Agreement</I>" governing the
      relationship between the Shareholders <I>inter se</I>, and between the
      Shareholders and the Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.67 </TD>
    <TD >
      <P align=justify>"<B>Share Sale and Subscription Agreement</B>" means the
      agreement titled "<I>Share Sale and Subscription Agreement</I>" entered
      into between the Company, PK Gain, JAA, the Grantor, AJD Holdings
      Proprietary Limited and Richmark Holdings Proprietary Limited on or about
      30 January 2019;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.68 </TD>
    <TD >
      <P align=justify>"<B>Signature Date</B>" means the date of signature of
      this Agreement by the Party last signing;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=right>10</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.69 </TD>
    <TD >
      <P align=justify>"<B>Special Distribution</B>" means any Distribution
      which the Company pays to the Shareholders, excluding any Ordinary
      Distribution, but including a distribution out of the proceeds of a
      disposal by the Company of the whole or any portion of its
  assets;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.70 </TD>
    <TD >
      <P align=justify>"<B>South Africa</B>" means the Republic of South Africa,
      as constituted from time to time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.71 </TD>
    <TD >
      <P align=justify>"<B>Takeover Panel</B>" means the Takeover Regulation
      Panel established in terms of section 196 of the Companies Act;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.72 </TD>
    <TD >
      <P align=justify>"<B>Tax</B>" means all income tax, capital gains tax,
      secondary tax on companies (or any similar tax replacing or substituting
      it), dividend tax, value-added tax, stamp duty, securities transfer tax,
      uncertificated securities tax, PAYE, levies, assessments, imposts,
      deductions, charges and withholdings whatsoever in terms of any tax
      legislation, and includes all penalties and interest payable as a
      consequence of any failure or delay in paying any taxes;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.73 </TD>
    <TD >
      <P align=justify>"<B>Tax Warranties</B>" means those warranties pertaining
      to tax as set out in clause 7 of Annexure C;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.74 </TD>
    <TD >
      <P align=justify>"<B>Title Warranties</B>" means those warranties
      pertaining to the Call Option Shares as set out in clause 3 of Annexure
      C;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.75 </TD>
    <TD >
      <P align=justify>"<B>Warranted Accounts</B>" means the Audited Accounts
      and the Management Accounts; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.76 </TD>
    <TD >
      <P align=justify>"<B>Warranties</B>" means the warranties given by the
      Grantor in terms of clause 19, read with Annexure C, and otherwise
      expressly given in terms 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="7%">2.2 </TD>
    <TD >
      <P align=justify>In this Agreement &#150;</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="9%">2.2.1 </TD>
    <TD >
      <P align=justify>clause headings and the heading of the Agreement are for
      convenience only and are not to be used in its interpretation;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.2.2 </TD>
    <TD >
      <P align=justify>an expression which denotes &#150;</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="11%">2.2.2.1 </TD>
    <TD >
      <P align=justify>any gender includes the other
genders;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<!--$$/page=--><A name=page_13></A>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noshade size=5>
<P align=right>11</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">2.2.2.2 </TD>
    <TD >
      <P align=justify>a natural person includes a juristic person and <I>vice
      versa</I>;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.2.2.3 </TD>
    <TD >
      <P align=justify>the singular includes the plural and <I>vice versa</I>;
      and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.2.2.4 </TD>
    <TD >
      <P align=justify>a Party includes a reference to that Party's successors
      in title and assigns allowed at law;</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="9%">2.2.3 </TD>
    <TD >
      <P align=justify>a reference to a consecutive series of two or more
      clauses is deemed to be inclusive of both the first and last mentioned
      clauses.</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="7%">2.3 </TD>
    <TD >
      <P align=justify>Any reference in this Agreement to
&#150;</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="9%">2.3.1 </TD>
    <TD >
      <P align=justify>"<B>business hours</B>" shall be construed as being the
      hours between 08h30 and 17h00 on any business day. Any reference to time
      shall be based upon South African Standard Time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.2 </TD>
    <TD >
      <P align=justify>"<B>days</B>" shall be construed as calendar days unless
      qualified by the word "business", in which instance a "business day" will
      be any day other than a Saturday, Sunday or public holiday as gazetted by
      the government of South Africa from time to time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.3 </TD>
    <TD >
      <P align=justify>"<B>related</B>" person shall have the meaning ascribed
      thereto in section 2 of the Companies Act or an "<B>inter-related</B>"
      persons as such terms is defined in the Companies Act;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.4 </TD>
    <TD >
      <P align=justify>"<B>subsidiary</B>" or "<B>holding company</B>" shall
      have the meaning ascribed thereto in section 2 of the Companies Act;
      and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.5 </TD>
    <TD >
      <P align=justify>"<B>laws</B>" means all constitutions; statutes;
      regulations; by-laws; codes; ordinances; decrees; rules; judicial,
      arbitral, administrative, ministerial, departmental or regulatory
      judgments, orders, decisions, rulings, or awards; policies; voluntary
      restraints; guidelines; directives; compliance notices; abatement notices;
      agreements with, requirements of, or instructions by any Governmental
      Body, in each case to the extent the aforegoing has the force of law; and
      the common law, and "<B>law</B>" shall have a similar meaning;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.6 </TD>
    <TD >
      <P align=justify>"<B>person</B>" means any natural person, company, close
      corporation, trust, partnership, joint venture, association,
      unincorporated association, Governmental Body, or other entity
whether or not having separate legal personality. </P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=right>12</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">2.4 </TD>
    <TD >
      <P align=justify>The words "<B>include</B>" and "<B>including</B>" mean
      "include without limitation" and "including without limitation". The use
      of the words "<B>include</B>" and "<B>including</B>" followed by a
      specific example or examples shall not be construed as limiting the
      meaning of the general wording preceding it.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.5 </TD>
    <TD >
      <P align=justify>Any substantive provision, conferring rights or imposing
      obligations on a Party and appearing in any of the definitions in this
      clause 2 or elsewhere in this Agreement, shall be given effect to as if it
      were a substantive provision in the body of the Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.6 </TD>
    <TD >
      <P align=justify>Words and expressions defined in any clause shall, unless
      the application of any such word or expression is specifically limited to
      that clause, bear the meaning assigned to such word or expression
      throughout this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.7 </TD>
    <TD >
      <P align=justify>Unless otherwise provided, defined terms appearing in
      this Agreement in title case shall be given their meaning as defined,
      while the same terms appearing in lower case shall be interpreted in
      accordance with their plain English meaning.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.8 </TD>
    <TD >
      <P align=justify>Unless specifically otherwise provided, any number of
      days prescribed shall be determined by excluding the first and including
      the last day or, where the last day falls on a day that is not a business
      day, the next succeeding business day.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.9 </TD>
    <TD >
      <P align=justify>If the due date for the performance of any obligation in
      terms of this Agreement is a day which is not a business day then (unless
      otherwise stipulated) the due date for performance of the relevant
      obligation shall be the immediately preceding business day.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.10 </TD>
    <TD >
      <P align=justify>The rule of construction that this Agreement shall be
      interpreted against the Party responsible for the drafting of this
      Agreement, shall not apply.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.11 </TD>
    <TD >
      <P align=justify>No provision of this Agreement shall (unless otherwise
      stipulated) constitute a stipulation for the benefit of any person
      (<I>stipulatio alteri</I>) who is not a Party to this
  Agreement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></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=right>13</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">2.12 </TD>
    <TD >
      <P align=justify>Any reference in this Agreement to "<B>this
      Agreement</B>" or any other agreement or document shall be construed as a
      reference to this Agreement or, as the case may be, such other agreement
      or document, as amended, varied, novated or supplemented from time to
      time.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.13 </TD>
    <TD >
      <P align=justify>In this Agreement the words "<B>clause</B>" or
      "<B>clauses</B>" refer to clauses of this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.14 </TD>
    <TD >
      <P align=justify>Whenever any person is required to act "<I>as an expert
      and not as an arbitrator</I>" in terms of this Agreement, then
  &#150;</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="9%">2.14.1 </TD>
    <TD >
      <P align=justify>the determination of the expert shall (in the absence of
      manifest error) be final and binding;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.14.2 </TD>
    <TD >
      <P align=justify>subject to any express provision to the contrary, the
      expert shall determine the liability for his or its charges, which shall
      be paid accordingly;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.14.3 </TD>
    <TD >
      <P align=justify>the expert shall be entitled to determine such methods
      and processes as he or it may, in his or its sole discretion, deem
      appropriate in the circumstances provided that the expert may not adopt
      any process which is manifestly biased, unfair or unreasonable;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.14.4 </TD>
    <TD >
      <P align=justify>the expert shall consult with the relevant Parties
      (provided that the extent of the expert's consultation shall be in his or
      its sole discretion) prior to rendering a determination; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.14.5 </TD>
    <TD >
      <P align=justify>having regard to the sensitivity of any confidential
      information, the expert shall be entitled to take advice from any person
      considered by him or it to have expert knowledge with reference to the
      matter in question.</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>INTRODUCTION</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="7%">3.1 </TD>
    <TD >
      <P align=justify>The Call Option Shares are beneficially owned by and
      registered in the name of the Grantor.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">3.2 </TD>
    <TD >
      <P align=justify>The Grantor wishes to confer on the Company an option to
      purchase (either itself or through a Nominated Purchaser) all or a portion
      of the Call Option Shares from the Grantor, on the terms and subject to
      the conditions contained in this Agreement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></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=right>14</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">3.3 </TD>
    <TD >
      <P align=justify>The Parties wish to record in writing their agreement in
      respect of the above and matters ancillary
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>CONDITIONS PRECEDENT</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="7%">4.1 </TD>
    <TD >
      <P align=justify>Save for clauses 1 to 4, clause 16 and clauses 22 to 34,
      all of which will become effective immediately, this Agreement is subject
      to the fulfilment of the Conditions Precedent that by no later than 3 May
      2019 &#150;</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="9%">4.1.1 </TD>
    <TD >
      <P align=justify>the board of directors of the Grantor has approved and/or
      ratified the entering into and implementation of this Agreement, including
      such resolutions as may be required to approve the disposal by the Grantor
      of the Call Option Shares;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.2 </TD>
    <TD >
      <P align=justify>the board of directors of the Company has approved and/or
      ratified the entering into and implementation of this Agreement, including
      &#150;</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="11%">4.1.2.1 </TD>
    <TD >
      <P align=justify>such resolutions as may be required to approve the
      repurchase by the Company of the Call Option Shares (or any of them) to
      the extent that the Company is a Purchaser in terms hereof;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.2.2 </TD>
    <TD >
      <P align=justify>authorising the repurchase of any Call Option Shares in
      terms of section 48(2)(a) of the Companies Act; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.2.3 </TD>
    <TD >
      <P align=justify>acknowledging that it has applied the solvency and
      liquidity test, as set out in section 4 of the Companies Act, and
      reasonably concluding that the Grantor will satisfy the solvency and
      liquidity test immediately after completing the repurchase of any Call
      Option Shares, in terms of section 46(1)(c) of the Companies
  Act;</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="9%">4.1.3 </TD>
    <TD >
      <P align=justify>the Shareholders have approved and/or ratified the
      entering into and implementation of this Agreement, including, to the
      extent that the Company is a Purchaser in terms hereof, such resolutions
      as may be required to approve the repurchase by the Company of the Call
      Option Shares (or any of them) and resolutions in terms of sections 48(8)
      and 115(2)(a) of the Companies Act, the MOI and the Shareholders
      Agreement;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=right>15</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">4.1.4 </TD>
    <TD >
      <P align=justify>all the Shareholders have waived in writing any
      pre-emptive, come-along and tag-along rights which they may have in
      respect of the Call Option Shares, whether under the MOI, the Shareholders
      Agreement or otherwise; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.5 </TD>
    <TD >
      <P align=justify>the Sale Agreement has been implemented 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="7%">4.2 </TD>
    <TD >
      <P align=justify>Each of the Parties will, to the extent within its
      control, use reasonable endeavours to procure the fulfilment of the
      Conditions Precedent including, in respect of the Grantor, voting in
      favour of any and all required resolutions in its capacity as
      Shareholder.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">4.3 </TD>
    <TD >
      <P align=justify>The Conditions Precedent may only be waived by agreement
      in writing between the Grantor and the Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">4.4 </TD>
    <TD >
      <P align=justify>Unless all of the Conditions Precedent have been
      fulfilled or waived by not later than the relevant dates for fulfilment
      thereof set out in clause 4.1 (or such later date or dates as may be
      agreed in writing between the Parties) the provisions of this Agreement,
      save for clauses 1 to 4 and clauses 22 to 34, which will remain of full
      force and effect, will never become of any force or effect and the
      <I>status quo ante </I>will be restored as near as may be possible and
      none of the Parties will have any claim against the others in terms hereof
      or arising from the failure of the Conditions Precedent, save for any
      claim arising from the failure of a Party to comply with its obligations
      in terms of clause 4.2.</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%">5 </TD>
    <TD>
      <P align=justify><B>PLACEMENT OF CALL OPTION SHARES AND RIGHT TO
      NOMINATE</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="7%">5.1 </TD>
    <TD >
      <P align=justify>At any time during the Option Period, the Company shall
      be entitled (but not obliged) to attempt to place all or a portion of the
      Call Option Shares with one or more third parties, which third parties
      will replace the Company as purchaser of all or some of the Call Option
      Shares upon conclusion of a Nomination Agreement as contemplated in clause
      5.3.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">5.2 </TD>
    <TD >
      <P align=justify>The Company has the right, at any time after the
      Signature Date and prior to the expiry of the Option Period, to nominate
      any person or persons, whether natural and/or juristic, to be the
      purchaser of any Call Option Shares in the place and stead of the Company
      ("<B>Nominated Purchaser</B>"), provided that no Nominated Purchaser may
      acquire fewer Call Option Shares than would confer at least a
  1% voting and participation interest in the Company on such
      Nominated Purchaser (taking into account any shares in the Company already
  held by such Nominated Purchaser).</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=right>16</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="7%">5.3 </TD>
    <TD >
      <P align=justify>Any nomination in terms of this clause 5 shall be
      effected by delivery to the Grantor in accordance with the provisions of
      clause 28, of a written nomination agreement substantially in the form
      attached hereto as Annexure B, duly signed by the Company and the nominee,
      or their lawful representatives duly authorised in writing ("<B>Nomination
      Agreement</B>"). Once a Nominated Purchaser has concluded a Nomination
      Agreement, it shall automatically become a Party to this Agreement without
      any further action being required.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">5.4 </TD>
    <TD >
      <P align=justify>A nomination in terms of this clause 5 will be effective
      as from the date on which the Nomination Agreement is concluded (or such
      other date as may be stated in the Nomination Agreement) and as from such
      date the Nominated Purchaser will be a Purchaser in respect of such number
      of Affected Call Option Shares as is specified in the applicable
      Nomination Agreement and, as such, will be bound by the terms and
      conditions of this Agreement and shall be entitled to enforce the terms
      and conditions of this Agreement as if the said Nominated Purchaser was
      the Company in respect of such number of Affected Call Option Shares as is
      specified in the applicable Nomination
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>DUE DILIGENCE</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="7%">6.1 </TD>
    <TD >
      <P align=justify>The Company and the Grantor acknowledge that any entity
      that is considering acquiring Call Option Shares (each a "<B>Prospective
      Purchaser</B>") shall be entitled (but not obliged) and by means of
      written notice delivered to the Grantor and the Company (which notice may
      be delivered via email), to carry out a due diligence investigation into
      the Group, its Business and/or the title to the Call Option Shares in
      accordance with the scope determined by the Company ("<B>Due Diligence
      Investigation</B>"), subject to the Prospective Purchaser entering into a
      confidentiality and non-disclosure agreement upon terms and conditions
      reasonably acceptable to the Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">6.2 </TD>
    <TD >
      <P align=justify>The Due Diligence Investigation shall be carried out at
      the cost of the Prospective Purchaser.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=right>17</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">6.3 </TD>
    <TD >
      <P align=justify>The Parties will co-operate with one another and the
      Grantor, to the extent within its control, and the Company will procure
      that the Group's employees and, to the extent required, the Auditors and
      the Group's consultants and professional advisors will co-operate fully
      with each Prospective Purchaser and its/their representatives (as
      applicable) in relation to the Due Diligence Investigation.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">6.4 </TD>
    <TD >
      <P align=justify>The Due Diligence Investigation shall not in any way
      detract from the Warranties or from any of the Grantor's obligations in
      terms 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%">7 </TD>
    <TD>
      <P align=justify><B>CALL OPTION</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="7%">7.1 </TD>
    <TD >
      <P align=justify>The Grantor hereby grants to the Company, and the Company
      accepts the grant of, an option pursuant to which the Company shall be
      entitled to call on the Grantor to sell and transfer all or a portion of
      the Call Option Shares to the Company itself or to any Nominated Purchaser
      in terms of clause 5, subject to the terms and conditions set out in this
      Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.2 </TD>
    <TD >
      <P align=justify>Subject to clause 7.4, the Call Option may be exercised
      more than once at any time during the Option Period and in respect of all
      or only a portion of the Call Option Shares, at the sole and absolute
      discretion of the Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.3 </TD>
    <TD >
      <P align=justify>Each Sale resulting from an exercise of the Call Option
      in respect of only a portion of the Call Option Shares shall constitute a
      Sale divisible from another Sale resulting from an exercise of the Call
      Option in respect of a different portion of the Call Option
  Shares.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.4 </TD>
    <TD >
      <P align=justify>It is recorded that the Grantor does not wish to hold
      less than 20% of the issued ordinary shares in the Company at any time.
      The Company accordingly undertakes to give effect to the aforegoing and
      agrees not to exercise or permit the exercise of the Call Option and
      require the Grantor to sell so many Call Option Shares as would reduce the
      Grantor's total ordinary shareholding to below 20%, unless the Grantor is
      required to sell the entirety of its Call Option Shares as part of such
      intended Sale/s. Accordingly, any exercise of the Call Option which would
      contravene the aforegoing principles shall be invalid and of no force or
      effect.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></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=right>18</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">7.5 </TD>
    <TD >
      <P align=justify>The Call Option is irrevocable for the Option Period and
      if not exercised, will automatically lapse and be of no further force or
      effect on expiry of the Option Period. The expiry of the Option Period
      will not terminate or otherwise affect any Call Option exercised prior to
      the expiry of the Option Period.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.6 </TD>
    <TD >
      <P align=justify>No consideration is payable by the Company (or any
      Nominated Purchaser) to the Grantor in respect of the granting of the Call
      Option.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.7 </TD>
    <TD >
      <P align=justify>The Grantor hereby agrees and undertakes to and in favour
      of the Company (and each Nominated Purchaser) that it shall not, for the
      duration of the Option 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="9%">7.7.1 </TD>
    <TD >
      <P align=justify>transfer, sell, alienate or dispose of in any manner any
      of the Call Option Shares (other than pursuant to this
  Agreement);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.7.2 </TD>
    <TD >
      <P align=justify>create or permit to exist any encumbrance whatsoever over
      or in respect of all or a portion of the Call Option Shares (other than in
      respect of any encumbrance in favour of RMB);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.7.3 </TD>
    <TD >
      <P align=justify>amend its existing constitutional documents;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.7.4 </TD>
    <TD >
      <P align=justify>agree to amend or vote in favour of the amendment of the
      MOI and/or Shareholders Agreement,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 9%" align=justify>without the express, prior written
consent of the Company. </P>
<TABLE
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>EXERCISE OF CALL
OPTION</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="7%">8.1 </TD>
    <TD >
      <P align=justify>The Call Option &#150;</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="9%">8.1.1 </TD>
    <TD >
      <P align=justify>shall be capable of being exercised at any time during
      the Option Period; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">8.1.2 </TD>
    <TD >
      <P align=justify>shall be exercised by way of the Purchaser giving written
      notice to that effect to the Grantor substantially in the form attached
      hereto as Annexure A ("<B>Call Option Notice</B>") (with a copy addressed
      to the board of directors of the Company), which notice shall specify
    &#150;</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="11%">8.1.2.1 </TD>
    <TD >
      <P align=justify>the number of Call Option Shares which the Grantor is
      required to sell ("<B>Affected Call Option Shares</B>");
  and</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P align=right>19</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">8.1.2.2 </TD>
    <TD >
      <P align=justify>the Option Price payable in respect of the Affected Call
      Option Shares (which shall be determined in accordance with clause
    11).</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="7%">8.2 </TD>
    <TD >
      <P align=justify>The Company shall deliver each notice of exercising of
      the Call Option to all other Shareholders as soon as practically possible
      after receiving a Call Option Notice.</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>SALE</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="7%">9.1 </TD>
    <TD >
      <P align=justify>Upon each Call Exercise Date a sale shall automatically
      come into existence in terms of which the Grantor sells to the Purchaser,
      and the Purchaser purchases from the Grantor, the Affected Call Option
      Shares on the terms and conditions set out in this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">9.2 </TD>
    <TD >
      <P align=justify>All risk in and all benefit attaching to the Affected
      Call Option Shares will pass to the Purchaser on the applicable Closing
      Date.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">9.3 </TD>
    <TD >
      <P align=justify>Possession and effective control of the Affected Call
      Option Shares acquired by the Purchaser will be given to the Purchaser on
      the applicable Closing Date. The Grantor will accordingly retain all
      rights attaching to the Affected Call Option Shares, including the right
      to exercise all voting rights attaching to the Affected Call Option
      Shares, until the applicable Closing Date.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">9.4 </TD>
    <TD >
      <P align=justify>Any Affected Call Option Shares repurchased by the
      Company in terms of this Agreement will, as contemplated in section
      37(9)(b)(i) of the Companies Act, cease to have any of the rights
      associated with such Affected Call Option Shares and shall be restored to
      the status of authorised but unissued ordinary shares as soon as the
      repurchase of such Affected Call Option Shares has been entered into the
      securities register of the Company as contemplated in section 35(5) of the
      Companies Act.</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>REGULATORY AND OTHER APPROVALS FOR ANY
  SALE</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="7%">10.1 </TD>
    <TD >
      <P align=justify>The implementation of any sale of Affected Call Option
      Shares shall be subject to the conditions precedent that: (i) the Audited
      Accounts, the Management Accounts and the Disclosure Schedule have been
      delivered to the Purchaser and the Purchaser has confirmed, in writing,
      its satisfaction therewith; and (ii) the Loan Agreement has been entered
      into and has (to the extent applicable) become unconditional in accordance with its terms. The Company
      and the Grantor, to the extent within its control, shall be obliged to
      deliver the documents referred to above within 10 business days of a
      written request therefor, and should they fail to deliver the Disclosure
      Schedule within such period, the Disclosure Schedule shall be deemed not
  to contain any disclosures.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=right>20</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="7%">10.2 </TD>
    <TD >
      <P align=justify>To the extent that the lawful implementation of any sale
      of any Affected Call Option Shares &#150;</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="9%">10.2.1 </TD>
    <TD >
      <P align=justify>requires the consent of any other party for the release
      of any Encumbrances over any of the Affected Call Option Shares and such
      consent has not already been obtained by the Closing Date, the sale of the
      Affected Call Option Shares shall be subject to the condition precedent
      that such consent is given within 5 business days of the Call Exercise
      Date or such later date as the Purchaser stipulates by way of notice in
      terms of clause 10.3;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">10.2.2 </TD>
    <TD >
      <P align=justify>requires any authorisation or approval in terms of the
      Companies Act and such authorisation or approval has not already been
      obtained by the Closing Date, the Sale of the Affected Call Option Shares
      shall be subject to the condition precedent that such authorisation or
      approval is given within 10 business days of the Call Exercise Date or
      such later date as the Purchaser stipulates by way of notice in terms of
      clause 10.3;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">10.2.3 </TD>
    <TD >
      <P align=justify>requires the approval of the Takeover Panel, the
      Financial Surveillance Department of the South African Reserve Bank, the
      Competition Authorities or other relevant regulatory authority in South
      Africa ("<B>Regulatory Authorities</B>") (such approvals being referred to
      herein as "<B>Regulatory Approvals</B>") then
&#150;</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="11%">10.2.3.1 </TD>
    <TD >
      <P align=justify>the Sale of any Affected Call Option Shares shall be
      subject to the condition precedent that the requisite Regulatory Approvals
      are obtained by the relevant Regulatory Authorities, either
      unconditionally or on terms and conditions acceptable to the Purchaser,
      within 120 days of the Call Exercise Date or such later date as the
      Purchaser stipulates by way of notice in terms of clause 10.3;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">10.2.3.2 </TD>
    <TD >
      <P align=justify>if the Regulatory Approval is granted on terms and
      conditions, such terms and conditions shall not be regarded as being
      acceptable to the Purchaser unless the Purchaser gives notice to that effect to the
      Grantor before the expiry of such 120 day period or any extension thereof.
      A Purchaser shall act reasonably in deciding whether or not such terms and
  conditions are acceptable to it;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=right>21</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="11%">10.2.3.3 </TD>
    <TD >
      <P align=justify>the Grantor and the Purchaser shall as soon as reasonably
      possible after the Call Exercise Date, jointly instruct attorneys Cliffe
      Dekker Hofmeyr Incorporated to prepare and submit an application,
      notification or filing (as applicable) in respect of the Sale of the
      Affected Call Option Shares for purposes of obtaining any such Regulatory
      Approval from any Regulatory Authority, including any merger notification
      to the Competition Authorities ("<B>Merger Notification</B>");</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">10.2.3.4 </TD>
    <TD >
      <P align=justify>the Grantor and the Purchaser shall procure that any
      Merger Notification is submitted to the Competition Authorities by no
      later than 10 business days after the Call Exercise Date, and any other
      application for Regulatory Approval shall be submitted to the relevant
      Regulatory Authority no later than 5 business days after the Call Exercise
      Date;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">10.2.3.5 </TD>
    <TD >
      <P align=justify>each of the Parties shall &#150;</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="13%">10.2.3.5.1 </TD>
    <TD >
      <P align=justify>sign all documents and expeditiously provide all
      necessary information as soon as practically possible after being required
      to do so (and no less than 3 business days after request
  therefor);</P></TD></TR>
  <TR>
    <TD width="13%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="13%">10.2.3.5.2 </TD>
    <TD >
      <P align=justify>use its reasonable endeavours and shall take all such
      steps and render all such assistance as may be reasonably necessary to
      procure that the Merger Notification or any other application for
      Regulatory Approval is properly prepared and duly submitted within the
      time periods specified in clause 10.2.3.4; and</P></TD></TR>
  <TR>
    <TD width="13%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="13%">10.2.3.5.3 </TD>
    <TD >
      <P align=justify>do everything required by the Competition Authorities or
      any other Regulatory Authority in order to enable the Merger Notification
      or application for Regulatory Approval to be dealt with, to the extent
      that it is within its power to do so;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></A>
<P align=right>22</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">10.2.3.6 </TD>
    <TD >
      <P align=justify>the Purchaser shall pay the costs of and associated with
      the filing of any Merger Notification and any other application for
      Regulatory Approval. These costs shall include the filing fee payable in
      connection with the filing of the Merger Notification and the legal fees
      of attorneys Cliffe Dekker Hofmeyr Incorporated for the preparation and
      submission of the Merger Notification, but shall exclude each Party's
      other legal costs associated with the preparation of such Merger
      Notification (if any), which costs will be for each Party's own
      account;</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="9%">10.2.4 </TD>
    <TD >
      <P align=justify>requires the consent of any counterparty to any material
      contract to which the Company is a party for purposes of the change in
      shareholding occurring in the Company pursuant to the exercise of a Call
      Option and the resultant sale ("<B>Contract</B>"), then the Sale of the
      Affected Call Option Shares shall be subject to the condition precedent
      that such consent is given within 10 business days of the Call Exercise
      Date or such later date as the Purchaser stipulates by way of notice in
      terms of clause 10.3.</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="5%">10.3 </TD>
    <TD>
      <P align=justify>The Purchaser shall be entitled, by giving notice to that
      effect (which notice may be given via email), to the Grantor, to waive any
      of the conditions precedent referred to in clause 10.1 or clause 10.2
      ("<B>Option Conditions Precedent</B>") which is not a requirement of law
      or extend on one or more occasions the periods for the fulfilment of any
      one or more of the Option Conditions Precedent (including an extension
      beyond the Option Period if the Call Option has already been exercised),
      provided that &#150;</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="9%">10.3.1 </TD>
    <TD >
      <P align=justify>such dates shall not be extended by more than 180 days
      beyond the Call Exercise Date; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">10.3.2 </TD>
    <TD >
      <P align=justify>an extension to a date shall not be valid unless the
      required notice of extension is given before the due date
  therefor.</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="7%">10.4 </TD>
    <TD >
      <P align=justify>The Parties undertake to co-operate fully with one
      another to the extent necessary for purposes of fulfilling any Option
      Condition Precedent. The Parties undertake to use their respective
      reasonable endeavours, to the extent within their control, to procure the
      fulfilment of any Option Condition Precedent.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A>
<P align=right>23</P>
<TABLE
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>OPTION PRICE</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The purchase price payable by the Purchaser to the
      Grantor in respect of the Affected Call Option Shares shall be calculated
      in accordance with the following formula &#150;</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 >A </TD>
    <TD align=left width="5%" >= </TD>
    <TD align=left width="85%">(B - C) x D </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Where &#150; </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="5%"  >&nbsp;</TD>
    <TD align=left >A </TD>
    <TD align=left width="5%" >= </TD>
    <TD align=left width="85%">
      <P align=justify>Option Price; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="85%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >B </TD>
    <TD align=left width="5%" >= </TD>
    <TD align=left width="85%">
      <P align=justify>R2,827,000,000; </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="85%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >C </TD>
    <TD align=left width="5%" >= </TD>
    <TD align=left width="85%">
      <P align=justify>any Special Distributions declared and/or paid by the
      Company to all Shareholders between the Effective Date and the relevant
      Closing Date; and </P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="85%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >D </TD>
    <TD align=left width="5%" >= </TD>
    <TD align=left width="85%">
      <P align=justify>the economic and voting rights attaching to the Affected
      Call Option Shares as a proportion of the total economic and voting rights
      attaching to all of the issued shares in the Company, as at the relevant
      Closing Date, expressed as a percentage. </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>PAYMENT OF THE OPTION PRICE AND 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="7%">12.1 </TD>
    <TD >
      <P align=justify>The Option Price shall be paid by the Purchaser to the
      Grantor on the Closing Date, in cash, by way of electronic transfer of
      funds in the currency of South Africa, into the Designated Bank
      Account.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">12.2 </TD>
    <TD >
      <P align=justify>Should any payment under or arising from this Agreement
      fail to be made on the due date thereof then, without prejudice to such
      other rights as may accrue to the payee consequent upon such failure, such
      overdue amounts will bear interest at the Prime Rate, from the due date
      for payment to the date of actual payment, both dates
  inclusive.</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%">13 </TD>
    <TD>
      <P align=justify><B>SECURITIES TRANSFER TAX</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Any securities transfer tax payable in terms of the
      Securities Transfer Tax Act, No. 25 of 2007 in respect of the sale and
      transfer of any Affected Call Option Shares from the Grantor to the
      Purchaser shall be paid by the Company but shall be recoverable from the
      applicable Purchaser.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P align=right>24</P>
<TABLE
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>CLOSING</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="7%">14.1 </TD>
    <TD >
      <P align=justify>On each Closing Date, the Grantor will deliver to the
      Purchaser &#150;</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="9%">14.1.1 </TD>
    <TD >
      <P align=justify>to the extent not already in the possession of the
      Purchaser, the original share certificate(s) in respect of the Affected
      Call Option Shares (as applicable); and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.1.2 </TD>
    <TD >
      <P align=justify>to the extent not already in the possession of the
      Purchaser, share transfer forms in respect of the Affected Call Option
      Shares duly completed by the registered holder/s thereof and dated as of
      the Closing Date, in favour of the Purchaser (as the
transferee);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.1.3 </TD>
    <TD >
      <P align=justify>the written resignation of those directors of the Company
      nominated by the Grantor, to the extent required by the Purchaser and then
      only to the extent consistent with the entitlement to nominate directors
      under the MOI or Shareholders 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="7%">14.2 </TD>
    <TD >
      <P align=justify>To the extent that the original share certificate(s)
      delivered by the Grantor in terms of clause 14.1.1 include(s) Call Option
      Shares which are not being sold on the relevant Closing Date, then the
      Company shall issue and deliver to the Grantor a share certificate in
      respect of the balance of the Call Option Shares.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">14.3 </TD>
    <TD >
      <P align=justify>The Company will cancel any relevant Affected Call Option
      Shares repurchased by the Company in terms of this Agreement, which shall
      thereupon return to the status of authorised but unissued shares in terms
      of section 35(5) of the Companies Act.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">14.4 </TD>
    <TD >
      <P align=justify>Notwithstanding anything to the contrary contained
      herein, it is hereby recorded and agreed that the Grantor shall on the
      Signature Date (and then only to the extent not already in the possession
      of RMB) deliver to the Company the share certificate in respect of the
      Call Option Shares for safe-keeping, and the Grantor hereby irrevocably
      and unconditionally instructs any company secretary or director of the
      Company from time to time or any senior manager of the Company to do all
      acts and sign all documents on behalf of the Grantor that are required for
      the Company to cancel the share certificate/s in respect of the Affected
      Call Option Shares and to re-issue share certificates in the place thereof
      in accordance with the provisions of this
Agreement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=right>25</P>
<TABLE
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>WAIVERS AND CONSENTS</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="7%">15.1 </TD>
    <TD >
      <P align=justify>The Parties hereby acknowledge that they are aware that
      the Company and/or the Purchaser may be required to prepare and distribute
      a report of an independent expert regarding such repurchase as
      contemplated in section 114 of the Companies Act in the event that the
      exercise of the Call Option results in a repurchase of Call Option Shares
      pursuant to section 48(8)(b) of the Companies Act
  ("<B>Report</B>").</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">15.2 </TD>
    <TD >
      <P align=justify>The Grantor and each Party hereto (insofar as it is or
      becomes a shareholder of the Company) hereby &#150;</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="9%">15.2.1 </TD>
    <TD >
      <P align=justify>waives any pre-emptive, come-along and tag-along rights
      which they may have to acquire any of the Call Option Shares, whether
      under the MOI, the Shareholders Agreement or otherwise;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">15.2.2 </TD>
    <TD >
      <P align=justify>waives its right to receive the Report and accordingly
      consents to any repurchase of any Call Option Shares being implemented
      without any need for such a Report;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">15.2.3 </TD>
    <TD >
      <P align=justify>acknowledges that it understands the type of arrangement
      proposed in regard to any repurchase of any Call Option Shares;
  and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">15.2.4 </TD>
    <TD >
      <P align=justify>fully appreciates and understands the implications and
      consequences of any repurchase of any Call Option
Shares,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 7%" align=justify>it being recorded that such waiver is
given on a fully informed and consensual basis. </P>
<TABLE
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>INTERIM PERIOD AND LIASON ON CONDUCT OF
      BUSINESS</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="7%">16.1 </TD>
    <TD >
      <P align=justify>During the Option Period, the Company undertakes for the
      benefit of the Grantor that it shall ensure that the Business is carried
      on in the Ordinary Course of Business, and the Company shall not enter
      into any contract or commitment or do anything which, in any such case, is
      out of the Ordinary Course of Business (other than as contemplated in this
      Agreement, the agreement recording the Put Option, the Sale Agreement, the
      Share Sale and Subscription Agreement and the Loan Agreement, and in any
      of the Existing RCF, the Amended and Restated RCF
and the New RCF (each, as defined in the agreement containing the
Put Option)). In particular, but without limitation to the generality of the
aforegoing, the Company undertakes that during the Option Period the Group will
not (other than as contemplated in this Agreement, the agreement recording the
Put Option, the Sale Agreement, the Share Sale and Subscription Agreement and
the Loan Agreement, and in any of the Existing RCF, the Amended and Restated RCF
and the New RCF (each, as defined in the agreement containing the Put Option)) &#150; </P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A>
<P style="MARGIN-LEFT: 5%" align=right>26</P>
<br>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">16.1.1 </TD>
    <TD >
      <P align=justify>alter the existing nature or scope of the
  Business;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.2 </TD>
    <TD >
      <P align=justify>manage the Business otherwise than in accordance with its
      business and trading policies and practices up to the Signature Date,
      except as may be necessary to comply with any statutory changes;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.3 </TD>
    <TD >
      <P align=justify>alter any of the rights attaching to the shares in any
      Group Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.4 </TD>
    <TD >
      <P align=justify>increase, alter, reduce or convert the authorised or
      issued shares of any Group Company other than as contemplated in this
      Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.5 </TD>
    <TD >
      <P align=justify>issue or allot any shares, capitalisation shares, bonus
      shares, share options, share warrants, debentures or any securities in any
      Group Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.6 </TD>
    <TD >
      <P align=justify>repurchase any issued shares of any Group Company other
      than as contemplated in this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.7 </TD>
    <TD >
      <P align=justify>enter into any agreement or arrangement or permit any
      action whereby any other company becomes its subsidiary or it controls any
      joint venture, partnership or agreement or other venture for the sharing
      of profits or assets other than the acquisition by the Company of an
      equity interest in Evercomm Proprietary Limited (registration number
      2011/123401/07) substantially in accordance with the provisions of a
      transaction structuring memorandum prepared by Cliffe Dekker Hofmeyr Inc.,
      the latest version of which is dated 23 April 2019;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.8 </TD>
    <TD >
      <P align=justify>enter into any transaction other than on arms'-length
      terms and for full and proper consideration;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=right>27</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">16.1.9 </TD>
    <TD >
      <P align=justify>acquire or enter into any agreement to acquire (whether
      by one transaction or a series of transactions) the whole or a substantial
      or material part of the business, undertaking or assets of any other
      persons;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.10 </TD>
    <TD >
      <P align=justify>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 material asset or
      part of the Business other than the sale or licence of intellectual
      property or other assets owned by M4Jam Proprietary Limited (registration
      number 2003/011766/07) and the sale of either (i) the business carried on
      by International Tower Company Proprietary Limited (registration number
      2015/421641/07) ("<B>ITC</B>"); or (ii) all the issued shares and claims
      in ITC;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.11 </TD>
    <TD >
      <P align=justify>incur or agree to incur any capital expenditure other
      than in the normal and Ordinary Course of Business;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.12 </TD>
    <TD >
      <P align=justify>take or agree to take any loans, borrowings or other
      forms of funding or financial facilities or assistance, or enter into or
      agree to enter into any foreign exchange transactions (which are not in
      the Ordinary Course of Business), guarantees or other similar
      agreements;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.13 </TD>
    <TD >
      <P align=justify>grant or agree to grant any loans or other financial
      facilities or assistance to or any guarantees or indemnities for the
      benefit of any person or create any mortgage, charge or other encumbrance
      over the whole or any part of its undertakings or assets;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.14 </TD>
    <TD >
      <P align=justify>enter into or agree to enter into any death, retirement,
      profit-sharing, bonus, share option, share incentive or other scheme for
      the benefit of any of its employees or make any variation (including, but
      without limitation, any increase in the rates of contribution) to any such
      existing scheme or effect any keyman insurance;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.15 </TD>
    <TD >
      <P align=justify>commence, compromise or discontinue any legal,
      administrative, regulatory or arbitration proceedings other than
  &#150;</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="11%">16.1.15.1 </TD>
    <TD >
      <P align=justify>routine debt collection in the Ordinary Course of
      Business; or</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=right>28</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">16.1.15.2 </TD>
    <TD >
      <P align=justify>any proceedings reasonably necessary to secure or
      preserve any right of the Group (including, but not limited to, the
      interruption of prescription or the obtaining of an interdict or mandamus)
      and in respect of which proceedings the Grantor undertakes to consult with
      the Company;</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="9%">16.1.16 </TD>
    <TD >
      <P align=justify>repay or prepay any loans of whatsoever nature and
      amount, any borrowings or any other financial facility or assistance made
      available to it (excluding amounts payable in the normal and Ordinary
      Course of Business);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.17 </TD>
    <TD >
      <P align=justify>terminate the employment or office of any of its senior
      employees or appoint any new director, officer or senior employee or
      consultant or materially alter the terms of employment or engagement of
      any of the employees (whether senior or junior), consultants, directors or
      officers including increasing employees' or directors' compensation or
      benefits, except in the normal and Ordinary Course of Business and
      consistent with past practices;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.18 </TD>
    <TD >
      <P align=justify>make or agree to any material amendment, variation,
      deletion, addition, renewal or extension to or of, terminate or give any
      notice or intimation of termination of or breach or fail to comply with
      the terms of any material contract or arrangement with third
    parties;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.19 </TD>
    <TD >
      <P align=justify>make any changes to its accounting policies and
      procedures;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.20 </TD>
    <TD >
      <P align=justify>enter into any agreement or perform any action or permit
      any action to be taken which is likely to result in the termination or
      breach of any Licence;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.21 </TD>
    <TD >
      <P align=justify>perform any action or enter into any arrangement which
      would result in a breach of any law;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.22 </TD>
    <TD >
      <P align=justify>directly or indirectly (whether through itself, or any
      Group Company, or any director, officer, agent or employee of the Company
      or any Group Company (in their capacity as such), or any other person
      acting for or on behalf of the foregoing (individually and collectively)),
      make or authorise any offer, gift, payment, or transfer, or promise of,
      any money or anything else of value, or provided or shall provide any
      benefit, to any Government Body or Government Official (as defined in
      clause 20 of Annexure C), or person that has resulted or would result in a
      breach of any Anti-Corruption Law;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></A>
<P align=right>29</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">16.1.23 </TD>
    <TD >
      <P align=justify>allow any Government Official (as defined in clause 20 of
      Annexure C) to serve in any capacity within the Group, including as a
      board member, employee, or consultant;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.24 </TD>
    <TD >
      <P align=justify>engage in any conduct or permit any action to be taken
      which would result in any Group Company breaching any applicable
      Anti-Corruption Laws or Sanctions Laws, and each Group Company will remain
      in full compliance with applicable Anti-Corruption Laws or Sanctions
      Laws;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.1.25 </TD>
    <TD >
      <P align=justify>engage in conduct or permit any action to be taken which
      would result in any Group Company -</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="11%">16.1.25.1 </TD>
    <TD >
      <P align=justify>being specified in either the Specially Designated
      Nationals and Blocked Persons List, the Control List, or the List of
      Sanctions Programs and Country Information administered by Office of
      Foreign Assets Control ("<B>OFAC</B>") of the US Department of the
      Treasury, or a list of politically exposed persons issued by OFAC or the
      US Department of the Treasury, pursuant to, any resolution or directive
      thereof;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">16.1.25.2 </TD>
    <TD >
      <P align=justify>being specified in, or a list issued pursuant to, any
      resolution or legislation of the United Nations, South Africa, United
      Kingdom, European Union, United States or any other Sanctions Authority
      relating to the designation of a person as a terrorist or terrorist
      organisation or blocking any assets of such person; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">16.1.25.3 </TD>
    <TD >
      <P align=justify>receiving any notice that all financial transactions
      involving the assets of such Group Company have been, or are to be,
      blocked under legal authority.</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="7%">16.2 </TD>
    <TD >
      <P align=justify>The Company shall, during the Option 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="9%">16.2.1 </TD>
    <TD >
      <P align=justify>keep the Purchaser and the Grantor appraised of all and
      any material decisions which the Group intends to make in respect of the
      Business, it being specifically recorded and agreed that nothing in this
      clause shall entitle the Purchaser and the Grantor to determine and/or
      materially to influence any such material decision or to manage and/or
      control the Group in any way;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.2.2 </TD>
    <TD >
      <P align=justify>permit representatives of the Purchaser and the Grantor
      to have full access at all reasonable times, and in a manner so as not
      unreasonably to interfere with the normal business operations of the Group, to all
      premises, properties, personnel, books, records (including tax records),
      contracts, and documents of or pertaining to the Group and/or the
  Business;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></A>
<P align=right>30</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">16.2.3 </TD>
    <TD >
      <P align=justify>keep the Business and the assets of the Group used in
      respect of the Business substantially intact, including the present
      operations, physical facilities, working conditions, and relationships
      with lessors, licensors, suppliers, customers and the employees;
  and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.2.4 </TD>
    <TD >
      <P align=justify>give prompt notice to the Purchaser and the Grantor of
      any adverse development causing a breach of the undertakings given in this
      clause 15 or which is likely to impede the implementation of this
      Agreement or any of the transactions contemplated herein, provided that no
      disclosure by a Party in terms of this clause 16.2 shall prevent or cure
      any misrepresentation or breach of any
undertaking.</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="7%">16.3 </TD>
    <TD >
      <P align=justify>The Company shall from time to time be entitled to
      request the Grantor to consent to any matter, the implementation of which
      would, but for such consent, constitute a breach of the undertakings
      contained in this clause 16. The Grantor shall not unreasonably withhold
      or delay any such consent and the Company shall, upon receiving such
      consent in writing, be entitled to implement the applicable
  matter.</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>CONTRACTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Should any such counterparty to any Contract fail or
      refuse to give its consent as contemplated in clause 10.2.4 and the
      condition precedent has not been waived by the Purchaser pursuant to
      clause 10.3, the Parties shall forthwith meet and in good faith agree an
      alternative solution that is commercially acceptable for the Company and
      the Purchaser.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">18 </TD>
    <TD>
      <P align=justify><B>CONCLUSION OF LOAN AGREEMENT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company undertakes to procure the preparation of a
      draft Loan Agreement as soon as reasonably possible after the Effective
      Date but in any event by no later than 14 days after the Effective Date
      and to submit such draft documents to the Grantor for its consideration.
      The Company and the Grantor undertake to negotiate in
the utmost good faith in order to sign the Loan Agreement, by
  no later than 30 days after the Effective Date.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></A>
<P align=right>31</P>
<TABLE
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>WARRANTIES BY THE
GRANTOR</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="7%">19.1 </TD>
    <TD >
      <P align=justify>The Grantor hereby gives to and in favour of the Company
      the Capacity and Authority Warranties and the Title Warranties and no
      other Warranties, on the basis that each Capacity and Authority Warranty
      and Title Warranty &#150;</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="9%">19.1.1 </TD>
    <TD >
      <P align=justify>is, insofar as it is promissory or relates to a future
      event, deemed to have been given as at the date of fulfilment of the
      promise or future happening of the event, as the case may be;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">19.1.2 </TD>
    <TD >
      <P align=justify>save where any such Capacity and Authority Warranty or
      Title Warranty is expressly limited to a particular date, is given as at
      the Signature Date, the Effective Date, the Call Exercise Date and the
      Closing Date and all periods between those dates;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">19.1.3 </TD>
    <TD >
      <P align=justify>is deemed to be material and to be a material
      representation inducing the Company to enter into this
Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">19.1.4 </TD>
    <TD >
      <P align=justify>is a separate Capacity and Authority Warranty and Title
      Warranty and will in no way be limited or restricted by reference to or
      inference from the terms of any other Capacity and Authority Warranty or
      Title Warranty; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">19.1.5 </TD>
    <TD >
      <P align=justify>shall remain in force notwithstanding the completion of
      the sale of any Affected Call Option Shares.</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="7%">19.2 </TD>
    <TD >
      <P align=justify>The Grantor hereby gives to and in favour of each
      Nominated Purchaser the Warranties more fully set out in this Agreement
      and in Annexure C, on the basis that each Warranty
&#150;</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="9%">19.2.1 </TD>
    <TD >
      <P align=justify>is, insofar as it is promissory or relates to a future
      event, deemed to have been given as at the date of fulfilment of the
      promise or future happening of the event, as the case may be;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">19.2.2 </TD>
    <TD >
      <P align=justify>save where any Warranty is expressly limited to a
      particular date, is given as at the date of conclusion or alternatively,
      the effective date (if different to the date of conclusion of the
      Nomination Agreement) of the Nomination
Agreement, the Call Exercise Date and the Closing Date and all
  periods between those dates;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=right>32</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">19.2.3 </TD>
    <TD >
      <P align=justify>is deemed to be material and to be a material
      representation inducing the Purchaser to enter into this
  Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">19.2.4 </TD>
    <TD >
      <P align=justify>is a separate Warranty and will in no way be limited or
      restricted by reference to or inference from the terms of any other
      Warranty; and</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="7%">19.3 </TD>
    <TD >
      <P align=justify>shall remain in force notwithstanding the completion of
      any Sale.</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>INDEMNITIES BY THE
GRANTOR</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="7%">20.1 </TD>
    <TD >
      <P align=justify>Without prejudice to any rights of the Purchaser arising
      from any other provision of this Agreement and to the extent that such
      liability is not fully provided for or reflected as a liability in the
      Warranted Accounts, the Grantor hereby agrees to indemnify and hold the
      Purchaser harmless from and against the entirety of any Adverse
      Consequences which the Purchaser may suffer (whether directly or
      indirectly) resulting from, arising out of, or relating to
  &#150;</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="9%">20.1.1 </TD>
    <TD >
      <P align=justify>a failure of any of the Warranties or any undertakings
      contained in this Agreement to be true and correct; and/or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">20.1.2 </TD>
    <TD >
      <P align=justify>any liability for Tax not fully provided for in the
      Warranted Accounts in respect of the Designated
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="7%">20.2 </TD>
    <TD >
      <P align=justify>The indemnification provisions in this clause 20 are in
      addition to, and do not in any way derogate from, any statutory or common
      law remedy the Purchaser may have for breach of this Agreement including
      breach of any representation or Warranty.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.3 </TD>
    <TD >
      <P align=justify>The indemnities provided for in this clause 20 shall be
      limited as provided for in clause 21, <I>mutatis mutandis</I>.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.4 </TD>
    <TD >
      <P align=justify>Upon a third party threatening or bringing a Claim in
      respect of which the Grantor has given an indemnity pursuant to this
      clause 20 &#150;</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="9%">20.4.1 </TD>
    <TD >
      <P align=justify>the Purchaser will notify the Grantor as soon as
      reasonably possible upon becoming aware of the Claim provided, however,
      that no delay on the part of the Purchaser in so notifying the Grantor shall relieve
      the Grantor from any obligation hereunder unless (and then solely to the
  extent that) the Grantor is thereby prejudiced; and</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_35></A>
<P align=right>33</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">20.4.2 </TD>
    <TD >
      <P align=justify>the Grantor will elect whether or not to defend the
      Claim, in accordance with clause 20.5.</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="7%">20.5 </TD>
    <TD >
      <P align=justify>The Grantor may elect, by giving written notice, within
      14 business days following receipt of the notice provided for in clause
      20.4.2 or, if earlier, 7 business days prior to the first date when a
      response to the Claim is due, to assume control of the defence and
      settlement of the Claim, in which case &#150;</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="9%">20.5.1 </TD>
    <TD >
      <P align=justify>the Grantor will, at its own expense, defend the Claim
      and have control of the conduct of the defence and settlement of the
      Claim, provided however that the Purchaser will have the right to
  &#150;</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="11%">20.5.1.1 </TD>
    <TD >
      <P align=justify>participate in any defence and settlement, such
      participation to be at its own cost where it is not pursuant to a request
      for participation from the Grantor; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">20.5.1.2 </TD>
    <TD >
      <P align=justify>join the Grantor as a defendant in legal proceedings
      arising out of the Claim;</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="9%">20.5.2 </TD>
    <TD >
      <P align=justify>the Purchaser will &#150;</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="11%">20.5.2.1 </TD>
    <TD >
      <P align=justify>not make admissions (except under compulsion of law),
      agree to any settlement or otherwise compromise the defence or settlement
      of the Claim without prior written approval of the Grantor, which will not
      be unreasonably withheld;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">20.5.2.2 </TD>
    <TD >
      <P align=justify>give, at the Grantor's request and cost, all reasonable
      assistance in connection with the defence and settlement of the
    Claim.</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>LIMITATION OF
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="7%">21.1 </TD>
    <TD >
      <P align=justify>The Warranties are limited and qualified by (and as a
      result no liability shall attach to the Grantor to the extent that)
      anything that is &#150;</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="9%">21.1.1 </TD>
    <TD >
      <P align=justify>Fairly Disclosed in the Disclosure Schedule;
  or</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_36></A>
<P align=right>34</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">21.1.2 </TD>
    <TD >
      <P align=justify>as at the relevant Call Exercise Date, in respect of the
      applicable Purchaser, within the actual knowledge of the Purchaser's
      Representatives.</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="7%">21.2 </TD>
    <TD >
      <P align=justify>No warranties or representations (whether made
      negligently or innocently), express or implied or tacit whether by law,
      contract or otherwise and whether they induced the contract or not, which
      are not set forth in this Agreement shall be binding on the Grantor, but
      excluding, for the avoidance of doubt, any fraudulent or intentional
      misrepresentation.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">21.3 </TD>
    <TD >
      <P align=justify>For the avoidance of doubt and notwithstanding anything
      to the contrary contained in this Agreement &#150;</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="9%">21.3.1 </TD>
    <TD >
      <P align=justify>the Grantor shall not be liable for any forward-looking
      statements and/or representations, regarding the future financial
      position, performance or business strategy of the Group. Accordingly, the
      actual performance of the Company or any Group Company may accordingly
      differ from forward- looking statements and/or representations made by the
      Grantor; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.3.2 </TD>
    <TD >
      <P align=justify>the Purchaser shall not be entitled to make any Claim
      against the Grantor in respect of and/or in connection with any breach of
      the Warranties or any other provision of this Agreement, if that Claim
      would result in the Purchaser being compensated more than once for the
      same damage or loss. Accordingly, a Claim by the Purchaser arising out of
      a breach of any one or more Warranties and/or other relevant provision of
      this Agreement, shall not entitle the Purchaser to make a Claim against
      the Grantor in respect of more than one Warranty or other claim arising
      from or which is attributable to the same cause of
  action.</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="7%">21.4 </TD>
    <TD >
      <P align=justify>Notwithstanding the Warranties, representations and
      indemnifications given by the Grantor in this Agreement, no liability
      shall attach to the Grantor in relation to 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="9%">21.4.1 </TD>
    <TD >
      <P align=justify>to the extent that the underlying applicable facts,
      matters and/or circumstances which result in any representation and/or any
      Warranty being incorrect, or which would otherwise have resulted in any
      indemnifications being triggered, did not arise during the Designated
      Period, provided that the aforegoing restriction shall not apply to any Claims relating to the
  Capacity and Authority Warranties and the Title Warranties;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_37></A>
<P align=right>35</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">21.4.2 </TD>
    <TD >
      <P align=justify>which are less than an amount equal to 2% of the Option
      Price in aggregate, provided that (i) when such aggregate or individual
      claims or loss exceed the said amount, the Grantor shall, subject to
      clause 21.4.3 and clause 21.4.4, be liable for the full amount of such
      claim/s and/or loss and/or liabilities and not only for the amount in
      excess of the said amount; (ii) regard shall only be had to individual
      claims and/or losses which exceed an amount equal to 0.2% of the Option
      Price per individual claim and/or loss in determining whether the
      aforementioned 2% threshold has been reached; (iii) the aforegoing
      restrictions shall not apply to any Claims relating to the Capacity and
      Authority Warranties and the Title Warranties. For purposes of clarity,
      the amounts calculated with reference to the percentages set out in this
      clause 21.4.2 will be calculated in relation to each Purchaser in respect
      of the Option Price paid by that Purchaser;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.4.3 </TD>
    <TD >
      <P align=justify>if the Purchaser has not made a demand for arbitration
      for recovery of such Claims, within 30 months of the Closing Date,
      provided that the aforegoing restriction shall not apply to any Claims
      relating to the Tax Warranties (in which case demand for arbitration must
      be made within 3 years of the most recent date of assessment of the
      applicable Group Company to which the Claim relates); or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.4.4 </TD>
    <TD >
      <P align=justify>which in aggregate exceed an amount equal to the Option
      Price on the basis that the aggregate amount recoverable from the Grantor
      by a Purchaser, exclusive of interest and costs, from whatever cause
      arising, shall be limited to the applicable Option
Price.</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="7%">21.5 </TD>
    <TD >
      <P align=justify>The aggregate damages that the Purchaser suffers as a
      result of a Claim shall be reduced (at a maximum, to R0) by the aggregate
      of &#150;</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="9%">21.5.1 </TD>
    <TD >
      <P align=justify>the economic and voting rights attaching to the Affected
      Call Option Shares as a proportion of the total economic and voting rights
      attaching to all of the issued shares in the Company, as at the relevant
      Closing Date, expressed as a percentage ("<B>Proportionate Share</B>") of
      any assessed Tax benefit (including without limitation any reduction in
      the Taxes due, deductibility of the damages suffered by the Group or the incurral of a capital loss
      that may be used to reduce capital gains in the future) as and when such
  Tax benefit accrues to the Group as a direct result thereof;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_38></A>
<P align=right>36</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">21.5.2 </TD>
    <TD >
      <P align=justify>the Proportionate Share of any amount actually recovered
      by the Group from any third party in respect thereof (including, but not
      limited to any insurer);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.5.3 </TD>
    <TD >
      <P align=justify>any amount by which the subject matter of the Claims has
      been or is made good or otherwise compensated for, less any cost thereof
      to the Grantor and/or 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 width="7%"></TD>
    <TD >
      <P align=justify>and any amount refunded to the Grantor by the Purchaser
      or any reduction in damages in terms of this clause 21.5 shall be regarded
      as never having been claimed from the Grantor for purposes of clause
      21.4.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">21.6 </TD>
    <TD >
      <P align=justify>Notwithstanding anything to the contrary contained in
      this Agreement, no liability shall attach to the Grantor in respect of any
      Claim to the extent that &#150;</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="9%">21.6.1 </TD>
    <TD >
      <P align=justify>the Claim is for any indirect, special or consequential
      damages (including loss of profit) of whatsoever nature suffered by any
      Group Company and/or the Grantor;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.6.2 </TD>
    <TD >
      <P align=justify>the Claim or the events giving rise to the Claim would
      not have arisen but for an act, omission or transaction of any of the
      Purchaser's Representatives;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.6.3 </TD>
    <TD >
      <P align=justify>the Claim is based upon a liability which is contingent
      only, unless and until such contingent liability becomes an actual
      liability or until the same is finally adjudicated;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.6.4 </TD>
    <TD >
      <P align=justify>allowance, provision or reserve in respect of the matter
      giving rise to the Claim shall have been made in the Warranted Accounts;
      and/or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.6.5 </TD>
    <TD >
      <P align=justify>the Claim occurs wholly or partly out of or the amount
      thereof is increased as a result of any change in law, regulation,
      guideline, codes of conduct, and the like or in their interpretation or
      administration by the South African courts, or by any other fiscal,
      monetary or regulatory authority, whether or not having the force of law,
      after the Closing Date.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></A>
<P align=right>37</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">21.7 </TD>
    <TD >
      <P align=justify>Notwithstanding anything to the contrary contained in
      this Agreement, no liability will arise and no Claim may be made if the
      matter giving rise to such Claim is remediable, to the reasonable
      satisfaction of the Purchaser, within the period of 30 days of receipt of
      written notice by the Purchaser to the Grantor requiring the Grantor to
      remedy the matter giving rise to such Claim (or if it is not reasonably
      possible to remedy the matter giving rise to such Claim within 30 days,
      within such further period as may be reasonable in the circumstances
      provided that the Grantor furnishes evidence within the period of 30 days,
      reasonably satisfactory to the Purchaser, that it has taken whatever steps
      are available to it, to commence remedying the matter giving rise to such
      Claim).</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">21.8 </TD>
    <TD >
      <P align=justify>Unless it is restricted by law from doing so and/or the
      Grantor is the counterparty of the Purchaser in any such Claim, the
      Purchaser shall -</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="9%">21.8.1 </TD>
    <TD >
      <P align=justify>within 10 business days inform the Grantor in writing of
      any fact, matter, event or circumstance which comes to its notice or to
      the notice of its holding or subsidiary companies whereby it appears that
      the Grantor is or may be liable to make any payment in respect of any
      Claim;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.8.2 </TD>
    <TD >
      <P align=justify>thereafter keep the Grantor fully informed of all
      developments in relation thereto; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.8.3 </TD>
    <TD >
      <P align=justify>provide access to the Purchaser's Representatives and
      give all such information and documentation (no matter how it is recorded
      or stored) as the Grantor shall request in connection therewith, subject
      to any such disclosure not breaching any duty of confidentiality on the
      Purchaser under or in terms of any other agreement or
  arrangement.</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="7%">21.9 </TD>
    <TD >
      <P align=justify>Nothing in this Agreement shall or shall be deemed to
      relieve the Purchaser of any common law or other duty to mitigate any loss
      or damage incurred by them.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">21.10 </TD>
    <TD >
      <P align=justify>Notwithstanding anything to the contrary contained in
      this Agreement, the Capacity and Authority Warranties and the Title
      Warranties shall not be limited or qualified in any respect whatsoever,
      and no disclosure (regardless of whether a fact or circumstance is Fairly
      Disclosed) shall be regarded as amending or supplementing the Disclosure
      Schedule or shall prevent or cure any  misrepresentation or breach of the
Capacity and Authority Warranties and the Title Warranties, as the case may be.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_40></A>
<P align=right>38</P>
<TABLE
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 WARRANTIES</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="9%">22.1 </TD>
    <TD >
      <P align=justify>The Company (and each Purchaser upon entering into a
      Nomination Agreement) hereby warrants to and in favour of the other
      Parties that &#150;</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="9%">22.1.1 </TD>
    <TD >
      <P align=justify>it has the legal capacity and has taken all necessary
      corporate action required to empower and authorise it to enter into this
      Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">22.1.2 </TD>
    <TD >
      <P align=justify>this Agreement constitutes an agreement valid and binding
      on it and enforceable against it in accordance with its terms;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">22.1.3 </TD>
    <TD >
      <P align=justify>the execution of this Agreement and the performance of
      its obligations hereunder does not and shall not
&#150;</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="11%">22.1.3.1 </TD>
    <TD >
      <P align=justify>contravene any law or regulation to which the Party is
      subject;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">22.1.3.2 </TD>
    <TD >
      <P align=justify>contravene any provision of the Party's constitutional
      documents; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">22.1.3.3 </TD>
    <TD >
      <P align=justify>conflict with, or constitute a breach of any of the
      provisions of any other agreement, obligation, restriction or undertaking
      which is binding on 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="7%">22.2 </TD>
    <TD >
      <P align=justify>Each of the representations and warranties given by a
      Party in terms of clause 22.1, shall &#150;</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="9%">22.2.1 </TD>
    <TD >
      <P align=justify>be a separate warranty and will in no way be limited or
      restricted by inference from the terms of any other warranty or by any
      other words in this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">22.2.2 </TD>
    <TD >
      <P align=justify>continue and remain in force notwithstanding the
      completion of any or all the transactions contemplated in this Agreement;
      and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">22.2.3 </TD>
    <TD >
      <P align=justify><I>prima facie </I>be deemed to be material and to be a
      material representation inducing the other Parties to enter into 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%">23 </TD>
    <TD>
      <P align=justify><B>CONFIDENTIALITY</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="7%">23.1 </TD>
    <TD >
      <P style="MARGIN-LEFT: 0%" align=justify>The Parties undertake that during
      the operation of, and for a period of 2 years after the lapsing or
      expiration, termination or cancellation of, this Agreement for any reason
      or, if the Call Option is exercised and a sale arises hereunder, after
      the Closing Date in respect of the sale of
the last of the Call Option Shares, they will keep confidential &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_41></A>
<P align=right>39</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">23.1.1 </TD>
    <TD >
      <P align=justify>any information which any Party ("<B>Disclosing
      Party</B>") communicates to any other Party ("<B>Recipient</B>") and which
      is stated to be or by its nature is intended to be confidential;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">23.1.2 </TD>
    <TD >
      <P align=justify>all other information of the same confidential nature
      concerning the business of a Disclosing Party which comes to the knowledge
      of any Recipient whilst it is engaged in negotiating the terms of this
      Agreement or after its conclusion;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">23.1.3 </TD>
    <TD >
      <P align=justify>the terms and conditions of this Agreement; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">23.1.4 </TD>
    <TD >
      <P align=justify>any information disclosed pursuant to the Due Diligence
      Investigation.</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="7%">23.2 </TD>
    <TD >
      <P align=justify>If a Recipient is uncertain about whether any information
      is to be treated as confidential in terms of this clause 23, it shall be
      obliged to treat it as such until written clearance is obtained from the
      Disclosing Party.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.3 </TD>
    <TD >
      <P align=justify>Notwithstanding the provisions of clause 23.1, a
      Recipient shall be entitled to disclose any information to be kept
      confidential to its auditors, bankers, insurers, professional and other
      advisors and to any other person if and to the extent only that the
      disclosure is necessary for the purposes of carrying out its duties or
      implementing of enforcing any of its rights in terms of this
    Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.4 </TD>
    <TD >
      <P align=justify>The obligation of confidentiality placed on the Parties
      in terms of this clause 23 shall cease to apply to a Recipient in respect
      of any information which &#150;</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="9%">23.4.1 </TD>
    <TD >
      <P align=justify>has been independently developed by the
  Recipient;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">23.4.2 </TD>
    <TD >
      <P align=justify>is or becomes generally available to the public other
      than by the negligence or default of the Recipient or by the breach of
      this Agreement by the Recipient;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">23.4.3 </TD>
    <TD >
      <P align=justify>the Disclosing Party confirms in writing is disclosed on
      a non-confidential basis;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">23.4.4 </TD>
    <TD >
      <P align=justify>has lawfully become known by or come into the possession
      of the Recipient on a non-confidential basis from a source other than the
      Disclosing Party having the legal right to disclose same, provided that
      such knowledge or possession is evidenced by the written records of the Recipient
  existing at the Signature Date; or</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_42></A>
<P align=right>40</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">23.4.5 </TD>
    <TD >
      <P align=justify>is disclosed pursuant to a requirement or request by
      operation of law, regulation or court order or any regulatory or
      supervisory body or any applicable securities exchange, to the extent of
      compliance with such requirement or request only and not for any other
      purpose,</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="7%"></TD>
    <TD >
      <P align=justify>provided that the onus shall at all times rest on the
      Recipient to establish that information falls within the exclusions set
      out in clauses 23.4.1 to 23.4.5.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.5 </TD>
    <TD >
      <P align=justify>In the event that the Recipient is required to disclose
      confidential information of the Disclosing Party as contemplated in clause
      23.4.5, the Recipient will notify the Disclosing Party of the recipient
      of, and the form and extent of, any such disclosure or announcement
      immediately after it is made to the extent possible and permitted by any
      applicable law.</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%">24 </TD>
    <TD>
      <P align=justify><B>PUBLICITY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>No public announcements of any nature whatsoever will be
      made by or on behalf of a Party relating to this Agreement and the terms
      and contents thereof without the prior written consent of the other
      Parties, save for any announcement or other statement required to be made
      in terms of the provisions of any law or by the rules of any recognised
      securities exchange, in which event the Party obliged to make such
      statement will first consult with the other Parties in order to enable the
      Parties in good faith to attempt to agree the content of such
      announcement, which (unless agreed) must go no further than is required in
      terms of such law or rules. This will not apply to a Party wishing to
      respond to any other Party which has made an announcement of some nature
      in breach of this clause 24.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">25 </TD>
    <TD>
      <P align=justify><B>SUPPORT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each Party undertakes, and shall procure that its
      representatives, at all times to do all such things, perform all such
      actions and take all such steps and to procure the doing of all such
      things, the performance of all such actions and the taking of all such
      steps as may be open to them and necessary for or incidental to the
      putting into effect or maintenance of the terms, conditions and/or import
      of this Agreement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_43></A>
<P align=right>41</P>
<TABLE
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>BREACH</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="7%">26.1 </TD>
    <TD >
      <P align=justify>If a Party ("<B>Defaulting Party</B>") commits any breach
      of this Agreement and fails to remedy such breach within 10 business days
      ("<B>Notice Period</B>") of written notice requiring the breach to be
      remedied, then the Party giving the notice ("<B>Aggrieved Party</B>") will
      be entitled, at its option &#150;</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="9%">26.1.1 </TD>
    <TD >
      <P align=justify>to claim immediate specific performance of any of the
      Defaulting Party's obligations under this Agreement, with or without
      claiming damages, whether or not such obligation has fallen due for
      performance, and to require the Defaulting Party to provide security to
      the satisfaction of the Aggrieved Party for the Defaulting Party's
      obligations; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">26.1.2 </TD>
    <TD >
      <P align=justify>to cancel this Agreement, with or without claiming
      damages, in which case written notice of the cancellation shall be given
      to the Defaulting Party, and the cancellation shall take effect on the
      giving of the notice. Notwithstanding the aforesaid, neither of the
      Parties shall be entitled to cancel this Agreement unless the breach is a
      material breach going to the root of the
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="7%">26.2 </TD>
    <TD >
      <P align=justify>The Parties agree that any costs awarded will be
      recoverable on an attorney-and- own-client scale unless the Court
      specifically determines that such scale shall not apply, in which event
      the costs will be recoverable in accordance with the High Court tariff,
      determined on an attorney-and-client scale.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">26.3 </TD>
    <TD >
      <P align=justify>The Aggrieved Party's remedies in terms of this clause 26
      are without prejudice to any other remedies to which the Aggrieved Party
      may be entitled in law.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">26.4 </TD>
    <TD >
      <P align=justify>Notwithstanding the aforegoing, after the acquisition of
      all of the Call Option Shares and payment of the Option Price in full in
      accordance with this Agreement, none of the Parties will have the right to
      cancel this Agreement as a result of a breach thereof, and the Parties'
      only remedies thereafter will be to claim specific performance of all the
      Defaulting Party's obligations, together with damages, if
  any.</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%">27 </TD>
    <TD>
      <P align=justify><B>DISPUTE RESOLUTION</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="7%">27.1 </TD>
    <TD >
      <P align=justify>In the event of there being any dispute or difference
      between all or some of the Parties arising out of this Agreement, the said
      dispute or difference shall on written demand by any Party be submitted to arbitration
      in Johannesburg in accordance with the AFSA rules, which arbitration shall
  be administered by AFSA.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_44></A>
<P align=center>42</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="7%">27.2 </TD>
    <TD >
      <P align=justify>Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the parties to the dispute or failing
      agreement within 10 business days of the demand for arbitration, then any
      party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg Bar Council to nominate the arbitrator,
      provided that the person so nominated shall be an advocate of not less
      than 10 years standing as such. The person so nominated shall be the duly
      appointed arbitrator in respect of the dispute. In the event of the
      attorneys of the parties to the dispute failing to agree on any matter
      relating to the administration of the arbitration, such matter shall be
      referred to and decided by the arbitrator whose decision shall be final
      and binding on the parties to the dispute.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">27.3 </TD>
    <TD >
      <P align=justify>Any party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">27.4 </TD>
    <TD >
      <P align=justify>Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">27.5 </TD>
    <TD >
      <P align=justify>Any arbitration in terms of this clause 27 (including any
      appeal proceedings) shall be conducted <I>in camera </I>and the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">27.6 </TD>
    <TD >
      <P align=justify>This clause 27 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of the
Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">27.7 </TD>
    <TD >
      <P align=justify>The Parties agree that the written demand by a party to
      the dispute in terms of clause 27.1, that the dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_45></A>
<P align=right>43</P>
<TABLE
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>NOTICES AND DOMICILIA</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="7%">28.1 </TD>
    <TD >
      <P align=justify>The Parties select as their respective <I>domicilia
      citandi et executandi </I>the following physical addresses, and for the
      purposes of giving or sending any notice provided for or required under
      this Agreement, the following physical and email addresses
  &#150;</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD width="7%"  >&nbsp;</TD>
    <TD align=left><B><U>Name</U></B> </TD>
    <TD align=left width="32%"><B><U>Physical Address</U></B> </TD>
    <TD align=right width="32%"><B><U>Email</U></B> </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Grantor </TD>
    <TD align=left width="32%" bgColor=#e6efff>6<SUP>th </SUP>Floor </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="32%">President Place </TD>
    <TD align=left width="32%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Cnr Jan Smuts Ave and Bolton
      Road </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="32%">Rosebank </TD>
    <TD align=left width="32%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Johannesburg </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp;
</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 7%" align=justify>Marked for the attention of: <B>Chief
Financial Officer</B> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD width="7%"  >&nbsp;</TD>
    <TD align=left><B><U>Name</U></B> </TD>
    <TD align=left width="32%"><B><U>Physical Address</U></B> </TD>
    <TD align=right width="32%"><B><U>Email</U></B> </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Company </TD>
    <TD align=left width="32%" bgColor=#e6efff>23/25 Commerce Crescent </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="32%">Kramerville </TD>
    <TD align=left width="32%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Johannesburg </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp;
</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 width="7%"></TD>
    <TD >
      <P align=justify>Marked for the attention of: <B>Andrew Dunn</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>provided that a Party may change its <I>domicilium </I>to
      any other physical address in South Africa, or its address for the
      purposes of notices to any other physical or email address, by written
      notice to the other Parties to that effect. Such change of address will be
      effective 5 business days after receipt of the notice of the
  change.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">28.2 </TD>
    <TD >
      <P align=justify>All notices to be given in terms of this Agreement will
      be given in writing and will &#150;</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="9%">28.2.1 </TD>
    <TD >
      <P align=justify>be delivered by hand or sent by
email;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_46></A>
<P align=right>44</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">28.2.2 </TD>
    <TD >
      <P align=justify>if delivered by hand during business hours, be presumed
      to have been received on the date of delivery. Any notice delivered after
      business hours or on a day which is not a business day will be presumed to
      have been received on the following business day; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">28.2.3 </TD>
    <TD >
      <P align=justify>if sent by email during business hours, be presumed to
      have been received on the date of successful transmission of the email.
      Any email sent after business hours or on a day which is not a business
      day will be presumed to have been received on the following business
      day.</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="7%">28.3 </TD>
    <TD >
      <P align=justify>Notwithstanding the above, any notice given in writing,
      and actually received by the Party to whom the notice is addressed, will
      be deemed to have been properly given and received, notwithstanding that
      such notice has not been given in accordance with this clause
  28.</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%">29 </TD>
    <TD>
      <P align=justify><B>BENEFIT OF THE AGREEMENT</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 will also be for the benefit of and be
      binding upon the successors in title and permitted assigns of the Parties
      or any of them.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">30 </TD>
    <TD>
      <P align=justify><B>APPLICABLE LAW AND
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="7%">30.1 </TD>
    <TD >
      <P align=justify>This Agreement will in all respects be governed by and
      construed under the laws of South Africa.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">30.2 </TD>
    <TD >
      <P align=justify>Subject to clause 26.2, the Parties hereby consent and
      submit to the non-exclusive jurisdiction of the High Court of South
      Africa, Gauteng Local Division (Johannesburg), in any dispute arising from
      or in connection with 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%">31 </TD>
    <TD>
      <P align=justify><B>INDEPENDENT ADVICE</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each of the Parties hereby acknowledges and agreed 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="7%">31.1 </TD>
    <TD >
      <P align=justify>it has been free to secure independent legal and other
      professional advice (including financial and taxation advice) as to the
      nature and effect of all of the provisions of this Agreement and that it
      has either taken such independent advice or has dispensed with the
      necessity of doing so; and</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_47></A>
<P align=right>45</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">31.2 </TD>
    <TD >
      <P align=justify>all of the provisions of this Agreement and the
      restrictions herein contained are fair and reasonable in all the
      circumstances and are in accordance with the Party's
  intentions.</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%">32 </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="7%">32.1 </TD>
    <TD >
      <P align=justify><B>Whole Agreement</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>This Agreement constitutes the whole of the agreement
      between the Parties relating to the matters dealt with herein and, save to
      the extent otherwise provided herein, no undertaking, representation, term
      or condition relating to the subject matter of this Agreement not
      incorporated in this Agreement shall be binding on any of the
    Parties.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">32.2 </TD>
    <TD >
      <P align=justify><B>Variations to be in Writing</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>No addition to or variation, deletion, or agreed
      cancellation of all or any clauses or provisions of this Agreement will be
      of any force or effect unless in writing and signed by the
  Parties.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">32.3 </TD>
    <TD >
      <P align=justify><B>No Indulgences</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>No latitude, extension of time or other indulgence which
      may be given or allowed by any Party to the other in respect of the
      performance of any obligation hereunder, and no delay or forbearance in
      the enforcement of any right of any Party arising from this Agreement and
      no single or partial exercise of any right by any Party under this
      Agreement, shall in any circumstances be construed to be an implied
      consent or election by that Party or operate as a waiver or a novation of
      or otherwise affect any of its rights in terms of or arising from this
      Agreement or estop or preclude it from enforcing at any time and without
      notice, strict and punctual compliance with each and every provision or
      term hereof. Failure or delay on the part of any Party in exercising any
      right, power or privilege under this Agreement will not constitute or be
      deemed to be a waiver thereof, nor will any single or partial exercise of
      any right, power or privilege preclude any other or further exercise
      thereof or the exercise of any other right, power or
  privilege.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_48></A>
<P align=right>46</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">32.4 </TD>
    <TD >
      <P align=justify><B>No Waiver or Suspension of Rights</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>No waiver, suspension or postponement by any Party of any
      right arising out of or in connection with this Agreement shall be of any
      force or effect unless in writing and signed by that Party. Any such
      waiver, suspension or postponement will be effective only in the specific
      instance and for the purpose given.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">32.5 </TD>
    <TD >
      <P align=justify><B>Continuing Effectiveness of Certain
    Provisions</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they will operate after any such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">32.6 </TD>
    <TD >
      <P align=justify><B>No Assignment</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>Neither this Agreement nor any part, share or interest
      herein nor any rights or obligations hereunder may be ceded, delegated or
      assigned by any Party without the prior signed written consent of the
      others.</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%">33 </TD>
    <TD>
      <P align=justify><B>COSTS</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 clause 26.2, the Grantor will bear and pay all
      the legal costs and expenses of and incidental to the negotiation,
      drafting, preparation and implementation of this Agreement, including the
      legal costs and expenses of the Company in connection with the
      negotiation, drafting and preparation and implementation of this
      Agreement, provided that each Nominated Purchaser shall on demand
      reimburse the Grantor, a <I>pro rata </I>portion, based on the proportion
      of the Call Option Shares acquired by the relevant Nominated Purchaser, of
      the legal costs and expenses incurred by the Grantor in respect of the
      negotiation, drafting, preparation and implementation of this
      Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">34 </TD>
    <TD>
      <P align=justify><B>SIGNATURE</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="7%">34.1 </TD>
    <TD >
      <P align=justify>This Agreement is signed by the Parties on the dates and
      at the places indicated below.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_49></A>
<P align=right>47</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">34.2 </TD>
    <TD >
      <P align=justify>This Agreement may be executed in counterparts, each of
      which shall be deemed an original, and all of which together shall
      constitute one and the same Agreement as at the date of signature of the
      Party last signing one of the counterparts.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">34.3 </TD>
    <TD >
      <P align=justify>The persons signing this Agreement in a representative
      capacity warrant their authority to do so.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">34.4 </TD>
    <TD >
      <P align=justify>The Parties record that it is not required for this
      Agreement to be valid and enforceable that a Party shall initial the pages
      of this Agreement and/or have its signature of this Agreement verified by
      a witness.</P></TD></TR></TABLE>
<P align=center><I>[Remainder of page left intentionally blank. Signature pages
follow hereafter.] </I></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_50></A>
<P align=right>48</P>
<P align=justify>SIGNED at Rosebank on 2 May 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>NET1 APPLIED TECHNOLOGIES</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>SOUTH AFRICA PROPRIETARY</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ A.M.R. Smith </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">A.M.R. Smith </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory </TD></TR></TABLE>
<P align=justify>SIGNED at Sandton on 3 May 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>DNI-4PL CONTRACTS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ Andrew Dunn </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Andrew Dunn </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory
</TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_51></A>
<P align=right><B>Annexure A</B></P>
<P align=center><B>Form of Call Option Notice</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>To: </TD>
    <TD align=left width="90%" >Net1 Applied Technologies South
      Africa Proprietary Limited </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 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>By email: [&#149;] </TD>
    <TD align=left width="90%"  >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Attention: [&#149;] </TD>
    <TD align=left width="90%"
>&nbsp;</TD></TR></TABLE></DIV>
<P align=right>[&#149;] 20[&#149;]</P>
<P align=justify>Dear Sirs</P>
<P align=justify><B>CALL OPTION EXERCISE NOTICE</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 agreement titled "<I>Call Option
      Agreement</I>" entered into between Net1 Applied Technologies South Africa
      Proprietary Limited and DNI-4PL Contracts Proprietary Limited on or about
      3 May 2019 ("<B>Call Option Agreement</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 defined in the Call Option Agreement shall bear the
      meanings ascribed therein unless this document clearly indicates
      otherwise.</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>In terms of clause 8.1.2 of the Call Option Agreement,
      the Purchaser is required to notify the Grantor in writing of its election
      to exercise the Call Option during any Option Period. The Purchaser hereby
      exercises the Call Option and this notice constitutes the Call Option
      Notice. Accordingly, the Purchaser is obliged to purchase the Call Option
      Shares on the terms and conditions contained in the Call Option
      Agreement.</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 terms of clause 8.1.2.2 of the Call Option Agreement,
      the Purchaser is required to set out its calculation of the Call Option
      Price. A copy of the calculations is enclosed with this
  letter.</P></TD></TR></TABLE>
<P align=justify>&nbsp;</P>
<P align=justify>Yours faithfully</P>
<P align=justify>______________________ <BR>For and on behalf of: </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_52></A>
<P align=justify><B>[&#149;]</B> <BR>Name:<BR>Title: Authorised Signatory <BR></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_53></A>
<P align=right><B>Annexure B</B></P>
<P align=center><B>Nomination Agreement</B></P>
<P align=justify>Whereas Net1 Applied Technologies South Africa Proprietary
Limited and DNI-4PL Contracts Proprietary Limited entered into a written
agreement titled "<I>Call Option Agreement</I>" on or about [&#149;] ("<B>Call Option
Agreement</B>"). </P>
<P align=justify>This document constitutes a Nomination Agreement as
contemplated under clause 2.1.45 of the Call Option Agreement. </P>
<P align=justify>Capitalised words and expressions used in this Nomination
Agreement bear the meanings assigned to them in the Call Option Agreement. </P>
<P align=justify>The Company hereby nominates [&#149;] (registration number [&#149;]) as
the purchaser of [&#149;] Option Shares in terms of clause 5 of the Call Option
Agreement ("<B>Nominated Purchaser</B>"), which nomination the Nominated
Purchaser hereby accepts. </P>
<P align=justify>The Nominated Purchaser hereby undertakes, with effect from the
date on which this Nomination Agreement is signed by both parties hereto, that
it will be and become bound by all of the provisions of the Call Option
Agreement and all of the terms and conditions thereof shall be enforceable
against it by any of the other Parties thereto. </P>
<P align=justify>SIGNED
at&nbsp;...............................................................................
on
...............................................................................................&nbsp;20[&#149;]</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>THE NOMINATED PURCHASER</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory
</TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_54></A>
<P align=justify>SIGNED
at&nbsp;...............................................................................
on
...............................................................................................&nbsp;20[&#149;]</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>THE GRANTEE</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory
</TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_55></A>
<P align=right><B>Annexure C</B></P>
<P align=center><B>Warranties by the Grantor</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>INTRODUCTION</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="7%">1.1 </TD>
    <TD >
      <P align=justify>Expressions defined in the sale of shares agreement to
      which this document is attached as Annexure C ("<B>Agreement</B>") shall
      bear the same meaning in this Annexure C as that assigned to them in the
      Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">1.2 </TD>
    <TD >
      <P align=justify>To the extent that the Warranties are given on a date
      which results in the use of any tense being inappropriate, the Warranties
      set out below shall be read in the appropriate tense.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">1.3 </TD>
    <TD >
      <P align=justify>The Warranties set out below are given by the Grantor, on
      the basis set out in clause 19, and by the Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">1.4 </TD>
    <TD >
      <P align=justify>All the Warranties given by the Grantor in this annexure
      are given subject to the limitations and qualifications set out in clause
      21 of the Agreement (or any other relevant provision of the
    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>CAPACITY 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="7%">2.1 </TD>
    <TD >
      <P align=justify><U>Incorporation and
Existence</U></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="9%">2.1.1 </TD>
    <TD >
      <P align=justify>The Company is a company duly incorporated and registered
      under South African law and has been in continuous existence since
      incorporation.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.2 </TD>
    <TD >
      <P align=justify>Each Group Company is a private company duly incorporated
      and registered under South African law and has been in continuous
      existence since incorporation.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.3 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, no steps have been taken
      in respect of the deregistration of any Group Company in terms of section
      82(3) of the Companies Act.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.4 </TD>
    <TD >
      <P align=justify>As at the Signature Date and the Closing Date the Company
      has an authorised share capital of 1,000 ordinary shares with a par value
      of R1 each, all ranking <I>pari passu </I>in all respects, and 90,000,000
      class A ordinary shares of no par value, all ranking <I>pari passu </I>in
      all respects.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_56></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="7%">2.1.5 </TD>
    <TD >
      <P align=justify>As at the Signature Date and the Closing Date, all the
      Group Companies will be wholly owned subsidiaries, save for the following
      Group Companies where the issued shares will be held as follows
  &#150;</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="11%">2.1.5.1 </TD>
    <TD >
      <P align=justify>the Company holds 55% of all of the shares in Switch
      Mobile Proprietary Limited (registration number 2000/030913/07);</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.5.2 </TD>
    <TD >
      <P align=justify>the Company holds 55% of all of the shares in Mobile Mart
      Proprietary Limited (registration number 2014/030933/07);</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.5.3 </TD>
    <TD >
      <P align=justify>the Company holds 50% of all of the shares in Speckpack
      Field Services Proprietary Limited (registration number
      2014/164903/07);</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.5.4 </TD>
    <TD >
      <P align=justify>the Company holds 51.2% of all of the shares in M4Jam
      Proprietary Limited (registration number 2003/011766/07) , which in turn
      holds 100% of all of the shares in M4Jam South Africa Proprietary Limited
      (registration number 2004/013252/07), which in turn holds 100% of all of
      the shares in M4You Proprietary Limited (registration number
      2013/026161/07) and 40% of all of the shares in Fanaka Holdings
      Proprietary Limited (registration number
2011/110167/07).</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="9%">2.1.6 </TD>
    <TD >
      <P align=justify>As at the Closing Date the Group Companies have no shares
      in issue other than ordinary shares.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.7 </TD>
    <TD >
      <P align=justify>Save as provided for above, the Company has no other
      direct or indirect shareholding in another
company.</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="7%">2.2 </TD>
    <TD >
      <P align=justify><U>Right, Power, Authority and
  Action</U></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="9%">2.2.1 </TD>
    <TD >
      <P align=justify>The Company has the right, power and authority to conduct
      its business.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.2.2 </TD>
    <TD >
      <P align=justify>Each Group Company has the right, power and authority to
      conduct the businesses conducted by them.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.2.3 </TD>
    <TD >
      <P align=justify>The Company and the Grantor each have the right, power
      and authority, and has taken all action necessary, to execute, deliver and
      exercise its rights, and perform 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="7%">2.3 </TD>
    <TD >
      <P align=justify><U>Binding Agreements</U></P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_57></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="9%">2.3.1 </TD>
    <TD >
      <P align=justify>The Grantor's obligations under this Agreement will be
      enforceable against it in accordance with their terms.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.2 </TD>
    <TD >
      <P align=justify>The entry into this Agreement by the Grantor, and the
      performance by it of its obligations under this Agreement, does not, and
      will not &#150;</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="11%">2.3.2.1 </TD>
    <TD >
      <P align=justify>as at the Closing Date, result in any present or future
      material indebtedness of the Grantor becoming due or capable of being
      declared due and payable prior to its stated maturity;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.3.2.2 </TD>
    <TD >
      <P align=justify>contravene, conflict with, or result in a violation of,
      any applicable laws; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.3.2.3 </TD>
    <TD >
      <P align=justify>contravene, conflict with, or result in a breach or
      default of, the terms of, or give any person the right to declare a
      default or exercise any remedy under, or to accelerate the maturity or
      performance of, or to cancel, terminate or modify, any agreement,
      indenture, mortgage or other instrument of any kind to which it/he is a
      party, that has not been waived or consented to in writing by that person
      prior to 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%">3 </TD>
    <TD>
      <P align=justify><B>SHARES</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="7%">3.1 </TD>
    <TD >
      <P align=justify><U>The Shares</U></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="9%">3.1.1 </TD>
    <TD >
      <P align=justify>The Grantor is the sole beneficial holder of the Call
      Option Shares and is reflected as the sole registered holder thereof in
      the securities register of the Company, and no person has any right to
      obtain an order for the rectification of such register.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.2 </TD>
    <TD >
      <P align=justify>The Call Option Shares confer on the holder/s thereof:
      30.394765% of the total voting rights exercisable in the Company, (ii)
      30.394765% of the rights to any and all distributions by the Company, and
      (iii) upon the Company's liquidation, 30.394765% of the net assets of the
      Company.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.3 </TD>
    <TD >
      <P align=justify>There is no Encumbrance, and there is no agreement,
      arrangement or obligation to create or give an Encumbrance, in relation to
      any shares in the Company (including the Call Option Shares). As far as
      the Grantor is Aware, no person has claimed to be entitled to an
      Encumbrance in relation to any of the shares in the
  Company.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_58></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="9%">3.1.4 </TD>
    <TD >
      <P align=justify>As at the Closing Date, save as contemplated in the Share
      Sale and Subscription Agreement, agreement containing the Put Option, the
      Sale Agreement, the Shareholders Agreement or the MOI, there is no
      agreement, arrangement or obligation requiring the creation, allotment,
      issue, transfer, redemption or repayment of, or the grant to a person of
      the right (conditional or not) to require the allotment, issue, transfer,
      redemption or repayment of, a share in the capital of the Company or any
      Group Company (including, without limitation, an option or right of
      pre-emption or conversion), in terms of which such creation, allotment,
      issue, transfer, redemption or repayment must still occur.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.5 </TD>
    <TD >
      <P align=justify>As at the Closing Date, save as contemplated in the Put
      Option Agreement, neither the Company nor any Group Company is and will
      not be under any obligation (whether contingently upon the exercise of any
      right or otherwise), and no resolution shall have been passed, requiring
      the Company or any Group Company to increase or to reduce its authorised
      or issued shares, or to vary any of the rights attaching to any of its
      shares, or to buyback any of its shares, or to make any payment(s) to its
      shareholder.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.6 </TD>
    <TD >
      <P align=justify>As at the Closing Date, no person (other than the
      Purchaser in terms of this Agreement and the agreement containing the Put
      Option, JAA Holdings Proprietary Limited and PK Gain Investment Holdings
      Proprietary Limited in terms of the Share Sale and Subscription Agreement
      and the Shareholders in terms of the Shareholders Agreement and the MOI)
      has any right, actual or contingent, (including, inter alia, any option or
      right of first refusal) to subscribe for any shares or any other
      Securities in the authorised shares of any Group Company.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.7 </TD>
    <TD >
      <P align=justify>No person is entitled to participate in, or to a
      commission on the dividends or profits of, any Group Company, except as a
      shareholder.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.8 </TD>
    <TD >
      <P align=justify>As at the Closing Date, no Group Company is obliged to
      cancel any of the shares in its capital or to create or issue any
      debentures or any derivatives.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.1.9 </TD>
    <TD >
      <P align=justify>The Call Option Shares have been validly and lawfully
      authorised and issued.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_59></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="7%">3.2 </TD>
    <TD >
      <P align=justify><U>Securities Register</U></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="9%">3.2.1 </TD>
    <TD >
      <P align=justify>The securities register of the Company contains true and
      accurate records of the holders of securities from time to time issued by
      the Company and the Company does not know of any facts or circumstances
      which may give rise to a rectification of the securities register of the
      Company.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">3.2.2 </TD>
    <TD >
      <P align=justify>No person has any right to obtain an order for the
      rectification of the securities register of any Group
  Company.</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>RECEIVABLES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As at the Closing Date &#150;</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="7%">4.1 </TD>
    <TD >
      <P align=justify>the receivables book will be in the name of the Company
      or relevant Group Company;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">4.2 </TD>
    <TD >
      <P align=justify>security relating to the receivables book will be
      documented to reflect the terms of the security and all such documents are
      in the possession, or under the control of the Company;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">4.3 </TD>
    <TD >
      <P align=justify>the provision by the Company for bad or doubtful debt of
      the Group is adequate;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">4.4 </TD>
    <TD >
      <P align=justify>the contracts with customers forming part of the
      receivables book and all documents ancillary thereto will be in the
      possession, and under the control, of the Company;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">4.5 </TD>
    <TD >
      <P align=justify>the receivables book has accurately recorded the
      principle and material terms of these contracts (including the sum
      outstanding and the payment/repayment dates); and</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">4.6 </TD>
    <TD >
      <P align=justify>all accounts receivable of each Group Company will be
      fully recovered save to the extent specifically provided against in the
      Warranted Accounts.</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>RECORDS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each Group Company complies in all material respects with
      all record keeping requirements imposed by applicable laws and all such
      records (including the books, registers, accounts, ledgers and accounting
      records) of that Group Company &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_60></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="7%">5.1 </TD>
    <TD >
      <P align=justify>are up-to-date in all material respects;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">5.2 </TD>
    <TD >
      <P align=justify>are in its possession or under its control;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">5.3 </TD>
    <TD >
      <P align=justify>give and reflect a true and fair view of that Group
      Company concerned and are not misleading in any material way;
and</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">5.4 </TD>
    <TD >
      <P align=justify>are properly completed on a basis consistent with the
      accounting records of the 3 most recent financial years of the Group
      Company concerned (unless otherwise stated therein) and in accordance with
      the Companies Act, IFRS (to the extent applicable) and the law of, and
      applicable standards, principles and practices generally accepted in South
      Africa.</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>FINANCIAL STATEMENTS</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="7%">6.1 </TD>
    <TD >
      <P align=justify><U>No Undisclosed
Liabilities</U></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="9%">6.1.1 </TD>
    <TD >
      <P align=justify>The Group has no liabilities, which would be regarded as
      material by an auditor, of any kind (including, for the avoidance of
      doubt, off statement of financial position liabilities) that would have
      been required to be reflected in, reserved against or otherwise described
      on the Warranted Accounts or in the notes thereto in accordance with IFRS
      and were not so reflected, reserved against or described, other than (i)
      liabilities incurred in the Ordinary Course of Business after 1 March
      2019, and (ii) liabilities incurred in connection with the transactions
      contemplated in the Agreement, other than as reflected and Fairly
      Disclosed in the Warranted Accounts.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">6.1.2 </TD>
    <TD >
      <P align=justify>No Shareholder or any related person to any such person
      has any claims against any Group Company whether on loan account, current
      account or otherwise.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">6.1.3 </TD>
    <TD >
      <P align=justify>The Group has paid its creditors which would be regarded
      as material creditors by an auditor, within the time limits agreed with
      such creditors save where a creditor's claim is disputed or as may be
      otherwise indicated and Fairly Disclosed in the Warranted
  Accounts.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">6.1.4 </TD>
    <TD >
      <P align=justify>No report has been furnished to any Group Company by its
      auditor concerning a material irregularity as contemplated in the Auditing
      Professions Act No. 26 of 2005 (as amended), or any similar predecessor section,
  or any analogous legislation in a relevant jurisdiction.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_61></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="9%">6.1.5 </TD>
    <TD >
      <P align=justify>Between the Signature Date and the Closing Date, the
      Group's Business will be operated in the usual way so as to maintain it as
      a going concern.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">6.1.6 </TD>
    <TD >
      <P align=justify>The Audited Accounts &#150;</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="11%">6.1.6.1 </TD>
    <TD >
      <P align=justify>comply with the requirements of the Companies
  Act;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">6.1.6.2 </TD>
    <TD >
      <P align=justify>have been prepared in accordance with IFRS;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">6.1.6.3 </TD>
    <TD >
      <P align=justify>fairly present the financial position, operations and
      results of the Group as at the close of business at the end of the
      financial period to which they relate;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">6.1.6.4 </TD>
    <TD >
      <P align=justify>save as noted therein, reflect no change in any of the
      bases of accounting or accounting principles used in respect of any
      material item;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">6.1.6.5 </TD>
    <TD >
      <P align=justify>reflect or disclose all liabilities, actual or
      contingent, at their full amount;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">6.1.6.6 </TD>
    <TD >
      <P align=justify>adequately provide for bad and doubtful debts as well as
      for any and all accrued liabilities including accrued leave pay, accrued
      holiday pay, pensions, bonuses or other similar payments or liabilities to
      employees;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">6.1.6.7 </TD>
    <TD >
      <P align=justify>have been reported on by the auditors of the Group
      without any qualification other than in respect of post-balance sheet
      events; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">6.1.6.8 </TD>
    <TD >
      <P align=justify>have been approved and signed by the directors of the
      Company.</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="9%">6.1.7 </TD>
    <TD >
      <P align=justify>All provisions contained or brought to account are
      adequate and sufficient in respect of the matters to which they relate,
      including but not limited to foreign exchange commitments.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">6.1.8 </TD>
    <TD >
      <P align=justify>As at the Signature Date, the financial year end of the
      Company is June.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">6.1.9 </TD>
    <TD >
      <P align=justify>The Management Accounts &#150;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">6.1.9.1 </TD>
    <TD >
      <P align=justify>fairly present the financial position, operations and
      results of the Group as at the close of business at the end of the
      financial period to which they relate;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_62></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="11%">6.1.9.2 </TD>
    <TD>
      <P align=justify>save as noted therein, reflect no change in any of the
      bases of accounting or accounting principles used in the preparation of
      the Audited Accounts and have been prepared consistent with past
      practice;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">6.1.9.3 </TD>
    <TD>
      <P align=justify>reflect or disclose all liabilities, actual or
      contingent, at their full amount; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">6.1.9.4 </TD>
    <TD>
      <P align=justify>adequately provide for bad and doubtful debts as well as
      for any and all accrued liabilities including accrued leave pay, accrued
      holiday pay, pensions, bonuses or other similar payments or liabilities to
      employees.</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="7%">6.2 </TD>
    <TD>
      <P align=justify><U>Minute Books</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD>
      <P align=justify>As at the Signature Date and the Closing Date, the minute
      book of each Group Company contain all material resolutions passed by the
      directors and shareholders thereof, save for resolutions required to give
      effect to the provisions 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="7%">6.3 </TD>
    <TD>
      <P align=justify><U>Specific</U></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="9%">6.3.1 </TD>
    <TD>
      <P align=justify>Since 1 July 2018 &#150;</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="11%">6.3.1.1 </TD>
    <TD>
      <P align=justify>no Group Company has, other than in the Ordinary Course
      of its Business &#150;</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="13%">6.3.1.1.1 </TD>
    <TD>
      <P align=justify>acquired or disposed of, or agreed to acquire or dispose
      of, an asset which an auditor would regard as material; or</P></TD></TR>
  <TR>
    <TD width="13%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="13%">6.3.1.1.2 </TD>
    <TD>
      <P align=justify>assumed or incurred, or agreed to assume or incur, a
      liability, obligation or expense (actual or contingent) that an auditor
      would regard as material;</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="11%">6.3.1.2 </TD>
    <TD >
      <P align=justify>the Group's business has not been materially and
      adversely affected by the termination of, or a change in the terms of, any
      licence, an agreement or by the loss of a customer or supplier or by an
      abnormal factor not affecting similar businesses;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">6.3.1.3 </TD>
    <TD >
      <P align=justify>the Company has not declared, paid or made a dividend or
      distribution (including, without limitation, a distribution within the
      meaning of the Income Tax Act), except as provided for in the Warranted
      Accounts; and</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_63></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="11%">6.3.1.4 </TD>
    <TD >
      <P align=justify>no Group Company has changed its financial year end
      (other than the change from 28 February to 30 June) or its
  auditors.</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>TAX</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="7%">7.1 </TD>
    <TD >
      <P align=justify>Each Group Company shall at all times have complied in
      all material respects with the provisions of the Income Tax Act, the
      Value-added Tax Act, No. 89 of 1991 ("<B>VAT Act</B>") and all Tax returns
      (including without limitation employees' tax returns and specifically
      including all returns and information that relate to reportable
      arrangements as contemplated in Part B of Chapter 4 (sections 34 to 39 of
      the Tax Administration Act, No. 28 of 2011 or sections 80M to 80T of the
      Income Tax Act) and declarations required to be returned shall have been
      made by it in respect of the 4 financial years immediately preceding the
      Closing Date and shall have accurately disclosed all information properly
      required to be disclosed to the Commissioner or other appropriate
      authorities, and all provisional and other Taxes shall have been paid as
      at the due date thereof in material compliance with the provisions of the
      Income Tax Act.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.2 </TD>
    <TD >
      <P align=justify>Each Group Company has paid and discharged when due, all
      Taxes payable by it from the date of its incorporation to the Closing
      Date, including any Tax in respect of &#150;</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="9%">7.2.1 </TD>
    <TD >
      <P align=justify>its assets, income or profits;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.2.2 </TD>
    <TD >
      <P align=justify>any transactions concluded by the Group Company
      concerned;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.2.3 </TD>
    <TD >
      <P align=justify>the declaration and payment of dividends and/or deemed
      dividends by the Group Company concerned.</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="7%">7.3 </TD>
    <TD >
      <P align=justify>All assessments for Tax raised in respect of the Group
      where the due date for payment of the Tax arises on or before the Closing
      Date or which relate to the period prior to the Closing Date or as
      otherwise provided in the Management Accounts shall have been paid in full
      by the Closing Date, unless disputed by the Company in good
  faith.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.4 </TD>
    <TD >
      <P align=justify>In respect of any Tax of the Group which is due for
      payment after the Closing Date, adequate provision therefor shall have
      been made in the financial statements of the relevant Group
  Company.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_64></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="7%">7.5 </TD>
    <TD >
      <P align=justify>Final assessments have been issued for all Tax periods in
      respect of which the Group Company has submitted Tax returns and the
      Grantor is not Aware of any intention by the Commissioner to re-open any
      such assessment.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.6 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, no Group Company is
      liable to pay any penalty, late payment penalty, administrative
      non-compliance penalty, understatement penalty, fine or interest in
      connection with any Tax.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.7 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, no Group Company is party
      to any transactions in respect of which the Tax authority may lawfully
      substitute, for purposes of Tax, a different consideration for the actual
      consideration given or received by the Group.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.8 </TD>
    <TD >
      <P align=justify>The wear and tear, depreciation or capital allowances
      applied in the past to the Group's fixed or other assets for Tax purposes
      shall conform in all material respects to, and shall not exceed, those
      permitted in terms of the Income Tax Act.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.9 </TD>
    <TD >
      <P align=justify>All financing costs incurred to date (including any
      interest or similar expenses) in relation to any financing entered into by
      the Group before Closing have been and will be deductible on an accruals
      basis.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.10 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, no facts or circumstances
      exist which could cause a revenue authority to disallow any existing
      assessable/accumulated tax losses or the carrying forward of such
      losses.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.11 </TD>
    <TD >
      <P align=justify>The current and deferred Tax provisions and/or assets
      that will be included in the Audited Accounts have been properly provided
      for in accordance with the IFRS.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.12 </TD>
    <TD >
      <P align=justify>Where required, a Group Company has duly registered as a
      VAT vendor in terms of the VAT Act, has complied in all material respects
      with all statutory provisions and regulations relating to VAT and has duly
      paid or provided for all amounts of VAT which have become due and payable
      or for which that Group Company is liable; and is not operating any
      special arrangement or scheme relating to VAT nor has it agreed any
      special method of accounting for VAT.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.13 </TD>
    <TD >
      <P align=justify>Except as otherwise Fairly Disclosed in the Disclosure
      Schedule, no Group Company has, at any time since the date of its
      incorporation &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_65></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="9%">7.13.1 </TD>
    <TD >
      <P align=justify>entered into any transaction as contemplated in sections
      41 to 47 of the Income Tax Act;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.13.2 </TD>
    <TD >
      <P align=justify>issued any "hybrid equity instrument", as contemplated in
      section 8E of the Income Tax Act, or any "third-party backed share", as
      contemplated in section 8EA of the Income Tax Act;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.13.3 </TD>
    <TD >
      <P align=justify>issued any "hybrid debt instrument" as contemplated in
      section 8F of the Income Tax Act;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.13.4 </TD>
    <TD >
      <P align=justify>incurred "hybrid interest" as contemplated in section 8FA
      of the Income Tax Act.</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="7%">7.14 </TD>
    <TD >
      <P align=justify>Each Group Company is &#150;</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="9%">7.14.1 </TD>
    <TD >
      <P align=justify>a resident for South African Tax purposes and has not
      ceased such residence since the date of its incorporation; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.14.2 </TD>
    <TD >
      <P align=justify>is not treated as resident or liable to Tax in any other
      jurisdiction for any Tax purpose (including for the purposes of any double
      taxation agreement); and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.14.3 </TD>
    <TD >
      <P align=justify>not subject to the interest-limitation provisions
      contained in sections 23M or 23N of the Income Tax
Act.</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="7%">7.15 </TD>
    <TD >
      <P align=justify>No Group Company has at any time or times been party to
      any 'company formation transaction', 'share-for-share transaction',
      'amalgamation transaction', 'intra-group transaction', 'unbundling
      transaction' or 'liquidation, winding-up or deregistration transaction'
      all as contemplated in Part III of the Income Tax Act, or any other
      transaction which might be so classified.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.16 </TD>
    <TD >
      <P align=justify>As at the Signature Date, there are no material queries,
      notices, suits, proceedings, investigations or inspections pending against
      any Group Company by the Commissioner or any Tax authority relating to any
      claim for any additional Tax or assessment, or any material matters under
      discussion with the Commissioner or any Tax authority relating to any
      claim for any Tax or assessment, nor is there any pending Tax objection or
      appeal by any Group Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">7.17 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, the Tax files and records
      of the Group contain complete, full and accurate details in all material
      respects of all communications with the Commissioner and Tax advisors, respectively, for
  the 3 year period prior to the Closing Date.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_66></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="7%">7.18 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, to the extent that any
      Group Company claimed Tax allowances or deductions prior to the Closing
      Date (including, without limitation, in respect of leasehold improvements)
      it was, insofar as it was Aware, entitled to do so in accordance with the
      provisions of the Income Tax Act.</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>BUSINESS OF THE
COMPANY</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="7%">8.1 </TD>
    <TD >
      <P align=justify>The sole business of the Company is the Business which
      the Company conducts as a going concern solely in South Africa.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.2 </TD>
    <TD >
      <P align=justify>No Group Company is bound by any restraint of trade
      agreement and no Group Company has committed (whether actually or
      contingently) to entering into any restraint of trade agreement by which
      it may be so bound.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.3 </TD>
    <TD >
      <P align=justify>The Grantor is not Aware of anything which will prevent
      the Company from carrying on the Business nor any Group Company carrying
      on its business.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.4 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, the Company has not given
      any express, tacit or implied warranties in respect of products sold by it
      or services rendered by it other than those given in the normal and
      ordinary course of conduct of the Business.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.5 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, the Group has utilised
      all import permits issued to it only in respect of the Business and has
      not used any such import permit for the importation of goods on behalf of
      anyone else.</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>ASSETS</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="7%">9.1 </TD>
    <TD >
      <P align=justify><U>Title and Condition</U></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="9%">9.1.1 </TD>
    <TD >
      <P align=justify>Each asset included in the Management Accounts or
      acquired by the Group since the Management Accounts (other than stock
      disposed of in the Ordinary Course of Business or leased assets) is
    &#150;</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="11%">9.1.1.1 </TD>
    <TD >
      <P align=justify>legally and beneficially owned solely by the Group;
      and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">9.1.1.2 </TD>
    <TD >
      <P align=justify>where capable of possession, in the possession or under
      the control of the Group.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_67></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="9%">9.1.2 </TD>
    <TD >
      <P align=justify>Unless otherwise Fairly Disclosed in the Disclosure
      Schedule, all the material assets of the Group included in the Management
      Accounts or acquired by the Group since the Audited Accounts, whether
      movable, immovable, fixed or of whatever nature or description will be
      owned by the Group in full, free and unencumbered ownership, and none of
      them will be subject to &#150;</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="11%">9.1.2.1 </TD>
    <TD >
      <P align=justify>any credit agreement, credit transaction, instalment sale
      transaction or leasing transaction;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">9.1.2.2 </TD>
    <TD >
      <P align=justify>any other credit agreement, instalment sale agreement,
      hire-purchase or suspensive sale agreement, lease or any like agreement
      whatever its form, save for motor vehicle leases in the Ordinary Course of
      Business;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">9.1.2.3 </TD>
    <TD >
      <P align=justify>any pledge, mortgage bond, lien or notarial
  bond;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">9.1.2.4 </TD>
    <TD >
      <P align=justify>any other right in favour of any third person;
  or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">9.1.2.5 </TD>
    <TD >
      <P align=justify>any arrangement for the payment of a premium or like
      consideration to or by the Group for the use of the asset
  concerned.</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="9%">9.1.3 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, no person has or will
      have any right (including any option or right of first refusal) to acquire
      or claim delivery, ownership or transfer or the use, occupation,
      possession or enjoyment of, any of the assets of any Group Company, other
      than in the Ordinary Course of its Business.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">9.1.4 </TD>
    <TD >
      <P align=justify>There has been no exercise, purported exercise or claim
      for any Encumbrance over any of the assets of any Group Company, and there
      is no dispute directly or indirectly relating to any such
assets.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">9.1.5 </TD>
    <TD >
      <P align=justify>Each Group Company has the legal capacity and power to
      own its assets and carry on its business as it is presently being
      conducted.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">9.1.6 </TD>
    <TD >
      <P align=justify>No Group Company has stopped or suspended payment of a
      material portion of its debts, or otherwise become unable to pay its debts
      or otherwise become insolvent in any relevant jurisdiction.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">9.1.7 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, none of the assets of the
      Group have been revalued during the immediately past 2 financial
    years.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_68></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%">10 </TD>
    <TD>
      <P align=justify><B>INTELLECTUAL 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="7%">10.1 </TD>
    <TD >
      <P align=justify>Each of the Intellectual Property Rights owned or
      licensed by the Group and material to the conduct of the Business is
    &#150;</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="9%">10.1.1 </TD>
    <TD >
      <P align=justify>valid and enforceable and nothing has been done or
      omitted to be done by any Group Company by which it may cease to be valid
      and enforceable;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">10.1.2 </TD>
    <TD >
      <P align=justify>legally and beneficially owned by the Group alone, or
      legally licensed by the Group; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">10.1.3 </TD>
    <TD >
      <P align=justify>as far as the Grantor is Aware, not the subject of a
      claim or opposition from a person (including, without limitation, an
      employee of the Group) as to title, validity, enforceability, entitlement
      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="7%">10.2 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, no Group Company has
      infringed any third party's Intellectual Property Rights or rendered any
      Group Company liable to an action in respect of the infringement of any
      Intellectual Property Rights belonging to a third party, provided that the
      aforesaid Warranty does not apply to instances where any infringement
      occurs or may have occurred as a result of any Intellectual Property
      Rights not having been licensed to the Company validly by a licensor
      purporting to do so. There is and during the 2 years prior to the
      Signature Date has been, no civil, criminal, arbitration, administrative
      or other proceeding or dispute in any jurisdiction by or against any Group
      Company concerning any of the Intellectual Property Rights. The Grantor is
      not Aware of any civil, criminal, arbitration, administrative or other
      proceeding or dispute concerning any of the Intellectual Property Rights
      being pending or threatened against it or any Group Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">10.3 </TD>
    <TD >
      <P align=justify>The Group is entitled to use the Intellectual Property
      Rights and there is nothing prohibiting its use of any Intellectual
      Property Rights and computer systems or other similar property licensed to
      the Group and used by the Company at present in connection with or for the
      Business operations of the Group.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">10.4 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, no person is entitled to
      an order requiring any Group Company to change the trading style or
      trading name of any aspect of the Business.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_69></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="7%">10.5 </TD>
    <TD>
      <P align=justify>As far as the Grantor is Aware, the Group owns or has the
      exclusive right to use, modify or copy pursuant to licence, sub-licence,
      agreement, or permission, all Intellectual Property, free of any
      encumbrance, licence, or other restriction except as set out in the
      Disclosure Schedule, necessary or desirable for the operation of the
      Business or used by the Group in the Business as conducted on the Closing
      Date and as proposed to be conducted.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">10.6 </TD>
    <TD>
      <P align=justify>As far as the Grantor is Aware, except as set out in the
      Disclosure Schedule, no royalties or other considerations are owed in
      relation to the Business as conducted in the 12-month period preceding the
      Closing Date and no additional royalties or other considerations are
      anticipated according to any known business plan or anticipated activity
      of the Business, including the services it
provides.</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>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="7%">11.1 </TD>
    <TD>
      <P align=justify><U>Status of the Policies</U></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="9%">11.1.1 </TD>
    <TD>
      <P align=justify>As far as the Grantor is Aware, each of the current
      insurance and indemnity policies in respect of which the Group has an
      interest (including any active historic policies which provide cover on a
      losses occurring basis) ("<B>Policies</B>") is valid and
    enforceable.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.1.2 </TD>
    <TD>
      <P align=justify>As far as the Grantor is Aware, no Group Company has done
      or omitted to do anything which &#150;</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="11%">11.1.2.1 </TD>
    <TD>
      <P align=justify>makes any of the Policies unenforceable; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">11.1.2.2 </TD>
    <TD>
      <P align=justify>prejudices the ability to effect insurance on the same or
      better terms in the future.</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">11.1.3 </TD>
    <TD>
      <P align=justify>No insurer under any of the Policies has disputed, or
      given any indication that they intend to dispute, the validity of any of
      the Policies on any grounds.</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="7%">11.2 </TD>
    <TD>
      <P align=justify><U>Insurance of Assets</U></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="9%">11.2.1 </TD>
    <TD>
      <P align=justify>All Policies are and remain in full force and
    effect.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.2.2 </TD>
    <TD>
      <P align=justify>All Policies are adequate in respect of the assets to
      which such Policies relate.</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="7%">11.3 </TD>
    <TD>
      <P align=justify><U>Claims</U></P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_70></A>
<P style="MARGIN-LEFT: 7%" align=justify>As far as the Grantor is Aware &#150; </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">11.3.1 </TD>
    <TD >
      <P align=justify>no material claims have been made under any Policy (other
      than claims made in the Ordinary Course of Business);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.3.2 </TD>
    <TD >
      <P align=justify>no claim is outstanding;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.3.3 </TD>
    <TD >
      <P align=justify>there exists no fact or circumstance which will give rise
      to a material claim under any of the Policies;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.3.4 </TD>
    <TD >
      <P align=justify>no event, act or omission has occurred which requires
      notification under any of the Policies the failure of which would have a
      material adverse effect on the Business of the Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.3.5 </TD>
    <TD >
      <P align=justify>no insurer under any of the Policies has refused, or
      given any indication to the Company that it intends to refuse, indemnity
      in whole or in part in the Ordinary Course of Business in respect of any
      material claims under the Policies; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.3.6 </TD>
    <TD >
      <P align=justify>nothing has been done or omitted to be done by the Group,
      which will entitle the insurers under any of the Policies to refuse
      indemnity in whole or in part in respect of any material claims under the
      Policies.</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="7%">11.4 </TD>
    <TD >
      <P align=justify><U>Premiums</U></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="9%">11.4.1 </TD>
    <TD >
      <P align=justify>All premiums which are due under the Policies have been
      paid.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.4.2 </TD>
    <TD >
      <P align=justify>The Grantor is not Aware that any Group Company has done
      anything or omitted to do anything (other than to submit claims in the
      Ordinary Course of Business of the Company) which will result in a
      material increase in the premium payable under any of the Policies
      (excluding annual increases of premiums in the ordinary
  course).</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>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="7%">12.1 </TD>
    <TD >
      <P align=justify><U>Immovable Property</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>The Group owns no immovable property.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">12.2 </TD>
    <TD >
      <P align=justify><U>Leasehold Property used by the
  Group</U></P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_71></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="9%">12.2.1 </TD>
    <TD >
      <P align=justify>The warranties in this clause 12.2 are given only to the
      extent that a breach thereof would have a material adverse financial
      effect on the Group as a whole.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.2.2 </TD>
    <TD >
      <P align=justify>No person (including, without limitation, the landlord)
      may bring the term of any lease agreement to which any Group Company is a
      party as a lessee to an end before the expiry of the term of the relevant
      lease agreement by effluxion of time (except by forfeiture).</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.2.3 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, there is no fact or
      circumstance which will restrict or terminate the Group's continued and
      uninterrupted possession or occupation of any of its premises, where such
      restriction or termination will have a material adverse effect on the
      Business.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.2.4 </TD>
    <TD >
      <P align=justify>The Group has the right to conduct the Business from the
      premises from which it trades in the ordinary course thereof.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.2.5 </TD>
    <TD >
      <P align=justify>No Group Company has any obligation to alter, renovate or
      improve the premises from which it trades, save as otherwise provided in
      any lease agreement and in such an event such obligation will not have a
      material adverse effect on the Business.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.2.6 </TD>
    <TD >
      <P align=justify>Rent payable in respect of the Group's premises is not
      being reviewed and cannot be reviewed before the Closing Date, save for
      reviews in the ordinary course as provided for in the relevant lease
      agreements.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.2.7 </TD>
    <TD >
      <P align=justify>No Group Company is in breach of any lease agreement 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="5%">13 </TD>
    <TD>
      <P align=justify><B>AGREEMENTS</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="7%">13.1 </TD>
    <TD >
      <P align=justify><U>Validity of Agreements</U></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="9%">13.1.1 </TD>
    <TD >
      <P align=justify>As at the Closing Date, the Grantor is not Aware of the
      existence of any fact or circumstance which will invalidate or give rise
      to a ground for termination, avoidance or repudiation of an agreement or
      arrangement to which any Group Company is a party which would have a
      material adverse effect on the Business. As far as the Grantor is Aware,
      no party with whom any Group Company has entered into a material agreement
      or arrangement has given notice of its intention to terminate, or has sought to
  repudiate or disclaim, the agreement or arrangement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_72></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="9%">13.1.2 </TD>
    <TD >
      <P align=justify>No Group Company is in breach of any agreement,
      arrangement or obligation entered into by any Group Company and which is
      material to the business of the Group.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">13.1.3 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware
&#150;</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="11%">13.1.3.1 </TD>
    <TD >
      <P align=justify>no party with whom any Group Company has entered into an
      agreement, arrangement or obligations which is material to the business of
      the Group is in breach of the agreement, arrangement or
  obligation;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">13.1.3.2 </TD>
    <TD >
      <P align=justify>there exists no fact or circumstance which will give rise
      to a breach of this type which would have a material adverse effect on the
      Business; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">13.1.3.3 </TD>
    <TD >
      <P align=justify>no fact or circumstance exists which will or is likely to
      result in any loss being suffered by the Company in respect of any
      contract or which will or is likely to form the basis of a claim to
      rectification at the instance of 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="9%">13.1.4 </TD>
    <TD >
      <P align=justify>No Group Company is party to any agreement of a material
      nature which has not been entered into (i) on an arms'-length basis; and
      (ii) on terms which are normal having regard to the nature of its
      business.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">13.1.5 </TD>
    <TD >
      <P align=justify>Save as Fairly Disclosed in the Disclosure Schedule, the
      Group is not bound by any &#150;</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="11%">13.1.5.1 </TD>
    <TD >
      <P align=justify>any contract with the Grantor, any company within the
      Grantor's group, any of the Grantor's shareholders or any director or
      officer of the Grantor or any person that is related to any of them or
      that is an inter-related person in regard to any of them (as such terms
      are defined in the Companies Act);</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">13.1.5.2 </TD>
    <TD >
      <P align=justify>contract in restraint of trade or any management contract
      in terms of which a third party provides management services to the Group,
      as far as the Grantor is Aware; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">13.1.5.3 </TD>
    <TD >
      <P align=justify>agreement (or group of related agreements) under which
      the Company has created, incurred, assumed, or guaranteed any indebtedness
      for borrowed money, or any capitalised lease
obligation or under which the Company has imposed a security interest on any of
the assets of the Company, as far as the Grantor is Aware.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_73></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="7%">13.2 </TD>
    <TD >
      <P align=justify><U>Effect of Transaction</U></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="9%">13.2.1 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware the execution or the
      performance of this Agreement will not result in any Group Company losing
      the benefit of a material asset, grant, subsidy, right or privilege which
      it enjoys at the Signature Date which would have a material adverse effect
      on the Business.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">13.2.2 </TD>
    <TD >
      <P align=justify>Neither the execution nor the performance of this
      Agreement will conflict with, result in a breach of, give rise to an event
      of default under, require the consent of a person under, enable a person
      to terminate, or relieve a person from an obligation under any material
      agreement or arrangement to which any Group Company is a party which would
      have a material adverse effect on the Business of the
  Company.</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>EMPLOYEES</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="7%">14.1 </TD>
    <TD >
      <P align=justify><U>General</U></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="9%">14.1.1 </TD>
    <TD >
      <P align=justify>Save as Fairly Disclosed in the Disclosure Schedule, the
      Group owes no amount to a present or former director, other officer or
      employee of the Group (or his dependant) other than for accrued
      remuneration or reimbursement of business expenses in the Ordinary Course
      of Business.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.1.2 </TD>
    <TD >
      <P align=justify>There is no agreement or arrangement between any Group
      Company and an employee or former employee with respect to his employment,
      his ceasing to be employed or his retirement which is not included in the
      written terms of his employment or previous employment. The Group has not
      provided, nor agreed to provide, a gratuitous payment or benefit to a
      director, officer or employee or to any of their dependants.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.1.3 </TD>
    <TD >
      <P align=justify>The Group has maintained in all material respects
      up-to-date, full and accurate records regarding the employment of each of
      its employees (including, without limitation, details of terms of
      employment, payments of statutory sick pay and statutory maternity pay, income tax and social security
      contributions, disciplinary and health and safety matters) and termination
  of employment.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_74></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="9%">14.1.4 </TD>
    <TD >
      <P align=justify>No executive employee of any Group Company, being an
      employee of the Group and with annual cost to company in excess of
      R1,000,000 ("<B>Employee</B>"), is entitled to any exceptional benefits in
      relation to leave privileges, accumulated leave in excess of 30 days,
      pension or the like, other than provided for by the documented policies of
      the Group as at the Signature Date (copies of which have been provided, in
      writing, to the Purchaser prior to the Signature Date).</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.1.5 </TD>
    <TD >
      <P align=justify>Save for market-related annual wage and salary increases
      and salary increases attributable to Employee promotions in the Ordinary
      Course of Business, between the Signature Date and the Closing Date, no
      Group Company has in any way improved or undertaken to improve the terms
      of service of any of the Employees from those which prevailed at 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="7%">14.2 </TD>
    <TD >
      <P align=justify><U>Payments to employees and consultants/independent
      contractors </U></P>
      <P align=justify>As far as the Grantor is Aware
  &#150;</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="9%">14.2.1 </TD>
    <TD >
      <P align=justify>no material liability has been incurred by the Group, or
      may be incurred between the Signature Date and the Closing Date
  &#150;</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="11%">14.2.1.1 </TD>
    <TD >
      <P align=justify>for breach of any contract of employment with any of its
      employees, or termination of an employment contract with any of its
      employees, including, without limitation, a severance (whether voluntary
      or otherwise) payment, protective award and/or compensation for wrongful,
      unlawful dismissal, unfair dismissal, unfair labour practice, unfair
      discrimination or any other form of compensation for sex, race or
      disability discrimination, reinstatement or re-employment and/or failure
      to comply with an order for the reinstatement or re-employment of an
      employee or former employee; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">14.2.1.2 </TD>
    <TD >
      <P align=justify>whether arising in contract, statute, delict or
      otherwise, for breach or termination of a consultancy agreement;
  or</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="9%">14.2.2 </TD>
    <TD >
      <P align=justify>the Group has not made or agreed to make a material
      payment or provided or agreed to provide a material benefit to a present
      or former director, other officer or employee of the Group or to
any of their dependants in connection with the actual or proposed termination or
suspension of employment or variation of an employment contract.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_75></A>
<P style="MARGIN-LEFT: 9%" align=justify>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">14.3 </TD>
    <TD >
      <P align=justify><U>Compliance with Law and
Disputes</U></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="9%">14.3.1 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, there are no material
      claims or threatened material claims and/or investigations against the
      Group relating to &#150;</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="11%">14.3.1.1 </TD>
    <TD >
      <P align=justify>the refusal by the Group to employ any person;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">14.3.1.2 </TD>
    <TD >
      <P align=justify>the employment by the Group of any person the terms and
      conditions of the employment relationship between them and/or the
      termination of such employment; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">14.3.1.3 </TD>
    <TD >
      <P align=justify>any workplace related accident, injury, disease or
      illness suffered by any employee or former employee 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="9%">14.3.2 </TD>
    <TD >
      <P align=justify>Save in respect of those disputes Fairly Disclosed in the
      Disclosure Schedule, no Group Company is a party to any dispute (with a
      maximum claim against it exceeding R1,000,000) with any employee before
      any court or tribunal, whether under the Labour Relations Act, the Basic
      Conditions of Employment Act No. 75 of 1997 (as amended), the Employment
      Equity Act 55 of 1998, the Occupational Health and Safety Act 85 of 1983,
      the Compensation for Occupational Injuries and Diseases Act 130 of 1993,
      the Skills Development Act 97 of 1998, the Skills Development Levies Act 9
      of 1999, the common law or otherwise, and the Grantor is not Aware of any
      facts or circumstances that may afford grounds or give rise to any such
      dispute.</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">14.3.3 </TD>
    <TD >
      <P align=justify>The Grantor warrants that all statutory levies and
      contributions due in respect of any employee of the Group has been paid in
      all material respects and that it has no material undischarged liability
      to any government, regulatory authority or similar authority or any other
      person in respect of employees engaged in the
Business.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_76></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="7%">14.4 </TD>
    <TD >
      <P align=justify><U>Trade Unions</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>The Group is not involved in, and the Grantor is not
      Aware of a fact or circumstance, or demand from any employee, trade union
      or association of employees for any alterations to the terms of their
      employment including demands for increased remuneration which will give
      rise to, a dispute of any nature whatsoever with a trade union, works
      council, workplace forum, employee or staff association or other body
      representing any of its employees.</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>LICENCES AND PERMITS</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="7%">15.1 </TD>
    <TD >
      <P align=justify>Each Group Company is in possession of all Licences as
      are prescribed by applicable law for the lawful conduct of the business/es
      carried on by it, and, as far as the Grantor is Aware, all such Licences
      are valid and subsisting and will not terminate or be terminable at the
      election of any person by virtue of the execution or implementation of
      this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">15.2 </TD>
    <TD >
      <P align=justify>No Group Company is in breach of any of the terms or
      conditions of any such Licences which may lead to the suspension,
      withdrawal or termination of any Licences issued to a Group
  Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">15.3 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware
&#150;</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="9%">15.3.1 </TD>
    <TD >
      <P align=justify>there are no circumstances, facts or matters that may
      give rise to all of the above Licences being cancelled or not being
      renewed in the future or only being renewed subject to the imposition of
      onerous terms;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">15.3.2 </TD>
    <TD >
      <P align=justify>there are no outstanding requirements of any relevant
      authorities with which the Group is required to comply or has been called
      upon to comply before it may lawfully carry on or continue its Business
      generally, and the Grantor is not Aware of any contravention or breach by
      the Group of any such material requirements; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">15.3.3 </TD>
    <TD >
      <P align=justify>there exists no fact or circumstance which will or may
      prejudice the renewal of any Licence required by the Group to conduct its
      Business generally.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_77></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="7%">15.4 </TD>
    <TD >
      <P align=justify>Each action required by the Group for the renewal or
      extension of each Licence to be issued by relevant authorities in order to
      enable the Group lawfully to carry on or continue its Business generally,
      has, as far as the Grantor is Aware, been
taken.</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>INSOLVENCY AND WINDING UP</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>No Group Company has taken any action, nor have any
      proceedings been served on or notified to any Group Company to commence
      business rescue proceedings in respect of any Group Company or for its
      winding up or dissolution or for the appointment of a liquidator, business
      rescue practitioner, curator or similar officer. As far as the Grantor is
      Aware no execution or other similar process which has been commenced or
      undertaken or threatened in respect of the assets of the Group or in
      respect of any Group Company, nor is the Grantor Aware of any unfulfilled
      or unsatisfied judgment or court order which is outstanding against the
      Company. No Group Company shall enter into any arrangement or composition
      for the benefit of creditors generally.</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="7%">16.1 </TD>
    <TD >
      <P align=justify><U>Payment of Debts and Acts of Insolvency</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">16.2 </TD>
    <TD >
      <P align=justify>The Group is not unable to pay its debts as they fall
      due, nor has the Group commenced negotiations with one or more of its
      creditors with a view to rescheduling or restructuring any of its
      indebtedness. No Group Company has committed an act of insolvency as
      defined in the Insolvency Act, which will have an impact on the Company's
      or Group's ability to continue its business as a going concern.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">16.3 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, the directors of each
      Group Company have not, pursuant to section 129(7) of the Companies Act,
      issued any written notice to the effect that there are reasonable grounds
      to believe that any Group Company is financially distressed.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">16.4 </TD>
    <TD >
      <P align=justify><U>Removal from Register</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, no steps are pending or
      threatened against any Group Company for its deregistration in terms of
      section 82 of the Companies Act.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_78></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%">17 </TD>
    <TD>
      <P align=justify><B>LITIGATION AND COMPLIANCE WITH
  LAW</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="7%">17.1 </TD>
    <TD>
      <P align=justify><U>Litigation</U></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="9%">17.1.1 </TD>
    <TD>
      <P align=justify>Except as otherwise Fairly Disclosed in the Disclosure
      Schedule &#150;</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="11%">17.1.1.1 </TD>
    <TD>
      <P align=justify>the Group is not involved, as at the Signature Date and
      as far as the Grantor is Aware, will not be involved as at the Closing
      Date, in a civil, criminal, arbitration, administrative or other
      proceeding, which has, or will have, a material adverse effect on the
      Business;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">17.1.1.2 </TD>
    <TD>
      <P align=justify>no civil, criminal, arbitration, administrative or other
      proceeding is pending or threatened by or against the Group or any of its
      directors or officers, which will have a material adverse effect on the
      Business;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">17.1.1.3 </TD>
    <TD>
      <P align=justify>as far as the Grantor is Aware, no person for whose acts
      or defaults the Group may be vicariously liable is involved, or has during
      the 2 years prior to the Signature Date been involved, in a civil,
      criminal, arbitration, administrative or other proceeding;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">17.1.1.4 </TD>
    <TD>
      <P align=justify>as far as the Grantor is Aware, no civil, criminal,
      arbitration, administrative or other proceeding pending or threatened by
      or against a person for whose acts or defaults the Group may be
      vicariously liable.</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="9%">17.1.2 </TD>
    <TD>
      <P align=justify>As far as the Grantor is Aware, there is no material
      outstanding judgment, order, decree, arbitral award or decision of a
      court, tribunal, arbitrator or governmental agency against any Group
      Company and the Grantor is not aware of any outstanding judgment, order,
      decree, arbitral award or decision of a court, tribunal, arbitrator or
      governmental agency against a person for whose acts or defaults any Group
      Company may be vicariously liable.</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="7%">17.2 </TD>
    <TD>
      <P align=justify><U>Compliance with Law</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD>
      <P align=justify>The Group has complied in all material respects with all
      laws and administrative requirements governing its assets and Business
      where the failure to do so would have a material adverse effect on its
      Business, and to the extent that the Group has contravened any such laws,
      administrative requirements or regulations in the past, those
      contraventions have been remedied in full and the Group has paid
  all penalties or fines imposed for those contraventions, or
  has provided therefor in the Warranted Accounts.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_79></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="7%">17.3 </TD>
    <TD >
      <P align=justify><U>Investigations of a Material Nature</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>All action formally requested by any regulatory authority
      has been taken (save where it has been agreed with any regulatory
      authority that no action need be taken) within any time limit specified
      and any request for action or activities to be discontinued has been
      complied with in a timely manner where failure would have a material
      adverse effect on the Business of the Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">17.4 </TD>
    <TD >
      <P align=justify><U>Unlawful Payments</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>The Group has not, nor is the Grantor Aware, that any
      person for whose acts or defaults the Group may be vicariously liable has
      &#150;</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="9%">17.4.1 </TD>
    <TD >
      <P align=justify>induced a person to enter into an agreement or
      arrangement with the Group by means of an unlawful payment, contribution,
      gift or other inducement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">17.4.2 </TD>
    <TD >
      <P align=justify>offered or made an unlawful payment, contribution, gift
      or other inducement to a government official or employee; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">17.4.3 </TD>
    <TD >
      <P align=justify>made an unlawful contribution to a political
    activity.</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>CONSTITUTION, REGISTERS AND
  RETURNS</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="7%">18.1 </TD>
    <TD >
      <P align=justify><U>Constitution</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>The Group is operating and has always operated its
      business in all material respects in accordance with its Memoranda of
      Incorporation at the relevant time.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_80></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="7%">18.2 </TD>
    <TD >
      <P align=justify><U>Returns</U></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>All material returns, particulars, resolutions and other
      documents required to be delivered by the Group to the Companies and
      Intellectual Property Commission or another governmental or other
      authority or agency have been properly prepared and
  delivered.</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%">19 </TD>
    <TD>
      <P align=justify><B>MONEY LAUNDERING</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each Group Company has in all material respects complied
      with any know your customer and money laundering reporting laws and all
      laws for detecting and identifying money laundering, and detecting,
      identifying and reporting suspicions of money laundering to the
      appropriate regulators, in force in South Africa at the relevant
    time.</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>ANTI-CORRUPTION LAWS</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="7%">20.1 </TD>
    <TD >
      <P align=justify>For the purposes of the Warranties given hereunder
    &#150;</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="9%">20.1.1 </TD>
    <TD >
      <P align=justify>"<B>Associate</B>" means, in relation to an organisation,
      a person (including an employee, agent or subsidiary) who performs or has
      performed services (including within the meaning of section 8 of the UK
      Bribery Act 2010) for that organisation or on its behalf and in respect of
      whose actions or inactions the organisation may be liable under
      Anti-Corruption Laws;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">20.1.2 </TD>
    <TD >
      <P align=justify>"<B>Designated Party</B>" means any person or
      organisation &#150;</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="11%">20.1.2.1 </TD>
    <TD >
      <P align=justify>whose name is specified in any list issued pursuant to
      any resolution or legislation of the United Nations, South Africa, the
      United Kingdom or the United States relating to the designation of a
      person or organisation as a terrorist or terrorist organisation or
      blocking any assets of such person or organisation; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">20.1.2.2 </TD>
    <TD >
      <P align=justify>in respect of whom a Party has received notice that all
      financial transactions involving the assets of such person have been, or
      are to be, blocked under legal authority; or</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_81></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="11%">20.1.2.3 </TD>
    <TD >
      <P align=justify>who is or was convicted, found guilty or against whom a
      judgment or order was entered in a court of competent jurisdiction in any
      proceedings for violating bribery, money laundering or terrorist financing
      laws;</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="9%">20.1.3 </TD>
    <TD >
      <P align=justify>"<B>Government Authority</B>" means any government (or
      any subdivision thereof, whether federal, central, regional or local) of
      any country or jurisdiction or any agency, authority, board, bureau,
      commission, department, judicial or administrative body, regulatory
      authority, public enterprise or similar body or any court or tribunal or
      public international organisation; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">20.1.4 </TD>
    <TD >
      <P align=justify>"<B>Government Official</B>" means
&#150;</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="11%">20.1.4.1 </TD>
    <TD >
      <P align=justify>any official, officer, employee, director, principal,
      consultant, agent or representative of any government, ministry, body,
      department, agency, instrumentality or part thereof, or of any public
      international organisation (including the United Nations, the
      International Monetary Fund, the International Finance Corporation and the
      World Bank), any state-owned or state-controlled entity, agency or
      enterprise, or of any political party;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">20.1.4.2 </TD>
    <TD >
      <P align=justify>any person acting in an official capacity or exercising a
      public function for and on behalf of any of the foregoing;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">20.1.4.3 </TD>
    <TD >
      <P align=justify>any political party or party official or any candidate
      for political office;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">20.1.4.4 </TD>
    <TD >
      <P align=justify>a Politically Exposed Person as defined by the Financial
      Action Task Force or Groupe d'action Financi&#232;re sur le Blanchiment de
      Capitaux; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">20.1.4.5 </TD>
    <TD >
      <P align=justify>where the UK Bribery Act 2010 applies, includes foreign
      public officials as defined in sections 6(5) and 6(6) of the UK Bribery
      Act 2010.</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="7%">20.2 </TD>
    <TD >
      <P align=justify>The Grantor acknowledges that failure by the Grantor or
      the Group to comply with applicable Anti-Corruption Laws could cause the
      Purchaser and its affiliates to be in violation of such Anti-Corruption
      Laws.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.3 </TD>
    <TD >
      <P align=justify>No Group Company nor any of its/their or its/their
      Associates' directors, officers, employees, agents or representatives
      have, in each case in connection with the business of the Group
  &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_82></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="9%">20.3.1 </TD>
    <TD >
      <P align=justify>breached or contravened any Anti-Corruption Laws or any
      applicable anti- money laundering law, rule or regulation; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">20.3.2 </TD>
    <TD >
      <P align=justify>been the subject of any investigation, inquiry, claim or
      enforcement proceedings by any Government Authority or any other
      regulatory authority or enforcement agency or any customer regarding any
      offence or alleged offence under any applicable Anti-Corruption Laws, and
      no such investigation, inquiry or proceedings have been threatened or are
      pending in connection with the business of the Company and there are no
      matters, facts or circumstances likely to give rise to any such
      investigation, inquiry or proceedings.</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="7%">20.4 </TD>
    <TD >
      <P align=justify>No bribe or other corrupt payment has ever been made by
      any Group Company or any of its or its Associates' directors, officers,
      employees, agents or representatives to any Government Official or any
      other person during the course of the conduct of the business of each
      Group Company.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.5 </TD>
    <TD >
      <P align=justify>Books and records were made and kept which accurately and
      fairly reflect the transactions and dispositions of the assets of the
      Group.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.6 </TD>
    <TD >
      <P align=justify>Internal accounting controls have been established,
      maintained and followed by the Group that are and were sufficient to
      provide reasonable assurance that transactions were executed in accordance
      with management's general or specific authorisation and were recorded in
      accordance with generally accepted accounting practice.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.7 </TD>
    <TD >
      <P align=justify>The Group has, in respect of any Anti-Corruption Laws,
      put in place adequate procedures designed to prevent persons associated
      with the Group (including its or its Associates' directors, officers,
      employees, agents or representatives) from undertaking offences relating
      directly or indirectly to bribery.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.8 </TD>
    <TD >
      <P align=justify>There exists no relationship and there are no agreements
      or arrangements between, on the one hand, the shareholders of any Group
      Company or any of its/their Associates, and any Government Official or an
      Associate of any Government Official on the other, where such
      relationship, agreement or arrangement may or may reasonably be considered
      to have an influence on the Company's performance of its obligations
      thereunder or the performance by the Government Official of his
    duties.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_83></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="7%">20.9 </TD>
    <TD>
      <P align=justify>No Group Company nor any of its/their or its Associates'
      directors, officers, employees, agents or representatives is an Associate
      of a Government Official or of an Associate of any Government
    Official.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.10 </TD>
    <TD>
      <P align=justify>No Government Official or Designated Party has any
      indirect ownership or other economic interest in either the Group, the
      contractual relationship established by this Agreement or the proceeds of
      this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">20.11 </TD>
    <TD>
      <P align=justify>No Group has, in connection with
&#150;</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="9%">20.11.1 </TD>
    <TD>
      <P align=justify>this Agreement or any consideration payable in connection
      with this Agreement; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">20.11.2 </TD>
    <TD>
      <P align=justify>the transactions contemplated by this Agreement;
  or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">20.11.3 </TD>
    <TD>
      <P align=justify>any transactions or activities after closing of the
      transactions contemplated in this Agreement, whether by itself or by
      instructing or encouraging anyone else, made, promised to make or offered
      any payment or transfer of value or given, promised to give or offered any
      bribe, gift, loan, fee, consideration, reward or advantage of any kind,
      directly or indirectly, to &#150;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">20.11.4 </TD>
    <TD>
      <P align=justify>any Government Official, Government Authority or
      political party;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">20.11.5 </TD>
    <TD>
      <P align=justify>any officer, director, employee, agent or representative
      of any customer of the Company; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">20.11.6 </TD>
    <TD>
      <P align=justify>to any other person or entity,</P></TD></TR></TABLE>
<br>
<table style="font-size: 10pt;border-color:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="7%" valign="top">&nbsp;</td>
    <td>in each case if such payment or transfer would violate any law.</td>
  </tr>
</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>SANCTIONS</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="7%">21.1 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, no officer, director or
      employee of any Group Company is a Sanctions Target or is located,
      organised or resident in a country or territory that is a Sanctions
      Target.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">21.2 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, at any time during the 5
      years immediately prior to the Signature Date, no Group Company nor any
      director, officer, agent or employee of any Group Company (in their capacity as
      such), or any other person acting for or on behalf of the foregoing
      (individually and collectively), has violated applicable Sanctions
  Laws.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_84></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="7%">21.3 </TD>
    <TD >
      <P align=justify>As far as the Grantor is Aware, at any time during the
      period of 5 years immediately prior to the Signature Date, no Group
      Company nor any director, officer, agent or employee of any Group Company
      (in their capacity as such), or any other person acting for or on behalf
      of the foregoing (individually and collectively), knowingly engaged in any
      dealings or transactions with any person, or in any country or territory,
      that is a Sanctions Target, nor is any Group Company currently engaged in
      any such activities.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">21.4 </TD>
    <TD >
      <P align=justify>No Group Company &#151;</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="9%">21.4.1 </TD>
    <TD >
      <P align=justify>is specified in either the Specially Designated Nationals
      and Blocked Persons List, the Control List, or the List of Sanctions
      Programs and Country Information administered by OFAC of the US Department
      of the Treasury, or a list of politically exposed persons issued by OFAC
      or the US Department of the Treasury, pursuant to, any resolution or
      directive thereof;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.4.2 </TD>
    <TD >
      <P align=justify>is specified in, or a list issued pursuant to, any
      resolution or legislation of the United Nations, South Africa, United
      Kingdom, European Union, United States or any other Sanctions Authority
      relating to the designation of a person as a terrorist or terrorist
      organisation or blocking any assets of such person; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.4.3 </TD>
    <TD >
      <P align=justify>has received notice that all financial transactions
      involving the assets of such Group Company have been, or are to be,
      blocked under legal authority.</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%">22 </TD>
    <TD>
      <P align=justify><B>DEALING WITH CLIENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>All services and products provided by the Group to
      clients have been provided or organised in all material respects in
      accordance with the agreements governing such services and products and
      the Group has been compensated for such services and products in all
      material respects in accordance with such
agreements.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_85></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%">23 </TD>
    <TD>
      <P align=justify><B>GENERAL</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As far as the Grantor is Aware it has not withheld any
      information which the Grantor, acting <I>bona fide</I>, believes is
      material to disclose to a Purchaser in terms of the
  Agreement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.101
<SEQUENCE>4
<FILENAME>exhibit10-101.htm
<DESCRIPTION>EXHIBIT 10.101
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies Inc. - Exhibit 10.101 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=right><B>Exhibit 10.101</B></P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=center><B>PUT AND CALL OPTION AGREEMENT</B> </P>
<P align=center>between</P>
<P align=center><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK
DIVISION)</B> </P>
<P align=center><B>DNI-4PL CONTRACTS PROPRIETARY LIMITED</B> </P>
<P align=center><B>DNI RETAIL PROPRIETARY LIMITED</B> </P>
<P align=center><B>THE STARTERPACK COMPANY PROPRIETARY LIMITED</B> </P>
<P align=center><B>NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
LIMITED</B></P>
<P align=center><B>JAA HOLDINGS PROPRIETARY LIMITED</B></P>
<P align=center><B>SABVEST FINANCE AND GUARANTEE CORPORATION PROPRIETARY LIMITED
</B></P>
<P align=center><B>SABVEST INVESTMENTS PROPRIETARY LIMITED </B></P>
<P align=center>and</P>
<P align=center><B>PK GAIN INVESTMENT HOLDINGS PROPRIETARY LIMITED</B> </P>
<P align=right><IMG
src="cdhlogo.jpg"
border=0><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
</P><!--$$/page=--><A name=page_2></A>
<P align=justify>Put and Call Option Agr &#150; Execution Version<BR>3 May
2019<BR></P>
<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 align=left bgColor=#eeeeee colSpan=2><A
      href="#page_4"><B>PART
      1: INTERPRETATION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_4"><B>1</B>
      </A></TD></TR>
  <TR>
    <TD align=left  colSpan=2>&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_4"><B>1</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_4"><B>PARTIES</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_4"><B>1</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_4"><B>2</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_4"><B>INTERPRETATION</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_4"><B>1</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_13"><B>3</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_13"><B>INTRODUCTION</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_13"><B>10</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_14"><B>4</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_14"><B>CONDITIONS
      PRECEDENT</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_14"><B>11</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_17"><B>5</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_17"><B>RANKING
      OF THE OPTIONS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_17"><B>14</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A
      href="#page_18"><B>PART
      2: PUT OPTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_18"><B>15</B>
      </A></TD></TR>
  <TR>
    <TD align=left  colSpan=2>&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18"><B>6</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_18"><B>PUT
      OPTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_18"><B>15</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_18"><B>7</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_18"><B>EXERCISE
      OF THE PUT OPTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_18"><B>15</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_19"><B>8</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_19"><B>SALE</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_19"><B>16</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_19"><B>9</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_19"><B>PUT
      OPTION PRICE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_19"><B>16</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_20"><B>10</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_20"><B>PAYMENT
      AND INTEREST ON OVERDUE AMOUNTS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_20"><B>17</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_20"><B>11</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_20"><B>PUT
      OPTION CLOSING</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_20"><B>17</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_20"><B>12</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_20"><B>INTERIM
      PERIOD AND LIAISON ON CONDUCT OF BUSINESS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_20"><B>17</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_23"><B>13</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_23"><B>FUNDING
      OF PUT OPTION PRICE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_23"><B>20</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24"><B>14</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_24"><B>SUBSTITUTION
      OF CONSTITUTIONAL DOCUMENTS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_24"><B>21</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24"><B>15</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_24"><B>ACCELERATION
      EVENTS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_24"><B>21</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A
      href="#page_26"><B>PART
      3: CALL OPTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_26"><B>23</B>
      </A></TD></TR>
  <TR>
    <TD align=left  colSpan=2>&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_26"><B>16</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_26"><B>CALL
      OPTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_26"><B>23</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_26"><B>17</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_26"><B>EXERCISE
      OF CALL OPTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_26"><B>23</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_27"><B>18</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_27"><B>SALE</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_27"><B>24</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_27"><B>19</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_27"><B>CALL
      OPTION PRICE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_27"><B>24</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28"><B>20</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_28"><B>PAYMENT
      AND INTEREST ON OVERDUE AMOUNTS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_28"><B>25</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28"><B>21</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_28"><B>CALL
      OPTION CLOSING</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_28"><B>25</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28"><B>22</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_28"><B>PURCHASERS'
      REPRESENTATIVE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_28"><B>25</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee colSpan=2><A
      href="#page_30"><B>PART
      4: GENERAL</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_30"><B>27</B>
      </A></TD></TR>
  <TR>
    <TD align=left  colSpan=2>&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_30"><B>23</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_30"><B>APPROVALS
      AND UNDERTAKINGS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_30"><B>27</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_32"><B>24</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_32"><B>WAIVERS
      AND CONSENTS</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_32"><B>29</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_32"><B>25</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_32"><B>WARRANTIES
      IN RESPECT OF THE OPTION SHARES</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_32"><B>29</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_33"><B>26</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_33"><B>GENERAL
      WARRANTIES</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_33"><B>30</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_33"><B>27</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_33"><B>SECURITIES
      TRANSFER TAX</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_33"><B>30</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_34"><B>28</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_34"><B>CONFIDENTIALITY</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_34"><B>31</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_35"><B>29</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_35"><B>PUBLICITY</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_35"><B>32</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_35"><B>30</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_35"><B>SUPPORT</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_35"><B>32</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_35"><B>31</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_35"><B>BREACH</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_35"><B>32</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_36"><B>32</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_36"><B>DISPUTE
      RESOLUTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_36"><B>33</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_37"><B>33</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_37"><B>NOTICES
      AND DOMICILIA</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_37"><B>34</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_38"><B>34</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_38"><B>BENEFIT
      OF THE AGREEMENT</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_38"><B>35</B>
      </A></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify>Put and Call Option Agr &#150; Execution Version<BR>3 May 2019</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_40"><B>35</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_40"><B>APPLICABLE
      LAW AND JURISDICTION</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_40"><B>36</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_40"><B>36</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_40"><B>INDEPENDENT
      ADVICE</B> </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_40"><B>36</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_40"><B>37</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_40"><B>GENERAL</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_40"><B>36</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_41"><B>38</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_41"><B>COSTS</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_41"><B>37</B>
      </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD>
    <TD align=right width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_41"><B>39</B>
      </A></TD>
    <TD align=left width="90%" bgColor=#eeeeee ><A
      href="#page_41"><B>SIGNATURE</B>
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_41"><B>37</B>
      </A></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><B>ANNEXURES</B> </TD>
    <TD align=left width="85%" >&nbsp; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_45"><B>Annexure
      A</B> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_45"><B>Form
      of Put Option Notice</B> </A></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_46"><B>Annexure
      B</B> </A></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><A
      href="#page_46"><B>Form
      of Call Option Notice</B> </A></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A>
<P align=right>1 </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><B>PART 1:
      INTERPRETATION</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><B>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="7%">1.1 </TD>
    <TD>
      <P align=justify>The Parties to this Agreement are
&#150;</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="9%">1.1.1 </TD>
    <TD>
      <P align=justify>FirstRand Bank Limited (acting through its Rand Merchant
      Bank Division);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">1.1.2 </TD>
    <TD>
      <P align=justify>DNI-4PL Contracts Proprietary Limited;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">1.1.3 </TD>
    <TD>
      <P align=justify>DNI Retail Proprietary Limited;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">1.1.4 </TD>
    <TD>
      <P align=justify>The Starterpack Company Proprietary Limited;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">1.1.5 </TD>
    <TD>
      <P align=justify>Net1 Applied Technologies South Africa Proprietary
      Limited;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">1.1.6 </TD>
    <TD>
      <P align=justify>Sabvest Finance and Guarantee Corporation Proprietary
      Limited<B>;</B></P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">1.1.7 </TD>
    <TD>
      <P align=justify>Sabvest Investments Proprietary Limited;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">1.1.8 </TD>
    <TD>
      <P align=justify>JAA Holdings Proprietary Limited; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">1.1.9 </TD>
    <TD>
      <P align=justify>PK Gain Investment Holdings Proprietary
  Limited.</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="7%">1.2 </TD>
    <TD>
      <P align=justify>The Parties agree as set out
below.</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>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="7%">2.1 </TD>
    <TD>
      <P align=justify>In this Agreement, the following words and expressions
      bear the meanings assigned to them and cognate expressions bear
      corresponding meanings &#150;</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="9%">2.1.1 </TD>
    <TD>
      <P align=justify>"<B>Agreement</B>" means the agreement contained in this
      document together with the annexures hereto;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.2 </TD>
    <TD>
      <P align=justify>"<B>Amended and Restated RCF</B>" means the written
      agreement titled "<I>Amendment and Restatement Agreement</I>", pursuant to
      which the Existing RCF will be amended or reinstated, to be entered into
      between the Company (as borrower), FirstRand Bank Limited (acting through
      its Rand Merchant Bank division) (as lender) and K2018318388 (South
      Africa) (RF) Proprietary Limited (as debt guarantor), as amended or
      reinstated from time to time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.3 </TD>
    <TD>
      <P align=justify>"<B>Anti-Corruption Laws</B>" means any anti-corruption
      or bribery laws or regulations of any applicable jurisdiction, as amended
      from time to time, including &#150;</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="11%">2.1.3.1 </TD>
    <TD>
      <P align=justify>the Prevention and Combating of Corrupt Activities Act,
      No 12 of 2004;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.3.2 </TD>
    <TD>
      <P align=justify>the UK Bribery Act 2010;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.3.3 </TD>
    <TD>
      <P align=justify>the U.S. Foreign Corrupt Practices Act
  1977;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=right>2 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">2.1.3.4 </TD>
    <TD >
      <P align=justify>any law, rule, or regulation promulgated to implement the
      OECD Convention on Combating Bribery of Foreign Public Officials in
      International Business Transactions, signed on 17 December 1997;
  and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.3.5 </TD>
    <TD >
      <P align=justify>any other law of similar purpose and scope in any
      jurisdiction;</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="9%">2.1.4 </TD>
    <TD >
      <P align=justify>"<B>Business</B>" means the business carried on by the
      Group from time to time, including the business of operating as a
      distributor of mobile cellular products in the formal and informal markets
      of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.5 </TD>
    <TD >
      <P align=justify>"<B>Call Option</B>" means the call option in respect of
      the Option Shares granted by the Grantee to the Call Option Holders in
      terms of clause 16.1;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.6 </TD>
    <TD >
      <P align=justify>"<B>Call Option Closing Date</B>" means the 5<SUP>th
      </SUP>business day after delivery of the Call Option Notice;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.7 </TD>
    <TD >
      <P align=justify>"<B>Call Option Holders</B>" has the meaning given
      thereto in clause 16.1;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.8 </TD>
    <TD >
      <P align=justify>"<B>Call Option Period</B>" means the period commencing
      on 3 May 2019 (being the Effective Date) and terminating on 2 May
    2023;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.9 </TD>
    <TD >
      <P align=justify>"<B>Call Option Price</B>" means the amount payable to
      the Grantee by the Purchasers for the Option Shares pursuant to an
      exercise of the Call Option, which shall be determined in accordance with
      clause 19 read together with clause 9;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.10 </TD>
    <TD >
      <P align=justify>"<B>Companies Act</B>" means the Companies Act, No. 71 of
      2008;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.11 </TD>
    <TD >
      <P align=justify>"<B>Company</B>" means DNI-4PL Contracts Proprietary
      Limited, registration number 2005/040937/07, a limited liability private
      company duly incorporated in accordance with the laws of South
    Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.12 </TD>
    <TD >
      <P align=justify>"<B>Competition Act</B>" means the Competition Act, No.
      89 of 1998;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.13 </TD>
    <TD >
      <P align=justify>"<B>Competition Authorities</B>" means the commission
      established pursuant to Chapter 4, Part A of the Competition Act or the
      tribunal established pursuant to Chapter 4, Part B of the Competition Act
      or the appeal court established pursuant to Chapter 4, Part C of the
      Competition Act, as the case may be;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.14 </TD>
    <TD >
      <P align=justify>"<B>Conditions Precedent</B>" means the suspensive
      conditions set out in clause 4.1;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.15 </TD>
    <TD >
      <P align=justify>"<B>Designated Account</B>" means the bank account set
      out below or such other bank account in South Africa as the Grantee may
      designate in writing &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=right>3 </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Name of Account: </TD>
    <TD align=left width="80%" >RMB Domestic Money Market Account
    </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Bank: </TD>
    <TD align=left width="80%" >First National Bank </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Branch: </TD>
    <TD align=left width="80%" >RMB Corporate Banking </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Branch Code: </TD>
    <TD align=left width="80%" >xxx </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Account Number: </TD>
    <TD align=left width="80%" >Xxx </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Reference: </TD>
    <TD align=left width="80%" >IBDMAP5466
</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="9%">2.1.16 </TD>
    <TD >
      <P align=justify>"<B>Designated Proportions</B>" means the following
      proportions &#150;</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="11%">2.1.16.1 </TD>
    <TD >
      <P align=justify>JAA &#150; 46%;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.16.2 </TD>
    <TD >
      <P align=justify>Net1 &#150; 38%; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.16.3 </TD>
    <TD >
      <P align=justify>PK Gain &#150; 16%;</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="9%">2.1.17 </TD>
    <TD >
      <P align=justify>"<B>Distribution</B>" means, in relation to the Company,
      any payment (whether in cash or <I>in specie </I>and whether by way of
      set-off, counterclaim or otherwise) by way of interest or principal,
      dividend, redemption, fee, royalty or other distribution or payment
      (including by way of the repurchase of any shares) by or on behalf of the
      Company to or for the account of any direct or indirect shareholder of the
      Company (in its capacity as such), and the term Distribution shall include
      a <I>distribution</I>, as such term is defined in the Companies Act, but
      specifically excluding any and all repayments made (whether in respect of
      capital or interest) in terms of the Loan Agreement, the Existing RCF, the
      Amended and Restated RCF and the New RCF;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.18 </TD>
    <TD >
      <P align=justify>"<B>DNI Retail</B>" means DNI Retail Proprietary Limited,
      registration number 2002/014708/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.19 </TD>
    <TD >
      <P align=justify>"<B>Effective Date</B>" means the date upon which the
      last of the Conditions Precedent is fulfilled or waived, as the case may
      be;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.20 </TD>
    <TD >
      <P align=justify>"<B>Escalation Amount</B>" means an amount which shall
      &#150;</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="11%">2.1.20.1 </TD>
    <TD >
      <P align=justify>be calculated in respect of each Option Share from and
      including the Effective Date up to but excluding the Put Option Closing
      Date or the Call Option Closing Date (whichever is applicable), at the
      Escalation Rate on an amount equal to the Option Price Balance from time
      to time;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.20.2 </TD>
    <TD >
      <P align=justify>be calculated on the basis of the actual number of days
      elapsed and a 365 day year, whether or not the year is a leap
  year;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.20.3 </TD>
    <TD >
      <P align=justify>accrue on a daily basis; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.20.4 </TD>
    <TD >
      <P align=justify>be compounded monthly in
arrears;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=right>4 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.21 </TD>
    <TD >
      <P align=justify>"<B>Escalation Rate</B>" means a rate equal to 85% of the
      prevailing Prime Rate from time to time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.22 </TD>
    <TD >
      <P align=justify>"<B>Existing RCF</B>" means the written agreement titled
      "<I>Revolving Credit Facility</I>" dated 28 June 2018, entered into
      between the Company (as borrower), FirstRand Bank Limited (acting through
      its Rand Merchant Bank division) (as lender) and K2018318388 (South
      Africa) (RF) Proprietary Limited (as debt guarantor), in terms of which
      the funding facilities were made available to Company, as amended or
      reinstated from time to time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.23 </TD>
    <TD >
      <P align=justify>"<B>Government Official</B>" means
&#150;</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="11%">2.1.23.1 </TD>
    <TD >
      <P align=justify>any official, officer, employee, director, principal,
      consultant, agent or representative of any government, ministry, body,
      department, agency, instrumentality or part thereof, or of any public
      international organisation (including the United Nations, the
      International Monetary Fund, the International Finance Corporation and the
      World Bank), any state-owned or state-controlled entity, agency or
      enterprise, or of any political party;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.23.2 </TD>
    <TD >
      <P align=justify>any person acting in an official capacity or exercising a
      public function for and on behalf of any of the foregoing;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.23.3 </TD>
    <TD >
      <P align=justify>any political party or party official or any candidate
      for political office;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.23.4 </TD>
    <TD >
      <P align=justify>a Politically Exposed Person as defined by the Financial
      Action Task Force or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="11%"></TD>
    <TD >
      <P align=justify><I>Groupe d'action Financi&#232;re sur le Blanchiment de
      Capitaux</I>;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.23.5 </TD>
    <TD >
      <P align=justify>any company, business, enterprise or other entity owned,
      in whole or in part, or controlled by any person described in the
      foregoing paragraphs of this definition; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.23.6 </TD>
    <TD >
      <P align=justify>where the UK Bribery Act 2010 applies, includes foreign
      public officials as defined in sections 6(5) and 6(6) of the UK Bribery
      Act 2010;</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="9%">2.1.24 </TD>
    <TD >
      <P align=justify>"<B>Governmental Body</B>" means any country, any
      national body, any state, province, municipality, or subdivision of any of
      the foregoing, any governmental department, or any agency, court, entity,
      commission, board, ministry, bureau, department, locality or authority of
      any of the foregoing, or other political subdivision of any government,
      entity or organisation described in the foregoing provisions, or any
      quasi-governmental or private body exercising any regulatory, taxing,
      importing, exporting, or other governmental or quasi-governmental
      function, or any company, business, enterprise, or other entity owned, in
      whole or in part, or controlled by any government, entity, organisation,
      or other person described in the foregoing provisions of this definition,
      or any political party;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=right>5 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.25 </TD>
    <TD >
      <P align=justify>"<B>Grantee</B>" means FirstRand Bank Limited, acting
      through its Rand Merchant Bank division, registration number
      1929/001225/06, a limited liability public company duly incorporated in
      accordance with the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.26 </TD>
    <TD >
      <P align=justify>"<B>Grantor</B>" means DNI-Retail;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.27 </TD>
    <TD >
      <P align=justify>"<B>Group</B>" means the Company and its subsidiaries
      from time to time, and "<B>Group Company</B>" shall mean any of
    them;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.28 </TD>
    <TD >
      <P align=justify>"<B>Guarantee</B>" means the written agreement titled
      "<I>Guarantee</I>" entered into or to be entered into between the
      Guarantor and the Grantee in terms of which <I>inter alia </I>the
      Guarantor will (i) guarantee to and in favour of the Grantee any and all
      indebtedness or obligations of any nature whatsoever of the Grantor or the
      Purchasers for the payment of the Put Option Price or the Call Option
      Price (whichever is applicable) (together with all accrued interest
      thereon), and (ii) indemnify and hold the Grantee harmless from and
      against the entirety of any adverse consequences which the Grantee may
      suffer (whether directly or indirectly) resulting from, arising out of, or
      relating to any of the transactions provided for in this Agreement
      including any guaranteed obligation becoming void, unenforceable, invalid
      or illegal;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.29 </TD>
    <TD >
      <P align=justify>"<B>Guarantor</B>" means TSPC;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.30 </TD>
    <TD >
      <P align=justify>"<B>Interim Period</B>" means the period commencing on
      the Signature Date and terminating (i) upon closing and implementation of
      either the Put Option or the Call Option in terms of clauses 11 and 21
      respectively, whichever occurs first, and (ii) receipt of the Put Option
      Price or the Call Option Price in full by the Grantee;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.31 </TD>
    <TD >
      <P align=justify>"<B>ITC</B>" means International Tower Company
      Proprietary Limited, registration number 2015/421641/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.32 </TD>
    <TD >
      <P align=justify>"<B>JAA</B>" means JAA Holdings Proprietary Limited,
      registration number 2018/223075/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.33 </TD>
    <TD >
      <P align=justify>"<B>Loan Agreement</B>" means the agreement titled
      "<I>Loan Agreement</I>" to be entered into between the Shareholders and
      the Company which, among other things, records the advancing of a loan in
      the amount of R60,000,000 by Net1 to the Company and the terms of such
      loan;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.34 </TD>
    <TD >
      <P align=justify>"<B>MOI</B>" means the memorandum of incorporation of the
      Company, as amended from time to time;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=right>6 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.35 </TD>
    <TD >
      <P align=justify>"<B>M4Jam</B>" means M4Jam Proprietary Limited,
      registration number 2003/011766/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.36 </TD>
    <TD >
      <P align=justify>"<B>Net1</B>" means Net1 Applied Technologies South
      Africa Proprietary Limited, registration number 2002/031446/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.37 </TD>
    <TD >
      <P align=justify>"<B>New RCF</B>" has the meaning given to such term in
      clause 13.2;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.38 </TD>
    <TD >
      <P align=justify>"<B>Notional Capital Amount</B>" means R28.27 per Option
      Share (being the aggregate purchase consideration payable in terms of the
      Sale Agreement of R215,000,000 divided by the number of Option
    Shares);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.39 </TD>
    <TD >
      <P align=justify>"<B>Option Price Balance</B>" means, from time to time
      and at any relevant time, an amount per Option Share equal to &#150;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.39.1 </TD>
    <TD >
      <P align=justify>the Notional Capital Amount; less</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.39.2 </TD>
    <TD >
      <P align=justify>the aggregate amount of all Distributions received by the
      Grantee in respect of the relevant Option Share from the Effective Date to
      the date of calculation; plus</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.39.3 </TD>
    <TD >
      <P align=justify>an amount equal to all Escalation Amounts that have been
      compounded in terms of the provisions of clause 2.1.20.4 up to the date of
      calculation;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.40 </TD>
    <TD >
      <P align=justify>"<B>Option Shares</B>" means 7,605,235 ordinary "A"
      shares issued by the Company, conferring a 7.605235% voting and
      participation interest in the Company on the holder thereof as at the
      Signature Date and the Effective Date;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.41 </TD>
    <TD >
      <P align=justify>"<B>Ordinary Course of Business</B>" means the usual and
      ordinary course of the Business as carried out in accordance with policies
      and practices applied in the 12 months immediately preceding the Signature
      Date;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.42 </TD>
    <TD >
      <P align=justify>"<B>PK Gain</B>" means PK Gain Investment Holdings
      Proprietary Limited, registration number 2006/005036/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.43 </TD>
    <TD >
      <P align=justify>"<B>Placement Agreement</B>" means the written agreement
      titled "<I>Call Option Agreement</I>" entered into or to be entered into
      between the Company (as option holder) and Net1 (as option grantor)
      contemporaneously with this Agreement, pursuant to which the Company is
      granted the option to purchase Net1's remaining ordinary "A" shares in the
      Company, conferring a 30.394765% voting and participation interest in the
      Company;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=right>7 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.44 </TD>
    <TD >
      <P align=justify>"<B>Prime Rate</B>" means the publicly quoted basic rate
      of interest (percent, per annum, compounded monthly in arrears and
      calculated on a 365 day year irrespective of whether or not the year is a
      leap year) from time to time published by FirstRand Bank Limited (acting
      through its First National Bank division) as being its prime overdraft
      rate, as purportedly certified by any representative of that bank whose
      appointment and designation it shall not be necessary to prove;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.45 </TD>
    <TD >
      <P align=justify>"<B>Purchasers</B>" has the meaning given thereto in
      clause 17.1.2;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.46 </TD>
    <TD >
      <P align=justify>"<B>Purchasers' Representative</B>" means Andrew Dunn,
      being the initial person appointed to act as representative of the
      Purchasers for purposes of clauses 16, 17 and 18 or such other
      representative as the Purchasers may from time to time appoint by notice
      in writing to the Grantee in accordance with the provisions of clause
      22.3;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.47 </TD>
    <TD >
      <P align=justify>"<B>Put Option Closing Date</B>" means
&#150;</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="11%">2.1.47.1 </TD>
    <TD >
      <P align=justify>the 5<SUP>th </SUP>business days after the delivery of
      the Put Option Notice; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.47.2 </TD>
    <TD >
      <P align=justify>if the Put Option has not been exercised prior to the
      last day of the Put Option Period, the 5<SUP>th </SUP>business day after
      the delivery of written notification of the Put Option Price in terms of
      clause 7.2.3;</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="9%">2.1.48 </TD>
    <TD >
      <P align=justify>"<B>Put Option</B>" means the put option granted by the
      Grantor to the Grantee in terms of clause 6.1;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.49 </TD>
    <TD >
      <P align=justify>"<B>Put Option Notice</B>" has the meaning given to such
      term in clause 7.1.2;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.50 </TD>
    <TD >
      <P align=justify>"<B>Put Option Period</B>" means the period commencing on
      3 May 2021 and terminating on 2 May 2023;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.51 </TD>
    <TD >
      <P align=justify>"<B>Put Option Price</B>" means the amount payable to the
      Grantee by the Grantor for Option Shares in terms of this Agreement, which
      shall be determined in accordance with clause 9;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.52 </TD>
    <TD >
      <P align=justify>"<B>Regulatory Approval</B>" means the approval of the
      Takeover Panel, the Financial Surveillance Department of the South African
      Reserve Bank or the Competition Authorities;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.53 </TD>
    <TD >
      <P align=justify>"<B>Sabvest Finance</B>" means Sabvest Finance and
      Guarantee Corporation Proprietary Limited, registration number
      1992/004722/07, a limited liability private company duly incorporated in
      accordance with the laws of South Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.54 </TD>
    <TD >
      <P align=justify>"<B>Sabvest Investments</B>" means Sabvest Investments
      Proprietary Limited, registration number 1988/006250/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=right>8 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">2.1.55 </TD>
    <TD >
      <P align=justify>"<B>Sale Agreement</B>" means the written agreement
      titled "<I>Sale of Shares Agreement</I>" entered into or to be entered
      into between the Company, Net1 (as the seller) and the Grantee (as the
      purchaser) contemporaneously with this Agreement, pursuant to which the
      Grantee will acquire the Option Shares from Net1;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.56 </TD>
    <TD >
      <P align=justify>"<B>Sale</B>" means the sale or transfer of the Option
      Shares by the Grantee to either &#150;</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="11%">2.1.56.1 </TD>
    <TD >
      <P align=justify>the Grantor, pursuant to the exercise of the Put Option;
      or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.1.56.2 </TD>
    <TD >
      <P align=justify>the Purchasers, pursuant to the exercise of the Call
      Option;</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="9%">2.1.57 </TD>
    <TD >
      <P align=justify>"<B>Shareholders Agreement</B>" means the written
      agreement titled "<I>Shareholders Agreement</I>" governing the
      relationship between the Shareholders <I>inter se</I>, and between the
      Shareholders and the Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.58 </TD>
    <TD >
      <P align=justify>"<B>Shareholders</B>" means the ordinary shareholders of
      the Company from time to time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.59 </TD>
    <TD >
      <P align=justify>"<B>Share Sale and Subscription Agreement</B>" means the
      agreement titled "<I>Share Sale and Subscription Agreement</I>" entered
      into between the Company, PK Gain, JAA, Net1, AJD Holdings Proprietary
      Limited and Richmark Holdings Proprietary Limited on or about 30 January
      2019, as amended by a first addendum thereto to be entered into
      contemporaneously with this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.60 </TD>
    <TD >
      <P align=justify>"<B>Signature Date</B>" means the date of signature of
      this Agreement by the Party last signing;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.61 </TD>
    <TD >
      <P align=justify>"<B>South Africa</B>" means the Republic of South
      Africa;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.62 </TD>
    <TD >
      <P align=justify>"<B>Takeover Panel</B>" means the Takeover Regulation
      Panel established in terms of section 196 of the Companies Act;
  and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.1.63 </TD>
    <TD >
      <P align=justify>"<B>TSPC</B>" means The Starterpack Company Proprietary
      Limited, registration number 2007/010809/07, a limited liability private
      company duly incorporated in accordance with the laws of South
    Africa.</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="7%">2.2 </TD>
    <TD >
      <P align=justify>In this Agreement &#150;</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="9%">2.2.1 </TD>
    <TD >
      <P align=justify>clause headings and the heading of the Agreement are for
      convenience only and are not to be used in its interpretation;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.2.2 </TD>
    <TD >
      <P align=justify>an expression which denotes &#150;</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="11%">2.2.2.1 </TD>
    <TD >
      <P align=justify>any gender includes the other genders;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.2.2.2 </TD>
    <TD >
      <P align=justify>a natural person includes a juristic person and vice
      versa;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.2.2.3 </TD>
    <TD >
      <P align=justify>the singular includes the plural and vice
  versa;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=right>9 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">2.2.2.4 </TD>
    <TD >
      <P align=justify>a Party includes a reference to that Party's successors
      in title and assigns allowed at law; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">2.2.2.5 </TD>
    <TD >
      <P align=justify>a reference to a consecutive series of two or more
      clauses is deemed to be inclusive of both the first and last mentioned
      clauses.</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="7%">2.3 </TD>
    <TD >
      <P align=justify>Any reference in this Agreement to
&#150;</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="9%">2.3.1 </TD>
    <TD >
      <P align=justify>"<B>business hours</B>" shall be construed as being the
      hours between 08h30 and 17h00 on any business day. Any reference to time
      shall be based upon South African Standard Time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.2 </TD>
    <TD >
      <P align=justify>"<B>days</B>" shall be construed as calendar days unless
      qualified by the word "business", in which instance a "<B>business
      day</B>" will be any day other than a Saturday, Sunday or public holiday
      as gazetted by the Government of the Republic of South Africa from time to
      time;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.3 </TD>
    <TD >
      <P align=justify>"<B>laws</B>" means all constitutions; statutes;
      regulations; by-laws; codes; ordinances; decrees; rules; judicial,
      arbitral, administrative, ministerial, departmental or regulatory
      judgments, orders, decisions, rulings, or awards; policies; voluntary
      restraints; guidelines; directives; compliance notices; abatement notices;
      agreements with, requirements of, or instructions by any Governmental
      Body, in each case to the extent the aforegoing has the force of law; and
      the common law, and "<B>law</B>" shall have a similar meaning;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.4 </TD>
    <TD >
      <P align=justify>"<B>person</B>" means any person, company, close
      corporation, trust, partnership or other entity;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">2.3.5 </TD>
    <TD >
      <P align=justify>"<B>writing</B>" shall have the meaning given to such
      term in the Shareholder Funding 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="7%">2.4 </TD>
    <TD >
      <P align=justify>The words "<B>include</B>" and "<B>including</B>" mean
      "include without limitation" and "including without limitation". The use
      of the words "<B>include</B>" and "<B>including</B>" followed by a
      specific example or examples shall not be construed as limiting the
      meaning of the general wording preceding it.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.5 </TD>
    <TD >
      <P align=justify>Any substantive provision, conferring rights or imposing
      obligations on a Party and appearing in any of the definitions in this
      clause 2 or elsewhere in this Agreement, shall be given effect to as if it
      were a substantive provision in the body of the Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.6 </TD>
    <TD >
      <P align=justify>Words and expressions defined in any clause shall, unless
      the application of any such word or expression is specifically limited to
      that clause, bear the meaning given to such word or expression throughout
      this Agreement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=right>10 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">2.7 </TD>
    <TD >
      <P align=justify>Unless otherwise provided, defined terms appearing in
      this Agreement in title case shall be given their meaning as defined,
      while the same terms appearing in lower case shall be interpreted in
      accordance with their plain English meaning.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.8 </TD>
    <TD >
      <P align=justify>Unless specifically otherwise provided, any number of
      days prescribed shall be determined by excluding the first and including
      the last day or, where the last day falls on a day that is not a business
      day, the next succeeding business day.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.9 </TD>
    <TD >
      <P align=justify>If the due date for performance of any obligation in
      terms of this Agreement is a day which is not a business day then (unless
      otherwise stipulated) the due date for performance of the relevant
      obligation shall be the immediately following business day.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.10 </TD>
    <TD >
      <P align=justify>The rule of construction that this Agreement shall be
      interpreted against the Party responsible for the drafting of this
      Agreement, shall not apply.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.11 </TD>
    <TD >
      <P align=justify>No provision of this Agreement shall (unless otherwise
      stipulated) constitute a stipulation for the benefit of any person
      (<I>stipulatio alteri</I>) who is not a Party to this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.12 </TD>
    <TD >
      <P align=justify>Any reference in this Agreement to "<B>this
      Agreement</B>" or any other agreement or document shall be construed as a
      reference to this Agreement or, as the case may be, such other agreement
      or document, as amended, varied, novated or supplemented from time to
      time.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">2.13 </TD>
    <TD >
      <P align=justify>In this Agreement the words "<B>clause</B>" or
      "<B>clauses</B>" and "<B>annexure</B>" or "<B>annexures</B>" refer to
      clauses of and annexures 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%">3 </TD>
    <TD>
      <P align=justify><B>INTRODUCTION</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="7%">3.1 </TD>
    <TD >
      <P align=justify>The Option Shares are, or will be (upon the Sale
      Agreement becoming effective in accordance with its terms), beneficially
      owned by and registered in the name of the Grantee.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">3.2 </TD>
    <TD >
      <P align=justify>The Grantor wishes to confer on the Grantee an option in
      terms of which the Grantee may require the Grantor to purchase the Option
      Shares from the Grantee, on the terms and subject to the conditions
      contained in this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">3.3 </TD>
    <TD >
      <P align=justify>The Grantee wishes to confer on the Call Option Holders
      an option in terms of which the Call Option Holders may require the
      Grantee to sell the Option Shares to one or more of the Call Option
      Holders, on the terms and subject to the conditions contained in this
      Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">3.4 </TD>
    <TD >
      <P align=justify>The Parties wish to record in writing their agreement in
      respect of the above and matters ancillary
thereto.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=right>11 </P>
<TABLE
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 PRECEDENT</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="7%">4.1 </TD>
    <TD >
      <P align=justify>Save for clauses 1 to 4, clause 12 and clauses 26 to 39,
      all of which will become effective immediately, this Agreement is subject
      to the fulfilment of the following Conditions Precedent, namely that by no
      later than 3 May 2019 &#150;</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="9%">4.1.1 </TD>
    <TD >
      <P align=justify>the Sale Agreement has been implemented in accordance
      with the terms thereof and the Grantee has become the beneficial owner of
      the Option Shares;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.2 </TD>
    <TD >
      <P align=justify>the Grantee has been provided with a copy of all such
      resolutions adopted by the board of directors of the Grantor as may be
      required to approve and/or ratify the entering into of this Agreement, the
      Amended and Restated RCF and the implementation of the transactions
      contemplated therein, in form and substance satisfactory to the Grantee,
      including -</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="11%">4.1.2.1 </TD>
    <TD >
      <P align=justify>authorising the purchase of any Option Shares pursuant to
      an exercise of the Put Option in terms of sections 48(2)(b) of the
      Companies Act;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.2.2 </TD>
    <TD >
      <P align=justify>authorising the provision of financial assistance by the
      Grantor to a related or inter- related company in terms of sections 44 and
      45 of the Companies Act, subject to approval by the sole shareholder of
      the Grantor by way of special resolution; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.2.3 </TD>
    <TD >
      <P align=justify>acknowledging that it has applied the solvency and
      liquidity test, as set out in section 4 of the Companies Act, and
      reasonably concluded that the Grantor will satisfy the solvency and
      liquidity test immediately after completing the purchase of any Option
      Shares pursuant to an exercise of the Put Option, in terms of section
      46(1)(c) of the Companies Act and after providing the financial assistance
      referred to in clause 4.1.2.2;</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="9%">4.1.3 </TD>
    <TD >
      <P align=justify>the Grantee has been provided with a copy of all such
      resolutions adopted by the sole shareholder of the Grantor as may be
      required to approve and/or ratify the entering into of this Agreement, the
      Amended and Restated RCF and the implementation of the transactions
      contemplated therein, in form and substance satisfactory to the Grantee,
      including -</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="11%">4.1.3.1 </TD>
    <TD >
      <P align=justify>authorising the purchase of any Option Shares pursuant to
      an exercise of the Put Option;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.3.2 </TD>
    <TD >
      <P align=justify>authorising the provision of financial assistance to a
      related or inter-related company in terms of sections 44 and 45 of the
      Companies Act;</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="9%">4.1.4 </TD>
    <TD >
      <P align=justify>the Grantee has been provided with a copy of all such
      resolutions adopted by the board of directors of the Company as may be
      required to approve and/or ratify the entering into of this Agreement, the
      Amended and Restated RCF and the implementation of the transactions
contemplated therein, in form and substance satisfactory to the Grantee,
including &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></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=right>12 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">4.1.4.1 </TD>
    <TD >
      <P align=justify>approving the transfer of any Option Shares pursuant to
      an exercise of the Call Option or the Put Option;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.4.2 </TD>
    <TD >
      <P align=justify>authorising the provision of financial assistance by the
      Company to a related or inter-related company in terms of sections 44 and
      45 of the Companies Act, subject to approval by the Shareholders by way of
      special resolution; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.4.3 </TD>
    <TD >
      <P align=justify>acknowledging that it has applied the solvency and
      liquidity test, as set out in section 4 of the Companies Act, and
      reasonably concluded that the Company will satisfy the solvency and
      liquidity test immediately after providing the financial assistance
      referred to in clause 4.1.4.2;</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="9%">4.1.5 </TD>
    <TD >
      <P align=justify>the Grantee has been provided with a copy of all such
      resolutions adopted by the board of directors of the Guarantor as may be
      required to approve the entering into of this Agreement, the Amended and
      Restated RCF and the Guarantee and the implementation of the transactions
      contemplated therein, in form and substance satisfactory to the Grantee,
      including -</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="11%">4.1.5.1 </TD>
    <TD >
      <P align=justify>authorising the provision of financial assistance to a
      related or inter-related company in terms of sections 44 and 45 of the
      Companies Act, subject to approval by the sole shareholder of the
      Guarantor by way of special resolution; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.5.2 </TD>
    <TD >
      <P align=justify>acknowledging that it has applied the solvency and
      liquidity test, as set out in section 4 of the Companies Act, and
      reasonably concluding that the Guarantor will satisfy the solvency and
      liquidity test immediately after providing the Guarantee, in terms of
      section 46(1)(c) of the Companies Act;</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="9%">4.1.6 </TD>
    <TD >
      <P align=justify>the Grantee has been provided with a copy of all such
      resolutions adopted by the sole shareholder of the Guarantor as may be
      required to approve and/or ratify the entering into of this Agreement, the
      Amended and Restated RCF and the Guarantee and the implementation of any
      of the transactions contemplated therein, in form and substance
      satisfactory to the Grantee, including authorising the provision of
      financial assistance to a related or inter-related company in terms of
      sections 44 and 45 of the Companies Act;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.7 </TD>
    <TD >
      <P align=justify>the Grantee has been provided with a copy of all such
      resolutions adopted by the Shareholders as may be required to approve
      and/or ratify the entering into of this Agreement, the Amended and
      Restated RCF and the implementation of any of the transactions
      contemplated herein, in form and substance satisfactory to the Grantee,
      including &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></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=right>13 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">4.1.7.1 </TD>
    <TD >
      <P align=justify>authorising any potential purchase of the Option Shares
      by the Call Option Holders;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.7.2 </TD>
    <TD >
      <P align=justify>authorising the provision of financial assistance by the
      Company to a related or inter-related company in terms of sections 44 and
      45 of the Companies Act;</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="9%">4.1.8 </TD>
    <TD >
      <P align=justify>the Grantee has been provided with a copy of all such
      resolutions adopted by the board of directors of each of Sabvest Finance
      and Sabvest Investments as may be required to approve and/or ratify the
      entering into of this Agreement and the implementation of any of the
      transactions contemplated herein;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">4.1.9 </TD>
    <TD >
      <P align=justify>the Grantee has been provided with a copy of all such
      resolutions adopted by the board of directors of each Shareholder as may
      be required to approve and/or ratify the entering into of this Agreement,
      any security or guarantees provided by such Shareholder in terms of the
      Amended and Restated RCF and the implementation of any of the transactions
      contemplated therein, in form and substance satisfactory to the Grantee,
      including &#150;</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="11%">4.1.9.1 </TD>
    <TD >
      <P align=justify>approving the possible purchase of the Option Shares by
      each Call Option Holder;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.9.2 </TD>
    <TD >
      <P align=justify>authorising the provision of financial assistance by such
      Shareholder to a related or inter-related company in terms of sections 44
      and 45 of the Companies Act, subject to approval by the shareholder(s) of
      that Shareholder by way of special resolution; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.9.3 </TD>
    <TD >
      <P align=justify>acknowledging that it has applied the solvency and
      liquidity test, as set out in section 4 of the Companies Act, and
      reasonably concluded that such Shareholder will satisfy the solvency and
      liquidity test immediately after providing the financial assistance
      referred to in clause 4.1.9.2;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.10 </TD>
    <TD >
      <P align=justify>the Grantee has been provided with a copy of all such
      resolutions adopted by the shareholders of each Shareholder as may be
      required to approve and/or ratify the entering into of this Agreement, any
      security or guarantees provided by such Shareholder in terms of the
      Amended and Restated RCF and the implementation of any of the transactions
      contemplated therein, in form and substance satisfactory to the Grantee,
      including &#150;</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="13%">4.1.10.1 </TD>
    <TD >
      <P align=justify>approving the possible purchase of the Option Shares (or
      any of them) by each Shareholder;</P></TD></TR>
  <TR>
    <TD width="13%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="13%">4.1.10.2 </TD>
    <TD >
      <P align=justify>authorising the provision of financial assistance by such
      Shareholder to a related or inter-related company in terms of sections 44
      and 45 of the Companies Act;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=right>14 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="11%">4.1.11 </TD>
    <TD >
      <P align=justify>the Amended and Restated RCF has been entered into by all
      the parties thereto and has become unconditional in accordance with its
      terms, save for any condition requiring that this Agreement becomes
      unconditional; and</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">4.1.12 </TD>
    <TD >
      <P align=justify>the Guarantee has been entered into by all the parties
      thereto and has become unconditional in accordance with its terms, save
      for any condition requiring that this Agreement becomes
    unconditional.</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="7%">4.2 </TD>
    <TD >
      <P align=justify>Each of the Parties will, to the extent within its
      control, use reasonable endeavours to procure the fulfilment of the
      Conditions Precedent.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">4.3 </TD>
    <TD >
      <P align=justify>The Condition Precedent in clause 4.1.1 may not be
      waived.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">4.4 </TD>
    <TD >
      <P align=justify>Subject to clause 4.3, the Conditions Precedent may only
      be waived by agreement in writing between the Grantor and the Grantee,
      save for the Condition Precedent in clause 4.1.12 which may be waived by
      notice in writing from the Grantee to the Grantor and Guarantor.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">4.5 </TD>
    <TD >
      <P align=justify>Unless all of the Conditions Precedent have been
      fulfilled or waived by not later than the date for fulfilment thereof set
      out in clause 4.1 (or such later date or dates as may be agreed in writing
      between the Grantor and the Grantee) the provisions of this Agreement,
      save for clauses 1 to 4, clause 12 and clauses 26 to 39, which will remain
      of full force and effect, will never become of any force or effect and the
      <I>status quo ante </I>will be restored as near as may be possible and
      none of the Parties will have any claim against the others in terms hereof
      or arising from the failure of the Conditions Precedent, save for any
      claim arising from the failure of a Party to comply with its obligations
      in terms of clause 4.2.</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%">5 </TD>
    <TD>
      <P align=justify><B>RANKING OF THE OPTIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Unless the Grantee agrees otherwise in writing, the Put
      Option will always rank ahead of the Call Option for so long as the
      Grantee has not received payment of the Put Option Price in full and
      accordingly, &#150;</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="7%">5.1 </TD>
    <TD >
      <P align=justify>a Put Option Notice delivered to the Grantor by the
      Grantee will supersede any Call Option Notice delivered to the Grantee by
      the Purchasers Representative;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">5.2 </TD>
    <TD >
      <P align=justify>a Call Option Notice delivered to the Grantee by the
      Purchasers Representative will be superseded by the Put Option Notice
      delivered to the Grantor at any time prior to the Call Option Closing
      Date; and</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">5.3 </TD>
    <TD >
      <P align=justify>a failure to implement the Sale arising pursuant to the
      exercise of the Call Option shall not affect the Grantee's rights in terms
      of the Put Option and the Grantee's right to exercise the Put Option shall
      continue to be of full force and effect and to the extent necessary,
      reinstated if closing and implementation of the Sale arising pursuant to
      an exercise of the Call Option does not take place on the Call Option
      Closing Date.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=right>15 </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><B>PART 2: PUT
      OPTION</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%">6 </TD>
    <TD>
      <P align=justify><B>PUT OPTION</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="7%">6.1 </TD>
    <TD >
      <P align=justify>The Grantor hereby grants to the Grantee the irrevocable
      right and option in terms of which the Grantee shall be entitled to sell
      all the Option Shares to the Grantor, which shall be obliged to purchase
      such Option Shares from the Grantee, on the terms and conditions set out
      in the ensuing provisions of this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">6.2 </TD>
    <TD >
      <P align=justify>Subject to the provisions of clause 15, the Put Option
      may only be exercised (at the sole and absolute discretion of the Grantee)
      against the Grantor, in respect of all of the Option Shares and in a
      single sale during the Put Option Period.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">6.3 </TD>
    <TD >
      <P align=justify>The Put Option is irrevocable from the Effective Date for
      duration of the Put Option Period.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">6.4 </TD>
    <TD >
      <P align=justify>No consideration is payable by the Grantee to any of the
      other Parties in respect of the granting of the Put Option.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">6.5 </TD>
    <TD >
      <P align=justify>The Company, Grantor, the Guarantor and the Shareholders
      (other than the Grantee) shall procure that their respective boards of
      directors shall, prior to the expiry of 120 business days after the
      acknowledgment referred to in clauses 4.1.4.3, 4.1.2.3, 4.1.5.2 and
      4.1.9.3 has been made, reconsider the solvency and liquidity test referred
      to in those respective clauses and adopt a fresh resolution contemplated
      in terms of section 46(1)(c) of the Companies Act (to the extent the
      Company is solvent and liquid), and shall repeat this process prior to the
      expiry of 120 business days after each such fresh
  resolution.</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>EXERCISE OF THE PUT
OPTION</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="7%">7.1 </TD>
    <TD >
      <P align=justify>The Put Option &#150;</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="9%">7.1.1 </TD>
    <TD >
      <P align=justify>shall be capable of being exercised at any time during
      the Put Option Period (save for the circumstances specified in clause 15
      where the Put Option shall be capable of being exercised before the Put
      Option Period); and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.1.2 </TD>
    <TD >
      <P align=justify>shall be exercised by way of the Grantee giving written
      notice to that effect to the Grantor, substantially in the form attached
      hereto as Annexure A ("<B>Put Option Notice</B>"), which notice shall
      specify the Put Option Price payable in respect thereof (which shall be
      determined in accordance with clause 9), save for the circumstance
      specified in clause 7.2 where the Put Option shall be deemed to have been
      exercised without any Put Option Notice being required to be
    delivered.</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="7%">7.2 </TD>
    <TD >
      <P align=justify>Notwithstanding anything to the contrary in clause 7.1,
      if the Grantee is still the holder of the Option Shares on the last day of
      the Put Option Period and it has not yet delivered a Put Option Notice to
      the Grantor, then &#150;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_19></A>
<P align=right>16 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">7.2.1 </TD>
    <TD >
      <P align=justify>the Put Option shall be deemed to have been exercised by
      the Grantee on the last day of the Put Option Period;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.2.2 </TD>
    <TD >
      <P align=justify>the Grantor will be obliged to purchase the Option Shares
      on the terms and conditions in clauses 8 to 13 and any other applicable
      provisions of this Agreement; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">7.2.3 </TD>
    <TD >
      <P align=justify>the Grantee shall as soon as reasonably possible deliver
      written confirmation of the Put Option Price (which shall be determined in
      accordance with clause 9).</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>SALE</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="7%">8.1 </TD>
    <TD >
      <P align=justify>Upon the Put Option Closing Date a sale shall
      automatically come into existence in terms of which the Grantee sells to
      the Grantor, and the Grantor purchases from the Grantee, the Option Shares
      on the terms and conditions set out in this clause 8 and the remaining
      provisions of this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.2 </TD>
    <TD >
      <P align=justify>All risk in and all benefit attaching to the Option
      Shares will, against receipt of payment of the full Put Option Price
      (together with any accrued interest thereon), pass from the Grantee to the
      Grantor on the Put Option Closing Date.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">8.3 </TD>
    <TD >
      <P align=justify>Possession and effective control of the Option Shares
      acquired by the Grantor will be given to the Grantor on the Put Option
      Closing Date, against receipt of payment of the full Put Option Price
      (together with any accrued interest thereon). The Grantee will accordingly
      retain all rights attaching to the Option Shares, including the right to
      exercise all voting rights attaching to the Option Shares, until the Put
      Option Closing Date and receipt of payment of the full Put Option Price
      (together with any accrued interest thereon).</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>PUT OPTION PRICE</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="7%">9.1 </TD>
    <TD >
      <P align=justify>The purchase price payable by the Grantor to the Grantee
      for the sale and transfer of each Option Share, shall be an amount equal
      to the aggregate of &#150;</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="9%">9.1.1 </TD>
    <TD >
      <P align=justify>the Option Price Balance in respect of that Option Share
      as at the Put Option Closing Date; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">9.1.2 </TD>
    <TD >
      <P align=justify>the Escalation Amount calculated in respect of that
      Option Share up to but excluding the Put Option Closing Date (which has
      not yet been compounded in terms of the provisions of clause 2.1.20.4 and
      included in the calculation of the Option Price Balance in terms of the
      provisions of clause 2.1.39.3).</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="7%">9.2 </TD>
    <TD >
      <P align=justify>If closing of the Put Option does not occur on the Put
      Option Closing Date, the Put Option Price shall be recalculated and
      confirmed by the Grantee as at closing of the Put Option in terms of
      clause 11.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></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=right>17 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">9.3 </TD>
    <TD >
      <P align=justify>The Put Option Price as set out in the Put Option Notice
      or in the written confirmation in terms of clause 7.2.3 shall, in the
      absence of manifest error, be <I>prima facie </I>proof of the Put Option
      Price and the Grantee and the Grantor will proceed to closing and
      implement the Sale on the Put Option Closing Date on the basis of the
      Grantee's calculations set out in the Put Option Notice or in the written
      confirmation in terms of clause 7.2.3.</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="5%">10 </TD>
    <TD>
      <P align=justify><B>PAYMENT AND 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="7%">10.1 </TD>
    <TD >
      <P align=justify>The Put Option Price shall be paid by the Grantor to the
      Grantee on the Put Option Closing Date.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">10.2 </TD>
    <TD >
      <P align=justify>All payments to be made under or arising from this
      Agreement will be made by electronic transfer of immediately available and
      freely transferable funds, free of any deductions or set-off whatsoever,
      in the currency of South Africa and, in the case of payments made to the
      Grantee, to the Designated Account.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">10.3 </TD>
    <TD >
      <P align=justify>Should any payment under or arising from this Agreement
      fail to be made on the due date thereof then, without prejudice to such
      other rights as may accrue to the payee consequent upon such failure, such
      overdue amounts will bear interest at Prime Rate, from the due date for
      payment to the date of actual payment, both dates
  inclusive.</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>PUT OPTION CLOSING</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 Put Option Closing Date and then only against
      receipt of payment of the Put Option Price in full (together with any
      accrued interest thereon), free of any set-off or deduction
  &#150;</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="7%">11.1 </TD>
    <TD >
      <P align=justify>the Grantee will deliver to the Grantor
  &#150;</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="9%">11.1.1 </TD>
    <TD >
      <P align=justify>the original share certificate(s) in respect of the
      Option Shares; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">11.1.2 </TD>
    <TD >
      <P align=justify>the securities transfer forms (or such other instruments
      of transfer as may be appropriate) duly completed and signed by the
      Grantee (as the transferor) and dated as of the Put Option Closing Date,
      in favour of the Grantor (as the transferee);
and</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="7%">11.2 </TD>
    <TD >
      <P align=justify>the Company will deliver to the Grantee a copy of the
      updated securities register of the Company reflecting the
  Sale.</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>INTERIM PERIOD AND LIAISON ON CONDUCT OF
      BUSINESS</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="7%">12.1 </TD>
    <TD >
      <P align=justify>The Parties (other than the Grantee) hereby agree and
      undertake to procure that for the Interim Period the Business will be
      carried on in substantially the normal and ordinary course, and the Group
      shall not enter into any contract or commitment or do anything which, in
      any such case, is out of the normal and ordinary course of the Business
      (other than as contemplated in this Agreement and the Sale Agreement). In
      particular, but without limitation to the generality of the aforegoing,
      the Parties (other than the Grantee) agree and undertake that during the
Interim Period the Group will not (other than as contemplated in this Agreement
and the Sale Agreement) &#150; </P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P align=right>18 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">12.1.1 </TD>
    <TD >
      <P align=justify>manage the Business otherwise than in accordance with its
      business and trading policies and practices up to the Signature Date,
      except as may be necessary to comply with any statutory changes;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.2 </TD>
    <TD >
      <P align=justify>alter any of the rights attaching to the shares in any
      Group Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.3 </TD>
    <TD >
      <P align=justify>increase (either by an issue of new shares or subdividing
      existing shares), alter, reduce or convert the authorised or issued shares
      of any Group Company except in each instance for an issue of ordinary
      shares constituting up to 0.01% of the Company's total issued ordinary
      shares by the Company) to JAA (as to 0.007419%) and PK Gain (as to
      0.002581%) pursuant to clauses 12 and 13 of the Sale and Subscription
      Agreement; or reclassify any classified shares of any Group Company that
      have been authorised but not issued, classify any unclassified shares of
      any Group Company that have been authorised but are not issued or
      determine the preferences, rights, limitations or other terms of shares in
      any class of shares;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.4 </TD>
    <TD >
      <P align=justify>issue or allot any shares, capitalisation shares, bonus
      shares, share options, share warrants, debentures or any securities in any
      Group Company, except in each instance for an issue of ordinary shares
      constituting up to 0.01% of the Company's total issued ordinary shares by
      the Company) to JAA (as to 0.007419%) and PK Gain (as to 0.002581%)
      pursuant to clauses 12 and 13 of the Sale and Subscription
    Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.5 </TD>
    <TD >
      <P align=justify>approve or permit the transfer, sale, alienation or
      disposal of any issued shares in any Group Company, other than the sale of
      any shares in M4Jam and the sale of all the issued shares and claims in
      ITC;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.6 </TD>
    <TD >
      <P align=justify>create or permit to exist any encumbrance whatsoever over
      or in respect of all or a portion of the ordinary shares issued by any
      Group Company, save for any encumbrance granted as security under the
      Existing RCF, the Amended and Restated RCF or the New RCF;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.7 </TD>
    <TD >
      <P align=justify>repurchase any issued shares of any Group
  Company;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.8 </TD>
    <TD >
      <P align=justify>amend, agree to or vote in favour of the amendment of the
      MOI and/or the Shareholders Agreement, other than as contemplated in
      clause 14;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.9 </TD>
    <TD >
      <P align=justify>enter into any agreement or arrangement or permit any
      action whereby any other company becomes its subsidiary or it controls any
      joint venture, partnership or agreement or other venture for the sharing
      of profits or assets other than the acquisition by the Company of an
      equity interest in Evercomm Proprietary
Limited (registration number 2011/123401/07) substantially in
      accordance with the provisions of a transaction structuring memorandum
      prepared by Cliffe Dekker Hofmeyr Inc., the latest version of which is
  dated 23 April 2019;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=right>19 <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="9%">12.1.10 </TD>
    <TD >
      <P align=justify>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 or part of the
      Business other than the sale or licence of any shares in, or assets
      (including intellectual property) of M4Jam and the sale of either (i) the
      business carried on by ITC; or (ii) all the issued shares and claims in
      ITC;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.11 </TD>
    <TD >
      <P align=justify>incur or agree to incur any capital expenditure other
      than in the normal and Ordinary Course of Business;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.12 </TD>
    <TD >
      <P align=justify>enter into or agree to enter into any joint venture,
      partnership or agreement or other venture for the sharing of profits or
      assets, other than the sale or licence of any shares in, or assets
      (including intellectual property) of, M4Jam and the sale of either (i) the
      business carried on by ITC, or (ii) all the issued shares and claims in
      ITC;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.13 </TD>
    <TD >
      <P align=justify>enter into or agree to enter into any death, retirement,
      profit-sharing, bonus, share option, share incentive or other scheme for
      the benefit of any of its employees or make any variation (including, but
      without limitation, any increase in the rates of contribution) to any such
      existing scheme or effect any keyman insurance;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.14 </TD>
    <TD >
      <P align=justify>repay or prepay any loans of whatsoever nature and
      amount, any borrowings or any other financial facility or assistance made
      available to it (excluding amounts payable in the normal and Ordinary
      Course of Business), other than pursuant to the terms of the Loan
      Agreement or the Existing RCF, the Amended or Restated RCF or the New
      RCF;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.15 </TD>
    <TD >
      <P align=justify>terminate the employment or office of any of its senior
      employees or appoint any new director, officer or senior employee or
      consultant or materially alter the terms of employment or engagement of
      any of the employees (whether senior or junior), consultants, directors or
      officers including increasing employees' or directors' compensation or
      benefits, except in the normal and Ordinary Course of Business and
      consistent with past practices;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.16 </TD>
    <TD >
      <P align=justify>make or agree to any amendment, variation, deletion,
      addition, renewal or extension to or of, terminate or give any notice or
      intimation of termination of or breach or fail to comply with the terms of
      any contract or arrangement with third parties; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.1.17 </TD>
    <TD >
      <P align=justify>allow any Government Official to serve in any capacity
      within the Group, including as a board member, employee, or
    consultant.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=right>20 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">12.2 </TD>
    <TD >
      <P align=justify>The Parties shall, to the extent within their control,
      procure that, for the duration of the Interim 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="9%">12.2.1 </TD>
    <TD >
      <P align=justify>without derogating from the undertakings and obligations
      in clause 12.1, the Grantee is kept appraised of all and any material
      decisions which the Group intends to make in respect of the Business, it
      being specifically recorded and agreed that nothing in this clause shall
      entitle the Grantee to determine and/or materially to influence any such
      material decision or to manage and/or control the Group in any
  way;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.2.2 </TD>
    <TD >
      <P align=justify>permit representatives of the Grantee to have full access
      at all reasonable times, and in a manner so as not unreasonably to
      interfere with the normal business operations of the Group, to all
      premises, properties, personnel, books, records (including tax records),
      contracts, and documents of or pertaining to the Group and/or the
      Business;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.2.3 </TD>
    <TD >
      <P align=justify>keep the Business and the assets of the Group used in
      respect of the Business substantially intact, including the present
      operations, physical facilities, working conditions, and relationships
      with lessors, licensors, suppliers, customers and the employees;
  and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">12.2.4 </TD>
    <TD >
      <P align=justify>give prompt notice to the Grantee of any development
      causing a breach of the undertakings given in this clause 12 or which is
      likely to impede the implementation of this Agreement or any of the
      transactions contemplated herein, provided that no disclosure by a Party
      in terms of this clause 12.2 shall prevent or cure any misrepresentation
      or breach of any undertaking.</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%">13 </TD>
    <TD>
      <P align=justify><B>FUNDING OF PUT OPTION
PRICE</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="7%">13.1 </TD>
    <TD >
      <P align=justify>The Grantee hereby undertakes to provide funding to the
      Grantor in order to enable the Grantor to fully discharge the Put Option
      Price on the Put Option Closing Date, subject 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="9%">13.1.1 </TD>
    <TD >
      <P align=justify>a 10% pricing flex on the interest margin;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">13.1.2 </TD>
    <TD >
      <P align=justify>the execution of all required agreements (on
      substantially the same terms as the Amended and Restated RCF);</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">13.1.3 </TD>
    <TD >
      <P align=justify>the fulfilment of all conditions to draw down under such
      agreements (which shall comprise of substantially the same conditions as
      contained in the Amended and Restated RCF).</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="7%">13.2 </TD>
    <TD >
      <P align=justify>The Grantee undertakes to procure the preparation of the
      draft agreement/s necessary to record the terms of a new revolving credit
      facility agreement (or alternatively an amendment to the Amended and
      Restated RCF to <I>inter alia </I>increase the facility to allow for the
      Put Option Price) ("<B>New RCF</B>") as soon as reasonably possible after
      the Effective Date and to submit such draft agreement/s to the Company for
      its consideration. The Company and the Grantee undertake to negotiate to: (i)
      sign the documents recording the New RCF, and (ii) fulfil all advance
      conditions required for the disbursement of funds thereunder, by no later
  than 90 days after the Effective Date.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_24></A>
<P align=right>21 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="7%">13.3 </TD>
    <TD >
      <P align=justify>In the event that the Grantee and the Company are unable
      to reach agreement on the New RCF or unable to fulfil all advance
      conditions under the New RCF, the Grantor shall be required to source its
      own funding for the Put Option Price.</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>SUBSTITUTION OF CONSTITUTIONAL
  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="7%">14.1 </TD>
    <TD >
      <P align=justify>The Company undertakes to procure the preparation of a
      new draft shareholders agreement and draft memorandum of incorporation in
      respect of the Company reflecting <I>inter alia </I>each shareholder's the
      new voting and participation interest in the Company and providing for any
      matters pertaining to the transfer of shares pursuant to this Agreement)
      ("<B>New Constitutional Documents</B>") as soon as reasonably possible
      after the Effective Date and to submit such draft documents to the Grantee
      for its consideration.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">14.2 </TD>
    <TD >
      <P align=justify>The Company, the Shareholders and the Grantee undertake
      to negotiate in order to: (i) sign the New Constitutional Documents; and
      (ii) fulfil any suspensive conditions contained therein, by no later than
      90 days after 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="5%">15 </TD>
    <TD>
      <P align=justify><B>ACCELERATION EVENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>If &#150;</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="7%">15.1 </TD>
    <TD >
      <P align=justify>a Default (as defined in the Existing RCF, the Amended
      and Restated RCF and/or New RFC, whichever is applicable at the relevant
      point in time) occurs;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">15.2 </TD>
    <TD >
      <P align=justify>the Parties fail to sign a new shareholders agreement as
      part of the finalisation of the New Constitutional Documents within the
      period set out in clause 14.2;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">15.3 </TD>
    <TD >
      <P align=justify>the Grantee becomes aware of any breach of any of the
      undertakings given in clause 23;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">15.4 </TD>
    <TD >
      <P align=justify>the Grantee becomes aware of a breach of any of the
      provisions of clause 12.1;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">15.5 </TD>
    <TD >
      <P align=justify>a sale under the Placement Agreement is implemented
      without the Option Shares being placed first and in priority to any other
      shares issued by the Company, on terms and conditions to be agreed between
      the Grantee and the prospective purchaser; and</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">15.6 </TD>
    <TD >
      <P align=justify>the Grantee ceases to be a lender to the Group under the
      Existing RCF, the Amended and Restated RCF and/or the New RFC, whichever
      is applicable at the relevant point in time,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A>
<P align=right>22 </P>
<P style="MARGIN-LEFT: 5%" align=justify>then, notwithstanding that the Put
Option Period has not commenced, the Grantee, shall be entitled (but not
obliged), and without prejudice to any other rights which the Grantee may have
in terms of this Agreement, to deliver a Put Option Notice in terms of clause
7.1 whereafter the Sale shall be
implemented in accordance with the provisions of clauses 8 to 11 and any other
applicable provision of this Agreement. </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P align=right>23 </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><B>PART 3: CALL
      OPTION</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%">16 </TD>
    <TD>
      <P align=justify><B>CALL OPTION</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="7%">16.1 </TD>
    <TD >
      <P align=justify>The Grantee hereby grants to PK Gain, JAA, Sabvest
      Finance and Sabvest Investments (collectively, the "<B>Call Option
      Holders</B>"), and the Call Option Holders hereby accept the grant of, an
      option pursuant to which the Call Option Holders shall be entitled to call
      on the Grantee to sell and transfer all (and not only a part) of the
      Option Shares to those of the Call Option Holders nominated to acquire the
      Option Shares in terms of clause 17, subject to the terms and conditions
      set out in this Agreement ("<B>Call Option</B>"). The Call Option Holders
      (acting jointly) shall be entitled to nominate another entity to acquire
      all or a portion of the Option Shares under the Call Option, provided that
      the Grantee grants its prior written consent thereto.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">16.2 </TD>
    <TD >
      <P align=justify>The Call Option may only be exercised once at any time
      during the Call Option Period at the sole and absolute discretion of the
      Call Option Holders (acting jointly) and must be exercised in respect of
      all (and not only a part of) of the Option Shares by any one or more
      person or persons from amongst the Call Option Holders.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">16.3 </TD>
    <TD >
      <P align=justify>The Call Option is irrevocable for the Call Option Period
      and if not exercised, will automatically lapse and be of no further force
      or effect on expiry of the Call Option Period. The expiry of the Call
      Option Period will not terminate or otherwise affect any Call Option
      exercised prior to the expiry of the Call Option Period.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">16.4 </TD>
    <TD >
      <P align=justify>No consideration is payable by the Call Option Holders to
      the Grantee in respect of the granting of the Call Option.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">16.5 </TD>
    <TD >
      <P align=justify>The Grantee hereby agrees and undertakes to and in favour
      of the Call Option Holders that it shall not, for the duration of the Call
      Option 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="9%">16.5.1 </TD>
    <TD >
      <P align=justify>transfer, sell, alienate or dispose of in any manner any
      of the Option Shares other than pursuant to this Agreement or the
      Placement Agreement; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">16.5.2 </TD>
    <TD >
      <P align=justify>create or permit to exist any encumbrance whatsoever over
      or in respect of all or a portion of the Option Shares save for any
      encumbrance granted as security under the Existing RCF, the Amended and
      Restated RCF and/or the New RCF,</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 7%" align=justify>without the express, prior written
consent of the Call Option Holders. </P>
<TABLE
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>EXERCISE OF CALL
OPTION</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="7%">17.1 </TD>
    <TD >
      <P align=justify>The Call Option &#150;</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="9%">17.1.1 </TD>
    <TD >
      <P align=justify>shall be capable of being exercised at any time during
      the Call Option Period;</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=right>24 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">17.1.2 </TD>
    <TD >
      <P align=justify>shall be exercised by way of the Purchasers'
      Representative giving written notice to that effect to the Grantee
      substantially in the form attached hereto as Annexure B ("<B>Call Option
      Notice</B>"), which notice shall specify the names of the Call Option
      Holders that wish to acquire the Option Shares ("<B>Purchasers</B>") and
      the number of Option Shares to be acquired by each such Purchaser (which
      shall collectively amount to all the Option Shares and not only a part
      thereof).</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>SALE</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="7%">18.1 </TD>
    <TD >
      <P align=justify>Upon the Call Option Closing Date a sale shall
      automatically come into existence in terms of which the Grantee sells to
      the Purchasers, and the Purchasers purchase from the Grantee, the Option
      Shares on the terms and conditions set out in this Agreement. Each such
      sale between the Grantee and a Purchaser will be indivisibly linked to any
      other sale arising pursuant to the exercise of the Call Option between the
      Grantee and another Purchaser.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">18.2 </TD>
    <TD >
      <P align=justify>All risk in and all benefit attaching to the Option
      Shares will pass from the Grantee to the Purchasers on the Call Option
      Closing Date, against receipt of payment of the full Call Option Price
      (together with any accrued interest thereon).</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">18.3 </TD>
    <TD >
      <P align=justify>Possession and effective control of the Option Shares
      acquired by the Purchasers will be given to the Purchasers on the Call
      Option Closing Date, against receipt of payment of the full Call Option
      Price (together with any accrued interest thereon). The Grantee will
      accordingly retain all rights attaching to the Option Shares, including
      the right to exercise all voting rights attaching to the Option Shares,
      until the Call Option Closing Date and receipt of payment of the full Call
      Option Price (together with any accrued interest
  thereon).</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%">19 </TD>
    <TD>
      <P align=justify><B>CALL OPTION PRICE</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="7%">19.1 </TD>
    <TD >
      <P align=justify>The purchase price payable by the Purchasers to the
      Grantee for the sale and transfer of each Option Share under the Call
      Option, shall be an amount equal to the aggregate of
&#150;</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="9%">19.1.1 </TD>
    <TD >
      <P align=justify>the Option Price Balance in respect of that Option Share
      as at the Call Option Closing Date; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">19.1.2 </TD>
    <TD >
      <P align=justify>the Escalation Amount calculated in respect of that
      Option Share up to but excluding the Call Option Closing Date (which has
      not yet been compounded in terms of the provisions of clause 2.1.20.4 and
      included in the calculation of the Option Price Balance in terms of the
      provisions of clause 2.1.39.3).</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="7%">19.2 </TD>
    <TD >
      <P align=justify>The Grantee shall no less than 2 business days before the
      Call Option Closing Date, deliver written confirmation specifying the Call
      Option Price payable in respect of the Option Shares (which shall be
      determined in accordance with this clause 19).</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A>
<P align=right>25 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">19.3 </TD>
    <TD >
      <P align=justify>The Call Option Price as set out in the written
      confirmation in terms of clause 19.2 signed by the Grantee or any director
      or manager of the Grantee (whose appointment need not be proved) as to the
      Call Option Price or the calculation of the Call Option Price, shall, in
      the absence of manifest error, be <I>prima facie </I>proof of the Call
      Option Price and the Grantee and the Purchasers will proceed to closing
      and implement the Sale on the Call Option Closing Date on the basis of the
      Grantee's calculations set out in the written confirmation in terms of
      clause 19.2.</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%">20 </TD>
    <TD>
      <P align=justify><B>PAYMENT AND INTEREST ON OVERDUE AMOUNTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Call Option Price shall be paid by the Purchasers to
      the Grantee on the Call Option Closing Date. Payment shall be made in
      accordance with clauses 10.2 and 10.3.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">21 </TD>
    <TD>
      <P align=justify><B>CALL OPTION CLOSING</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 Call Option Closing Date, and then only against
      receipt of payment of the full Call Option Price (together with any
      accrued interest thereon) &#150;</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="7%">21.1 </TD>
    <TD >
      <P align=justify>the Grantee will deliver to the Company
  &#150;</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="9%">21.1.1 </TD>
    <TD >
      <P align=justify>the original share certificate(s) in respect of the
      Option Shares; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">21.1.2 </TD>
    <TD >
      <P align=justify>the securities transfer forms (or such other instruments
      of transfer as may be appropriate) duly completed and signed by the
      Grantee and dated as of the Call Option Closing Date, in favour of the
      Purchasers (as the transferees); and</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="7%">21.2 </TD>
    <TD >
      <P align=justify>the Company will deliver to the Grantee a copy of the
      updated securities register of the Company reflecting the
  Sale.</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%">22 </TD>
    <TD>
      <P align=justify><B>PURCHASERS'
REPRESENTATIVE</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="7%">22.1 </TD>
    <TD >
      <P align=justify>The Purchasers' Representative shall be authorised to act
      on behalf of the Purchasers for purposes of exercising and implementing
      the Call Option, and shall be authorised to take such action on behalf of
      the Purchasers and to exercise such rights, remedies, powers and
      discretions as are delegated by the Call Option Holders to the Purchasers'
      Representatives in terms of this Agreement or from time to time hereafter,
      together with such powers and discretions as are reasonably incidental
      thereto.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">22.2 </TD>
    <TD >
      <P align=justify>For purposes of the aforegoing
-</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="9%">22.2.1 </TD>
    <TD >
      <P align=justify>the giving of a Call Option Notice to the Grantee by the
      Purchasers' Representative shall constitute due notice by the named Call
      Option Holders in the Call Option Notice to the Grantee;
  and</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=right>26 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="9%">22.2.2 </TD>
    <TD >
      <P align=justify>the giving of any written consent, approval, indulgence
      or the like by the Purchasers' Representative shall constitute the giving
      of such consent, approval, indulgence or the like by the relevant Call
      Option Holders; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">22.2.3 </TD>
    <TD >
      <P align=justify>the Grantee shall be entitled to rely on any document
      purportedly delivered or signed by the Purchasers' Representative and it
      shall not be necessary to prove the appointment, designation and authority
      of the Purchasers' Representative.</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="7%">22.3 </TD>
    <TD >
      <P align=justify>The Call Option Holders may from time to time, by way of
      notice in writing to the Grantee, signed by a majority in number of the
      Call Option Holders, nominate any Call Option Holder to be the Purchasers'
      Representative for purposes of this Agreement. If at any time there is no
      appointed Purchasers' Representative, any reference in this Agreement to
      the Purchasers' Representative shall be deemed to be a reference to all
      the Purchasers jointly.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=right>27 </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><B>PART 4:
      GENERAL</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%">23 </TD>
    <TD>
      <P align=justify><B>APPROVALS AND
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="7%">23.1 </TD>
    <TD >
      <P align=justify>The Grantor, the Company, the Call Option Holders and
      Net1 hereby agree and undertake, not to do or omit to do anything that
      would trigger a Regulatory Approval or frustrate the implementation of the
      Put Option or the Call Option or cause the implementation of the Put
      Option or the Call Option to be unduly delayed. Without limiting the
      aforegoing, the Grantor, the Company, Call Option Holders and Net1 hereby
      agree and undertake not to do anything or carry out any transaction which
      would result in the Sale arising pursuant to the exercise of the Put
      Option triggering a change of control of the Company, as contemplated by
      Chapter 3 of the Competition Act and therefore requiring approval from the
      Competition Authorities prior to the Sale being implemented or requiring
      any other Regulatory Approval.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.2 </TD>
    <TD >
      <P align=justify>To the extent that the lawful implementation of the Sale
      under either the Put Option or the Call Option requires any Regulatory
      Approval or any authorisation or approval in terms of the Companies Act
      (including the passing of the solvency and liquidity test in terms of
      section 46(1)(c) of the Companies Act) and such Regulatory Approval,
      authorisation or approval has not already been obtained or has expired,
      then &#150;</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="9%">23.2.1 </TD>
    <TD >
      <P align=justify>the Grantor shall obtain such Regulatory Approval,
      authorisation or approval by not later than the Put Option Closing Date in
      the case of the Put Option;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">23.2.2 </TD>
    <TD >
      <P align=justify>the Purchasers shall obtain such Regulatory Approval,
      authorisation or approval prior to the Call Option Closing Date in the
      case of the Call Option,</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="7%"></TD>
    <TD >
      <P align=justify>failing which in each instance the Grantee shall be
      entitled to claim any amounts due under this Agreement (including the Put
      Option Price or the Call Option Price (as applicable) in full, free of any
      set off or deduction (together with any accrued interest thereon)) under
      the Guarantee or the indemnity in clause 23.6.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.3 </TD>
    <TD >
      <P align=justify>The Company, the Grantor, the Guarantor and the
      Shareholders (other than the Grantee) shall procure that their respective
      boards of directors shall, prior to the expiry of 120 business days after
      the acknowledgment referred to in clauses 4.1.4.3, 4.1.2.3, 4.1.5.2 and
      4.1.9.3 has been made, reconsider the solvency and liquidity test referred
      to in those respective clauses and adopt a fresh resolution contemplated
      in terms of section 46(1)(c) of the Companies Act (to the extent the
      Company is solvent and liquid), and shall repeat this process prior to the
      expiry of 120 business days after each such fresh resolution.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.4 </TD>
    <TD >
      <P align=justify>The Parties (other than the Grantee) undertake to
      co-operate fully, insofar as it is within its control, with the Grantee to
      the extent necessary for the obtaining, without unreasonable delay, of any
      Regulatory Approvals, authorisations or approvals for giving effect to
      this Agreement or a Sale.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></A>
<P align=right>28 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">23.5 </TD>
    <TD >
      <P align=justify>The Shareholders (other than the Grantee) and the Company
      hereby agree and undertake that if any placement of the Company's shares
      occurs under the Placement Agreement, prior to implementation of the sale
      arising from such placement, the Shareholders and the Company shall inform
      the prospective purchaser(s) of this clause and use their reasonable
      endeavours to place and sell the Option Shares first and in priority to
      any other shares issued by the Company, on terms and conditions to be
      agreed between the Grantee and the prospective purchaser.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.6 </TD>
    <TD >
      <P align=justify>Without prejudice to any rights of the Grantee arising
      from any other provision of this Agreement, the Company and the
      Shareholders (other than the Grantee) in their Designated Proportions
      hereby agree, -</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="9%">23.6.1 </TD>
    <TD >
      <P align=justify>to pay all sums which at any time or times in the future
      shall become due, owing, incurred, scheduled, expressed, required or
      contracted to be paid to the Grantee under this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">23.6.2 </TD>
    <TD >
      <P align=justify>that if any obligation to pay any amount to the Grantee
      under this Agreement (including the Put Option Price or the Call Option
      Price) is or becomes void, unenforceable (including any unenforceability
      arising from the inability to satisfy the solvency and liquidity test in
      terms of section 46(1)(c) of the Companies Act or the failure to obtain a
      Regulatory Approval by the due date therefor), invalid or illegal, they
      will, as an independent and primary obligation, indemnify the Grantee,
      within 1 business day of demand from the Grantee, against any and all
      actions, applications, suits, proceedings, damages, penalties, fines,
      costs, reasonable amounts paid in settlement, liabilities, obligations,
      tax, liens, losses, compensation (including compensation paid or payable
      to any employee), expenses and fees, including reasonable fees and
      expenses of attorneys, counsel, accountants, consultants and experts,
      which the Grantee may incur or suffer (whether directly or indirectly) as
      a result of, arising out of, or relating to any Party not paying any
      amount which would, but for such unenforceability, invalidity or
      illegality, have been payable by such Party to the Grantee on the date
      when it would have been due under this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">23.6.3 </TD>
    <TD >
      <P align=justify>to indemnify and hold the Grantee harmless from and
      against the entirety of any adverse consequences of whatever description
      including, but not limited to, all actions, applications, suits,
      proceedings, damages, penalties, fines, costs, reasonable amounts paid in
      settlement, liabilities, obligations, tax, liens, losses, compensation
      (including compensation paid or payable to any employee), expenses and
      fees, including reasonable fees and expenses of attorneys, counsel,
      accountants, consultants and experts, which the Grantee may suffer
      (whether directly or indirectly) resulting from, arising out of, or
      relating to a breach of the warranties and undertakings in this Agreement
      and this clause 23.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></A>
<P align=right>29 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">23.7 </TD>
    <TD >
      <P align=justify>The Grantee shall not be entitled to pursue a claim
      against the Shareholders in terms of clause 23.6 unless it has first given
      the Company at least 10 days written notice of a claim in terms of clause
      23.6, and the Company has failed within the aforementioned 10 day period
      to make payment of the Grantee's claim in terms of clause 23.6.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.8 </TD>
    <TD >
      <P align=justify>The indemnity in clause 23.6 is in addition to, and does
      not in any way derogate from, any statutory or common law remedy the
      Grantee may have for breach of this Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">23.9 </TD>
    <TD >
      <P align=justify>The Company and the Shareholders shall not be liable
      under this clause 23 for any indirect, special or consequential damages
      (including loss of profit) and nothing contained in this Agreement shall
      derogate from the Grantee's common law duty to mitigate its
  loss.</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%">24 </TD>
    <TD>
      <P align=justify><B>WAIVERS AND CONSENTS</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="7%">24.1 </TD>
    <TD >
      <P align=justify>Each of the Parties hereby &#150;</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="9%">24.1.1 </TD>
    <TD >
      <P align=justify>irrevocably and unconditionally consents to any sale and
      transfer of any Option Shares being implemented;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">24.1.2 </TD>
    <TD >
      <P align=justify>fully appreciates and understands the implications and
      consequences of any sale and purchase of any Option
  Shares,</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="7%"></TD>
    <TD >
      <P align=justify>it being recorded that such waiver is given on a fully
      informed and consensual basis.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">24.2 </TD>
    <TD >
      <P align=justify>Each Shareholder hereby waives any pre-emptive,
      come-along and tag-along rights which it may have in respect of the Option
      Shares, whether under the MOI, the Shareholders Agreement or otherwise.
      Notwithstanding the waivers contained herein, the Shareholders hereby
      agree that the provisions clauses 13, 17 and 18 of the Shareholders
      Agreement will not apply in respect of all the transactions contemplated
      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%">25 </TD>
    <TD>
      <P align=justify><B>WARRANTIES IN RESPECT OF THE OPTION
  SHARES</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="7%">25.1 </TD>
    <TD >
      <P align=justify>The Grantee warrants to and in favour of the Grantor or
      the Purchasers that on the date of delivery of the Put Option Notice and
      on the Put Option Closing Date, or on the date of delivery of the Call
      Option Notice and on the Call Option Closing Date (as applicable)
  &#150;</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="9%">25.1.1 </TD>
    <TD >
      <P align=justify>it is the sole, legal and beneficial holder of the Option
      Shares and is entitled to dispose of same; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">25.1.2 </TD>
    <TD >
      <P align=justify>no other party shall have any claim to or over or in
      respect of the Option Shares, nor shall the Option Shares be encumbered
      save for any encumbrance granted as security under the Existing RCF, the
      Amended and Restated RCF and/or the New RCF.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_33></A>
<P align=right>30 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">25.2 </TD>
    <TD >
      <P align=justify>The Grantee gives only the warranties set out in clause
      25.1 and no others. Save for these warranties, any sale and transfer of
      the Option Shares in terms of this Agreement is on a <I>voetstoots
      </I>basis, with no further warranties or representations, or terms as to
      fitness for any purpose, express or implied, being given by the
      Grantee.</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%">26 </TD>
    <TD>
      <P align=justify><B>GENERAL WARRANTIES</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="7%">26.1 </TD>
    <TD >
      <P align=justify>Each of the Parties hereby warrants to and in favour of
      the others that &#150;</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="9%">26.1.1 </TD>
    <TD >
      <P align=justify>it has the legal capacity and has taken all necessary
      corporate action required to empower and authorise it to enter into this
      Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">26.1.2 </TD>
    <TD >
      <P align=justify>this Agreement constitutes an agreement valid and binding
      on it and enforceable against it in accordance with its terms;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">26.1.3 </TD>
    <TD >
      <P align=justify>the execution of this Agreement and the performance of
      its obligations hereunder does not and shall not
&#150;</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="11%">26.1.3.1 </TD>
    <TD >
      <P align=justify>contravene any law or regulation to which that Party is
      subject;</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">26.1.3.2 </TD>
    <TD >
      <P align=justify>contravene any provision of that Party's constitutional
      documents; or</P></TD></TR>
  <TR>
    <TD width="11%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="11%">26.1.3.3 </TD>
    <TD >
      <P align=justify>conflict with, or constitute a breach of any of the
      provisions of any other agreement, obligation, restriction or undertaking
      which is binding on 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="7%">26.2 </TD>
    <TD >
      <P align=justify>Each of the representations and warranties given by the
      Parties in terms of clause 26.1, shall &#150;</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="9%">26.2.1 </TD>
    <TD >
      <P align=justify>be a separate warranty and will in no way be limited or
      restricted by inference from the terms of any other warranty or by any
      other words in this Agreement;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">26.2.2 </TD>
    <TD >
      <P align=justify>continue and remain in force notwithstanding the
      completion of any or all the transactions contemplated in this Agreement;
      and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">26.2.3 </TD>
    <TD >
      <P align=justify><I>prima facie </I>be deemed to be material and to be a
      material representation inducing the other Parties to enter into 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%">27 </TD>
    <TD>
      <P align=justify><B>SECURITIES TRANSFER TAX</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Grantor shall pay any securities transfer tax on the
      Sale arising out of the exercise of the Put Option in terms of the
      Securities Transfer Tax Act, No. 25 of 2007, without a right of recovery
      against the Grantee. The Grantor shall pay any securities transfer tax on
      the Sale arising out of the exercise of the Call Option in terms of the
      Securities Transfer Tax Act, No. 25 of 2007, with a right of recovery
      against the Purchasers.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=right>31 </P>
<TABLE
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>CONFIDENTIALITY</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="7%">28.1 </TD>
    <TD >
      <P align=justify>The Parties undertake that during the operation of, and
      for a period of 2 years after the lapsing, expiration, termination or
      cancellation of, this Agreement for any reason, they will keep
      confidential &#150;</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="9%">28.1.1 </TD>
    <TD >
      <P align=justify>any information which a Party ("<B>Disclosing Party</B>")
      communicates to any other Party ("<B>Recipient</B>") and which is stated
      to be or by its nature is intended to be confidential;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">28.1.2 </TD>
    <TD >
      <P align=justify>all other information of the same confidential nature
      concerning the business of a Disclosing Party which comes to the knowledge
      of any Recipient whilst it is engaged in negotiating the terms of this
      Agreement or after its conclusion; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">28.1.3 </TD>
    <TD >
      <P align=justify>the terms and conditions 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="7%">28.2 </TD>
    <TD >
      <P align=justify>If a Recipient is uncertain about whether any information
      is to be treated as confidential in terms of this clause 28, it shall be
      obliged to treat it as such until written clearance is obtained from the
      Disclosing Party.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">28.3 </TD>
    <TD >
      <P align=justify>Notwithstanding the provisions of clause 28.1, a
      Recipient shall be entitled to disclose any information to be kept
      confidential to its auditors, bankers, insurers, professional and other
      advisors and to any other person if and to the extent only that the
      disclosure is necessary for the purposes of carrying out its obligations
      or implementing of enforcing any of its rights in terms of this
      Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">28.4 </TD>
    <TD >
      <P align=justify>The obligation of confidentiality placed on the Parties
      in terms of this clause 28 shall cease to apply to a Recipient in respect
      of any information which &#150;</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="9%">28.4.1 </TD>
    <TD >
      <P align=justify>has been independently developed by the
  Recipient;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">28.4.2 </TD>
    <TD >
      <P align=justify>is or becomes generally available to the public other
      than by the negligence or default of the Recipient or by the breach of
      this Agreement by the Recipient;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">28.4.3 </TD>
    <TD >
      <P align=justify>the Disclosing Party confirms in writing is disclosed on
      a non-confidential basis;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">28.4.4 </TD>
    <TD >
      <P align=justify>has lawfully become known by or come into the possession
      of the Recipient on a non- confidential basis from a source other than the
      Disclosing Party having the legal right to disclose same, provided that
      such knowledge or possession is evidenced by the written records of the
      Recipient existing at the Signature Date; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">28.4.5 </TD>
    <TD >
      <P align=justify>is disclosed pursuant to a requirement or request by
      operation of law, regulation or court order or any regulatory or
      supervisory body or any applicable securities exchange, to the extent of
      compliance with such requirement or request only and not for any other
      purpose, provided that the onus shall at all times rest on the
      Recipient to establish that information falls within the exclusions set
  out in clauses 28.4.1 to 28.4.5.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_35></A>
<P align=right>32 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="7%">28.5 </TD>
    <TD >
      <P align=justify>In the event that the Recipient is required to disclose
      confidential information of the Disclosing Party as contemplated in clause
      28.4.5, the Recipient will notify the Disclosing Party of the recipient
      of, and the form and extent of, any such disclosure or announcement as
      soon as reasonably possible after it is made to the extent possible and
      permitted by any applicable law.</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%">29 </TD>
    <TD>
      <P align=justify><B>PUBLICITY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>No public announcements of any nature whatsoever will be
      made by or on behalf of a Party relating to this Agreement and the terms
      and contents thereof without the prior written consent of the other
      Parties, save for any announcement or other statement required to be made
      in terms of the provisions of any law or by the rules of any recognised
      securities exchange, in which event the Party obliged to make such
      statement will first consult with the other Parties in order to enable the
      Parties in good faith to attempt to agree the content of such
      announcement, which (unless agreed) must go no further than is required in
      terms of such law or rules. This will not apply to a Party wishing to
      respond to any other Party which has made an announcement of some nature
      in breach of this clause 29.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">30 </TD>
    <TD>
      <P align=justify><B>SUPPORT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each of the Parties undertakes, and shall procure that
      its representatives, at all times to do all things, perform all such
      actions and take all such steps and to procure the doing of all such
      things, the performance of all such actions and the taking of all such
      steps as may be open to them and necessary for or incidental to the
      putting into effect or maintenance of the terms, conditions and/or import
      of this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">31 </TD>
    <TD>
      <P align=justify><B>BREACH</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="7%">31.1 </TD>
    <TD >
      <P align=justify>If a Party ("<B>Defaulting Party</B>") commits any breach
      of this Agreement and fails to remedy such breach within 10 business days
      ("<B>Notice Period</B>") of written notice requiring the breach to be
      remedied, then the Party giving the notice ("<B>Aggrieved Party</B>") will
      be entitled, at its option &#150;</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="9%">31.1.1 </TD>
    <TD >
      <P align=justify>to claim immediate specific performance of any of the
      Defaulting Party's obligations under this Agreement, with or without
      claiming damages, whether or not such obligation has fallen due for
      performance, and to require the Defaulting Party to provide security to
      the satisfaction of the Aggrieved Party for the Defaulting Party's
      obligations; or</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">31.1.2 </TD>
    <TD >
      <P align=justify>to cancel this Agreement, with or without claiming
      damages, in which case written notice of the cancellation shall be given
      to the Defaulting Party, and the cancellation shall take effect on the giving of the
notice. Notwithstanding the aforesaid, none of the Parties shall be entitled to
cancel this Agreement unless the breach is a material breach going to the root
of the Agreement.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="\" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_36></A>
<P align=right>33 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">31.2 </TD>
    <TD >
      <P align=justify>The Parties agree that any costs awarded will be
      recoverable on an attorney-and-own- client scale unless the Court
      specifically determines that such scale shall not apply, in which event
      the costs will be recoverable in accordance with the High Court tariff,
      determined on an attorney-and-client scale.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">31.3 </TD>
    <TD >
      <P align=justify>The Aggrieved Party's remedies in terms of this clause 31
      are without prejudice to any other remedies to which the Aggrieved Party
      may be entitled in law.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">31.4 </TD>
    <TD >
      <P align=justify>Notwithstanding the aforegoing, after the acquisition of
      all of the Option Shares and payment of the Put Option Price in full in
      accordance with this Agreement, none of the Parties will have the right to
      cancel this Agreement as a result of a breach thereof, and the Parties'
      only remedies thereafter will be to claim specific performance of all the
      Defaulting Party's obligations, together with damages, if
  any.</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%">32 </TD>
    <TD>
      <P align=justify><B>DISPUTE RESOLUTION</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="7%">32.1 </TD>
    <TD >
      <P align=justify>In the event of there being any dispute or difference
      between all or some of the Parties arising out of this Agreement, the said
      dispute or difference shall on written demand by any Party be submitted to
      arbitration in Johannesburg in accordance with the AFSA rules, which
      arbitration shall be administered by AFSA.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">32.2 </TD>
    <TD >
      <P align=justify>Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the parties to the dispute or failing
      agreement within 10 business days of the demand for arbitration, then any
      party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg Bar Council to nominate the arbitrator,
      provided that the person so nominated shall be an advocate of not less
      than 10 years standing as such. The person so nominated shall be the duly
      appointed arbitrator in respect of the dispute. In the event of the
      attorneys of the parties to the dispute failing to agree on any matter
      relating to the administration of the arbitration, such matter shall be
      referred to and decided by the arbitrator whose decision shall be final
      and binding on the parties to the dispute.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">32.3 </TD>
    <TD >
      <P align=justify>Any party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">32.4 </TD>
    <TD >
      <P align=justify>Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_37></A>
<P align=right>34 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">32.5 </TD>
    <TD >
      <P align=justify>Any arbitration in terms of this clause 32 (including any
      appeal proceedings) shall be conducted <I>in camera </I>and the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">32.6 </TD>
    <TD >
      <P align=justify>This clause 32 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of the
Agreement.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">32.7 </TD>
    <TD >
      <P align=justify>The Parties agree that the written demand by a party to
      the dispute in terms of clause 32.1, that the dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.</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%">33 </TD>
    <TD>
      <P align=justify><B>NOTICES AND DOMICILIA</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="7%">33.1 </TD>
    <TD >
      <P align=justify>The Parties select as their respective <I>domicilia
      citandi et executandi </I>the following physical addresses, and for the
      purposes of giving or sending any notice provided for or required under
      this Agreement, the following physical and email addresses
  &#150;</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="7%"  >&nbsp;</TD>
    <TD align=left><B><U>Name</U></B> </TD>
    <TD align=left width="32%"><B><U>Physical Address</U></B> </TD>
    <TD align=right width="32%"><B><U>Email</U></B> </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Grantee </TD>
    <TD align=left width="32%" bgColor=#e6efff>1 Merchant Place </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>14<SUP>th </SUP>Floor </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Cnr Fredman Drive and </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Rivonia Road </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Sandton </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Johannesburg </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR></TABLE>
<P style="MARGIN-LEFT: 7%" align=justify>Marked for the attention of: <B>Head of
Transaction Management</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 width="7%"  >&nbsp;</TD>
    <TD align=left><U><B>Name</B> </U></TD>
    <TD align=left width="32%"><U><B>Physical Address</B> </U></TD>
    <TD align=right width="32%"><U><B>Email</B> </U></TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>JAA </TD>
    <TD align=left width="32%" bgColor=#e6efff>23/25 Commerce Crescent </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Kramerville </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Johannesburg </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR></TABLE>
<P style="MARGIN-LEFT: 7%" align=justify>Marked for the attention of: <B>Chris
Seabrook and Andrew Dunn</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 width="7%"  >&nbsp;</TD>
    <TD align=left><B><U>Name</U></B> </TD>
    <TD align=left width="32%"><B><U>Physical Address</U></B> </TD>
    <TD align=right width="32%"><B><U>Email</U></B> </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>PK Gain </TD>
    <TD align=left width="32%" bgColor=#e6efff>c/o Michael Honiball </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Werksmans Attorneys </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>96 Rivonia Road </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Sandton </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Johannesburg </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR></TABLE>
<P style="MARGIN-LEFT: 7%" align=justify>Marked for the attention of: <B>Peter
Gain</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 width="7%"  >&nbsp;</TD>
    <TD align=left><U><B>Name</B> </U></TD>
    <TD align=left width="32%"><U><B>Physical Address</B> </U></TD>
    <TD align=right width="32%"><U><B>Email</B> </U></TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Net1 </TD>
    <TD align=left width="32%" bgColor=#e6efff>6<SUP>th </SUP>Floor </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>President Place </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Cnr Jan Smuts Ave and Bolton
      Road </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Rosebank </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Johannesburg </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR></TABLE>
<blockquote>
  <p align="justify">Marked for the attention of: <B>Chief Financial Officer</B></p>
</blockquote>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_38></A>
<P align=right>35 </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="7%" >&nbsp;</TD>
    <TD align=left><U><B>Name</B> </U></TD>
    <TD align=left width="32%"><U><B>Physical Address</B> </U></TD>
    <TD align=right width="32%"><U><B>Email</B> </U></TD></TR>
  <TR vAlign=top>
    <TD width="7%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Grantor, </TD>
    <TD align=left width="32%" bgColor=#e6efff>23/25 Commerce Crescent </TD>
    <TD align=right width="32%" bgColor=#e6efff>Xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Guarantor </TD>
    <TD align=left width="32%" bgColor=#e6efff>Kramerville </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>and Company </TD>
    <TD align=left width="32%" bgColor=#e6efff>Johannesburg </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR></TABLE>
<P style="MARGIN-LEFT: 7%" align=justify>Marked for the attention of: <B>Andrew
Dunn</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 width="7%" >&nbsp;</TD>
    <TD align=left><U><B>Name</B> </U></TD>
    <TD align=left width="32%"><U><B>Physical Address</B> </U></TD>
    <TD align=right width="32%"><U><B>Email</B> </U></TD></TR>
  <TR vAlign=top>
    <TD width="7%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Sabvest Finance </TD>
    <TD align=left width="32%" bgColor=#e6efff>Four Commerce Square </TD>
    <TD align=right width="32%" bgColor=#e6efff>Xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>39 Rivonia Road </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Sandhurst </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR></TABLE>
<p>Marked for the attention of:<B>Chris
  Seabrooke</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 width="7%" >&nbsp;</TD>
    <TD align=left><B><U>Name</U></B> </TD>
    <TD align=left width="32%"><B><U>Physical Address</U></B> </TD>
    <TD align=right width="32%"><B><U>Email</U></B> </TD></TR>
  <TR vAlign=top>
    <TD width="7%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Sabvest </TD>
    <TD align=left width="32%" bgColor=#e6efff>Four Commerce Square </TD>
    <TD align=right width="32%" bgColor=#e6efff>xxx </TD></TR>
  <TR vAlign=top>
    <TD width="7%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Investments </TD>
    <TD align=left width="32%" bgColor=#e6efff>39 Rivonia Road </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="7%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="32%" bgColor=#e6efff>Sandhurst </TD>
    <TD align=left width="32%" bgColor=#e6efff>&nbsp; </TD></TR></TABLE>
<P style="MARGIN-LEFT: 7%" align=justify>Marked for the attention of: <B>Chris
Seabrooke </B></P>
<P style="MARGIN-LEFT: 7%" align=justify>provided that a Party may change its
<I>domicilium</I> to any other physical address in South Africa, or its address
for the purposes of notices to any other physical or email address, by written
notice to the other Parties to that effect. Such change of address will be
effective 5 business days after receipt of the notice of the change. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="7%">33.2 </TD>
    <TD>
      <P align=justify>All notices to be given in terms of this Agreement will
      be given in writing and will &#150;</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="9%">33.2.1 </TD>
    <TD>
      <P align=justify>be delivered by hand or sent by email;</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">33.2.2 </TD>
    <TD>
      <P align=justify>if delivered by hand during business hours, be presumed
      to have been received on the date of delivery. Any notice delivered after
      business hours or on a day which is not a business day will be presumed to
      have been received on the following business day; and</P></TD></TR>
  <TR>
    <TD width="9%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="9%">33.2.3 </TD>
    <TD>
      <P align=justify>if sent by email during business hours, be presumed to
      have been received on the date of successful transmission of the email.
      Any email sent after business hours or on a day which is not a business
      day will be presumed to have been received on the following business
      day.</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="7%">33.3 </TD>
    <TD>
      <P align=justify>Notwithstanding the above, any notice given in writing,
      and actually received by the Party to whom the notice is addressed, will
      be deemed to have been properly given and received, notwithstanding that
      such notice has not been given in accordance with this clause
  33.</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%">34 </TD>
    <TD>
      <P align=justify><B>BENEFIT OF THE AGREEMENT</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 will also be for the benefit of and be
      binding upon the successors in title and permitted assigns of the Parties
      or any of them.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></A>
<P align=right>36 </P>
<TABLE
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>APPLICABLE LAW AND
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="7%">35.1 </TD>
    <TD >
      <P align=justify>This Agreement will in all respects be governed by and
      construed under the laws of South Africa.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">35.2 </TD>
    <TD >
      <P align=justify>Subject to clause 32, the Parties hereby consent and
      submit to the non-exclusive jurisdiction of the High Court of South
      Africa, Gauteng Local Division (Johannesburg), in any dispute arising from
      or in connection with 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%">36 </TD>
    <TD>
      <P align=justify><B>INDEPENDENT ADVICE</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Each of the Parties hereby acknowledges and agrees that
      &#150;</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="7%">36.1 </TD>
    <TD >
      <P align=justify>it has been free to secure independent legal and other
      professional advice (including financial and taxation advice) as to the
      nature and effect of all of the provisions of this Agreement and that it
      has either taken such independent advice or has dispensed with the
      necessity of doing so; and</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">36.2 </TD>
    <TD >
      <P align=justify>all of the provisions of this Agreement and the
      restrictions herein contained are fair and reasonable in all the
      circumstances and are in accordance with the Party's
  intentions.</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%">37 </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="7%">37.1 </TD>
    <TD >
      <P align=justify><B>Whole Agreement</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>This Agreement constitutes the whole of the agreement
      between the Parties relating to the matters dealt with herein and, save to
      the extent otherwise provided herein, no undertaking, representation, term
      or condition relating to the subject matter of this Agreement not
      incorporated in this Agreement shall be binding on any of the
    Parties.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">37.2 </TD>
    <TD >
      <P align=justify><B>Variations to be in Writing</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>No addition to or variation, deletion, or agreed
      cancellation of all or any clauses or provisions of this Agreement will be
      of any force or effect unless in writing and signed by the
  Parties.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">37.3 </TD>
    <TD >
      <P align=justify><B>No Indulgences</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>No latitude, extension of time or other indulgence which
      may be given or allowed by any Party to the other in respect of the
      performance of any obligation hereunder, and no delay or forbearance in
      the enforcement of any right of any Party arising from this Agreement and
      no single or partial exercise of any right by any Party under this
      Agreement, shall in any circumstances be construed to be an implied
      consent or election by that Party or operate as a waiver or a novation of
      or otherwise affect any of its rights in terms of or arising from this
      Agreement or estop or preclude it from enforcing at any time and without
      notice, strict and punctual compliance with each and every provision or
      term hereof.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_40></A>
<P align=right>37 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>Failure or delay on the part of any Party in exercising
      any right, power or privilege under this Agreement will not constitute or
      be deemed to be a waiver thereof, nor will any single or partial exercise
      of any right, power or privilege preclude any other or further exercise
      thereof or the exercise of any other right, power or privilege.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">37.4 </TD>
    <TD >
      <P align=justify><B>No Waiver or Suspension of Rights</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>No waiver, suspension or postponement by any Party of any
      right arising out of or in connection with this Agreement shall be of any
      force or effect unless in writing and signed by that Party. Any such
      waiver, suspension or postponement will be effective only in the specific
      instance and for the purpose given.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">37.5 </TD>
    <TD >
      <P align=justify><B>Continuing Effectiveness of Certain
    Provisions</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they will operate after any such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">37.6 </TD>
    <TD >
      <P align=justify><B>No Assignment</B></P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD width="7%"></TD>
    <TD >
      <P align=justify>Neither this Agreement nor any part, share or interest
      herein nor any rights or obligations hereunder may be ceded, delegated or
      assigned by any Party without the prior signed written consent of the
      others.</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%">38 </TD>
    <TD>
      <P align=justify><B>COSTS</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 clause 31.2, Net1 will bear and pay all legal
      costs and expenses of and incidental to the negotiation, drafting,
      preparation and implementation of this Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">39 </TD>
    <TD>
      <P align=justify><B>SIGNATURE</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="7%">39.1 </TD>
    <TD >
      <P align=justify>This Agreement is signed by the Parties on the dates and
      at the places indicated below.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">39.2 </TD>
    <TD >
      <P align=justify>This Agreement may be executed in counterparts, each of
      which shall be deemed an original, and all of which together shall
      constitute one and the same Agreement as at the date of signature of the
      Party last signing one of the counterparts.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">39.3 </TD>
    <TD >
      <P align=justify>The persons signing this Agreement in a representative
      capacity warrant their authority to do so.</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">39.4 </TD>
    <TD >
      <P align=justify>The Parties record that it is not required for this
      Agreement to be valid and enforceable that a Party shall initial the pages
      of this Agreement and/or have its signature of this Agreement verified by
      a witness.</P></TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_41></A>
<P align=right>38</P>
<P align=justify>SIGNED at
......................................................................................&nbsp;on&nbsp;
.................................................................................&nbsp;2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>FIRSTRAND BANK LIMITED (ACTING</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>THROUGH ITS RAND MERCHANT BANK</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>DIVISION)</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ C Welthagen </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">C Welthagen </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Authorised </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ Z Manie </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Z Manie </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Authorised </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory </TD></TR></TABLE>
<P align=justify>SIGNED at Rosebank on 3 May 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>NET1 APPLIED TECHNOLOGIES SOUTH</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>AFRICA PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ A.M.R. Smith </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">A.M.R. Smith </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory
</TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_42></A>
<P align=right>39</P>
<P align=justify>SIGNED at Sandton on 3 May 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>JAA HOLDINGS PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ Andrew Dunn </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Andrew Dunn </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory </TD></TR></TABLE>
<P align=justify>SIGNED at Cape Town on 3 May 2019 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>PK GAIN INVESTMENT HOLDINGS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ Andrea B&#246;hmert </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Andrew B&#246;hmert </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory </TD></TR></TABLE>
<P align=justify>SIGNED at Sandton on 3 May 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>DNI-4PL CONTRACTS PROPRIETARY</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Andrew Dunn </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Andrew Dunn </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_43></A>
<P align=right>40</P>
<P align=justify>SIGNED at Sandton on 3 May 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>DNI RETAIL PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ Andrew Dunn </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Andrew Dunn </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR></TABLE>
<P align=justify>SIGNED at Sandton on 3 May 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>SABVEST FINANCE AND GUARANTEE</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>CORPORATION PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ Raymond Pleaner </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Raymond Pleaner </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory </TD></TR></TABLE>
<P align=justify>SIGNED at Sandton on 3 May 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>SABVEST INVESTMENTS PROPRIETARY</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ Raymond Pleaner </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Raymond Pleaner </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Designation of Signatory
</TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_44></A>
<P align=right>41</P>
<P align=justify>SIGNED at Sandton on 3 May 2019</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="50%">For and on behalf of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>THE STARTERPACK COMPANY</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%"><B>PROPRIETARY LIMITED</B> </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ David Smaldon </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Signature </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">David Smaldon </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Name of Signatory </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Director </TD></TR></TABLE>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_45></A>
<P align=right><B>Annexure A</B></P>
<P align=center><B>Form of Put Option Notice</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%" >DNI-4PL Contracts Proprietary
      Limited </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%" >[<I>insert address</I>]
  </TD></TR></TABLE>
<P align=justify>By email: [&#149;]</P>
<P align=justify>Attention: [&#149;] </P>
<P align=right>[&#149;] 20[&#149;]</P>
<P align=justify>Dear Sirs</P>
<P align=justify><B>PUT OPTION EXERCISE NOTICE</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 agreement titled "<I>Put and Call
      Option Agreement</I>" entered into between FirstRand Bank Limited (acting
      through its Rand Merchant Bank Division), DNI-4PL Contracts Proprietary
      Limited, DNI Retail Contracts Proprietary Limited, The Starterpack Company
      Proprietary Limited, Net1 Applied Technologies South Africa Proprietary
      Limited, JAA Holdings Proprietary Limited, Sabvest Finance and Guarantee
      Corporation Proprietary Limited, Sabvest Investments Proprietary Limited
      and PK Gain Investment Holdings Proprietary Limited on or about [&#149;] May
      2019 ("<B>Option Agreement</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 defined in the Option Agreement shall bear the
      meanings ascribed therein unless this document clearly indicates
      otherwise.</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>In terms of clause 7 of the Option Agreement, the Grantee
      is required to notify the Grantor in writing of its election to exercise
      the Put Option during the Option Period. The Grantee hereby exercises the
      Put Option and this notice constitutes the Put Option Notice. Accordingly,
      the Grantor is obliged to purchase the Option Shares on the terms and
      conditions contained in the Option Agreement.</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 terms of clause 7.1.2 of the Option Agreement, the
      Grantee is required to set out its calculation of the Put Option Price, as
      determined in accordance with clause 9 of the Option Agreement. A copy of
      the calculations is enclosed with this letter.</P></TD></TR></TABLE>
<P align=justify>Yours faithfully</P>
<P align=justify>______________________ <BR>For and on behalf
of:<BR><B>FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK
DIVISION</B> <BR>Name:<BR>Title: Authorised Signatory</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_46></A>
<P align=right><B>Annexure B</B></P>
<P align=center><B>Form of Call Option Notice</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%">FirstRand Bank Limited (acting through its Rand
      Merchant Bank Division) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%">[<I>insert address</I>] </TD></TR></TABLE>
<P align=justify>By email: [&#149;]</P>
<P align=justify>Attention: [&#149;] </P>
<P align=right>[&#149;] 20[&#149;]</P>
<P align=justify>Dear Sirs</P>
<P align=justify><B>CALL OPTION EXERCISE NOTICE</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 agreement titled "<I>Put and Call
      Option Agreement</I>" entered into between FirstRand Bank Limited (acting
      through its Rand Merchant Bank Division), DNI-4PL Contracts Proprietary
      Limited, DNI Retail Contracts Proprietary Limited, The Starterpack Company
      Proprietary Limited, Net1 Applied Technologies South Africa Proprietary
      Limited, JAA Holdings Proprietary Limited, Sabvest Finance and Guarantee
      Corporation Proprietary Limited, Sabvest Investments Proprietary Limited
      and PK Gain Investment Holdings Proprietary Limited on or about [&#149;] May
      2019 ("<B>Option Agreement</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 defined in the Option Agreement shall bear the
      meanings ascribed therein unless this document clearly indicates
      otherwise.</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>In terms of clause 17 of the Option Agreement, the Call
      Option Holders are required to notify the Grantee in writing of their
      election to exercise the Call Option during the Call Option Period. The
      following persons hereby exercise the Call Option and for the number of
      Option Shares specified below, and this notice constitutes the Call Option
      Notice &#150;</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="7%">3.1 </TD>
    <TD >
      <P align=justify>[&#149;] &#150; [&#149;] Option Shares;</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">3.2 </TD>
    <TD >
      <P align=justify>[&#149;] &#150; [&#149;] Option Shares; and</P></TD></TR>
  <TR>
    <TD width="7%">&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="7%">3.3 </TD>
    <TD >
      <P align=justify>[&#149;] &#150; [&#149;] Option Shares.</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>Accordingly, the Grantee is obliged to sell the Option
      Shares, on the terms and conditions contained in the Option
    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>In terms of clause 19.2 of the Option Agreement, the
      Grantee is obliged to deliver written confirmation specifying the Call
      Option Price payable in respect of the Option Shares set out in clause 3
      above.</P></TD></TR></TABLE>
<P align=justify>Yours faithfully</P>
<P align=justify>______________________ <BR>For and on behalf
of:<BR><B>PURCHASERS</B><BR>Name of Purchasers' Representative:<BR>Title:
Authorised Signatory</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td align="right" valign="top" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</td>
  </tr>
  <tr>
    <td align="right" valign="top"><img src="cdhfoot.jpg" alt="" width="172" height="25"></td>
  </tr>
</table>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc. - Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=right><B>Exhibit 99.1</B></P>
<P align=justify><B><FONT size=3>Net1 sells 8% of DNI to RMB for ZAR 215
million; Company settles long term debt in full</FONT></B></P>
<P align=justify>Johannesburg, May 7, 2019 &#150; Net 1 UEPS Technologies, Inc.
(&#147;Net1&#148; or the &#147;Company&#148;) today announced that it has, through its wholly owned
subsidiary, Net1 Applied Technologies South Africa Proprietary Limited (&#147;Net1
SA&#148;), entered into a transaction with FirstRand Bank Limited, acting through its
Rand Merchant Bank division (&#147;RMB&#148;), in terms of which Net1 SA further reduced
its shareholding in DNI-4PL Contracts Proprietary Limited (&#147;DNI&#148;) from 38% to
30.4% for a transaction consideration of ZAR 215 million ($14.9 million). Net1
SA used the proceeds from the sale plus ZAR 15 million ($1.0 million) of its
cash reserves to early-settle its outstanding long-term borrowings of ZAR 230
million in full on May 3, 2019. </P>
<P align=justify>&#147;This transaction further allows us to deleverage our balance
sheet, free up our cash reserves and further shows our commitment of divesting
non-strategic assets and to focus on our core fintech businesses and markets,&#148;
said Herman G. Kotz&#233;, Net1&#146;s Chief Executive Officer. &#147;We will continue to be
aligned with the DNI management team on their operational and strategic plans,
and intend to pursue mutual revenue synergies.&#148;</P>
<P align=justify>The transaction closed on May 3, 2019. Net1 has also entered
into an agreement pursuant to which it has granted a call option to DNI to
acquire its remaining 30.4% interest. The option expires on December 31, 2019
and may be exercised at any time during this period. Excluding any special
distributions by DNI, the option strike price values Net1 SA&#146;s remaining 30.4%
interest at ZAR 859 million ($59.3 million).</P>
<P align=justify>All amounts translated to U.S. dollars at the May 3, 2019,
USD/ZAR exchange rate of $1.00 / ZAR 14.46.</P>
<P align=justify><B>About Net1 (<U>www.net1.com</U>)</B></P>
<P align=justify>Net1 is a leading provider of transaction processing services,
financial inclusion products and services and secure payment technology. Net1
operates market-leading payment processors in South Africa and the Republic of
Korea. Net1 offers debit, credit and prepaid processing and issuing services for
all major payment networks. In South Africa, Net1 provides innovative low-cost
financial inclusion products, including banking, lending and insurance, and is a
leading distributor of mobile subscriber starter packs for Cell C, a South
African mobile network operator. Net1 leverages its strategic equity investments
in Finbond and Bank Frick (both regulated banks), and Cell C to introduce
products to new customers and geographies. Net1 has a primary listing on NASDAQ
(NasdaqGS: UEPS) and a secondary listing on the Johannesburg Stock Exchange
(JSE: NT1). Visit <U>www.net1.com </U>for additional
information about Net1. </P>
<P align=justify><B>Forward-Looking Statements </B></P>
<P align=justify>This press release contains forward-looking statements that
involve substantial risks and uncertainties. All statements, other than
statements of historical fact, included in this press release regarding
strategy, future operations, future financial position, future revenues,
projected costs, prospects, plans and objectives of management are
forward-looking statements. The Company may not actually achieve the plans,
intentions or expectations disclosed in its forward-looking statements. Actual
results or events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements that the Company makes.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify>Factors that might cause such differences include, but are not
limited to: the Company failing to achieve or implement the expected operational
and strategic plans with DNI management, or benefiting from the intended mutual
revenue synergies with DNI, as well as other factors, many of which are beyond
the Company&#146;s control; and other important factors included in the Company&#146;s
reports filed with the Securities and Exchange Commission, particularly in the
&#147;Risk Factors&#148; section of the Company&#146;s Annual Report on Form 10-K for the
fiscal year ended June 30, 2018, as such Risk Factors may be updated from time
to time in subsequent reports. The Company does not assume any obligation to
update any forward-looking statements, whether as a result of new information,
future events or otherwise. </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>Investor Relations Contact: </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Dhruv Chopra </TD></TR>
  <TR vAlign=top>
    <TD align=left>Group Vice President, Investor Relations </TD></TR>
  <TR vAlign=top>
    <TD align=left>Phone: +1-917-767-6722 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Email: <U>dchopra@net1.com
    </U></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><B>Media Relations Contact: </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Bridget von Holdt </TD></TR>
  <TR vAlign=top>
    <TD align=left>Business Director &#150; BCW </TD></TR>
  <TR vAlign=top>
    <TD align=left>Phone: +27-82-610-0650 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Email: <U>bridget.vonholdt@bm-africa.com
</U></TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
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