Circular to Amplats Shareholders - Anglo American Platinum

3.2 Funding mechanism3.2.1 The Community Development Transaction will be facilitated by Amplats through the provisionof an NVF over the NVF Period.3.2.2 Early settlement of part or all of the NVF Balance (by means of Amplats acquiringSubscription Shares with an aggregate value of the NVF Balance to be settled) will take placeif certain Amplats share price triggers are met as follows:3.2. 2.1 If during the First Period, the First Period Equity Trigger is achieved, 33% of theoutstanding NVF Balance will automatically be settled at that time thereby locking inapproximately R462 million of unencumbered equity value for the benefit of the Trust.3.2. 2.2 Subject to a cumulative reduction to the extent that earlier triggers were activated,if during the Second Period, the Second Period Equity Trigger is achieved, 50% of theoutstanding NVF Balance will automatically be settled at that time thereby locking inapproximately R850 million of unencumbered equity value for the benefit of the Trust.3.2. 2.3 Subject to a cumulative reduction to the extent that earlier triggers were activated,if at any time during the NVF Period, the Final Period Equity Trigger is achieved,100% of the outstanding NVF Balance will automatically be settled at that time therebylocking in approximately R2 000 million of unencumbered equity value for the benefitof the Trust.3.2. 3 In terms of the NVF mechanism, the Company will repurchase the Repurchase Sharesfrom time to time as contemplated in Annexure 4 to this Circular. The repurchase shall beautomatically triggered in the event that the Market Value of an Amplats Ordinary Share isequal to or greater than the sum of the NVF Balance per Subscription Share held by the Trustand the relevant Equity Trigger. For further details on the mechanics of the NVF mechanism ,settlement provisions and early repurchase mechanism, please refer to Annexures 4 and 5to this Circular.3.3 Working capital adequacyThe Directors of Amplats have undertaken to submit a working capital pack to the Company’s Sponsorprior to any future repurchase of Subscription Shares in terms of the Community DevelopmentTransaction.3.4 Vesting and lock-in3.4.1 The Trust may not dispose of or encumber the Subscription Shares during the NVF Period.3.4.2 Post the NVF Period, the Beneficiaries will each be entitled to request the Trust to transfersuch number of Unrestricted Shares pro rata to their Participation Interests to be held directlyby the Beneficiaries. The Beneficiaries may thereafter dispose of or pledge or encumber suchUnrestricted Shares.3.4.3 The Trust will remain the registered holder of the Restricted Shares for the duration of theOperational Period, without disposing of or pledging or encumbering such Restricted Shares.At the end of the 30 -year period, the Trust will be wound up and the assets, including theRestricted Shares, will be distributed to the Beneficiaries pro rata to their respectiveParticipation Interest at that time.14