Circular to Amplats Shareholders - Anglo American Platinum

“Final Period Repurchase Shares”the number of Subscription Shares subject to a repurchase upon theoccurrence of the Final Period Trigger Date, determined in accordancewith the formula in paragraph 3.2 below;“Final Period Subscription Shares” 100% of the total number of Subscription Shares issued and allottedto the Trust at the Closing Date; and“Final Period Unencumbered such number of Final Period Subscription Shares, which shall ceaseShares” to be subject to the Waived Dividend immediately followingimplementation of the Final Period Repurchase, calculated as thedifference between the number of Subscription Shares held by the Trustat the Final Period Trigger Date and the Final Period Repurchase Shares,determined in accordance with the formula in paragraph 3.3 below .1. First Period Repurchase1.1 The First Trigger Date may occur at any time during the First Period, when on any Trading Day theMarket Value of an Amplats Ordinary Share is equal to or greater than the sum of:(i) the NVF Balance per Subscription Share held by the Trust; and(ii) the First Period Equity Trigger ,determined at the end of each month in accordance with this formula:MV > NOS + NS 1where:MV the Market Value of an Amplats Ordinary Share;NOS the quotient of the NVF Balance and the number of Subscription Shares held by the Trust; andNS 1the First Period Equity Trigger.1.2 Upon the occurrence of the First Trigger Date at any time during the First Period, the Companyshall repurchase the First Period Repurchase Shares determined in accordance with the followingformula:R 1= NOS * P 1MVwhere:R 1the number of First Period Repurchase Shares to be purchased by the Company;NOS is the quotient of the NVF Balance and the number of Subscription Shares held by the Trustat the First Trigger Date;P 1the number of First Period Subscription Shares; andMV is the Market Value of an Amplats Ordinary Share at the First Trigger Date.1.3 Pursuant to the First Period Repurchase being implemented, the Trust will hold the First PeriodUnencumbered Shares and be entitled to the full Dividend payable on such shares by the Company,which number of shares shall be determined in accordance with the following formula:U 1= P 1– R 1where:U 1P 1R 1the number of First Period Unencumbered Shares held by the Trust immediately followingthe implementation of the First Period Repurchase;the number of First Period Subscription Shares; andthe number of First Period Repurchase Shares purchased by the Company.1.4 The First Period Repurchase Shares will be cancelled and form part of Amplats’ authorised sharecapital; and39