Circular to Amplats Shareholders - Anglo American Platinum

3. Final Period Repurchase3.1 The Final Trigger Date may occur at any time during the Final 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 Final Period Equity Trigger,determined at the end of each month in accordance with this formula:MV > NOS + NS 3where:MV the Market Value of an Amplats Ordinary Share;NOS the quotient of the NVF Balance and the number of Subscription Shares heldby the Trust; andNS 3the Final Period Equity Trigger.3.2 Upon the occurrence of the Final Period Trigger Date at any time during the Final Period, the Companyshall repurchase the Final Period Repurchase Shares determined as follows:R = NOS * OS3MVwhere:R 3the number of Final Period Repurchase Shares to be purchased by the Company;NOS the quotient of the NVF Balance and the number of Subscription Shares held by the Trustat the Final Period Trigger Date;OS the number of Subscription Shares held by the Trust at the Final Period Trigger Date; andMV the Market Value of an Amplats Ordinary Share at the Final Period Trigger Date.3.3 Pursuant to the Final Period Repurchase being implemented, the Trust will hold the Final PeriodUnencumbered Shares and will be entitled to the full Dividend payable on such shares by theCompany and will hold no Subscription Shares. The number of Final Period Unencumbered Shareswill be determined in accordance with the following formula:U 3= OS – R 3where:U 3OSR 3the number of Final Period Unencumbered Shares to be held by the Trustimmediately following the implementation of the Final Period Repurchase;the number of Subscription Shares held by the Trust at the Final Period Trigger Date; andthe number of Final Period Repurchase Shares purchased by the Company.3.4 The NVF Balance will be fully settled .3.5 The Final Period Repurchase Shares will be cancelled and form part of Amplats’ authorised sharecapital .3.6 The Final Period Repurchase can be triggered at any time during the NVF Period and will lapse at theearlier of its implementation and the expiry of the NVF Period.4. Repurchase on the End Date4.1 Upon the occurrence of the End Date, the Company shall repurchase such number of SubscriptionShares, so as to notionally reduce the NVF Balance to zero;41