Circular to Amplats Shareholders - Anglo American Platinum

3.11 VotingThe Trust shall be entitled to exercise all voting rights attaching to the Subscription Sharesof which it is the registered owner until the Subscription Shares are either repurchased by Amplatsor transferred to the Beneficiaries, at which point the Beneficiaries shall be entitled to exerciseall voting rights attaching to the shares received pro rata to their respective Participation Interests.3.12 Effective dateThe Community Development Transaction will be implemented with effect from the date that allConditions Precedent as detailed in paragraph 5 below have been met, which is expected to beon or about 15 December 2011.3.13 Transaction costsThe estimated cost of the Community Development Transaction to Amplats (VAT inclusive) is setout below:Service Service provider Amount (R)Advisory Rand Merchant Bank 13,680,000Legal fees Webber Wentzel 9,690,000Community engagement advisory SRK 6,248,312Tax advisory Webber Wentzel 2,850,000Publishing and printing Ince 594,598JSE listing fee JSE Issuer Services 339,008JSE documentation inspection fee JSE Issuer Services 30,082Other 342,000Reporting Accountants Deloitte & Touche 171,000Transfer Secretaries Computershare 100,00034,045,000There have been no preliminary expenses incurred by Amplats within the three years preceding thedate of this Circular.3.14 Estimated economic costsAmplats has estimated the economic cost of implementing the Community DevelopmentTransaction for the Company and Amplats Shareholders to be approximately R1,161 million.This represents approximately 0.77% of the market capitalisation of Amplats on the Last PracticableDate (c. R151.7 billion). This figure was calculated with reference to the requirements of IFRS,including IFRS 2 – Share -Based Payments .IFRS 2 sets out the basis for calculating the economic cost shown above and the valuation usesthe following key inputs or assumptions:• the Monte Carlo simulation model (option pricing model) for valuing options; and• using available market-sourced data and an estimation of future dividend yields at given dates,this option pricing model determines expected future ordinary share prices.These calculations derive an expected future cost associated with the Community DevelopmentTransaction that is then discounted to the present, resulting in the IFRS 2 charge of R1,161 millionshown above. This amount will be expensed upfront, upon implementation of the CommunityDevelopment Transaction, in the Company’s statement of comprehensive income in terms of IFRS.17