Circular to Amplats Shareholders - Anglo American Platinum

1.5 The First Period Repurchase will lapse at the earlier of its implementation and the expiry of theFirst Period.2. Second Period Repurchase2.1 The Second Trigger Date may occur at any time during the Second Period, when on any Trading Daythe Market 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 Second Period Equity Trigger,determined at the end of each month in accordance with this formula:MV > NOS + NS 2where: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 2the Second Period Equity Trigger.2.2 Upon the occurrence of the Second Trigger Date at any time during the Second Period, theCompany shall repurchase the Second Period Repurchase Shares determined in accordance withthe following formula:R 2= NOS * (OS – [P 3 – P 2 ])MVwhere:R 2the number of Second 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 Second Trigger Date;OS the number of Subscription Shares held by the Trust at the Second Trigger Date;P the number of Final Period Subscription Shares;3P 2the number of Second Period Subscription Shares; andMV the Market Value of an Ordinary Share at the Second Trigger Date.2.3 Pursuant to the Second Period Repurchase being implemented, the Trust will hold the SecondPeriod Unencumbered Shares and will be entitled to the full Dividend payable on such shares by theCompany, which number of shares shall be determined in accordance with the following formula:U 2= OS – (P 3– P 2) – R 2where:U 2OSP 3P 2R 2the number of Second Period Unencumbered Shares to be held by the Trustimmediately following the implementation of the Second Period Repurchase;the number of Subscription Shares held by the Trust at the Second Trigger Date;the number of Final Period Subscription Shares;the number of Second Period Subscription Shares; andthe number of Second Period Repurchase Shares purchased by the Company.2.4 The Second Period Repurchase Shares will be cancelled and form part of Amplats’ authorised sharecapital; and2.5 The Second Period Repurchase will lapse at the earlier of its implementation and the expiry of theSecond Period.40