Circular to Amplats Shareholders - Anglo American Platinum

Annexure 5NVF STRUCTURE AND REPURCHASE MECHANISM WORKING EXAMPLENVF RepurchaseThe table below illustrates when the Company has the right to repurchase the Repurchase Shares over theNVF Period in accordance with the repurchase formula :NVF Subscription Shares Equitytranche subject to repurchase TriggerPeriod settlement (number) (R’million)First Period Dec 2011 to Dec 2016 33% 2,096,788 1,400Second Period Dec 2016 to Dec 2019 50% 3,145,183 1,700Final Period Dec 2011 to Dec 2021 100% 6,290,365 2,000Working exampleThe working example provided below is provided for illustrative purposes only and needs to be read with thedefinitions and interpretations as set out on pages 5 to 11 as well as the repurchase formula as set out inAnnexure 4 to this Circular.The working example assumes that a First Period Equity Trigger as well as a Second Period Equity Triggerhas occurred.Description Formula input Rand WorkingsFirst Period Repurchase– Inputs01-May-2015First PeriodRepurchaseNVF Balance (01-May-2015) 3,660,000,000 [1]Subscription Shares held by the 6,290,365 [2]Trust (number)NVF outstanding per share NOS 581.84 ([1] / [2]) = [3]First Period Equity Trigger 1,400,000,000 [4]First Period Equity Trigger –per share NS 1222.56 ([4] / [2]) = [5]Market Value on 01-May-2015 MV 805.00 [6]MV ≥ NOS + NS 1Yes ([6] ≥ [3] + [5])First Period Subscription Shares P 12,096,788 [7]First Period Repurchase– ResultFirst Period Repurchase Shares(number) R 11,515,522 (([3] x [7]) / [6]) = [8]First Period Unencumbered Shares(number) U 1581,266 ([7] – [8]) = [9]Value of First Period UnencumberedShares 467,919,130 ([9] x [6])43