Revised restructure plan: sustainable, financeable, achievable · 9 Restructure plan: sustainable, financeable, achievable | March 2013 ZAR ATL debt balance as at 31 December, 2012

Revised restructure plan: sustainable, financeable, achievable

March 2013

Background

| March 2013Restructure plan: sustainable, financeable, achievable1

2009 • Atlatsa (ATL) and Anglo American Platinum (APL) create Bokoni Platinum Group – sustainable BEE controlled PGM producer

• Key empowerment transformation transaction for APL and ATL

• Transaction premised upon key operational and financial assumptions

2012 • New management team appointed at Bokoni

• Bokoni Management, APL and ATL undertake strategic review of operational and financial plan at Bokoni, having regard outlook for PGM sector in general

• Strategic review results in APL and ATL agreeing to revised restructure plan

2013 • Revised restructure plan announced

Why: the transaction rationale

• To ensure that ATL and Bokoni Group are transformed into a sustainable PGM producer as per 2009 empowerment objectives, by:

• Adopting a new, lower-risk, less capital intensive operating plan

• scaling Bokoni Mine operations relative to installed processing capacity

• deferring ZAR2.3 billion of capital expenditure on UG2 expansions

• Reducing ATL attributable debt by 75%

• Lowering ATL cost of borrowing by 85%

• Effecting an equity capital restructure through:

• ZAR750 million equity capital injection into ATL

• simplifying ATL capital structure


The deal: key elements of the restructure plan

1. Asset disposal: strategic realignment

2. New operational plan: providing flexibility

3. New financing plan: balance sheet restructuring

4. Funding in place: through to 2020


Asset disposal: strategic realignment• Strategic realignment of Bokoni exploration and

development assets

• Ga-Phasha project to be split into East and West

• Ga-Phasha East to be consolidated into APL’s adjacent Twickenham operation

• Ga-Phasha West to be consolidated into BokoniMine

• Boikgantsho exploration project to be consolidated into APL’s adjacent Mogalakwena operation


BoikgantshoProject

Amplats Mogalakwena

Mine

Northern limb of the

Bushveld Igneous Complex

5km

Asset disposal: strategic realignment

• The result:• ATL disposes of 31.4 million PGM undeveloped ounces for ZAR1.7 billion• 51% interest in enlarged Bokoni Platinum Mine retained• opportunity for organic production growth through established mining infrastructure

at new Bokoni lease area


• Minimise capital expenditure, without compromising new growth plan

• Align production profile to installed mill capacity and fill current mill gaps

• Reduce cost of production

New operational plan: objectives


New operational plan: a steady course

• Brakfontein Merensky Project ramp up to continue to steady state of 100ktpm by 2019

• Middelpunt Hill UG2 to be developed to steady state of 60ktpm by 2019

• Open cast operations between 2013-2018 to fill mill gap

• High-cost UM2 and Vertical operations to be phased out by 2016


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2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

4E o

z(0

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Production Profile (4E oz)

UM2 Vertical OpenCast Brakfontein MPH

New operational plan: 2013 - 2020


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Tons

mill

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Production profile (tons milled)

Merensky (Underground) UG2 (Underground) OpenCast

- 100 000 000 200 000 000 300 000 000 400 000 000 500 000 000 600 000 000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

ZAR

Capital expenditure profile

Capital Cost -SIB Capital Cost - Project

• Open cast Merensky production to fill mill gap

• operational flexibility whilst ramping up operations

• Unit cost of production reduces as volumes increase at more efficient Brakfontein and Middelpunt Hill operations

• Production volumes scaled to installed mill capacity

• Capex focused on two growth projects

• Merensky 70% of total production

• Fully funded for growth to 2020

Financing: debt restructuring

• Cost of borrowing reduced by 85% from 13% to 2%

• ZAR700 million (US$82.46 million) credit facility from APL

• Repayment profile from 31 December 2018 to 31 December 2020


ZARATL debt balance as at 31 December, 2012 3,283 million

Sale of ATL’s interest in the Boikgantsho and Ga-Phasha East mineral properties to APL (1,700 million)

APL subscribes for 125 million new shares at ZAR6 per share (750 million)

Reduced ATL debt balance as at 31 December 2012 833 million

Debt refinancing

• New debt terms• seven-year term debt terminating on 31 December 2020• variable interest rate determined by adding fixed margin to 3-month JIBAR• maximum facility limit of ZAR1.55 billion• low interest rate during capital intensive growth phase to 2016• no fixed repayment terms until 31 December 2018


Debt balance 2013%

2014%

2015%

2016%

2017%

2018%

2019%

2020%

Up to ZAR1 billion Zero interest Zero interest JIBAR minus 5.14

JIBAR minus 3.11

JIBAR minus 0.96

JIBAR plus 1.30

JIBAR plus 6.19

JIBAR plus 6.23

ZAR1 billion to ZAR1.55 billion JIBAR minus 1.25

JIBAR plus 3.02

JIBAR plus 2.36

JIBAR plus 4.39

JIBAR plus 6.54

JIBAR plus 6.30

JIBAR plus 11.19

JIBAR plus 11.23

Capital structure: equity restructuring

• “B” preference share structure unwinds

• one class of common shares

• Atlatsa Holdings increases shareholding in ATL to 62 % by acquiring 115,8 million shares from APL for ZAR463 million

• vendor financed through to 2020

• APL effects ZAR750 million (US$88.35 million) investment in ATL by acquiring 125 million shares at ZAR6 per share (US$0.71)

• APL remain a significant shareholder post revised restructure plan


Atlatsa Holdings (BEE) Public , ESOP &Community Trusts (BEE)

Atlatsa Anglo Platinum

Bokoni PlatinumHoldings

Kwanda Bokoni Mine &Ga-Phasha West

62% 14,5%

49%51%

100% 100%

22,5%

New look: balance sheet and capital structure


Before After

Atlatsa Holdings (BEE) 51% 62%

Anglo Platinum 26% 22.5%

Public, employee and community trust 23% 14.5%

Fully diluted shares in issue 430 million 555 million

Attributable debt ZAR3.3 billion ZAR850 million

Cash and available facilities ZAR100 million ZAR700 million

Effective average cost of debt ~13% p.a. 2% p.a.

Equity financing flexibility no yes

Relaunching Atlatsa: a sustainable future

• Disposal of long-term portfolio ounces for ZAR1.7 billion

• Debt reduced by 75%

• Cost of borrowing reduced by 85%

• Conservative production and growth plan

• Only eastern limb operation with significant Merensky production

• Conservative capex programme

• ZAR2.3 billion capex deferral on UG2 expansions

• Fully funded for growth through to 2020

• Equity financing flexibility


Questions and answers

Documents

Revised restructure plan: sustainable, financeable, achievable · 9 Restructure plan: sustainable, financeable, achievable | March 2013 ZAR ATL debt balance as at 31 December, 2012