Results for the second quarter ended 30 June 2015...Q2 2015 Production oz World Gold Council standard All in sustaining costs Total cash costs 875 854 1,042 1,064 Q2 2014 Q2 2015

Results for the second quarter

ended 30 June 2015

17 AUGUST 2015

2 Second Quarter 2015 Results Presentation

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Move quickly to the nearest exit points,

which are on both sides of the auditorium

and at the back right hand corner.

Please gather at the open car park behind

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SAFETY IS OUR FIRST VALUE in case of an emergency…


Disclaimer

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic

outlook for the gold mining industry, expectations regarding gold prices, production, cash costs, all-in sustaining costs, all-in costs, cost savings and

other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti’s operations, individually or

in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold

Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s

liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory

proceedings or environmental health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s operations, economic

performance and financial condition.

These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold

Ashanti’s actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or

implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements

and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ

materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social and political and

market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including

environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and business and

operational risk management.

For a discussion of such risk factors, refer to AngloGold Ashanti’s annual reports on Form 20-F filed with the United States Securities and Exchange

Commission. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results to differ materially

from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future

results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no

obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or

to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking

statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures

and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported

operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the

presentation of these measures may not be comparable to similarly titled measures other companies may use. AngloGold Ashanti posts information

that is important to investors on the main page of its website at www.anglogoldashanti.com and under the “Investors” tab on the main page. This

information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

Introduction Venkat


Delivering value in a bear market

We continue to respond decisively and proactively to the current market…

…to ensure we remain ahead of the curve in volatile conditions.

Decisive action on operations, balance sheet

Leading cost management performance –

overheads, operations, exploration and capital

Portfolio improvements and rationalisation

Continued focus on sustainable improvements to

margins and cash flow

Long-term optionality across portfolio – medium-

term brownfields and long-term greenfields

Consistently strong operating performance


2015 Second quarter highlights

Another strong performance drives cash flow improvements…

…and continued balance sheet improvements. *Continuing operations

Free cash flow

$71m

Production

1,007koz

Total cash costs

$718/oz*

AISC

$928/oz*

AHE

$26m

increase from the previous

quarter, despite falling gold price

$111m

beat guidance of

960koz -1,000koz

beat guidance of $770/oz-$820/oz

14% Improvement year-on-year

Compared with $m loss year-on-

year; lower than Q1 due to

deferred stripping charge at Geita

12%

CC&V sale improves

liquidity and lowers net

debt profile; pro-forma

Net Debt: EBITDA 1.44

times

AISC at International

operations $844/oz

reflecting strong

operating performance

South Africa Region

production improved 9%

from Q1 2015, but still

plenty of work to do

Improvement year-on-year


Safety performance

Difficult end to the quarter with a fatality in South Africa...

...reminds us that reaching zero harm will take hard work.

2013 2014 2015 H1

AGA International 2 2 1

South Africa 6 4 3

AGA Total 8 6 4

Fatal Injuries

11.50

9.76

7.83 7.48 7.36 7.49

2010 2011 2012 2013 2014 2015 H1

All injury frequency rate (AIFR) Per million hours worked

• Regrettably, one fatality at Kopanang

• Improved on most safety metrics: AIFR by 4%

q-on-q at 7.32; FIFR by 70% at 0.03; and

LTIFR by 3% at 5.35

• Continental Africa achieves record low AIFR,

with Siguiri, Iduapriem, Sadiola injury free

• TauTona record - two years fatality free;

Moab Khotsong 2m fatality-free shifts

• Major Hazard Management focus continues Q2: 7.32


Key metrics: Comparative performance

Free cash flow more than doubled year-on-year...

...despite a sharp drop in gold price and lower production over the same period.

Performance update 2015 Q2 2014 Q2 Change

Year-on-Year

Price Received ($/oz) 1 192 1 289 -8%

Production from continuing and discontinued operations (kozs) 1 007 1 098 -8%

Total cash costs ($/oz) 718 833 14%

Corporate & marketing costs* ($m) 24 20 20%

Exploration and study costs ($m) 31 32 3%

Capital expenditure ($m) 230 311 26%

All-in sustaining costs** ($/oz) 928 1 052 12%

All-in costs** ($/oz) 1 021 1 155 12%

Cash inflow from operating activities ($m) 323 336 -4%

Adjusted EBITDA ($m) 391 372 5%

Free cash flow ($m) 71 34 109%

*Includes administration and other expenses

**World Gold Council standard, excluding stockpiles written-off

South Africa Chris Sheppard


Regional overview: West Wits

Production impacted by safety stoppages at Mponeng, de-risk plan underway…

…full operational, capital and off-mine cost remodelling continues.

• Mponeng negatively impacted by safety-related

disruptions -

Action plan in place to address seismicity

challenges and ventilation constraints

Mining halted in some developed areas above

120 level for safety reasons

Full operational, capital and off-mine cost

remodelling underway

• TauTona improved cash costs by 8% y-o-y as cost

initiatives gained traction, despite increased energy

tariffs

144,000

114,000

Q2 2014 Q2 2015

Production oz

*World Gold Council standard

Total cash costs All in sustaining costs*

794 856

1,007

1,106

Q2 2014 Q2 2015

Costs $/oz

93 000

Q1 2015

977

Q1 2015

1,202

Q1 2015


• Review plan in order to mitigate

seismicity and ventilation issues

• Major infrastructure nearing

completion

• Working on secondary support

activities and column extensions

with monorail extension

• Refurbished u/g fleet from Obuasi

now on site

Mponeng update

Work is underway to mitigate productivity challenges caused by delays to project area…

…the focus will be on improving safety for this long-term asset, whilst optimising cash flow.

• Productivity impacted by ongoing safety stoppages delaying access to B120L area

- more than 100 days lost to project since February 2014

• Mining now only above 120L (Levels 113/116/120) is sub-optimal given seismicity

and lateral distance from infrastructure

• Fleet availability also impacting project

• Revised planning underway to mitigate safety challenge

• Development in ramp area

• Construction of ice dam, tipping

and ore handling infrastructure

• Infrastructure, servicing the

critical path development

activities for the project

PH

AS

E I

PH

AS

E I

I O

ng

oin

g

Challenges


Regional overview: Vaal River

Regulatory safety related stoppages lead to reduced production…

…contained costs, partly assisted by weaker currency.

• Production affected by safety-related stoppages

• Moab Khotsong saw lower face values as

mining moved out of high grade areas

• Successfully cleared ore pass blockage at

Kopanang, now operating at full capacity

• Great Noligwa shaft on care & maintenance,

with underground mining from Moab Khotsong

• Consolidation yielded $18m savings in

efficiency improvements

120,000

97,000

Q2 2014 Q2 2015

Production oz


Total cash costs All in sustaining costs*

875 854

1,042 1,064

Q2 2014 Q2 2015

Costs $/oz

94 000

Q1 2015

868

Q1 2015

1,062

Q1 2015


South Africa development – ORD is high on our priority list

Our strategy is to ensure enough development is done now…

…to sustain planned future production.

• ORD has been negatively impacted by safety stoppages – therefore a priority area

• Better safety performance will facilitate improved ORD volume and provide additional mining flexibility

• Ore reserve position is clearly stable, with Mponeng B120L project imperative to improving its position

• Kopanang reduction reflect changes to our model and economic assumptions

- Mining becoming less flexible as mining fronts ‘pinch out’

17

19

15 16 16

15

18

23 23 24

16

19

21 21

17

14 14

16 16 16

Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015

Available face length months

Kopanang Moab Khotsong Mponeng TauTona


Regional overview: Surface Operations

Ore transportation challenges impacted on production…

…surface-dump retreatment operation being revised for optimum use.

• Production impacted by:

• higher intake of low-grade Kopanang

marginal ore dump material

• changes in the transportation of ore to

mitigate rail logistic challenges

• plant maintenance and

• lower production days y-o-y

• These are being mitigated by:

• revising the surface-dump retreatment

operation, now focussing on optimisation of

the flotation circuit to augment concentrate

feeding the uranium plant

• sorting the carbon in the mix to ultimately

improve and increase volumes

55,000

46,000

Q2 2014 Q2 2015

Production oz


Total cash costs All-in sustaining costs*

1,016 988

1,258

1,121

Q2 2014 Q2 2015

Costs $/oz

50,000

Q1 2015

868

Q1 2015

945

Q1 2015


Wage negotiations

We have made what we believe is a generous, above-inflation offer…

…particularly given the major challenges faced by the SA gold industry.

• Employers remain committed to reaching a mutually

acceptable agreement that will help ensure the

sustainability of the industry

• Dispute declared by NUM after three-year, above-

inflation offer rejected; talks referred to CCMA for

mediation

• The rejected offer included:

• For entry-level employees, additional R1,000 per

month, each year for three years (no added

benefits); R100 per month increase in living-out

allowance in year one

• Guaranteed entry-level pay R13,200 per month in

the 3rd year of agreement (this is before overtime

and production bonuses, which can add an

average 20% in variable pay to employee’s wages)

• Unions have also declined to enter ‘Economic and

Social Sustainability Compact’ with employers that

would help provide job security

• Employers have reverted to original offer, which

includes R750/m, plus benefits, for each of three

years

International Ron Largent


All-in Sustaining Costs – International Operations

This is reflected in the All-in Sustaining Costs…

…and the widening gap between AISC and gold price. Sources: HFM as at 06/08/2015

1486

1246 1275

1112

992 969

1019

965 948

849 844

1717

1632

1416

1329 1270 1292 1290 1282

1200 1219

1194

800

900

1000

1100

1200

1300

1400

1500

1600

1700

1800

Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015

$/o

z

AISC Gold price (Ave quarterly)

- $642/oz

-43%


826 852 882 903 916 923 972 975 978 986 1006 1021 1026 1051 1125 1185

Po

lyus G

old

Ba

rric

k

Eld

ora

do

Randgo

ld

Po

lym

eta

l

Bu

enaventu

ra

Gold

corp

Kin

ross

New

cre

st

AG

AIn

tern

atio

na

l

Ag

nic

o

New

mo

nt

An

glo

Gold

Go

ld F

ield

s

Sib

an

ye G

old

Harm

ony G

old

2014 $/oz

Improvements on industry all-in sustaining costs

We are making systemic changes to our cost structure…

…working our way down the industry cost curve.

853 868 873 935 1,000 1,005 1,024 1,030 1,058 1,100 1,127 1,141 1,188 1,198 1,227 1,445

Po

lyus G

old

Ba

rric

k

Eld

ora

do

Bu

en

ave

ntu

ra

Po

lym

eta

l

Kin

ross

Randgo

ld

New

mo

nt

Gold

corp

Sib

an

ye G

old

Ag

nic

o

AG

AIn

tern

atio

nal

Gold

Fie

lds

New

cre

st

An

glo

Gold

Harm

ony G

old

2013 $/oz

844 846 864 895 900 909 928 1011 1030

1071

1193

AG

AIn

tern

atio

nal

Gold

corp

Ag

nic

o

Ba

rric

k

Eld

ora

do

New

mo

nt

An

glo

Gold

Kin

ross

Gold

Fie

lds

Sib

an

ye G

old

New

cre

st

Q2 2015 $/oz

Ave*

$1,062/oz

-14%

-13% Ave*

$976/oz

Ave*

$964/oz

Source: Company reports, JPM *Average AISC for companies excludes AngloGold Ashanti International Operations

**Harmony not yet reported, no reported quarterly AISC figures for Buenaventura,

Polymetal and Polyus; AGA International AISC excludes central corporate overhead,

which when allocated would amount to c.$24/oz in Q2’2015


Regional overview: Continental Africa



846

638

998

778

Q2 2014 Q2 2015

Costs $/oz

395,000

368,000

Q2 2014 Q2 2015

Production oz

Continental Africa Region continues to deliver strong performance...

...with Geita emerging to offset weakness in other parts of the portfolio.

• Solid cost performance driven by Geita, Iduapriem, Morila

and Kibali; the region achieved the lowest AISC for the

group and lowest for the region since the first quarter of

2010

• Geita benefitted from access to higher grade ore stripped

last year in the Nyankanga pit, together with 8% increase in

throughput due to softer material and higher mill efficiency

• Kibali operating stably at 600koz. Underground ramping up

• Siguiri production down on depletion of higher grade ore;

focus now on continued exploration hard-rock plant


Regional overview: Americas

*World Gold Council standard; ** includes CC&V


729 662

1,035

881

Q2 2014 Q2 2015

Costs $/oz

229,000 239,000

Q2 2014** Q2 2015**

Production oz

Cost discipline remains in place...

...despite short-term issues that led to lower volumes from key assets in the quarter.

• Solid performance from the Americas Region -

costs down 15%, production higher year-on-year

• Cerro Vanguardia production up 13% with greater

heap-leach contribution and other efficiencies. Cost

initiatives focused on underground expansion, mill

throughput and silver recovery

• In Brazil, production adversely impacted by lower

feed-grades and tons treated following plan

changes

• Production at Cuiabá Complex expected to

improve on better grades and haulage rates


Regional overview: Australia



850 727

1,048

918

Q2 2014 Q2 2015

Costs $/oz

155,000

139,000

Q2 2014 Q2 2015

Production oz

Sunrise Dam continuing strong improvement in productivities...

...while Tropicana continues to deliver.

• Australia Region costs improved significantly as Sunrise

Dam mining costs down by more than 50%

• Sunrise Dam’s underground mining run-rate now c2.75

Mtpa; mining unit costs more than halved

• Opportunity for cost improvement through better grade

reconciliation

• Tropicana’s production 81,000oz on lower throughput and

lower head grade; total cash cost $533/oz

• Total cash costs at Tropicana increased partly due to the

lower production and additional costs related to waste

stripping of the new Boston Shaker pit

• Mining productivity continued to improve with total

movement and ore volumes ahead of plan


Resource conversion drilling at Vogue; evaluate ore-sorting opportunities; Concept study for ore handling infrastructure to lower future costs

2015 Priority project work streams

Work is underway pursuing key opportunities for each asset…

…in order to further optimise our portfolio and get costs to $900/oz AISC level.

Sunrise Dam

Mobilise underground contractor for Star & Comet; Evaluate other underground options; Exploration for Geita Hill u/g

Access Area 1; Complete Hard rock plant PFS; Advance work on remote ore bodies

Heap-leach test work complete; Confirm exploration potential Block 1 Examine mill throughput potential

Focus on site and regional exploration opportunities; Underground ore options Review cut-off grade options; Developing new Palmeiras and Inga ore bodies;

Maximise Lamego ore-body capabiulity; Continue drilling satellite ore bodies Explore plant throughput & ore sorting opportunities

Regional drilling programme; explore in-pit backfilling options

Tropicana

Siguiri

Geita

Iduapriem

CVSA

Serra Grande

Mineração

Quebradona

EIA submitted; PFS update ; Ore-body modelling updates

La Colosa

Gramalote

Pre Feasibility Study in phased approach to end 2017 Review high-grade starter option with lower capital

Complete Concept study Explore high-grade phase I & options to increase value

Co

nti

nu

e

red

ucin

g

ho

ldin

g

co

st

Projects, Planning & Exploration Graham Ehm


Project update: Kibali

Exceeding expectations on development of this project…

…as it develops into a tier-one gold asset.

• Shaft bottom expected to be reached on 23

October 2015 at 760m

• Decline development continued on schedule;

• Paste plant completed; enables backfilling of

first primary stope

• Power from second, 11MW hydropower station

expected in Q3; third plant in early 2017


Project update: Obuasi

Decisive action continues to reset this world-class ore body…

…with progress in key areas during limited operations phase.

• Limited operations continued, producing 14,000oz from

retreatment of tailings and remnant stockpiles

• Obuasi Deeps Decline development tracking according to plan

• Feasibility Study remains on course for completion by year end;

optimisation of draft study now under way

• Aim to develop a simpler modern operation with:

An operating footprint physically separate from the adjacent

community of Obuasi

A simpler modern underground mechanised mine, using

contract mining

Appropriately scheduled brownfields, advanced grade control

and grade control drilling

Integrated geological modelling with long, medium and short

term mine planning

Evaluated potential benefit of the development strike

extensions

• Our proactive community engagement programme, through the

Community Consultative Councils continues to provide updates to

the community and various key stakeholders

• Commenced engagement with the government on approval

requirements for redevelopment


Portfolio improvements

Working to improve operating performances and adapt mine plans…

…to move key assets further down the cost curve.

Bubble size = reserve size

VR

WW

Surface Ops

Kibali

Iduapriem

Siguiri

Geita

Sunrise Dam

Tropicana

Cerro Vanguardia

AGA Mineracao

Serra Grande

Mali

20

120

220

320

420

520

620

500 600 700 800 900 1000 1100 1200

LT

M P

rod

ucti

on

Ko

z

LTM AISC ($/oz)

Obuasi

target

zone


Applying our mine planning approach: Geita options

Sustaining margins whilst retaining optionality…

…by taking a forward-thinking approach to planning.

Nyankanga Pit planned cutbacks Nyankanga Pit

• Option of moving away from higher cost Cut 9 and Cut 10

• Redesign Cut 8 and accessing remaining ore from underground

• Reduce short-term exposure to lower gold price, whilst improving medium term cash flows

Resource model coded on classification (blocks >=3/t)


Applying our mine planning approach: Sunrise Dam options

Investigating underground infrastructure…

…to reduce long term operating costs.

• Underground crusher and conveyor offer efficiency gains by lowering trucking and ore

re-handling costs

• Preliminary study and engineering design work underway to determine schedule and

capital cost estimate

• Statutory approvals straightforward


Applying our mine planning approach: Tropicana options

Extensions to current ore body…

….via a stripping approach.

• Large cutback mined as a starter pit then strip mined

• Similar mining principles to open pit coal mining

• Low mining cost through:

Larger equipment, particularly shovels

Short haulage distance with in-pit dumping

Bench height & blasting optimisation

High mining efficiency

Starter Pit

4

Potential

cut back


Geita: Underground Targets

Geita Hill Star and Comet

Significant intersection:

GHRD0058: [email protected]/t from 350.5m

3.70m@ 31.78g/t from 447.3m


Kibali

Gorumbwa:

GDD173 intersect a new lode which is to be

followed up.

Significant intersections:

GRC173 12.00m* @ 24g/t Au from 16m

GDD140 30.00m* @ 3.66g/t Au from 262m

Pakaka:

Significant intersections:

PDD166 37.00m* @ 4.3 g/t Au from 63m

PRC237 12.00m* @ 11.2 g/t Au from 76m

PRC247 14.00m* @ 8.8 g/t Au from 48m

PRC230 16.00m* @ 7.5 g/t Au from 84m

PDD162 10.00m* @ 11.1 g/t Au from 59m

Financials Christine Ramon


Currency exposure – differentiates AngloGold

Currency exposure cushions the drop in the gold price and provides benefit…

…in addition to lower oil prices and lower inflation, as we delivered another strong quarter.

0.90

0.95

1.00

1.05

1.10

1.15

1.20

01-Jan-15 01-Feb-15 01-Mar-15 01-Apr-15 01-May-15 01-Jun-15 01-Jul-15

US$ Gold Price vs AGA Production Weighted Average Gold Price

US$/oz AGA/oz

-8%

2%


Quarterly financial and operating metrics

Adjusted EBITDA remains robust, despite lower gold price…

…leaving net debt to adjusted EBITDA largely unchanged year-on-year.

Performance update Q2 2015 Q2 2014 Year-on-year

change

Price received ($/oz) 1,192 1,289 -8%

Production (‘000oz) 1,007 1,098 -8%

All-in sustaining costs*($/oz) 928 1,052 12%

All-in costs*($/oz) 1,021 1,155 12%

Adjusted EBITDA ($m) 391 372 5%

Income taxes ($m) 56 60 -7%

Equity investments and other ($m) 34 (85) 140%

Free cash flow before financing costs ($m) 130 98 33%

Financing costs ($m) 59 64 8%

Free cash inflow ($m) 71 34 109%

Net debt ($m) (before the CC&V sale proceeds) 3,076 2,994 3%

*World Gold Council standard, excluding stockpiles written-off.

Cash cost sensitivities Oil price $10/bbl ~ $8/oz

Currencies 1% ~ $6/oz


Focusing on margins

We remain focused on margins, even in a depressed gold price environment…

…through a focus on cost control, portfolio improvements and operational excellence.

1551

1275 1302

1155

1015 993 1060 1036 1017

926 928

0

500

1000

1500

2000

2500

Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015

$/o

z

All-in sustaining costs, All-in costs and Average gold price

All-in sustaining costs Average gold price All-in costs


Cost performance

Significant cash cost improvements…

...helped by efficiency improvements as well as currency and fuel leverage.

1052

928

-115

-1 -12

+5 +8

-20

+11

All-in sustaining cost $oz sold Excluding stockpile NRV and other adjustments

833

718

-87

+26

+52 -27

-8

-73

+2

Cash cost $/oz


Year-on-year AHE movements

Second quarter AHE impacted by lower realized gold price and sales from last year…

...with help from local currency movements.

76 -65

-101

+31

+116

-17

-10 +5

-46

+62 -25

26

-100

-80

-60

-40

-20

0

20

40

60

80

76Q2 2014

AHENormalised

(65)Gold Price

(101)Ounces

Sold

31Operating

Cost

116Local

Currencies

(17)Inflation

(10)Amortisation

5Net finance

cost

(46)Special

operatingitems

62Income fromassociates

(25)Taxation

26Q2 2015

AHE

Q2 2015 vs Q2 2014 Adjusted Headline Earnings ($m)


US$459m Cash**

US$819.4m Proceeds from

CC&V

US$ 800m

A$270m

ZAR 508m

Continued financial flexibility

Our net debt to EBITDA ratio compares favourably to our peers…

…the reduced net debt level provides a buffer in a volatile market.

1.8 1.69

1.94 2.02 1.95

1.44

0

1

2

3

4

Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Pro-forma

Net debt: adjusted EBITDA* vs. Credit facilities’ covenant

Debt covenant – leverage ratio 3.5X

*Last-12-month adjusted EBITDA

• Pro-forma Net debt: Adjusted EBITDA 1.44

times, after receipt of CC&V sale proceeds

• Net debt to EBITDA ratio compares favourably to

peers

• Well-positioned to withstand

lower gold price

production disruptions

ZAR calculated at R11.5/$, AUD facility calculated at 0.84$ to A$ **Cash $459m at 30 June 2015;

CC&V sale proceeds received after quarter-end on 3August 2015

$2.5bn

Ratio based on restated results

• Strong liquidity of c. $2.5bn

• No material bond maturities until 2020

• Significant covenant headroom


Outlook

Annual guidance adjustments reflects CC&V sale…

…while we continue to look for improvements on all metrics.

Both production and cost estimates assume neither labour interruptions, power disruptions, or changes to asset portfolio and/or operating mines. Production and total cash costs estimates assume one

month of operating results from CC&V. Other unknown or unpredictable factors could also have material adverse effects on our future results and no assurance can be given that any expectations

expressed by AngloGold Ashanti will prove to have been correct. Please refer to the Risk Factors section in AngloGold Ashanti’s annual report on Form 20-F for the year ended 31 December 2014,

filed with the United States Securities and Exchange.

Production

Moz

Total cash

costs $/oz

AISC

$/oz Capex Notes Assumptions

Previous guidance

2015e

Full Year

4.0 – 4.3 770 - 820 1,000 - 1,050 $1.0 - $1.1bn Production and

capex guidance

for the full-year

reduced to reflect

sale of CC&V.

Exchange rates of

ZAR11.60/$, $0.85/A$,

BRL2.60/$ and AP9.50/$;

Brent $70/bl.

New

guidance

2015e

Full Year

3.8 – 4.1 770 - 820 1,000 - 1,050 $900m- $1bn

Exchange rates of

ZAR12.05/$, $0.78/A$,

BRL2.98/$ and AP9.19/$;

Brent $62/bl.

Production Total cash costs Assumptions

Q3

2015e 900,000oz – 950,000oz $770 - 820/oz

Exchange rates of ZAR12.20/$,

$0.77/A$, BRL3.00/$ and AP9.33/$;

Brent $62/bl.

»

»

Q2 2015 conclusion Venkat


Operating performance vs. guidance

We’ve shown consistent performance…

…in delivering on our commitments.

600

700

800

900

1000

1100

1200

1300

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15

Production ‘000oz

Actual Guidance **

500

600

700

800

900

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15

Cash costs $/oz

Actual Guidance **

**Guidance refers to midpoints of guidance provided for each period


Weathering a weaker price environment

Ongoing P500 initiatives, favourable currency exposure and weaker oil

prices will continue to provide a partial, natural cushion for lower gold

prices. In addition we have the following focus areas…

….

• Corporate overhead and exploration costs reduced by more than two-thirds from 2012

• Conservative plan assumptions; marginal projects shelved and focus on margin over volume

• Improved balance sheet flexibility by asset sales, terming out debt, raising debt covenant

• Sharp cost focus – Renegotiating mining/supply contracts, less expat labour; mine redesigns

• AISC down 25%, AIC down 35% since 2012, whilst keeping long-term options intact

Ab

ove C

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Sp

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pri

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Belo

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Pri

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• Conservative near-term planning assumptions which will focus margins

• South Africa safety focus to help recover volume

• Intensify efforts to reduce improve efficiencies and reduce all costs across our portfolio

• Restrict exploration and reef-boring to further focus on near- to medium-term production

• Significantly reduce Colombia portfolio costs

• Optimise Obuasi redevelopment schedule

• Harvest short-life mines for cash


Cost performance

We continue to deliver cash cost reductions…

…which help offset the anticipated seasonal increase in sustaining capex.

920 928

-16

-1

-27 +1 +2

+34

+15

Q1 2015 Cash costs Rehab &other non-cash cost

Inventorychange

Corporatecost

Explorationcost

SIB Capex Other Q2 2015

All-in sustaining cost $oz sold Excluding stockpile NRV and other adjustments


Quarter-on quarter AHE movements

Quarter-on-quarter gold price movements impacted AHE...

35

26

-15

+2

+13

+8 -9

-18

+9

+1

Q1 2015AHE

Gold Price Ounces sold Operatingcost

LocalCurrencies

Inflation AmortisationIncome fromassociates

Other Q2 2015AHE

AHE movements Q1 to Q2 2015 ($m)

...largely offset by benefits from continued cost savings work.


Cost Performance – June Quarter 2015 vs Prior Quarter

734

718

-11 +13 -9

-14

-4 +11

-2

Q1 2015 Exchange Inflation Volume andgrade

Stockpilesand

inventory

Bu products Efficiency Other Q2 2015

Cash cost $/oz produced


Cost Performance – June Quarter 2015 vs Prior year same Quarter

833

718

-87

+26 +52

-27 -8

-73

+2

Q2 2014 Exchange Inflation Volume andgrade

Stockpilesand

inventory

Royalties Efficiency Other Q2 2015

Cash cost $/oz produced

Documents

Results for the second quarter ended 30 June 2015...Q2 2015 Production oz *World Gold Council standard All in sustaining costs* Total cash costs 875 854 1,042 1,064 Q2 2014 Q2 2015

Results for the second quarter ended 30 June 2015...Q2 2015 Production oz World Gold Council standard All in sustaining costs Total cash costs 875 854 1,042 1,064 Q2 2014 Q2 2015