<ir> 2019

About AngloGold Ashanti

AngloGold Ashanti is an independent, global gold mining company with a diverse, high-quality portfolio of operations, projects and exploration activities across ten countries on four continents.

We creates value by safely and responsibly mining and marketing our products. Delivering on our mission entails ensuring that our business model and strategy are sufficiently robust and flexible to adapt to the ever-changing, dynamic world in which we operate.
IN THIS SECTION:
MANAGING OUR ESG IMPACTS FOR Sustainability

IN THIS SECTION:
- E = Environment:
  - Environmental responsibilities and performance
- S = Social:
- G = Governance:
FOR MORE INFORMATION:
- <SR> Sustainability Report 2019
RELATED MATERIAL ISSUES:
RELATED RISKS:
- Risk 3: Failure to meet our operational and safety targets
- Risk 8: Implications of future tailings regulations for our governance of event risks
- Risk 9: Loss of/threats to social licence to operate
AFFECTED CAPITALS:
- Social and relationship capital
- Natural capital
- Financial capital
- Intellectual capital (governance)
ENSURING
financial flexibility

Financials hightlights of the year under review include:
- Key guidance metrics met or exceeded for the seventh consecutive year
- Production of 3.281Moz
- 106% increase in free cash flow before growth capital to $448m
- Adjusted net debt to adjusted EBITDA improved to 0.91 times with cash and cash equivalents of $463m
- Agreement reached on sale of remaining South African assets and Sadiola mine in Mali
- Dividend 165 ZAR cents (approximately 11 US cents) per share declared – up 57%
IN THIS SECTION:
- CFO's review
- Three-year summaries:
FOR MORE INFORMATION:
- <AFS> Annual Financial Statements 2019
IMPROVED
portfolio quality

We have a portfolio of assets that must be actively managed to ensure delivery on our strategic objectives
CONTINENTAL AFRICA

Guinea:

Siguiri (85%)

Mali:

Morila (40%)

Sadiola (41%)

Ghana:

Iduapriem

Obuasi

Tanzania:

Geita

DRC:

Kibali (45%)
SOUTH AFRICA

Mponeng

Surface Operations
AMERICAS

Argentina:

Cerro Vanguardia (92.5%)

Brazil:

Serra Grande

AGA Mineração

Colombia:

Gramalote (51%)

La Colosa

Quebradona
AUSTRALIA

Sunrise Dam

Tropicana (70%)
RELEVANT RISKS
- Risk 1: Regulatory changes to mining rights and adverse fiscal changes
- Risk 2: Inability to convert Mineral Resource to Ore Reserve
- Risk 3: Failure to meet our operational and safety targets
AFFECTED CAPITALS:
- Natural capital
- Human and Intellectual capital
- Manufactured capital
- Financial capital
- Social and relationship capital
MAINTAIN
long-term optionality

Ensuring a viable Mineral Resource and Ore Reserve pipeline will enable delivery of sustained value-adding growth in the long term.

GOLD

Inclusive Mineral Resource

175.6Moz

Ore Reserve

43.9Moz

COPPER

Ore Reserve

9,677Mlb

Inclusive Mineral Resource

3,068Mlb
IN THIS SECTION:

Exploration and projects
FOR MORE INFORMATION:

<RR> Mineral Resource and Ore Reserve Report 2019
RELATED RISK
- Risk 2: Inability to convert Mineral Resource into Ore Reserve
CAPITAL AFFECTED
- Natural capital
ACHIEVEMENTS 2019
- Our Ore Reserve increased by 3.5Moz (before depletion), indicating the progress made in extending the lives of our mining operations
- After depletion and excluding South Africa, the Ore Reserve increased by 1.1Moz
FUTURE APPROACH

To improve operating and mining flexibility by investing in Ore Reserve development and Ore Reserve conversion drilling at sites with high geological potential over the next two to three years.