This section of the Remuneration Report explains the implementation of the remuneration policy by providing details of the remuneration paid to members of the executive management team and non-executive directors for the financial year ended 31 December 2021.

Executive management team pay

Mercer conducts a biennial bespoke survey of executive management team remuneration. For 2021, the committee reviewed the comparator group against AngloGold Ashanti to ensure that changes in the market had not led to variances that made the current matches inappropriate. The committee approved the inclusion of Sibanye-Stillwater into the comparator group commencing in 2022. See <NOM>.

The companies included in the comparator group are ranked in terms of a number of criteria selected in areas which were aligned with AngloGold Ashanti. The table below summarises the 2021 comparator group:

2021 Comparator benchmark group

Agnico Eagle Mines	Canada
Anglo American Platinum Limited	South Africa
Antofagasta	United Kingdom
Barrick Gold Corporation	Canada
B2Gold Corporation	Canada
Gold Fields Limited	South Africa
Kinross Gold Corporation	Canada
Newcrest Mining Limited	Australia
Newmont/Goldcorp	United States
South32	Australia
Yamana Gold Incorporated	Canada

Annual salary review 2021

In January 2021, annual increases resulted in each member of the executive management team receiving an increase in line with the CPI in their respective jurisdictions. This is in line with increases for all AngloGold Ashanti employees. Most of the executive management voluntarily elected to donate their increase to the special COVID-19 relief fund in South Africa. The respective CPI increases applicable to the executive management team were as follows:

Region	Inflationary salary increase
Australia	1.5%
South Africa	4.1%
United States	2.0%

It is to be noted that a special salary increase adjustment was implemented effective 1 January 2021 for Ms Lizelle Marwick who has received an overall increase of 20% to align her closer to both the market and her internal peers.

Details are available in the single total figure reporting table below.

For management and below employees that are not in the bargaining unit, the committee reviews a local market increase application, this is primarily based on CPI. However, concession is granted where there are region specific scarce skills or hyperinflation considerations. For 2021 the majority of increases were CPI based. Actual increases are typically performance differentiated while retaining the overall CPI increase pool.

Increases awarded to our various bargaining units were determined through a collective bargaining process.

Executive movements

A new CEO, Mr Alberto Calderon, was appointed on 1 September 2021. His remuneration and sign-on details are reflected in the single total figure reporting table below.

Ms Christine Ramon, Interim CEO, and Mr Ian Kramer, Interim CFO, continued in their interim appointments, which had begun on 1 September 2020, until the appointment of the new CEO on 1 September 2021, when Ms Christine Ramon and Mr Ian Kramer resumed their respective roles as CFO and Senior Vice President: Group Finance.

The Interim CEO’s and Interim CFO‘s remuneration details for 2021 are reflected as follows below:

• Ms Ramon: Interim CEO from 1 January 2021 to 31 August 2021 and CFO from 1 September 2021 to 31 December 2021
• Mr Kramer: Interim CFO (in his capacity as a prescribed officer) from 1 January 2021 to 31 August 2021

An allowance aligned to the Company’s acting allowance policy formed part of Ms Ramon and Mr Kramer’s remuneration to recognise the additional responsibilities associated with these roles for the period 1 January 2021 to 31 August 2021.

Ms Tirelo Sibisi, Executive Vice President: Group Human Resources, resigned effective 1 April 2021; her last day of employment was 30 September 2021. Ms Italia Boninelli was appointed as Interim Group Human Resources Executive Consultant and a prescribed officer for the period 1 April 2021 to 31 December 2021. She will remain on contract until 31 March 2022. Their remuneration is reflected below.

Mr Graham Ehm, Executive Vice President: Planning and Technical, retired effective 31 December 2021. He was replaced by Mr Marcelo Godoy, Chief Technology Officer effective 15 October 2021. Their remuneration is reflected below.

Mr Vaughan Chamberlain assumed the role of Acting Chief Development Officer from 1 October 2021. An allowance aligned with the Company’s acting allowance policy formed part of Mr Chamberlain’s remuneration to recognise the additional responsibilities associated with the prescribed officer role for the period 1 October 2021 to 31 December 2021. This is reflected below.

Due to the reconfigured Operating Model, Sicelo Ntuli separated from the Company after a distinguished career spanning 22 years. His separation payments were calculated in line with the relevant policy and can be seen in the single figure tables below.

Ms Lisa Ali, Chief People Officer, and Mr Terry Briggs, Chief Development Officer, will both be joining AngloGold Ashanti effective 1 April 2022. No payments were made to them for the 2021 reporting period.

The single total figure reporting below provides the remuneration details of executive directors and prescribed officers who held office in the current year in line with the shareholder-approved standard conditions of employment. It is to be noted that KPM Dushnisky who was no longer a director or prescribed officer for the relevant period in 2021 was paid the balance of his 12-month notice period of $2.8m, which included his DSP FY2020 cash bonus in February 2021. These payments are in accordance with our termination policy under Overview of the Remuneration policy and were previously disclosed in our 2020 report.

The single figure remuneration comprises an overview of all the pay elements available to the executive management team for the year ended 31 December 2021.

Executive directors’ and prescribed officers’ remuneration

The tables below illustrate the single total figure of remuneration and the total cash equivalent received reconciliation of Executive Directors and Prescribed Officers as prescribed by King IV. It comprises an overview of all the pay elements available to the executive management team for the year ended 31 December 2021.

The following are definitions of terminology used in the adoption of the reporting requirements under King IV:

• Reflected: In respect of the DSP awards, remuneration is reflected when performance conditions have been met during the reporting period.
• Settled: This refers to remuneration that has been included in prior reporting periods and has now become payable but may not yet have been paid to the executive in the current period.

Single total figure of remuneration

		Base Salary						Awards earned during the period reflected but not yet settled
		(1)ZAR denominated portion	USD/AUD denominated portion	Pension Scheme benefits	Once off relocation costs	Cash in lieu of dividends	(2)Other benefits	DSP awards	Sign-on awards granted	Other payments	Single total figure of remuneration
		ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	(14)USD ‘000
Executive directors
A Calderon(4)	2021	–	7,821	2,066	–	–	156	20,481	10,289	–	40,813	2,761
	2020	–	–	–	–	–	–	–	–	–	–	–
KC Ramon(5)	2021	6,104	4,324	864	–	67	525	7,652	–	22,974	42,510	2,875
	2020	5,864	4,594	834	–	385	924	22,507	–	16,513	51,621	3,138
Total executive directors	2021	6,104	12,145	2,930	–	67	681	28,133	10,289	22,974	83,323	5,636
	2020	5,864	4,594	834	–	385	924	22,507	–	16,513	51,621	3,138
Prescribed officers					–
SD Bailey	2021	4,648	3,062	–	–	30	1,246	15,752	–	–	24,738	1,673
	2020	4,465	3,305		–	75	1,259	24,103	–	–	33,207	2,019
I Boninelli(6)	2021	4,725	–	–	–	–	131	4,091	–	–	8,947	605
	2020	–	–	–	–	–	–	–	–	–	–	–
VA Chamberlain(7)	2021	1,047	252	137	–	–	29	7,228	–	264	8,957	606
	2020	–	–	–	–	–	–	–	–	–	–	–
PD Chenard(8)	2021	440	335	–	–	–	1,489	–	–	–	2,264	153
	2020	5,282	4,255		–	–	2,468	8,554	–	–	20,559	1,250
GJ Ehm(9)	2021	–	10,392	291	–	54	1,548	6,359	–	–	18,644	1,261
	2020	–	10,462	284	–	409	710	32,108	–	–	43,973	2,673
L Eybers	2021	–	10,760	291	–	52	1,578	21,189	–	–	33,870	2,291
	2020	–	10,832	284	–	377	798	31,896	–	–	44,187	2,686
MC Godoy(10)	2021	–	1,882	141	–	–	358	4,782	35,072	–	42,235	2,857
	2020	–	–	–	–	–	–	–	–	–	–	–
I Kramer(11)	2021	2,408	–	301	–	15	48	5,459	–	602	8,833	598
	2020	1,156	–	144	–	–	24	6,085	–	289	7,698	468
L Marwick(12)	2021	4,706	1,828	629	–	13	271	13,735	–	–	21,182	1,433
	2020	1,896	939	256	–	–	136	16,615	–	571	20,413	1,241
S Ntuli(13)	2021	5,415	3,567	756	–	36	2,239	5,358		17,599	34,970	2,365
	2020	5,202	3,851	728	–	95	1,387	26,942	–	–	38,205	2,322
TR Sibisi(14)	2021	1,144	758	242	–	47	14	–	–	4,406	6,611	447
	2020	4,484	3,518	1,000	–	258	58	20,802	–	–	30,120	1,831
Total prescribed officers	2021	24,533	32,836	2,788	–	247	8,951	83,953	35,072	22,871	211,251	14,289
	2020	22,485	37,162	2,696	–	1,214	6,840	167,105	–	860	238,362	14,490

1. Salary denominated in USD/AUD for global roles and responsibilities converted to ZAR on payment date.
2. Other benefits include health care, group personal accident cover, group life cover, funeral cover, accommodation allowance, pension allowance, airfare and surplus leave encashed. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over.
3. The fair value of the DSP comprises a cash bonus and share awards for the year ended 31 December 2021. The cash bonus is payable in February 2022 and the share awards are allocated in February 2022. Shares vest over a three to five year period in equal tranches.
4. A Calderon was appointed as executive director and CEO with effect from 1 September 2021. All payments including salary, DSP awards, pension, and other benefits were pro-rated and aligned to the appointment period.
5. KC Ramon was appointed as Interim CEO from 1 September 2020 to 31 August 2021. Included in the DSP awards is the DSP cash bonus and share award for 2021 calculated on the CFO role for four months. Other payments reflect the acting allowance paid and the DSP cash bonus and share award for the acting period of eight months calculated on the CEO percentage bonus opportunity.
6. I Boninelli was appointed as Executive Group Human Resources Consultant and prescribed officer effective 1 April 2021. All payments including salary, DSP awards (cash bonus only) and other benefits were pro-rated and aligned to the appointment period.
7. VA Chamberlain was appointed as Interim Chief Development Officer and prescribed officer effective 1 October 2021. All payments including salary, pension and other benefits were pro-rated and aligned to the appointment period. Included in the DSP awards is the DSP cash bonus and share award for the full year of 2021 (DSP awards were not pro-rated but were calculated based on his Senior Vice President (SVP) salary including a three-month acting allowance). Other payments reflect the acting allowance for the acting period from 1 October to 31 December 2021.
8. PD Chenard retired as EVP: Strategy and Corporate Development and prescribed officer with effect from 31 January 2021. All payments including salary and other benefits were pro-rated and aligned to retirement date.
9. GJ Ehm retired as EVP: Group Planning and Technical and prescribed officer with effect from 31 December 2021. All payments including salary, pension, DSP awards (cash bonus only) and other benefits are aligned to retirement date.
10. MC Godoy was appointed as Chief Technology Officer and prescribed officer effective 15 October 2021. All payments including salary, DSP awards, pension, and other benefits were pro-rated and aligned to the appointment period.
11. I Kramer was appointed as Interim CFO and prescribed officer from 1 September 2020 to 31 August 2021. All payments including salary, pension and other benefits were pro-rated aligned to the acting period for 2021. Included in the DSP awards is the DSP cash bonus and share award for the full year of 2021 (DSP awards were not pro-rated but were calculated based on his SVP salary including an eight-month acting allowance). Other payments reflect the acting allowance for the acting period from 1 January to 31 August 2021.
12. L Marwick’s 2021 earnings are for a full financial year as compared to 2020 earnings which were prorated as she was promoted and appointed as a prescribed officer effective 1 July 2020.
13. S Ntuli separated from the Company due to the reconfigured Operating Model effective 31 December 2021. All payments including salary, pension, DSP awards (cash bonus only) and other benefits are aligned to separation date. Other payments include separation payments.
14. TR Sibisi resigned as EVP: Group Human Resources and prescribed officer effective 1 April 2021. All payments including salary, pension and other benefits were pro-rated and aligned to 1 April 2021. Included in other payments is payment in lieu of unworked notice period from 1 April 2021 to 30 September 2021.
15. Convenience conversion to USD at the year-to-date average exchange rate of $1: R14.7842 (2020: $1: R16.4506).

Total cash equivalent received reconciliation

			Awards earned during the period reflected but not yet settled		DSP 2020 cash portion settled	DSP share awards settled			Sign-on cash settled			Sign-on shares settled
		Single total figure of remuneration	(1)DSP awards	Sign-on awards granted		(2)Grant fair value	(2)Market movement since grant date	(2)Vesting fair value	(2)Grant fair value	(2)Currency movement since grant date	(2)Settlement fair value	(2)Grant fair value	(2)Market movement since grant date	(2)Vesting fair value	Total cash equivalent received reconciliation
		ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	(3)US$ ‘000
Executive directors
A Calderon	2021	40,813	(20,481)	(10,289)	–	–	–	–	10,289	–	10,289	–	–	–	20,332	1,375
	2020	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
KC Ramon	2021	42,510	(28,907)	–	11,479	7,751	1,596	9,347	–	–	–	–	–	–	34,429	2,329
	2020	51,621	(38,137)	–	9,214	22,804	24,878	47,682	–	–	–	–	–	–	70,380	4,278
Total executive directors	2021	83,323	(49,388)	(10,289)	11,479	7,751	1,596	9,347	10,289	–	10,289	–	–	–	54,761	3,704
	2020	51,621	(38,137)	–	9,214	22,804	24,878	47,682	–	–	–	–	–	–	70,380	4,278
Prescribed officers
SD Bailey	2021	24,738	(15,752)	–	6,793	3,892	504	4,396	–	–	–	–	–	–	20,175	1,365
	2020	33,207	(24,103)	–	5,473	4,960	5,278	10,237	–	–	–	–	–	–	24,814	1,508
I Boninelli	2021	8,947	(4,091)	–	–	–	–	–	–	–	–	–	–	–	4,856	328
	2020	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
VA Chamberlain	2021	8,957	(7,228)	–	–	2,099	425	2,524	–	–	–	–	–	–	4,253	288
	2020	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
PD Chenard	2021	2,264	–	–	7,977	2,624	(151)	2,473	–	–	–	6,513	3,644	10,157	22,871	1,547
	2020	20,559	(8,554)	–	5,557	–	–	–	3,165	–	3,165	6,513	9,012	15,525	36,252	2,204
GJ Ehm	2021	18,644	(6,359)	–	9,465	6,912	1,468	8,380	–	–	–	–	–	–	30,130	2,038
	2020	43,973	(32,108)	–	8,612	20,969	21,781	42,750	–	–	–	–	–	–	63,227	3,843
L Eybers	2021	33,870	(21,189)	–	9,402	6,683	1,376	8,059	–	–	–	–	–	–	30,142	2,039
	2020	44,187	(31,896)	–	8,518	19,688	21,295	40,983	–	–	–	–	–	–	61,792	3,756
MC Godoy	2021	42,235	(4,782)	(35,072)	–	–	–	–	4,583	–	4,583	–	–	–	6,964	471
	2020	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
I Kramer	2021	8,833	(5,459)	–	2,434	1,772	340	2,112	–	–	–	–	–	–	7,920	536
	2020	7,698	(6,085)	–	–	–	–	–	–	–	–	–	–	–	1,613	98
L Marwick	2021	21,182	(13,735)	–	4,760	1,543	262	1,805	–	–	–	–	–	–	14,012	948
	2020	20,413	(16,615)	–	–	–	–	–	–	–	–	–	–	–	3,798	231
S Ntuli	2021	34,970	(5,358)	–	7,593	6,278	1,637	7,915	–	–	–	–	–	–	45,120	3,052
	2020	38,205	(26,942)	–	6,367	6,289	6,710	12,999	–	–	–	–	–	–	30,629	1,862
TR Sibisi	2021	6,611	–	–	5,849	5,399	1,132	6,531	–	–	–	–	–	–	18,991	1,285
	2020	30,120	(20,802)	–	5,943	15,258	16,122	31,380	–	–	–	–	–	–	46,641	2,835
Total prescribed officers	2021	211,251	(83,953)	(35,072)	54,273	37,202	6,993	44,195	4,583	–	4,583	6,513	3,644	10,157	205,434	13,897
	2020	238,362	(167,105)	–	40,470	67,164	71,186	138,349	3,165	–	3,165	6,513	9,012	15,525	268,766	16,337

1. The fair value of the DSP comprises of a cash bonus and share awards for the year ended 31 December 2021. The cash bonus is payable in February 2022 and the share awards are allocated in February 2022. Shares vest over a three-five year period in equal tranches.
2. Reflects the sum of all the grant fair value, the sum of all the share price movements since grant to vesting date and the sum of all the vesting fair value for the vested DSP 2019, DSP 2020 and vested sign-on share awards and difference in the currency movements for the vested sign-on cash settled award.
3. Convenience conversion to USD at the year-to-date average exchange rate of $1: R14.7842 (2020: $1: R16.4506).

Details of the share incentive scheme awards are reflected in the tables that follow.

Number of unvested awards and movement during the reporting period

DSP awards		Balance at 1 January	Granted	Vested, deemed settled	Forfeited/ lapsed	Balance at 31 December	(1)Fair value of granted awards	(2)Fair value of vested awards	(3)Fair value of unvested awards at 31 December
							ZAR ‘000	ZAR ‘000	ZAR ‘000
Prescribed officers
PD Chenard	2021	32,476	–	32,476	–	–	–	10,157	–
	2020	64,951	–	32,475	–	32,476	–	15,525	11,124
MC Godoy	2021	–	107,353	–	–	107,353	30,489	–	35,287
	2020	–	–	–	–	–	–	–	–
Total prescribed officers	2021	32,476	107,353	32,476	–	107,353	30,489	10,157	35,287
	2020	64,951	–	32,475	–	32,476	–	15,525	11,124
Other management(4)	2021	87,939	5,449	87,939	896	4,553	1,415	27,277	1,497
	2020	175,878	–	87,939	–	87,939	–	28,473	30,121
Total sign–on share awards	2021	120,415	112,802	120,415	896	111,906	31,904	37,434	36,784
	2020	240,829	–	120,414	–	120,415	–	43,998	41,245

1. The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date. The share awards were granted on start date and will vest over a two to three year period in equal tranches in accordance with the JSE Listings Requirements.
2. The fair value of vested awards represents the value received on settlement date.
3. The fair value of unvested awards is calculated using the closing share price as at 31 December.
4. The awards for other management include awards for Mr KPM Dushnisky who stepped down as executive director in 2020.

Number of unvested awards and movement during the reporting period

DSP awards		Balance at 1 January	Granted	Vested, deemed settled	Forfeited/ lapsed	Balance at 31 December	(1)Fair value of granted awards	(2)Fair value of vested awards	(3)Fair value of unvested awards at 31 December
							ZAR ‘000	ZAR ‘000	ZAR ‘000
Executive directors
A Calderon	2021	–	–	–	–	–	–	–	–
	2020	–	–	–	–	–	–	–	–
KC Ramon	2021	134,421	79,541	30,475	–	183,487	24,576	9,347	60,312
	2020	89,782	62,595	17,956	–	134,421	20,404	6,069	46,042
Total executive directors	2021	134,421	79,541	30,475	–	183,487	24,576	9,347	60,312
	2020	89,782	62,595	17,956	–	134,421	20,404	6,069	46,042
Prescribed officers
SD Bailey	2021	52,433	51,929	14,325	–	90,037	16,045	4,396	29,595
	2020	19,196	39,635	6,398	–	52,433	12,920	2,163	17,959
I Boninelli	2021	–	–	–	–	–	–	–	–
	2020	–	–	–	–	–	–	–	–
VA Chamberlain4	2021	19,889	15,498	8,228	–	27,159	4,788	2,524	8 927
	2020	–	–	–	–	–	–	–	–
PD Chenard	2021	40,251	–	8,050	–	32,201	–	2,473	10,584
	2020	–	40,251	–	–	40,251	13,121	–	13,787
GJ Ehm	2021	120,204	73,218	27,321	–	166,101	22,622	8,380	54,597
	2020	82,037	54,574	16,407	–	120,204	17,789	5,546	41,172
L Eybers	2021	115,886	72,734	26,272	–	162,348	22,473	8,058	53,364
	2020	77,380	53,982	15,476	–	115,886	17,597	5,231	39,693
MC Godoy	2021	–	–	–	–	–	–	–	–
	2020	–	–	–	–	–	–	–	–
I Kramer	2021	12,892	11,816	6,884	–	17,824	3,651	2,112	5,859
	2020	7,759	9,012	3,879	–	12,892	2,938	1,311	4,416
L Marwick	2021	11,482	36,223	5,884	–	41,821	11,192	1,805	13,747
	2020	6,170	8,397	3,085	–	11,482	2,737	1,043	3,933
S Ntuli	2021	62,114	58,047	25,226	–	94,935	17,935	7,915	31,205
	2020	24,006	46,110	8,002	–	62,114	15,030	2,705	21,275
TR Sibisi5	2021	93,775	–	21,291	72,484	–	–	6,531	–
	2020	63,424	43,035	12,684	–	93,775	14,028	4,287	32,120
Total prescribed officers	2021	528,926	319,465	143,481	72,484	632,426	98,706	44,194	207,878
	2020	279,972	294,996	65,931	–	509,037	96,160	22,286	174,355
Other management6	2021	1,442,976	786,342	691,212	250,330	1,287,776	242,956	212,629	423,292
	2020	1,229,606	818,941	430,107	155,575	1,462,865	266,950	145,376	501,059
Total DSP awards	2021	2,106,323	1,185 348	865,168	322,814	2,103,689	366,238	266,170	691,482
	2020	1,599,360	1,176,532	513,994	155,575	2,106,323	383,514	173,731	721,456

1. The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date, 24 February 2021.
2. The fair value of vested awards represents the value deemed received on settlement date.
3. The fair value of unvested awards is calculated using the closing share price as at 31 December.
4. Opening balances were included as part of Other Management.
5. Share awards lapsed due to resignation.
6. The awards for other management include awards for Ms ME Sanz, who resigned in 2020, and Mr KPM Dushnisky, who stepped down as executive director in 2020.

Minimum shareholding requirements

For the purposes of the MSR calculation, only fully owned and vested awards will count towards the determination of the MSR.

Executive	Six-year target achievement date	MSR holding as at 31 December 2021 as a percentage of net base pay	Three-year MSR target achievement percentage	Six-year MSR target achievement percentage
Executive directors
A Calderon (1)	September 2027	7%	150%	300%
KC Ramon	March 2021	899%	125%	250%
Prescribed officers
SD Bailey	January 2025	199%	100%	200%
I Boninelli (2)	April 2027	0%	100%	200%
VA Chamberlain (3)	October 2027	57%	100%	200%
GJ Ehm (4)	March 2019	243%	100%	200%
L Eybers	March 2023	370%	100%	200%
MC Godoy (5)	October 2027	0%	100%	200%
L Marwick	July 2026	108%	100%	200%
S Ntuli (6)	January 2025	181%	100%	200%

1. Appointed executive director with effect from 1 September 2021 and the three-year MSR achievement is due in September 2024.
2. Appointed prescribed officer with effect from 1 April 2021 and the three-year MSR achievement is due in April 2024.
3. Appointed prescribed officer with effect from 1 October 2021 and the three-year MSR achievement is due in October 2024.
4. Retired prescribed officer with effect from 31 December 2021. MSR holding not required.
5. Appointed prescribed officer with effect from 15 October 2021 and the three-year MSR achievement is due in October 2024.
6. Prescribed officer separated from the Company due to the reconfigured Operating Model with effect from 31 December 2021. MSR holding not required.

2021 DSP performance outcomes

The committee approved the 2021 DSP metrics Company performance achievement with the following downward adjustments:

• nCROE: 7.5% reduction from stretch to target on the basis of the Company’s performance
• AIFR: 4% reduction as a result of the two fatalities that took place at Obuasi in Ghana and Serra Grande in Brazil
• This resulted in a total reduction of 11.5%. Therefore the 2021 DSP Company performance achievement will be 70.73% (from the original 82.23%)

The table below, which is a 14% reduction on the unadjusted figure, summarises AngloGold Ashanti’s remuneration metrics, their weightings, and performance against these metrics applicable to the DSP during 2021:

DSP performance measure		Weighting	Threshold measures	Target measures	Stretch measures	2021 achievement %
Financial measures	Relative total shareholder return (measured in US$)	10.00%	Median TSR of comparators	Halfway between median and upper quartile	Upper quartile of TSR comparators	15.00%
	Absolute total shareholder return (measured in US$)	10.00%	US$ COE	US$ COE + 2%	US$ COE + 6%	15.00%
	Normalised cash return on equity (nCROE)	15.00%	US$ COE (6%)	US$ COE + 9% (15%)	US$ COE + 18% (24%)	15.00%
	Production	12.50%	2,700oz (000)	2,800oz (000)	2,900oz (000)	0.00%
	All-in-sustaining costs	15.00%	US$1,230/oz	US$1,205/oz	US$1,180/oz	0.00%
Future optionality	Ore Reserve additions (pre-depletion, asset sales, mergers and acquisitions)	6.25%	Plus 1.4Moz	Plus 2.9Moz	Plus 4.3Moz	5.91%
	Mineral Resource (pre-depletion, asset sales, mergers and acquisitions)	6.25%	Plus 3.8Moz	Plus 7.5Moz	Plus 11.3Moz	0.00%
Safety, health, environment and community	All injury frequency rate (AIFR) – one year	4.00%	≥2.5% performance improvement (2.33)	≥5% performance improvement (2.27)	≥7.5% performance improvement (2.21)	2.00%
	Major hazard management critical control percentage compliance	4.00%	95% critical control compliance	99% critical control compliance	99.5% critical control compliance	4.60%
	Cumulative number of critical control registers established for site-specific, material health risks (as captured in AuRisk) at each operation	1.50%	5	6	8	2.08%
	Compliance with occupational exposure monitoring programmes for noise and dust at each operation	1.50%	60% Compliance	70% Compliance	90% Compliance	2.01%
	Number of reportable environmental incidents at operating mines	3.00%	2	1	–	0.00%
	GHG emissions – develop a carbon budget for each operation based on approved business plans	3.00%	80% of operations	90% of operations	100% of operations	4.50%
	Number of business disruptions as a result of community unrest	2.50%	3	2	–	3.13%
Core value: People	Succession bench strength in talent for Executive Committee roles	2.00%	15 successors	16 successors	18 successors	0.00%
	Key staff retention	1.00%	85% p.a.	90% p.a.	95% p.a.	1.50%
	Gender diversity	2.50%	21% female representation	23% female representation	25% female representation	0.00%
	Total	100%				70.73%

No malus or clawback provisions were applied for the Executive Committee members in 2021.

Total remuneration outcomes – Alberto Calderon

Chief Executive Officer – four months (September – December 2021)

Start date:	1 September 2021
Notice period:	12 months
Change in control (as described in the Remuneration Policy, “Change in control” ):	12 months

Total actual pay for Mr Calderon is based on four months, which is aligned to his start date of 1 September 2021. Note that the target and maximum earning potential have been annualised.
Maximum DSP cash bonus opportunity: 150%	Final cash bonus results: 86.58%
Maximum DSP share awards opportunity: 300%	Final share award results: 173.17%
Total DSP opportunity: 450% (as % of base pay)	Final DSP result for 2021: 259.75%

CEO: Key objectives and achievements 2021

Scorecard	Weighting	Comments
Health, safety, environment and community Safety – 12.5% Health, environment and community – 12.5% Results aligned to Company DSP outcome	25%	A new Climate Change Strategy has been developed We have published our inaugural Climate Change Report during the year, in line with the recommendations of the Task Force on Climaterelated Financial Disclosures Our all injury frequency rate in 2021 ended with 2.14 injuries per million hours worked, which remains well below the ICMM member Company average. This however does not detract from the fact that in 2021 we lost two of our colleagues The decarbonisation target of a 30% reduction in GHG emissions intensity by 2022 has been exceeded (baseline year: 2007)
Production and cost Achievement of production ounces and cash cost/oz Deliver the Company strategy and market guidance Advance major projects for the Company’s long-term future	55%	Our mines stabilised in the second half of the year with a 12% production gain from our operating assets (excluding Obuasi) over the first half, partly offsetting rising costs related to COVID-19 and inflation impacts We generated $104m free cash flow, leaving our balance sheet in a solid position at year-end, with low gearing, strong liquidity and no nearterm debt maturities We resumed underground mining at Obuasi in October and since then the start plan has tracked to schedule The acquisition of Corvus has enhanced the project pipeline. This delivers a unique opportunity to consolidate Corvus’ assets with our own in one of the world’s top ranking mining jurisdictions to create a meaningful new production base, with first gold output anticipated in three years
Individual KPIs Operating model that builds organisational efficiency through effective structure and leadership Effective stakeholder management through: Effective relationships with Shareholders and Investors; and Effective regular communication with Executive Committee, operations, projects and employees	20%	The CEO spent significant time with the leadership team immediately after his appointment in September 2021, designing and communicating the new model and implementation was completed in early 2022. The new organisational structure provides clear accountability across the business With a focus on transformation, talent management, business improvement and mine planning, the CEO made three key external appointments, adding significant experience to an already seasoned group of existing executives
Total	100%

CEO: Performance incentive outcome 2021

2021 DSP performance outcome	Weighting	DSP award outcome
Financial performance targets
Relative total shareholder return	10.00%	15.00%
Absolute total shareholder return	10.00%	15.00%
nCROE	15.00%	15.00%
Production	12.50%	0.00%
All-in sustaining costs	15.00%	0.00%
Ore Reserve pre-depletion	6.25%	5.91%
Mineral Resource additions pre-depletion	6.25%	0.00%
Safety, health, environment and community	19.50%	18.32%
Core value: people	5.50%	1.50%
Total % for Company performance:	100.00%	70.73%

	x
Organisational performance weighting:	80.00%
	=
A – Organisational performance weighted outcome:	56.58%
Individual performance results
Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets. Individual performance weighting:	20.00%
Performance rating award correlation:	X 150.00% =
B – DSP opportunity based on individual performance:	30.00%
Total % of DSP pay opportunity (A+B)	86.58% X
On-target total cash bonus opportunity (as % of base pay)	100.00%
On-target total deferred share award opportunity (as % of base pay)	200.00% =
Final cash bonus result (as % of base pay)	86.58%
Final deferred share award result (as % of base pay)	173.17%
Base pay for four months as at 31 December 2021 (all offshore payments converted to ZAR at exchange rate of ZAR14.7842: USD1)	x 7,884,907 =
Annual cash portion of DSP:	6,827,068
Annual deferred share portion of DSP (to vest over five years):	13,654,135
Total 2021 deferred share plan award:	20,481,203

Total remuneration outcomes – Christine Ramon

Start date:	1 October 2014
Notice period:	6 months
Change in control (as described in the Remuneration Policy, “Change in control”):	6 months

(a) Interim Chief Executive Officer – eight months (January – August 2021)

Total actual pay for Ms Ramon in 2021, which could result from the remuneration policy stated above, is shown in relation to target and maximum earning potential.
Maximum DSP cash bonus opportunity: 150%	Final cash bonus results: 81.58%
Maximum DSP share awards opportunity: 300%	Final share award results: 163.17%
Total DSP opportunity: 450% (as % of base pay)	Final DSP result for 2021: 244.75%

Interim CEO: Personal KPIs and performance 2021

Interim CEO Personal KPIs	Weighting	Comments
Focus on employee health and safety and maintain business continuity in the context of the COVID-19 pandemic	20%	Supported the roll out of the revitalised safety strategy across the group which resulted in the number of reported high potential incidents improving year-on-year Maintained focus on business continuity while proactively managing operational and supply risks to ensure adequate stockpile levels and three to six months of critical consumables and spares across operations to mitigate risk Ensured AngloGold Ashanti maintained its focus on the COVID-19 vaccination roll-out programme across the group within the regulatory frameworks of each of our operational jurisdictions
Guide the development of 2022 strategy and execute the agreed 2021 strategy	25%	Focused on extending mine lives and improving Ore Reserve confidence through development. Completed 465km of brownfield drilling in the first half of the year. Notable successes included the continued growth of the newly discovered Frankie orebody at Sunrise Dam and additional high-grade intercepts at Geita’s Nyamulilima discovery Tropicana-Havana Stage 2 progressed and Sunrise Dam’s Golden Delicious open pit was completed The Geita Hill underground portal development advanced according to plan Received permits for the Geita Nyamulilima open pit earlier than expected and progressed its development Obtained the new TSF facility permit for Iduapriem and advanced related plans The reinvestment strategy experienced delays in the execution of Cut 2 at Iduapriem, a result of community issues, and an unplanned pit-wall failure at Tropicana has led to a three-month production delay for 2022 Kept market informed on Obuasi, and in particular the voluntary suspension of underground activities there following the fatal incident in May 2021, the mine-wide review process and the potential impact on the Ore Reserve. The Obuasi mine suspension led to the revision of market guidance in August 2021 The Corvus business case was progressed and the proposal to acquire the 80% stake was approved by board in July 2021 Supported the launch of the shared consciousness framework on 29 April 2021 to ensure improved visibility, accountability and focus on ESG metrics Ensured a strong focus on progressing the Company’s Climate Change Strategy Ensured an appropriate focus and the necessary governance structures to monitor implementation of the Brazilian TSF compliance programme
Disciplined capital allocation: balance sheet, reinvestment in the business and shareholder returns	25%	Maintained adequate balance sheet liquidity. Balance sheet metrics remained strong with an improved adjusted net debt to adjusted EBITDA ratio of 0.37 times at the end of the second quarter 2021 compared to 0.73 times for June 2020 Maintained focus on capital discipline and ensuring that capital was managed within budget Ensured substantial completion of Obuasi Phase 2 in June 2021. Phase 3 was established and progressed while underground mining activities were suspended
Effective stakeholder management	20%	Represented AngloGold Ashanti at all major investor conferences Led the capital markets day communication in February 2021. This was the first time that AngloGold Ashanti management held this event in 8 years. The strategy and longerterm guidance issued was well received by the market. Unfortunately, the suspension of underground mining operations at Obuasi and cost pressures led to the revision in the market guidance later in the year Participated in key stakeholder forums and engaged with joint venture partners, ensuring that AngloGold Ashanti’s position on key sustainability and other relevant matters was advanced Ensured regular communication with the organisation through briefs and townhall sessions
Organisational culture and values refresh	10%	Initiated and directed the organisational culture and values refresh journey Continued to embed the diversity and inclusion framework across the group Progressed unconscious bias training and played an active role in the Global Women’s Forum Ensured review of relevant human resource policies, practices and frameworks Held regular team cohesion sessions with the executives
Total	100%

Interim CEO: DSP performance incentive outcome 2021

2021 DSP performance outcome	Weighting	DSP award outcome
Financial performance targets
Relative total shareholder return	10.00%	15.00%
Absolute total shareholder return	10.00%	15.00%
nCROE	15.00%	15.00%
Production	12.50%	0.00%
All-in sustaining costs	15.00%	0.00%
Ore Reserve pre-depletion	6.25%	5.91%
Mineral Resource additions pre-depletion	6.25%	0.00%
Safety, health, environment and community	19.50%	18.32%
Core value: people	5.50%	1.50%
Total % for Company performance:	100.00%	70.73%

	x
Organisational performance weighting:	80.00%
	=
A – Organisational performance weighted outcome:	56.58%
Individual performance results
Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets. Individual performance weighting:	20.00%
Performance rating award correlation:	X 125.00% =
B – DSP opportunity based on individual performance:	25.00%
Total % of DSP pay opportunity (A+B)	81.58% X
On-target total cash bonus opportunity (as % of base pay)	100.00%
On-target total deferred share award opportunity (as % of base pay)	200.00% =
Final cash bonus result (as % of base pay)	81.58%
Final deferred share award result (as % of base pay)	163.17%
Base pay for eight months as at December 2021 (all offshore payments converted to ZAR at exchange rate of ZAR14.7842: USD1)	x 8,684,485 =
Annual cash portion of DSP:	7,085,162
Annual deferred share portion of DSP (to vest over five years):	14,170,338
Total 2021 deferred share plan award:	21,255,500

(b) Chief Financial Officer – four months (September – December 2021)

Total actual pay for Ms Ramon in 2021, which could result from the remuneration policy stated above, is shown in relation to target and maximum earning potential.
Maximum DSP cash bonus opportunity: 127.5%	Final cash bonus results: 69.35%
Maximum DSP share awards opportunity: 277.5%	Final share award results: 150.93%
Total DSP opportunity: 405% (as % of base pay)	Final DSP result for 2021: 220.28%

Interim CEO: Personal KPIs and performance 2021

Interim CEO Personal KPIs	Weighting	Comments
Leadership and stakeholder engagement	15%	Maintained engagement and effective relationships with investors, banks, debt investors, ratings agencies and joint venture partners Continued providing input at relevant stakeholder forums on financial, tax and regulatory matters
Liquidity, ratings, balance sheet management	30%	Delivered on the refinancing of the 2022 bonds through a new issuance in October 2021, setting a new benchmark, for the lowest coupon ever achieved by AngloGold Ashanti Launched a liability management exercise to redeem the 2022 bonds which was successfully executed in November 2021 Ensured successful refinancing of the Geita $150m RCF in December 2021 Proactively engaged ratings agencies on AngloGold Ashanti’s strategy, cost initiatives, Obuasi’s mining operations and risk mitigation measures applied during the COVID-19 pandemic. All three agencies reaffirmed AngloGold Ashanti’s credit rating during the second half of 2021 Ensured that we maintained our focus on cash upstreaming while complying with regulatory requirements across our various operating jurisdictions Kibali repatriated a cash dividend of $231m (attributable) in 2021, a significant positive development Ensured that our focus remained on cash repatriation in Argentina where we repatriated $19m in cash (net of withholding tax) in December 2021. The remainder of the cash incountry was invested at attractive interest rates and mitigated currency devaluation Ensured tangible progress on the Tanzanian VAT receivable where $54m was offset in 2021 against corporate taxes The balance sheet and liquidity remained strong, despite operational issues, the suspension of underground mining operations at Obuasi and COVID-19 impacts
Cost discipline and cash preservation measures	30%	Compiled revised production and cost guidance in August 2021 – this applied across all metrics for 2021 after taking into consideration COVID-19 impacts (which was explicitly excluded from guidance) Proactively managed supply chain risks across the business. Despite the inflationary pressures, supply chain savings of $52.3m were achieved for 2021 against a target of $55m Maintained a strong focus on reducing corporate costs and non-essential expenditure. Corporate costs were contained well below budget for the year
Governance and Risk management	20%	Ensured a strong culture of compliance across the group through regular interaction with the business, and quarterly CFO sessions; also ensured consistency in accounting practices and proactive risk mitigation processes throughout the Company Ensured that cyber security was effectively managed across the business. There were no material breaches in cyber security during the year The P80 target 2022 budget and P50 stretch budget were delivered timeously for board approval Supported the external auditor tender process which was successfully executed for consideration by the Audit and Risk Committee in November 2021
People, culture, and values refresh	5%	Directly involved in initiation of the organisational culture and values refresh, ensuring broader finance team participation Played an integral part in overseeing the design and implementation of the new Operating Model changes for the finance and supply functions
Total	100%

CFO: DSP performance incentive outcome 2021

2021 DSP performance outcome	Weighting	DSP award outcome
Financial performance targets
Relative total shareholder return	10.00%	15.00%
Absolute total shareholder return	10.00%	15.00%
nCroe	15.00%	15.00%
Production	12.50%	0.00%
All-in sustaining costs	15.00%	0.00%
Ore Reserve additions pre-depletion	6.25%	5.91%
Mineral Resource additions pre-depletion	6.25%	0.00%
Safety, health, environment and community	19.50%	18.32%
Core value: people	5.50%	1.50%
Total % for Company performance:	100.00%	70.73%

	x
Organisational performance weighting:	80.00%
	=
A – Organisational performance weighted outcome:	56.58%
Individual performance results
Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets. Individual performance weighting:	20.00%
Performance rating award correlation:	X 125.00% =
B – DSP opportunity based on individual performance:	25.00%
Total % of DSP pay opportunity (A+B)	81.58% X
On-target total cash bonus opportunity (as % of base pay)	85.00%
On-target total deferred share award opportunity (as % of base pay)	185.00% =
Final cash bonus result (as % of base pay)	69.35%
Final deferred share award result (as % of base pay)	150.93%
Base pay for four months as at 31 December 2021 (all offshore payments converted to ZAR at exchange rate of ZAR14.7842: USD1)	x 3,473,818 =
Annual cash portion of DSP:	2,408,953
Annual deferred share portion of DSP (to vest over five years):	5,243,023
Total 2021 deferred share plan award:	7,651,976

Non-executive directors’ fees and allowances

The board received a 2% inflationary increase for 2021. This increase was based on the US inflation rate in 2021, in line with market practice. This is the first increase non-executive directors have received since 2014. During 2021, the board and its committees held a significantly higher number of special meetings in respect of several strategic matters considered by the board and the recruitment of the CEO and a non-executive, which resulted in an increase in fees paid to non-executive directors.

The table below details the fees and allowances paid to non-executive directors during the year as approved by shareholders.

	(1)Director fees	Committee fees	Travel allowance	Total	Total
	2021 (USD)				2021 (USD)	2021 (USD)
MDC Ramos (Chairperson)	359,350	92,000	–	451,350	202,375	106,750
R Gasant (Lead independent director)	179,900	116,500	–	296,400	222,500	193,250
KOF Busia	139,300	93,500	7,500	240,300	103,250	–
AM Ferguson	139,300	103,000	12,500	254,800	197,000	216,500
AH Garner	139,300	53,500	8,750	201,550	173,500	195,500
NVB Magubane	139,300	38,500	–	177,800	170,500	–
MC Richter	139,300	103,000	7,500	249,800	208,750	230,250
JE Tilk	139,300	130,500	8,750	278,550	205,875	230,500
Total	1,375,050	730,500	45,000	2,150,550	1,483,750	1,172,750

(1) Includes the annual base fee paid to NEDs as well as fees paid for special board meetings.