STANDARD BANK MINING CONFERENCEJune 2018

CAPITAL DISCIPLINE

IN PRACTISE

DISCLAIMER

2

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, total cash costs, all-in sustaining costs, all-in costs, cost savings and

other operating results, 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 report on Form 20-F, which was filed with the United States Securities and

Exchange Commission (“SEC”). 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.

The financial information contained in this market update presentation has not been reviewed or reported on by the Company's external auditors.

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.

POSITIONED TO CREATE VALUE THROUGH THE CYCLE

3

Focus on sustainable improvements

to margins and cash flow

Consistent delivery on targets; improving cost

management on key metrics and enhancing margins

Decisive action on operations, and ensuring balance

sheet flexibility

Maintaining optionality to deliver value-adding

growth

Ongoing portfolio improvements and rationalisation

Working towards zero harm through the elimination

of high consequence events

Responding decisively and proactively to create

sustainable value through the cycle

Focus on people, safety and

sustainability

Supporting our

strategy for

sustainable

cash flow

improvements

and returns

A BALANCED, GLOBAL PORTFOLIO

4

Americas

c.25%of 2018 production

Continental Africa

c.42% of 2018 production

South Africa

c.15%of 2018 production

Australia

c.18%of 2018 production

2018 GuidanceProduction 3.325Moz – 3.450Moz AISC: $990/oz - $1,060/oz

DELIVERING ON OUR COMMITMENTS

5

Significant progress has been made as we restructure South African Operations and

move forward with the redevelopment of Obuasi

Further improved safety and

sustainability performance

Continue investment to enhance

margins and cash flow

Advance SA Operational

turnaround and restructuring

Advance low capital, high

return brownfields opportunities

Extend asset lives through

focused exploration

Revisit Obuasi feasibility

study; assess all options

Move Colombia projects up

value curve; reduce holding cost

Maintain balance sheet

flexibility

FIVE YEARS SELF-FUNDING MAINTAINS GOLD PRICE LEVERAGE: 2013 - 2017

6

Reinvestment

-$5.8bn*

Net Interest & Financing

$1bn**

Tax & Royalties Paid

-$1.5bn

Dividends

$0.2bn

*Sustaining capital $4bn, Growth Capital $1.8bn. Includes Tropicana & Kibali

** $900m interest paid, $100m premium to settle HY bond

*** $100m shareholder and $100m to minorities

Strong operating cash flow, servicing and reducing a legacy debt position

Asset Sales/Purchases

$0.4bn

✓ Maintaining discipline

✓ Balancing competing funding needs

MARGIN FOCUS CRITICAL TO EXECUTING STRATEGY

7

Portfolio continues to preserve a competitive margin despite

significant planned inward investment

*All-in Sustaining Costs a World Gold Council standard excluding stockpile write-offs

0

200

400

600

800

1000

1200

1400

1600

2013A 2014A 2015A 2016A 2017A 2018E

AISC AIC Avg Gold Price

STRONG TRACK RECORD OF EXECUTING ON PROJECTS

8

Reserve implied LOM, years

11.0

14.7

8.9

8.1

5.9

5.0

4.9

2.3

2.5

3.0

19

21

13

11

12

15

20

13

15

5

Kibali

Obuasi

Tropicana

Iduapriem

Siguiri

Sunrise Dam

AGA Mineração

Geita

Serra Grande

Cerro Vanguardia

Current preferred Scenario LOM Years

• Brownfield life extension options

largely supported by current

levels of sustaining capital

• Geita U/G development

• Siguiri Hard Rock Plant

• Kibali U/G development

• Sunrise Dam Recovery

Enhancement

• Mine lives extend well beyond

current reserves

• Focus areas:• Resource conversion

• Operational Excellence

• Expansion/mine optimisation

International Operations

TROPICANA OVERVIEW

9

• MINING started July 2012

• PLANT commissioned Sept. 2013,

below budget and well ahead of

Q1 2014 schedule

• RAMP UP: 95% availability (design)

achieved in March 2013; now regularly

exceeding design throughput rate

>5.8MTPA

• RECOVERY: Consistent with Bankable

Feasibility Study

• PLANT COST: In line with estimates

• NPV remains higher than at project

Board Approval

TROPICANA ORE BODY HAS PERFORMED WELL

10

3.28 Moz Reserve addition

1.0

0.5

4.5

4.0

2.0

3.5

3.0

2.5

1.5

Millio

n O

un

ces (

Mo

z.)

Gold

Price

Modelling

Changes

Design

changes

Other

3.40

0.56

0.21

0.07

4.08

2.45

Reserves at

2017 Year

end

Depletion

2.61

Reserves at

Board

Approval

Tropicana is a model for innovative thinking around design and efficiency…

… with continued potential to surprise on the upside as our knowledge of the site develops.

TROPICANA IMPROVEMENT JOURNEY – MILL THROUGHPUT

11

Operational Excellence –

Plant optimisation

8.5

8.0

7.5

7.0

6.5

6.0

5.5

5.0

Mill

ion

to

nn

es

5.5

2nd Ball Mill

5.8

Original Plant design (Fresh)

1.2

Original Plant design (with 5% oxide)

8.1

0.5

2016 - 2018 Conveyor upgrades, CIL tanks,

Fines pulping

2014 - 2015

0.6

2019+ Target

Operational Excellence – 2nd Ball Mill optimising volume at improved grind &

recovery

Optimising capacity

6.4

7.6

+50%

We have come a long way in optimising the potential of the process plant…

…at only a nominal capital cost.

LESSONS LEARNED FROM BODDINGTON

12

Boddington Issues Tropicana Approach

Change in engineer between Feasibility and

Implementation phase - resulted in scope

changes and 6 month delay

Continuity through schedule with

Lycopodium as EPCM, with well defined

project scope.

Contracts awarded on incomplete drawings

in attempt to recover schedule Advantage taken of access and site

infrastructure construction time to advance

engineering to a high level of completion,

prior to award of construction packages.

When project schedule came under pressure,

schedule compression resulted in low

labour productivity and high labour

numbers.

Contracts based on reimbursable-with-

incentives model – this was ineffective

Lump sum or schedule-of-rates contracts,

with mid-tier contractors.

Commodity price escalation eroded budget

and returns

Development budget included construction

cost escalation of 6% per annum

KEY LEARNINGS INFORM IMPROVEMENTS

CONTRACT MANAGEMENT

• High definition scope of work

• Efficient tender evaluation and negotiation

• Implement AGA specific contracts

• Efficient claims and variations control

• Efficient HR & IR management and control

• Performance of second tier contractors

ENGINEERING

• High level definition of design & specifications

• Tightly controlled scope of work

• Early completion of engineering

• Pre assembly of the structural steel

• Increase off site panelisation

PROCUREMENT/EXPEDITING MANAGEMENT

• Favour premium equipment

• Pre-tendering of major equipment during BFS

• High quality packaging and expediting system

• Preservation of equipment on site

• Onshore and offshore suppliers

• Transport efficiency and cost control

• Investigate, select best suppliers and manufacturers

PROJECT CONSTRUCTION

• Active management of relationship with EPCM

• Mindfulness of contractor deficiencies

• Assistance for troubled contractors

• Daily management of contractors work schedule

• Daily interfaces management

• Active safety, environmental, and IR management

• EPCM package engineer experience

PROJECT CONTROLS

• Project execution, implementation plans and sub plans

• Separate reimbursable contract with EPCM

• Weekly schedule meeting and reporting

• Trending and change management control

• Monthly cost forecast, risk review and risk management

• Document control

• Progress measurement

13

BE

ST

P

RA

CT

IS

E

OBUASI –A NEW, TIER ONE ASSET

14

✓ Large, high-grade ore body - 8.8g/t avg. from 5.9Moz reserve, 36Moz resource

✓ Long life – 20 years, with life extension potential

✓ Low capital intensity - $450m - $500m investment for c.400Koz a year mine

✓ High margins – average AISC over life of $750/oz - $850/oz

✓ Technical risk – new geological model, simple metallurgy, fully mechanised

✓ Balance sheet – flexible balance sheet provides financing ability

✓ High return – returns of 16%-23% at $1,100/oz-$1,240/oz

GRAHAM EHMExecutive Vice President: Group Planning & Technical

MASSOUD MASSOUDISenior Vice President: Capital Projects

ERIC ASUBOTENGManaging Director: Operations

OBUASI GOLD MINE PROJECT TEAM

15

Technical Committee Support, Monitor

and Review

Operational Readiness Team

Project Owners Team

EPCM Contractor

Local knowledge, global industry experience

Eric Asubonteng is a chartered accountant and mining engineer with a

15-year career in the global mining industry. He has played a key role

in fundamentally restructuring mining operations in both Australia and

in Ghana. Eric joined the Obuasi team at the start of the restructuring

process and has seen the project through to its current phase of

redevelopment.

Experience in delivery of Major capital projects

Massoud Massoudi had line responsibility for delivery of the

Tropicana Gold Project, which was delivered below budget and

ahead of schedule in 2013. Massoud has been with AngloGold

Ashanti for more than 15 years and has extensive experience in

operation, project management, engineering, procurement contract

management, across several minerals in the mining sector.

Strong leadership, project management, and operational expertise

Graham J. Ehm has 30 Years of diverse experience in mine operations and project

management, covering the nickel, phosphate, copper, uranium and gold sectors. During his

impressive career at AngloGold Ashanti has served as EVP of Australia, EVP of Geita, and has

overseen the developments of key major projects, including Kibali and Tropicana

PROJECT RAMP-UP

16

4,000tpd - Years 3-4:

• New drive trains on SAG#1 and cyclone/gravity circuits

• Refurbish 3rd BIOX® Module

• Construct & Commission BIOX® CIL Tails TSF

• Construct & Commission Arsenic Trioxide Treatment Facility

5,000tpd - Year 5 onward:

• Construct & Commission Flotation Tails TSF

• Construct & Commission Dirty-Clean Water Separation Ponds

2,000tpd – Year 2 (18 months after construction starts – enables early production start):

• SAG Mill #02 in close circuit

• Refurbish 2 BIOX® Modules & replace Cooling Tower

• Upgrade existing Gold-room

• Utilise existing South TSF (two years co-disposal from start of production)

OBUASI – STAKEHOLDER ENGAGEMENT IS KEY

17

Key Considerations:

➢ Large-scale Brownfields Project

➢ Greater social and sustainability complexity

➢ Unique local content dynamics

Key Risk Management Features:

✓ Labour risk managed – new labour model, smaller workforce

✓ Political risk managed – full suite of stability, security

agreements signed; awaiting parliamentary approval

✓ Execution team – Experienced Ghana team plus Tropicana

project leadership

APPROACH TO ENHANCING LOCAL CONTENT

18

Feasibility/ local capacity assessment

• Identify types of goods and services (and values) required and those that have the potential to be supplied locally

• Assess local suppliers and range of goods/services available locally. (incl. skills, capabilities, access to finance of

the suppliers

• Enterprise & Supplier Development Program to help bridge gap

Engage and Assist Local Suppliers

• Early, open and transparent communication of future sourcing requirements

• Provide tender documentation appropriate for local supplier

• Conduct regular Workshops on buying/contracting process and AngloGold Ashanti Ghana requirements;

• Provide detail on issues that need to be considered by bidders, before they present their documentation

• Communicate prequalification requirements in a manner which is readily understood

Connecting with suppliers of goods and services

• Supplier open days

• Enterprise and Supplier Development Programs (working with

specialist organisations)

• Reference databases / organisations – Chamber of Mines, AGI, etc.

APPROACH TO ENHANCING LOCAL CONTENT

19

Order of preference as follows:

• Ghanaian businesses

• Multi-national businesses registered and operating in Ghana

• International business with local content

• International businesses

Approach to Competitive Tendering

• Per local content regulations (19 elements)

• Per the approved Mining List

• Preference to equipment suppliers registered and operating

in Ghana

• Ghanaian capability and competitiveness, (demolition,

earthworks, haulage, SMP, refurbishment)

• Tenders to multinationals registered and operating in Ghana

• Optimise local content with respect to labour, training, goods

and subcontracted services

• Transparent process, priority in order of preference:

• Current workforce (all Ghanaian),

• Ghanaian nationals (in-country/abroad),

• Within broader AngloGold Ashanti group

• External

• Targeted local employment procedure in place for the

benefit of local host communities close to the mine.

Applies to both AngloGold Ashanti Ghana and contractors

• Clear transition plans supported by management

• Development and training programs for operation, in

place from the outset

EMPLOYMENT EQUIPMENT AND SERVICES

OBUASI - ONE OF THE LARGEST MINES IN AFRICA WITH LOW COST POSITION

20

Low capital

intensity…

…expected to

become one of the

10 largest mines by

production in Africa

post ramp-up…

…and one of the

lowest cost African

mines

730596 566 545 539 528 482 432 400 380

Loulo

-G

ounko

to

Kib

ali

Ta

rkw

a

Su

kari

Geita

Klo

of

Drie

fonte

in

Essakane

Obuasi

Sig

uiri

ko

z

790 796 800 803940 941 957 1,007 1,090 1,141

Su

kari

Sig

uiri

Ob

ua

si

Nort

h M

ara

Ta

rkw

a

Geita

Essakane

Klo

of

Kib

ali

Drie

fonte

in

$/o

z

Top 10 African mines by 2017A production (koz)

2017A AISC of 10 largest African mines by production (US$/oz)(d)(e)

(c)

(c)

10 lowest capex intensity gold projects (US$/oz)(a)(b)

1,096

1,188

1,245 1,326 1,3751,556 1,602

2,0002,297

2,338

1,423

Tasi

ast P

hase

Ian

d II Obu

asi

Am

aruq

Gru

yere

Pro

ject

Que

cher

Mai

n

Mer

ian

Cof

fee

Gol

drus

h

Nat

alka

Mel

iadi

ne

US

$/oz

a)Capex intensity = project capex / run-rate production

b)Classification includes top 10 gold producers’ projects with forecast avg. LoM production >200koz & capex information available; companies include:

Agnico Eagle, Barrick, Goldcorp, Gold Fields, Kinross, Newcrest, Newmont, Polyus, Polymetal, Randgold

c)LoM average production and AISC

d)2017A AISC of the top 10 gold mines in Africa by production

e)Excludes Randgold since not reporting AISC

Source: Company information

INVESTMENT CASE: THE RIGHT CAPITAL FRAMEWORK

21

Careful allocation and spending of capital

Solid governance and oversight framework

Immediate, remedial steps when

discrepancies arise

Ensuring the model factors the

circumstances

Capital Discipline

with focus on returns

ON TRACK TO MEET FULL YEAR GUIDANCE

23

2018 FY Guidance Q1 Results Commentary

Gold Production (000 oz) 3,325 – 3,450 82424% of guidance midpoint

in seasonally slow Q1

All-in sustaining costs* ($/oz) 990 – 1,060 1,029Sustaining Capex spend to increase

as per past trends

Total cash costs ($/oz) 770 – 830 834Stronger rand and Aussie dollar, inflation

and seasonally slow production Q1

Corporate costs ($m) 70 – 80 17 23% of guidance midpoint

Expensed expl./study costs ($m) 115 – 125 21 18% of guidance midpoint

Total Capex ($m) 800 – 920 16920% of guidance midpoint;

Capex to increase in H2

Sustaining Capex ($m) 600 – 670 140 22% of guidance midpoint

Non-sustaining Capex ($m) 200 – 250 29 13% of guidance midpoint

*World Gold Council standard, excludes stockpiles written off

SENSITIVITIES(based on $1,250/oz gold price and the same

assumptions used for guidance)

AISC

($/oz)

Cash from operating activities

before taxes for remaining 9

months of 2018 ($m)

10% change in the oil price 5 12

10% change in local currency 62 129

5% change in the gold price 2 156

50koz change in production 14 45

Currency and commodity

assumptions

$/R exchange rate 12.79

A$/$ exchange rate 0.78

$/BRL exchange rate 3.20

$/ARS exchange rate 19.61

Oil ($/bbl) 62

Both production and cost estimates assume neither labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by our external auditors.

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 2017, filed with the United States Securities and Exchange Commission (SEC).

OBUASI GOLD MINE PROJECT – KEY METRICS

24

C&M costs for project period (Jan 2018 – Jul 2019) estimated at $57m

Gold Produced (Economic footprint) Moz 8.59 over 21 years

Annual gold production (Steady state) First 10 years Koz 350 - 400

Annual Gold production – Second 10 years Koz 400 - 450

Average Annual tonnage treated (Steady state) Mt 1.6 – 1.8

Average head grade g/t 8.8

Gold price assumption (Real) US$/oz 1,240

Cash cost per ounce (money terms at approval) US$/oz 590 - 680

All-in-Sustaining Costs (money terms at approval) US$/oz 750 - 850

Initial Project Capex (3yrs) US$M 450 – 500

2018 % 25

2019 % 55

2020 % 20

Extended Project Capex over six yrs (Inc. initial project capital) US$M 540 - 590

Capitalised Operating Cost US$M 64

IRR ($1,100 – $1,240/oz) % 16 - 23

Payback Period years 6.5

All-in Sustaining Cost margin % 38%

ORE RESERVE BY BLOCK

25

SANSU

BLOCK 8

BLOCK 10 BLOCK 1 BLOCK 2

BLOCK 11

C'DOR

C'DOR

ADANSI

ADANSIVent Shaft

KMSKRS

BS

VS

ODD

ODD

Portal Portal

3200 LEVEL

5000 LEVEL

1000m

1000m

0

LEGEND

ODD existing

ODD planned

Lateral dev existing

Lateral dev planned

Rehab planned

Existing shafts

Planned shafts

GC

Vent Shaft

KM

Vent Shaft

Full mine redesign incorporating existing and some new infrastructure

Mining progresses from the southern shallower Sansu, B8 and B10 lodes to the deeper Block 11 lode

OBUASI – PROCESS PLANT REFURBISHMENT AND CONSTRUCTION

26

REGRIND MILL

BUILT IN 2014

CONSTRUCT NEW

REFURBISH

Existing biox plant will be extensively refurbished and re-built.

Throughput rates and recoveries were validated during 6 week plant trial.