results q4 2015 world gold council standard all in sustaining costs total cash costs production...

RESULTS FOR THE FOURTH QUARTER and year ended 31 December 2015

22 FEBRUARY 2016

RESULTS Q4 2015

BUILDING SAFETY PROCEDURE

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SAFETYin case of an emergencyIS OUR FIRST VALUE

2RESULTS FOR THE FOURTH QUARTER

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economicoutlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savingsand 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 ofcertain 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 litigationor 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 AngloGoldAshanti’s actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed orimplied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statementsand forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differmaterially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social and political andmarket conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions, includingenvironmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and business andoperational 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 ExchangeCommission. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results to differ materiallyfrom those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on futureresults. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes noobligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof orto reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-lookingstatements 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 measuresand ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reportedoperating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, thepresentation of these measures may not be comparable to similarly titled measures other companies may use. AngloGold Ashanti posts informationthat is important to investors on the main page of its website at www.anglogoldashanti.com and under the “Investors” tab on the main page. Thisinformation is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

DISCLAIMER


AGENDA

INTRODUCTIONVenkat

SOUTH AFRICAChris Sheppard

InternationalRon Largent

PROJECTS & EXPLORATIONGraham Ehm

FINANCIALSChristine Ramon

CONCLUSIONVenkat


VENKAT

5

INTRODUCTIONRESULTS FOR THE FOURTH QUARTER

POSITIONED TO CREATE VALUE THROUGH THE CYCLE

RESULTS FOR THE FOURTH QUARTER 6

Focus on sustainable improvements to margins and cash flow

Consistent delivery on targets; improving cost management on all metrics

Decisive action on operations, balance sheet

Strong brownfields greenfields optionality

Portfolio improvements and rationalisation

Working towards zero harm through the elimination of high consequence events

We continue to respond decisively and proactively to the current market, to remain ahead of the curve in volatile conditions.

We continue to respond decisively and proactively to the current market, to remain ahead of the curve in volatile conditions.

GLOBALLY DIVERSIFIED AND ACTIVELY MANAGED


AISC $/oz

HIGHLIGHTS 2015• Production of 3.95Moz – top end of guidance

• AISC $910/oz , down 11% yoy

• AIC $1,001/oz improved 10% yoy

• Net Debt reduced by 30% to $2.19bn

HIGHLIGHTS Q4 2015• Strong production of 997koz – ahead of guidance

• AISC of $860/oz improved by 14% yoy

• AIC down 13% yoy at $959/oz

• Free cash flow of $160m

792

974

970

2015

2014

2013

15%of production

Australia

26%of production

South Africa

37%of production

Continental Africa

22%of production

Americas

AISC $/oz

815

968

1202

2015

2014

2013

AISC $/oz

1088

1064

1120

2015

2014

2013

AISC $/oz

875

986

1376

2015

2014

2013

*AISC and AIC based on World Gold Council standard.

WE HAVE DELIVERED ON OUR COMMITMENTS


Management has made significant progress delivering results, addressing key concerns within the business.

Management has made significant progress delivering results, addressing key concerns within the business.

Further improve margins, cash flowSell core operating asset to reduce debtContinued debt reduction to help withstand gold price volatility

Explore joint venture at Obuasi

Accelerate Reef-Boring technology in South AfricaFurther enhance safety and sustainability performance

Explore partnerships for Colombia

0

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2010 2011 2012 2013 2014 2015

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All Injury Frequency Rate and Fatalities

Fatalities All Injury Frequency Rate

SAFETY PERFORMANCE


• Two fatalities occurred in Q4

• Group AIFR ▼2% y-on-y at 7.18• AIFR ▼19% qoq in Americas • AIFR ▼36% qoq in Australia

• Ongoing focus on Major Hazard Management

• Safety training targets for 2015 achieved

KEY METRICS: COMPARATIVE PERFORMANCE

10

FY 2015 FY2014 Change (%)

Gold Price Received ($/oz) 1,158 1,264 -8%

Gold Production (kozs)* 3,830 4,225 -9%

Total cash costs ($/oz) 712 785 -9%

All-in sustaining costs ($/oz) 910 1,020 -11%

All-in costs ($/oz) 1,001 1,114 -10%

Adjusted EBITDA ($m) 1,472 1,616 -9%

Adjusted EBITDA margin (%) 36.7% 32.6% 12%

Free cash flow ($m) 141 (112) 226%

Net Debt ($m) 2,190 3,133 -30%

RESULTS FOR THE FOURTH QUARTER

*From continuing operations; Cripple Creek has been disclosed as a discontinued operation and the 2014 comparative results have been restated.

CHRIS SHEPPARD

11

SOUTH AFRICARESULTS FOR THE FOURTH QUARTER

ALL-IN SUSTAINING COSTS: SOUTH AFRICAN OPERATIONS

395,551

414,007

426,700

490,229

451,359

433,590

460,447 463,864 467,385

505,323

350,000

370,000

390,000

410,000

430,000

450,000

470,000

490,000

510,000

530,000

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

R/k

g

AISC (R/kg) Avg Gold Price (R/kg)

Local-currency operating costs have started to show improvement after a difficult 2015, with further progress targeted.

Local-currency operating costs have started to show improvement after a difficult 2015, with further progress targeted.


REGIONAL OVERVIEW: SOUTH AFRICA

• Operations stabilised - benefits from fewer safety stoppages and weaker rand

• Mponeng’s production up 15% and total cash costs improve by 25% from previous quarter

• Fall of ground fatality at TauTona affected production

• Total cash costs cushioned by savings from Great Noligwa/Moab Khotsong integration

• Cost optimisation underway, focusing on labour and contractor management, as well as power efficiencies

Costs improve on improved safety performance and fewer stoppages during fourth quarter.

Costs improve on improved safety performance and fewer stoppages during fourth quarter.


*World Gold Council standard

Total cash costsAll in sustaining costs*

Production koz

Costs $/oz

300

239

261253 252

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

830 911 879 959776

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

1,097 1,095 1,098 1,176

988

REGIONAL OVERVIEW: SOUTH AFRICA

• Progress made on clarifying and defining structures, work routines and accountabilities

• Training and competence focused on strengthening core skills and work activities by managers to enforce proper supervision

• Workflow organization to promote simplicity and consistency in working areas

• Mponeng is a pilot site for new and revised safety initiatives with early progress coming through

Safety strategy focuses on improving consistency of work routines and tasks.Safety strategy focuses on improving consistency of work routines and tasks.


2016 PRIORITIES


Focus on eliminating high potential incidents, improving knowledge and skills, particularly amongst managers. Establishment of clear roles, schedules and work routines to encourage safe practices

Focus on eliminating high potential incidents, improving knowledge and skills, particularly amongst managers. Establishment of clear roles, schedules and work routines to encourage safe practices

Cost optimisation work underway, focusing on labour and contractor management, and power efficienciesCost optimisation work underway, focusing on labour and contractor management, and power efficienciesWest Wits

Following delays in phase 1, mainly due to safety issues, our focus remains on establishing of critical infrastructure in support of future production. Phase 2 optimization under considerationFollowing delays in phase 1, mainly due to safety issues, our focus remains on establishing of critical infrastructure in support of future production. Phase 2 optimization under consideration

Increase efficiencies through Uranium Flotation circuit improvements and P500 cost savings initiativesIncrease efficiencies through Uranium Flotation circuit improvements and P500 cost savings initiatives

Focus remains on TauTona with delivery of fourth generation machineConsultations aimed at obtaining approval for continuous operations critical to overall project viabilityFocus remains on TauTona with delivery of fourth generation machineConsultations aimed at obtaining approval for continuous operations critical to overall project viability

P500 initiatives related to off-mine costs and operational improvement work commencing across all three operationsP500 initiatives related to off-mine costs and operational improvement work commencing across all three operationsVaal River

Surface Ops

Mponeng B120

Technology

Safety

An improvement in production is expected from 2015 levels.An improvement in production is expected from 2015 levels.

RON LARGENT

16

INTERNATIONALRESULTS FOR THE FOURTH QUARTER

1542

13011332

1132

994969

1019965 948

836 844 826786

1717

1632

1416

1329

12701292 1290 1282

12001219

1194

11251104

700

900

1100

1300

1500

1700

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

$/o

z

AISC Gold spot price (Ave quarterly)

ALL-IN SUSTAINING COSTS(1): INTERNATIONAL OPERATIONS

- 49%

$756/ozreduction

International operations continue to deliver improvements to AISC, as efforts are intensified to further widen margins.

International operations continue to deliver improvements to AISC, as efforts are intensified to further widen margins.


(1) World Gold Council standardCripple Creek has been disclosed as a discontinued operation and comparative results have been restated.

ALL-IN SUSTAINING COSTS IMPROVEMENTS


826 852 882 899 903 916 923 972 975 978 986 1006 1020 1021 1051 1064 1105 1125 1185

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2014 $/oz

853 868 873 935 947 1000 1005 1024 1030 1058 1100 1120 1127 1141 1188 1195 1198 1362 1445

Po

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2013 $/oz

761 822 831 841 868 869 898 910 950 991 10071030

1088 1112 1132

New

cres

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AG

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Ba

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2015 $/oz

Ave* $1,071/oz

-13%

Source: Company reports, JPM*AngloGold Ashanti International and South Africa region AISC excludes central corporate overhead^JPM estimate

We’re making systemic changes to our operations to move down the cost curve. Our SA operations have lagged, but now present an opportunity for our next step-change improvement.

We’re making systemic changes to our operations to move down the cost curve. Our SA operations have lagged, but now present an opportunity for our next step-change improvement.

-17%

Ave* $979/oz

Ave* $938/oz

802

688 689 702

745

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

INTERNATIONAL OPERATIONS OVERVIEW

• Geita delivered strong results with cash costs of $480/oz; underground production commenced at Star & Comet

• Kibali demonstrated consistent plant operations and continued production ramp-up through the year; recovery challenges from Mengu Hill are expected to stabilise

• Americas Region delivered 831,000oz, with AISC down 19% year-on-year to $792/oz in 2015

• Tropicana produced its one millionth ounce of gold in December 2015; work underway to mitigate planned grade decline

• Sunrise Dam starting to see improvements in grade reconciliation as a result of grade-control modelling; underground mining rates continue to progress well

International operations continued to deliver strong production and cost, while keeping the future in focus.

International operations continued to deliver strong production and cost, while keeping the future in focus.


*World Gold Council standardNote: Year-on-year production reflects Obuasi shift to limited operations(1) Cripple Creek has been disclosed as a discontinued operation and comparative results have been restated.

Total cash costsAll in sustaining costs*

Production(1) koz

Costs(1) $/oz

678 676 662 657 619

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

948836 844 826

786

GEITA UNDERGROUND: SELF-FUNDING THE FUTURE


Star & Comet Underground Development

• One structure drive from pit ramp for underground exploration drilling

• Single incline and decline to stope upper and lower areas of high-grade zone

Project Summary

• Total 8,143m of development in 31 months

• 641,000 tonnes of ore @ 6.27g/t for 117,000oz recovered

South East OP potential

UG Design based on 2015 high‐grade ore wireframes and OK model(IND + INF to 1160m RL BST from 1160 to 1000m RL)

Cut 2 mined‐out pit

Cut3 OP Potential

UG high‐grade wireframes modelled to 1000m RL

Design

BSIT below 1000mRL

Oblique 3D View of Resource Model coded on classification

Early self funding exploration, enabling quick access to value while building UG capability.Early self funding exploration, enabling quick access to value while building UG capability.

Upside potential

• Underground targets at Nyankanga, Star & Comet and Geita Hill have potential to significantly extend the LOM

• Matandani sulphide material being tested

?

GEITA UNDERGROUND: NYANKANGA UG POTENTIAL


Block 1

High-grade ore wireframes for UG planning

Block 5

Block 2

Block 3

Block 4

Cut8 Reserve Shell

2016 PRIORITIES


Resource conversion drilling at Vogue; prefeasibility for recovery improvements and ore handling infrastructure to lower future costsResource conversion drilling at Vogue; prefeasibility for recovery improvements and ore handling infrastructure to lower future costsSunrise Dam

Ramp-up underground mining and development at Star & Comet;Evaluate other underground options at Nyankanga and Geita HillRamp-up underground mining and development at Star & Comet;Evaluate other underground options at Nyankanga and Geita Hill

Project conditionally approved and final engineering design in progressProject conditionally approved and final engineering design in progress

Confirm exploration potential of Block 1Confirm exploration potential of Block 1

Focus on site and regional exploration; Completed exploration agreement with neighbouring land position for drilling in 2016Focus on site and regional exploration; Completed exploration agreement with neighbouring land position for drilling in 2016

Developing new high-grade Palmeiras and Inga ore bodiesDeveloping new high-grade Palmeiras and Inga ore bodies

Continue drilling satellite ore bodies; Ore sorting prototypes commissionedContinue drilling satellite ore bodies; Ore sorting prototypes commissioned

Definition drilling to define down dip extensions to orebodies; explore in-pit backfilling optionsDefinition drilling to define down dip extensions to orebodies; explore in-pit backfilling optionsTropicana

Siguiri

Geita

Iduapriem

CVSA

Serra Grande

Mineração

Work is underway pursuing key opportunities for each asset, to further optimise our portfolio and costs.

Work is underway pursuing key opportunities for each asset, to further optimise our portfolio and costs.

GRAHAM EHM

23

PROJECTS &EXPLORATION


ORE RESERVE & MINERAL RESOURCE UPDATE


Gold price assumption for Ore Reserves remained at $1,100/oz while Mineral Resource price decreased by $200/oz to $1,400/oz.

Gold price assumption for Ore Reserves remained at $1,100/oz while Mineral Resource price decreased by $200/oz to $1,400/oz.

45

50

55

60

57.50 -3.70 -4.30 0.80 0.50 -0.40 1.30 51.70

Dec 2014 CC&V Disposal Depletion Iduapriem Obuasi Koponang Other Dec 2015

Reconciliation of Ore Reserves 2014 versus 2015

Exploration success, optimisation and addition of new areas

190

200

210

220

230

240

232 -12.30 -4.90 0.70 0.60 -0.80 -1.80 -1.30 -4.70 0.30 207.80

Dec 2014 Disposals:CC&V,

Mongbwalu

Depletion Obuasi SunriseDam

Iduapriem Geita South Africa La Colosa Other Dec 2015

Reconciliation of Mineral Resource 2014 versus 2015

Cost increases and economics; new Mineral Resource classification system

for La Colosa

SUNRISE DAM: SHOWING STRONG POTENTIAL


Strategy

Exploration “Fill the Mill” from the underground mine

Recovery Enhancement

5% Recovery enhancement by 2018 (Float Fine Grind)

Underground Ore Handling

Reduce costs through installation of UG crusher/conveyor by 2020 and surface box-cut & decline

CUIABÁ: SERRONTINHO AND FOOTWALL QUARTZ VEINS


Significant intersections:Serrontinho

SERBUD0069 8.67m* @ 37.81g/t Au from 211.92m

Footwall Quartz veins

VQZBUD0029 0.80m* @ 155.89g/t Au from 35.40m

VQZBUD0032 1.43m* @ 137.32g/t Au from 10.12m

Mineral resource and exploration update:

Serrontinho – 238,000oz of new mineral resourceLast year’s drilling converted Mineral Resource from Inferred to Indicated on levels 17 and 18. High-grade intersections and thickening of structures at depth, creates potential for mineralisation continuity on L19.

Footwall Quartz veins – 235,000oz of new mineral resourceThe drilling campaign confirmed the orebody on levels 15 and 17. Three major alteration zones were defined and the first and third (from top to bottom) zones appear to have more high grade material, with occurrences of visible gold.

SIGUIRI: ADVANCED GRADE CONTROL - KAMI


• Drilling commenced in the fresh rock ‘starter pit’ area within the Kami Pit.

Significant intersections:

KM200004 33.0m @ 3.44g/t Au from 2.0m

KM200030 34.0m @ 3.02g/t Au from 1.0m

KM200031 33.0m @ 3.99g/t Au from 2.0m

KM200032 35.0m @ 3.29g/t Au from 0.0m

KM200034 35.0m @ 3.81g/t Au from 0.0m

KM200049 34.0m @ 4.82g/t Au from 1.0m

KM200078 33.0m @ 3.83g/t Au from 2.0m

KM200303 31.0m @ 3.47g/t Au from 16.0m

SIGUIRI BROWNFIELDS EXPANSION


Kibali - Dam wall and Stilling basin

Siguiri has been a strong mine, delivering IRR of 33% since 2004 to date.Siguiri has been a strong mine, delivering IRR of 33% since 2004 to date.

• Plant expansion under consideration to treat fresh and transitional material containing ~1.6Moz gold

• Modest capital and robust returns

• Project would initially extend LOM from 2019 to 2023, and also open up significant additional potential from satellite pits

• Capex of c.$115M to be spent over two years

• Targeting c.300,000oz per annum at AISC below $900/oz

• Requisite approvals expected by mid-year

PROJECT UPDATE: OBUASI

• Feasibility optimisation underway, whilst ongoing costs are reduced

• Optimisations include metallurgical testwork, capital estimates, refining mining plan over first five years, and tendering the mining contract

• EIS approvals are in process

• Ongoing engagements with government for investment agreement

• Search for partner to recommence following completion and approval of investment package

Work underway to optimise feasibility study, but security issues impede progress.Work underway to optimise feasibility study, but security issues impede progress.


PROJECT UPDATE: OBUASI


Galamsey activity

Mineralised corridor

• Withdrawal of military presents safety risk –non-critical staff withdrawn

• Critical tasks include pumping, water treatment, and essential services to the mine and Obuasi community

CHRISTINE RAMON

31

FINANCIALSRESULTS FOR THE FOURTH QUARTER

CURRENCY LEVERAGE

32

Sensitivities: $10/bbl move in oil = $8/oz cash cost1% move in currencies = $6/oz cash cost

Sensitivities: $10/bbl move in oil = $8/oz cash cost1% move in currencies = $6/oz cash cost

-

0.20

0.40

0.60

0.80

1.00

1.20

1.40

Inde

x

Production Weighted Price Received vs. Oil and US$ Gold Price2014 - YTD

AGA WEIGHTED GOLD PRICE RECEIVED XAU/USD BRT- index

30%

-8%

-74%


FOCUSING ON MARGINS

33

1597

1312 1341

1170

1017 9931052 1034 1005

920 928 937860

800

1000

1200

1400

1600

1800

2000

2200

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

$/o

z

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

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

* Restated to treat CC&V as discontinued; AISC and AIC are in accordance with World Gold Council Standard

Focused on improving margins, regardless of the gold price environment, through cost control, portfolio improvement and operational excellence.

Focused on improving margins, regardless of the gold price environment, through cost control, portfolio improvement and operational excellence.


KEY METRICS: COMPARATIVE PERFORMANCE

34

2015 Q4 2014 Q4 Change (%)

Gold Price Received ($/oz) 1,104 1,202 -8%

Gold Production* (kozs) 997 1,102 -10%

Total cash costs ($/oz) 663 715 -7%

All-in sustaining costs ($/oz) 860 1,005 -14%

All-in costs ($/oz) 959 1,099 -13%

Adjusted EBITDA ($m) 388 402 -3%

Adjusted EBITDA margin (%) 37.9% 33.2% 14%

Tax ($m) 9 45 -80%

Interest ($m) 44 61 -28%

Working capital ($m) (64) (29) 121%

Free cash flow ($m) 160 (198) 181%

Net Debt ($m) 2,190 3,133 -30%


*normalised for CC&V

600

620

640

660

680

700

720

740

715 -72 31 44 -18 5 -39 -3 663

Q4 2014 Exchange Inflation Volume and grade Stockpiles andinventory

By products Efficiency Other Q4 2015

Cash Cost $/oz produced

COST PERFORMANCE

35

Efficiencies were key to delivering a reduction in costs, as benefits from exchange rates were offset by inflation, volumes and grades.

Efficiencies were key to delivering a reduction in costs, as benefits from exchange rates were offset by inflation, volumes and grades.

Inflation and volumes/grades offsets

currency effect

750

800

850

900

950

1,000

1,050

1,005 -52 -9 -50 -4 3 -49 16 860

Q4 2014 Cash Cost RetrenchmentCost

Rehab and othernon cash cost

Corporate Cost Exploration Cost SIB Capex Inventory andOther

Q4 2015

All in sustaining cost $oz soldExcluding Stockpile NRV and other adjustments


AHE NORMALISED


$m

2014 AHE Normalised 329

Decline in gold price received (288)

Decline in gold ounces sold (375)

Improved operating costs 318

Effect of weakening local currencies 249

Effect of inflationary increases (157)

Estimated effect of lower oil prices 50

Special operating items, mainly Obuasi costs, indirect taxes, inventory write-offs (52)

Increased income from associates 19

Reduction in interest cost due to partial settlement of high yield bond 35

Other movements (7)

2015 AHE Normalised 121

Deferred tax rate and other credits including prior year adjustments (45)

Stockpile, consumable inventory and legal provisions(26)

Other, including increase in rehabilitation costs (1)

2015 AHE 49

US$800m

US$484mCash(1)

ZAR2,408m

A$365m

CONTINUED FINANCIAL FLEXIBILITY

37

Total calculated with ZAR facility excluding DMTNP at R15.5/$, AUD facility at 0.70$ to A$(1)Cash at 31 Dec 2015

Reduced debt, along with strong liquidity, no material bond maturities until 2020, and significant covenant headroom, provide additional flexibility in a volatile market.

Reduced debt, along with strong liquidity, no material bond maturities until 2020, and significant covenant headroom, provide additional flexibility in a volatile market.

*Last-12-months adjusted EBITDA, Ratio based on restated results

Undrawn facilitiesAt 31 Dec, 2015

Net debt/Net debt to Adjusted EBITDA

$1,690bn1.8

1.7

1.94 2.02 1.95

1.54 1.49

1500

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Q32014

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Q12015

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Q32015

Q42015

Net

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Net

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Net debt to Adjusted EBITDA Net debt

Covenant: 3.5x


POSITIVE CASH FLOW MOMENTUM

38

• Repaying portion of high-yield bond in 2015 saves c.30% from annual interest payments

• Efficiency improvements plus currency and oil leverage to help improve margins

• Colombia expenditure to decline further, whilst maintaining optionality

• Obuasi expenditure to decrease whilst finalising investment agreement

• Prioritise further debt reduction in near term.

Following self-help measures, we have generated adjusted FCF for two consecutive years. Business restructured to deliver further cash flow improvements.

Following self-help measures, we have generated adjusted FCF for two consecutive years. Business restructured to deliver further cash flow improvements.

-1,100

-850

-600

-350

-100

150

2012 2013 2014 2015

Free Cash Flow Generation (Adjusted FCF) $m

Note: Adjusted for repurchase premium on part settlement of $1.25bn bonds in 2015 and for Obuasi redundancy costs and Rand Refinery loan in 2014


GUIDANCE - 2016


Guidance Notes

Production (000oz) 3,600 – 3,800

- CC&V sold in August 2015; Mali mines’ productiondeclining; Obuasi in limited operations phase with no production anticipated in 2016. No provision for anyunforeseen operational disruptions, power-related stoppages,or changes to asset portfolio and/or operating mines.- Note that there is, as always, a strong negative impact

expected in the first half of the year given the slow start-up in SA following the holiday break, and interruptions around the Easter break.

Costs All-in sustaining costs ($/oz) 900 – 960 Assumptions : ZAR15.00/$, $/A$0.70, BRL4.00/$ and

AP14.90/$; Brent $35/bl. (All averages for the year); AISC includes group corporate costsTotal cash costs ($/oz) 680 – 720

OverheadsCorporate costs ($m) 75 – 90 Inflation and retention of critical skills and skills development

Expensed exploration and study costs ($m) 130 – 150 Including equity accounted joint ventures

Capex Total ($m) 790 – 850Stay-in-business, ore-reserve development, asset integrity; The total includes c.$120-$140m of project capital for projects at Siguiri, Kibali and Mponeng B120

Depreciation and Amortisation ($m) 820

Interest and finance costs ($m) - income statement 190 Affected by timing of coupon payments

Interest and finance costs ($m) – cash flow 175 Affected by timing of coupon payments

AngloGold Ashanti will be moving to half-yearly reporting

VENKAT

40

CONCLUSIONRESULTS FOR THE FOURTH QUARTER

CONSISTENTLY BEATING GUIDANCE

41

Consistently meeting or exceeding our commitments is a cornerstone of our strategy and is fundamental to our investment case.

Consistently meeting or exceeding our commitments is a cornerstone of our strategy and is fundamental to our investment case.

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

Q3

'15

Q4

'15

Production‘000oz

Actual Guidance **

500

600

700

800

900

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

Cash costs$/oz

Actual Guidance **

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


COMMITMENTS FOR 2016

42

We have a new set of objectives for 2016, which will support our central objective of realising sustainable improvements to cash flow and returns.

We have a new set of objectives for 2016, which will support our central objective of realising sustainable improvements to cash flow and returns.

Further improve safety and sustainability performance

Continue to enhance margins and cash flow

Effect South Africa operational turnaround

Conclude Obuasi approvals; reduce holding cost

Progress Colombia projects up value curve; reduce holding cost

Continue debt reduction to improve flexibility


PORTFOLIO IMPROVEMENTS

43

Bubble size = reserve size; full year AISC and production

We continue to move our assets down the cost curve through rigorous cost management and capital allocation.

We continue to move our assets down the cost curve through rigorous cost management and capital allocation.

2014 South Africa

2014 Continental

Africa

2014 Australia

2014 Americas

2015 South Africa

2015 Continental

Africa

2015 Australia

2015 Americas

0

200

400

600

800

1000

1200

1400

1600

1800

2000

700 750 800 850 900 950 1000 1050 1100 1150 1200

Pro

duct

ion,

koz

AISC ($/oz)


INVESTMENT CASE – VALUE CATALYSTS

44

1. High-quality portfolio of long-life, pure gold assets with strong leverage to energy and currencies

4. Decisive strategic response cements ability to weather lower gold price

5. Balance sheet flexibility - appropriate liquidity, covenant and maturities

6. Well developed engagement model ensures strong stakeholder relationships and license to operate

2. Transparent, decisive management team focused on delivery and shareholder value

3. Prioritising margins over production growth – focus on cost and capital discipline

for value uplift and a sustainable, long-term mining business

A strong investment case with several catalysts…


results q4 2015 *world gold council standard all in sustaining costs* total cash costs production...

Documents

results q4 2015 world gold council standard all in sustaining costs total cash costs production...