RESULTS FOR THE HALF YEAR & YEAR ENDED31 December 2018

19 FEBRUARY 2019

ANGLOGOLD ASHANTI

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 savings andother operating results, productivity improvements, growth prospects and outlook of AngloGold Ashanti Limited’s (AngloGold Ashanti) operations,individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain ofAngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGoldAshanti’s liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatoryproceedings or environmental health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s operations, economicperformance and financial condition.

These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’sactual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in theseforward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts arereasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those setout in the forward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success ofbusiness and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuationsin 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 andExchange Commission (“SEC”). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results to differmaterially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects onfuture results. 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 or toreflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statementsattributable 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 andratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operatingresults or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of thesemeasures may not be comparable to similarly titled measures other companies may use. AngloGold Ashanti posts information that is important toinvestors on the main page of its website at www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is updatedregularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

DISCLAIMER

2

AGENDA

3

K e l v i n D u s h n i s k y I n t r o d u c t i o n 1

L u d w i g E y b e r s I n t e r n a t i o n a l & P r o j e c t s3C h r i s S h e p p a r d S o u t h A f r i c a R e g i o n4G r a h a m E h m G r o u p P l a n n i n g & Te c h n i c a l 5T i m T h o m p s o n G l o b a l G r o w t h & E x p l o r a t i o n6

C h r i s t i n e R a m o n F i n a n c i a l s2

K e l v i n D u s h n i s k y C o n c l u s i o n7

POSITIONED TO CREATE VALUE THROUGH THE CYCLE

4

Decisive, deliberate action to create sustainable, long-term value through the cycle

Focus on people, safety and sustainability

Supporting our strategy for

sustainable cash flow

improvements and returns

Decisive action on operations; balance

sheet flexibility remains a priority

Consistent delivery; improving cost

management, focus on enhancing margins

Maintaining optionality to deliver

value-adding growth over the long term

Ongoing portfolio improvements

through investment and rationalisation

Towards zero harm, excellence in environmental stewardship, community development

TARGETING ZERO HARMLONG-TERM SAFETY IMPROVEMENTS CONTINUE

5

Working towards zero harm,excellence in environmentalstewardship and communitydevelopment

• Injury rates have more than halved

• Fatalities down 83% since 2012

• Strong, integrated safety strategy

AIFR per million hours worked

4

5

6

7

8

2012

2013

2014

2015

2016

2017

2018

-39%

Fatalities

0

4

8

12

16

2020

12

2013

2014

2015

2016

2017

2018

Reportable environmental incidents

0

4

8

12

16

20

2012

2013

2014

2015

2016

2017

2018

-88%

-83%

Constituent of the FTSE All World Index

*World Gold Council standard, excludes stockpiles written off**Group EBITDA includes $84m categorized as corporate or other.

FY2018: A STRONG PERFORMANCE YEAR

6

AngloGold Ashanti Group FY 2018

Production 3,400kozAISC $976/oz

EBITDA**: $1,480m

Key guidance metrics met or exceeded for sixth consecutive year

AISC of $976/oz shows improvement of 7%

Free cash flow before growth capex up 74% illustrating capital discipline

Free cash flow for the year was $67m vs. $1m in 2017 – Q4 FCF $85m

Net debt: Adjusted EBITDA target lowered to 1.0x to further improve risk profile

Value-enhancing projects and initiatives making good progress, on-track and on-budget

Net Debt fell by 17% year-on-year, lowering Net Debt to Adjusted EBITDA ratio to 1.1x

Dividend of ZAR95 cents per share (approximately 7 US cents per share) declared

Operations Projects Sale Process

Continental Africa 45%

Americas 23%

Australia 18%

South Africa14%

Production Split

South AfricaProduction 487koz

AISC $1,178/ozEBITDA: $97m

AustraliaProduction 625koz

AISC $1,038/ozEBITDA: $286m

Continental AfricaProduction 1,512koz

AISC $904/ozEBITDA: $750m

AmericasProduction 776koz

AISC $855/ozEBITDA: $431m

MARGIN IMPROVEMENT CONTINUES

7

700

900

1,100

1,300

2013 2014 2015 2016 2017 2018

All-in sustaining costs vs. Gold Price$/oz

AISC* Avg Gold Price*World Gold Council standard, excludes stockpiles write-off

R E I N V E S T M E N T

C O N T I N U O U S I M P R O V E M E N T R E S T R U C T U R I N G

14%margin

19%margin

21%margin

21%margin

16%margin 23%

margin

AGENDA

8

K e l v i n D u s h n i s k y I n t r o d u c t i o n1

L u d w i g E y b e r s I n t e r n a t i o n a l & P r o j e c t s3C h r i s S h e p p a r d S o u t h A f r i c a R e g i o n4G r a h a m E h m G r o u p P l a n n i n g & Te c h n i c a l 5T i m T h o m p s o n G l o b a l G r o w t h & E x p l o r a t i o n6

C h r i s t i n e R a m o n F i n a n c i a l s2

K e l v i n D u s h n i s k y C o n c l u s i o n7

COMPARISON OF KEY METRICS – 2018 vs. 2017

9

* Includes administration and other expenses** World Gold Council standard, excludes stockpiles written off

2018 2017 Δ% H2 2018 H2 2017 Δ%

Gold price received ($/oz) 1,261 1,251 1 1,215 1,270 (4)

Production (koz) 3,400 3,755 (9) 1,772 2,007 (12)

Production from retained ops (koz) 3,349 3,279 2 1,772 1,761 1

Total cash costs ($/oz) 773 792 (2) 726 787 (8)

Corporate & marketing costs* ($m) 76 64 19 38 30 27

Exploration & evaluation costs ($m) 102 114 (11) 56 52 8

AISC** ($/oz) 976 1,054 (7) 936 1,038 (10)

AISC** from retained ops ($/oz) 968 1,017 (5) 936 1,002 (7)

AIC** ($/oz) 1,068 1,126 (5) 1,029 1,109 (7)

Adjusted EBITDA ($m) 1,480 1,483 — 756 872 (13)

Adjusted EBITDA from retained ops ($m) 1,480 1,447 2 756 852 (11)

Cash inflow from operating activities ($m) 857 997 (14) 536 676 (21)

Free cash flow ($m) 67 1 6,600 118 162 (27)

Free cash flow from retained ops ($m) 77 22 250 118 152 (22)

Free cash flow excluding redundancies, financing costs and other ($m) 140 50 180 151 202 (25)

Capital expenditure ($m) 721 953 (24) 387 499 (22)

COST PERFORMANCE

10

787

726

37 6 7

-42 -5

-54 -10

2017 H2 Inflation By products Royalties Exchange Volume andGrade

Sales andclosures

Efficiency andother

2018 H2

Total cash cost H2 2018 vs. H2 2017 $/oz

1,038

936

5 6

-61 -3

-46 -3

H2 2017 Rehab and othernon cash cost

Corporate Costs Cash Cost Exploration Costs Sustaining capex Other H2 2018

All-in sustaining costs H2 2018 vs. H2 2017 $ozExcluding stockpile NRV and other adjustments

Reduction 8%

Reduction 10%

BALANCE SHEET STRATEGY TO ENFORCE CAPITAL DISCIPLINE

11

The pursuit of an even healthier balance sheet will guide sound capital decision-making and investment strategies

Undrawn facilities* at 31 December 2018

R4.750bnZAR Facilities

US$1,457m**USD RCFs

US$329mCash

Net Debt $m

1000

2000

3000

4000

2012 2013 2014 2015 2016 2017 2018

-47%

Self-funded development of Tropicana, Kibali

Last-12-months Net debt to Adjusted EBITDA ratio

0

1

2

3

2013 2014 2015 2016 2017 2018

1.12X

Covenant 3.5X

Net Debt to Adjusted EBITDA

*Total calculated with ZAR facility at R14.3473/$ (excluding DMTNP), and AUD facility at 0.70492 to A$ ** US$1.4bn RCF includes a capped facility of AU$500m

1.0X New Target

through the cycle

c.$2.12bn

2019 FY Guidance Commentary

Gold production (000 oz)Production will be back weighted, with a stronger second half expected for Geita,

Siguri and Brazil.

All-in sustaining costs* ($/oz) First-quarter costs to be impacted by anticipated lower production.

Currency and commodity assumptions: ZAR14.00/$; $0.75/A$; BRL3.65/$;

$40.00/ARS; Brent $74/blTotal cash costs ($/oz)

Corporate costs ($m)

Expensed expl./study costs ($m) Including equity-accounted joint ventures

Total capex ($m)

Sustaining capex ($m)

Non-sustaining capex ($m) Expenditure related to Obuasi, Siguiri, Tropicana, Mponeng and Quebradona

FULL YEAR GUIDANCE

12

*World Gold Council standard, excludes stockpiles written off**Income Statement

Both production and cost estimates assume neither operational, labour interruptions, regulatory, or powerdisruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by ourexternal auditors. Other unknown or unpredictable factors could also have material adverse effects on our futureresults and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to havebeen correct. Accordingly, actual results could differ from guidance and any deviation may be significant. Pleaserefer to the Risk Factors section in AngloGold Ashanti’s annual report on Form 20-F for the year ended 31December 2017, filed with the United States Securities and Exchange Commission (SEC).

3,250 3,450

935 995

730 780

75 85

130 140

910 990

520 560

390 430

SENSITIVITIES (based on $1,200/oz gold price and the same assumptions used for guidance) AISC ($/oz) Cash from operating activities

before taxes for Y2019 ($m)10% change in the oil price 6 21 10% change in local currency 58 148 5% change in the gold price 2 193 50koz change in production 14 56

Depreciation and amortisation ($m)Incl. in equity accounted earnings ($m)

680160

Interest and finance costs** ($m)Other operating expenses ($m)

13085

AGENDA

13

K e l v i n D u s h n i s k y I n t r o d u c t i o n 1

L u d w i g E y b e r s I n t e r n a t i o n a l & P r o j e c t s3C h r i s S h e p p a r d S o u t h A f r i c a R e g i o n4G r a h a m E h m G r o u p P l a n n i n g & Te c h n i c a l 5T i m T h o m p s o n G l o b a l G r o w t h & E x p l o r a t i o n6

C h r i s t i n e R a m o n F i n a n c i a l s2

K e l v i n D u s h n i s k y C o n c l u s i o n7

FY2018 PRODUCTION FROM RETAINED OPERATIONS

14

South Africa427

South Africa436

Australia559

Australia625

Continental Africa1,453

Continental Africa1,512

Americas840

Americas776

2017 2018

Production koz3,279 3,349

Am

eric

as • Cerro Vanguardia maintained production year-on-year• Brazil impacted by delays in development and infrastructure

constraints at AGA Mineração; changes to geological models and mine plans, as well as increased rainfall

Con

tinen

tal A

fric

a

• 35% year-on-year production increase from Kibali as recovered grade improved from underground mining; improved recovery factor; and an increase in tonnage treated

• Iduapriem increased production 11% year-on-year as Teberebie grades increased along with tonnages

• Geita recovered grades increased from underground ore• Siguiri affected by delays in CIL plant commissioning

resulting in lower tonnes treated

Aus

tral

ia • Increased production from Sunrise Dam despite lower than anticipated recoveries initially from REP

• 6MW ball mill commissioned at Tropicana ahead of schedule and full ramp-up achieved, delivering increased throughput and improved metallurgical recovery; production up 5%

Sout

h A

fric

a • Increase of 2% year-on-year from retained operations; 18% production gain at Mponeng from accessing higher-value reef and improving mining practices

15

FULL YEAR 2018 AISC IMPROVES 7%

*World Gold Council standard, excludes stockpiles written off**15 February 2019

0 200 400 600 800 1000 1200 1400

CVSA

Kibali

Tropicana

Siguiri

Geita

Serra Grande

AGA Mineração

Iduapriem

Sadiola

SA Surface Ops

Mponeng

Sunrise Dam

Morila

AISC* by mine $/oz

2017 2018

2018 Group Avg. 976

2017 Group Avg. 1,054

FULL YEAR 2018 AISC* HIGHLIGHTS: Favourable exchange rate impacts, lower sustaining capex and improved efficiency

Group AISC improves 7% to $976/oz in 2018 from $1,054/oz in 2017, below the end of guidance

Brazil: Lower sustaining capital expenditure and benefits from Operational Excellence initiatives

Argentina: Lower cash costs due to weaker local currencies and Operational Excellence initiatives, partly offset by inflation

Continental Africa: Operational Excellence benefits and completion of key brownfields projects:

• new power plant and underground development at Geita,• cutback at Iduapriem’s Teberebie pit, • new power plant and combination plant at Siguiri

Australia: AISC includes once-off capital of $33/oz for Recovery Enhancement Project; $27/oz for underground infrastructure (vent fans) and $35/oz for central tailings discharge upgrade

South Africa: AISC from retained operations down 2%; also lower project capital expenditure

Spot** 1,318

2019 Planning price. 1,200

CONTINENTAL AFRICA: ANOTHER SOLID OPERATING YEAR EXPECTED

16

GEITA• Stable production trend expected in 2019; c.60% of 2019 output

weighted in H2• Mill maintenance and upgrade planned for March 2019• Continued investment in sustaining capital for underground

development

SIGUIRI• Focus on stabilising plant throughput and ramp-up by June 2019• Q1 2019 production expected to be light; c.55% of 2019 output

weighted in H2• Strong potential for further production step-up, but immediate focus

on ensuring operating stability after project completion

IDUAPRIEM• Stable 2019 production year-on-year • Q1 2019 production expected to be light• Assessing mine improvement options

KIBALI• Underground production ramped up• Brownfields exploration identified numerous opportunities for reserve

replacement along KZ trend and around KCD

1,435 1,3211,453 1,512

2015 2016 2017 2018

Production koz

815 904 953 904

2015 2016 2017 2018

All-in sustaining costs*$/oz

*World Gold Council standard, excludes stockpiles written off

AMERICAS: A CONSISTENT CONTRIBUTOR

17

831 820 840 776

2015 2016 2017 2018

Production koz

792875 943

855

2015 2016 2017 2018

All-in sustaining costs*$/oz

*World Gold Council standard, excludes stockpiles written off

AGA Mineração• Production in 2019 expected to increase year-on-year, driven

by higher grades• Continued focus on brownfields exploration with aim to convert

reserves next year

Serra Grande• Slight year-on-year decline in production; c.65% of production

in H2 2019, with higher Crown Pillar grades, but at lower throughput

• Palmeiras South license targeted for mid-2019; community resettlement activities have commenced

Brazil TSF Risk Mitigation Protocols• Proactive offer of assistance following recent mine dam disaster• Tailings storage facility (TSF) site inspections regularly• Regional expert TSF Engineers inspections quarterly• Corporate expert TSF audits conducted annually• Independent external reviews and stability analyses annually

AUSTRALIA: UPSIDE THROUGH OPTIMISATION

18

560 520 559625

2015 2016 2017 2018

Production koz

8751,067 1,062 1,038

2015 2016 2017 2018

All-in sustaining costs*$/oz

*World Gold Council standard, excludes stockpiles written off

Sunrise Dam• 2019 focus will include stabilising Recovery

Enhancement Project at design levels

• Evaluating paste-fill plant upgrade to support higher grade Vogue production

Tropicana• New 6MW ball mill project successfully commissioned

ahead of forecast in November 2018; full tonnage ramp-up achieved in first week

• New ball mill has shown capability to deliver higher throughput and metallurgical recovery

AGENDA

19

K e l v i n D u s h n i s k y I n t r o d u c t i o n1

L u d w i g E y b e r s I n t e r n a t i o n a l & P r o j e c t s3C h r i s S h e p p a r d S o u t h A f r i c a R e g i o n4G r a h a m E h m G r o u p P l a n n i n g & Te c h n i c a l 5T i m T h o m p s o n G l o b a l G r o w t h & E x p l o r a t i o n6

C h r i s t i n e R a m o n F i n a n c i a l s2

K e l v i n D u s h n i s k y C o n c l u s i o n7

SOUTH AFRICA – BACK TO FREE CASH FLOW GENERATION

20

*World Gold Council standard, excludes stockpiles written off

1,004 967 903

487

2015 2016 2017 2018

Production koz

1,088 1,0811,245 1,178

2015 2016 2017 2018

All-in sustaining costs*$/oz

Review of 2018• Production from retained operations up 2% compared to 2017

• Year-on-year production decrease reflects fewer mines;following sale of Kopanang and Moab Khotsong on 28February 2018, and no production from TauTona whichceased mining in September 2017, and placed into orderlyclosure

• Mponeng accessed higher-value reef and improving miningpractices

• Capital expenditures lower year-on-year, due to the sale andclosure of mines

Looking into 2019…• Production from the retained operations expected to see a

slight production improvement year-on-year, with AISC expected to drop to c.$1,100/oz

• Mponeng is expected to see grades drop year-on-year, with higher throughput; costs are expected to benefit from improved mining practices and the new shift arrangement

• MWS expected to see a slight improvement in both grades and throughput, ultimately leading to an improvement in costs

SOUTH AFRICA RESTRUCTURING UPDATE

21

• Restructuring of the South African asset base completed:• After a collaborative effort with all the key stakeholders• Transformed loss-making portfolio into more focused, profitable and sustainable business

• Costs of restructuring the South African Operations in 2018 was $61m

• South African operations free cash flow-positive in H2 2018

• Cost management efforts continue, aimed at ensuring that both on- and off-mine cost structures areappropriately resized for the smaller production base

• Mponeng agreed new shift arrangement with unions, to help improve productivity over the long-term• Implementation in early stages, with some encouraging signs in safety and productivity

AGENDA

22

K e l v i n D u s h n i s k y I n t r o d u c t i o n 1

L u d w i g E y b e r s I n t e r n a t i o n a l & P r o j e c t s3C h r i s S h e p p a r d S o u t h A f r i c a R e g i o n4G r a h a m E h m G r o u p P l a n n i n g & T e c h n i c a l 5T i m T h o m p s o n G l o b a l G r o w t h & E x p l o r a t i o n6

C h r i s t i n e R a m o n F i n a n c i a l s2

K e l v i n D u s h n i s k y C o n c l u s i o n7

OBUASI PROJECT UPDATE AND MILESTONES

23

• Operational readiness team established on site

• Two phase development• 2000tpd – end 2019• 4000tpd – end 2020

• Mine Operating Systems design complete forMining, Geology, Mine Technical Services,Environment and Safety

• Mining contract awarded, development commenced

• Underground mobile fleet delivered and commissioned

• Underground drilling and explosives contracts were awarded

• First development blast in early February

• First gold remains on track for end of 2019

OBUASI PROJECT

24

Gravity structure - Two levels removedGravity structure - Two levels removed Regrind MillRegrind Mill Camp Expansion – Boundary fence erectionCamp Expansion – Boundary fence erection

New equipmentNew equipment

PLANNING FOR LOCAL CONTENT AND A SMOOTH TRANSITION

25

Transparent employment process with focus on Ghanaians

Recruitment procedures aimed to benefit host communities; also applies to contractors

Development and training programme in place

Imported skills matched with Ghanaian successors

Project and operating teams work together during development

Australia’s AUMS & Ghana’s Rocksure form JV Underground Mining Alliance to execute underground mining contract over five years with plans to employ and train c.550 Ghanaians

The President & Asantehene officially launched the Obuasi Redevelopment Project supported by AGAG, Ministers, Officials, Traditional Leaders, Religious Leaders & the Community

QUEBRADONA MOVING INTO FEASIBILITY

26

QUEBRADONA*: PREFEASIBILITY STUDY HIGHLIGHTS

27

• Progressing to feasibility study phase in 2019 and early 2020

• Ore Reserve of 1.26Mt (2.8bn lb) of Copper and 2.22Moz of gold

• A 6.2 million tonnes per annum (Mtpa) sub-level cave mining operation

• Flotation producing a clean Cu/Au concentrate

• 23 year mine life averaging 1.21% Copper plus 0.66 g/t Gold grades in ore milled

• IRR of 17% at $1,240/oz gold/$2.90/lbcopper; AISC $0.88/lb copper

• Comprehensive stakeholder engagement

*B2Gold has a 5.1% interest**Using AGA Reserve assumptions Cu $2.65/lb and Au $1100/oz; attributable

AGENDA

28

K e l v i n D u s h n i s k y I n t r o d u c t i o n 1

L u d w i g E y b e r s I n t e r n a t i o n a l & P r o j e c t s3C h r i s S h e p p a r d S o u t h A f r i c a R e g i o n4G r a h a m E h m G r o u p P l a n n i n g & Te c h n i c a l 5T i m T h o m p s o n G l o b a l G r o w t h & E x p l o r a t i o n6

C h r i s t i n e R a m o n F i n a n c i a l s2

K e l v i n D u s h n i s k y C o n c l u s i o n7

49.543.4 44.1

-6.1-3.6

4.3

2017 Acquisitions / Disposals New Base Depletion Net Addition 2018

Ore Reserve reconciliation 2018 vs. 2017 Moz

NET ORE RESERVE ADDITION AND EXPLORATION SUCCESS

29

Significant Ore Reserve additions from Quebradona, Geita and Sunrise Dam, plus 2.8bn lbs of copper Reserve from Quebradona

*Due to rounding, numbers may not cast

208.2 188.2 184.6

-20.0 -3.9

0.4

2017 Acquisitions / Disposals New Base Depletion Net Addition 2018

Mineral Resource reconciliation 2018 vs. 2017 Moz

EXPLORATION: FOCUSED AND EFFICIENT DRILLING PROGRAMME

30

Generative ExplorationGenerative – Target GenerationBrownfields Exploration

Argentina

Colombia

AustraliaBrazil

USA

West Africa

Brownfields discoveries average*: $34/oz

• Focus on reserve and resource replacement

• Strong focus on sites with shorter reserve lives

• Notable growth at Geita and Sunrise Dam

$29.4m spent on Greenfields Exploration in 2018

• Focused on ore sources near existing assets

• Generative AIC per meter improved by 32% over 3yr avg.

• Targeting new discoveries in Nevada and Minnesota

*15 year average

EXPLORATION SUCCESS BEFORE DEPLETION

31

2018 BROWNFIELDS DRILLING SUMMARY*

2018 (metres)

2018 ($m)

Reserve additions (oz)

Resource additions (oz)

AmericasCVSA 8,600 3.4 437,000 501,200

Serra Grande 87,000 7.3 201,600 320,600

Continental Africa

Geita 68,400 14.6 520,400 450,400

Iduapriem 13,000 1.8 110,200 378,400

Kibali 20,600 3.5 285,100 568,100

Siguiri 87,000 12.3 58,800 208,000

AustraliaSunrise Dam 109,500 20.4 341,400 154,200

Tropicana 73,500 5.7 67,700 496,600

*Exploration results from select assets on an attributable basis; reserve and resource additions shown prior depletionThe information in this report relating to exploration results, Mineral Resources and Ore Reserves is based on information compiled by or under the supervision of the Competent Persons as defined in the SAMREC or JORC Codes.

Reserve conversions and ore additions can often occur only after two to three years of drilling

Geita Hill UG

Siguiri Block 2

CdS I Ore Extension

Cuiaba Ore Extension

MSG Ore Extension

EXPLORATION GROWTH PIPELINE

32

Transforming geological targets to gold production

Early-stage exploration Mid-stage exploration Late-stage exploration

Reserve conversion/Pre-feasibility study

Resource delineation/ Conceptual studies Drill testing

Drill target definition

Target identification

Project generation

S. Amer. Target GenS. AMERICA Palmeiras Sul (MSG)

CdS III CdS II

NE Queensland Butcher Well (WA)Laverton District Targets (WA)AUSTRALIA Boston Shaker UG (TJV)

Aust. Target Gen SDGM Ore Extension

Tropicana District

AFRICAW. Africa Target Gen Selous (Geita)Geita Lease Area

Iduapriem Lease Area

Siguiri Lease Area

Minnesota

Silicon (NV)

N. AMERICA N. Amer. Target Gen

Rhyolite (NV)

Transvaal (NV)

REGION CREATE VALUE CRYSTALLISE VALUE

EXPLORATION: GEITA HAS SIGNIFICANT POTENTIAL

33

Growth Potential: Depth extensions at Nyankanga, Geita Hill and Star & Comet

Nyankanga Lone Cone

Geita Hill WestGeita Hill East

7m @ 8.90g/t

22m @ 5.15g/t23m @ 5.13g/t

5.1m @ 8.43g/t

15m @ 3.95g/t7m @ 5.24g/t

9m @ 19.53g/t

16m @ 11.8g/t4m @ 15.91g/t

9m @ 21.07g/t11m @ 8.19g/t5.64m @ 12.01g/t

8m @ 5.17g/t

13.8m @ 7.82g/t

Resource Exploration potential

Central Terrain Deposits

34

Growth Potential: Satellite deposits, e.g. Selous

11.6m @ 3.52g/t51.68m @ 2.3g/t

12.5m @ 11.23g/t18m @ 4.16g/t

18m @ 8.6g/t13m @ 9.84g/t

Ridge 8SCC3

SCC2Roberts

Selous (pre-resource)

5kmResource Exploration potential

Nyamulilima Terrain Deposits

EXPLORATION: GEITA HAS SIGNIFICANT POTENTIAL

EXPLORATION FOCUS IN 2019

35

Brazil• Surface and underground boreholes continue to return intersections on the extensions of CDS I ore

bodies; potential strike and dip extensions of CDS II, surface oxide to shallow U/G targets at CDS III• Cuiaba satellite targets and new geological trends identified; potential resides downdip of main orebodies• Multiple significant intersections on dip projections at Serra Grande, particularly Inga; interesting potential

at Palmerias South tenement

Australia• Tropicana: Boston Shaker underground PFS drilling results confirmed depth extensions; exploration focus

is on potential at Boston Shaker U/G, Havana U/G and satellite targets on tenement• Sunrise Dam: With successful intercepts in exploration blocks in 2018, including underexplored shear

zones and open ended mineralisation, exploration focus will continue dip and strike extensions and shallow U/G potential up-dip of current orebodies

Tanzania• Focus on increasing underground reserves targeting depth extensions at Nyankanga, Geita Hill, and Star

& Comet, plus satellite targets

Guinea• Block 2 PFS and resource conversion at Siguiri to support new combination plant; satellite targets in

region being explored

Ghana• Early stage satellite targets near Iduapriem producing encouraging results; growth potential also sits in main

pit pushback• Growth potential below 50L extension at Obuasi, however focus has been on operational readiness

AGENDA

36

K e l v i n D u s h n i s k y I n t r o d u c t i o n1

L u d w i g E y b e r s I n t e r n a t i o n a l & P r o j e c t s3C h r i s S h e p p a r d S o u t h A f r i c a R e g i o n4G r a h a m E h m G r o u p P l a n n i n g & Te c h n i c a l 5T i m T h o m p s o n G l o b a l G r o w t h & E x p l o r a t i o n6

C h r i s t i n e R a m o n F i n a n c i a l s2

K e l v i n D u s h n i s k y C o n c l u s i o n7

STRATEGIC UPDATE: MANAGEMENT CHANGES

37

Christine RamonChief Financial Officer

Graham EhmExecutive Vice PresidentGroup Planning and Technical

Charles CarterExecutive Vice President Strategy and Business Development

David NokoExecutive Vice President Sustainable Development

Tirelo SibisiExecutive Vice President: Group Human Resources

Ludwig EybersChief Operating Officer International

Chris SheppardChief Operating Officer South Africa

Maria Sanz PerezExecutive Vice President Legal, Commercial & Governance & Company Secretary

Kelvin DushniskyChief Executive Officer

Organisational and management changes have taken place, primarily drawing from the well-developed pool

of talent from within the organisation

Strategy & Corporate Operations Retiring

Stewart Bailey Executive Vice President: Corporate Affairs

Sicelo Ntuli Chief Operating Officer Africa

Pierre ChenardExecutive Vice President: Strategy & Business Development

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

-1 4 9 14 19 24 29 34

2018E Cumulative Production (Moz)

Angl

oGol

d As

hant

iIn

tern

atio

nal O

ps

Angl

oGol

d As

hant

iG

roup

STRATEGIC UPDATE: MAINTAIN CLEAR, RATIONAL DECISION-MAKING

38

Source: Company reports, Factset 2018 Estimates

Asset restructuring• Exit Mali and Argentina as operators• Continuous review

Inward Investment• Redevelopment of Obuasi • Bring Colombia assets up value curve• Exploration key source for new ounces

• Focus on cost• Operational Excellence to help continue

move to lower half of the cost curve

2018 AISC Industry Cost Curve

AISC

/$oz

EXPLORATION, DISCIPLINED CAPITAL ALLOCATION - DRIVES VALUE

39

ANGLOGOLD ASHANTI IS A PREMIER GOLD INVESTMENT

40

Track record of disciplined

capital allocation and

project delivery

Focus on advancing

strong pipeline of options

Minimizing Risk and

improving Shareholder

returns

Clear and predictable strategic approach

2019 Priorities

• Continued focus on sustainability

• Complete sale processes

• Optimise margins and capital

• Advance Obuasi for first production year-end 2019

• Ongoing Stakeholder Engagement

• Advance Colombia up value curve