DUNCAN GIBBS – GENERAL MANAGER

ANALYST VISIT – 3RD MARCH 2014

What’s Down the Track 2014Andrew Doe – Vice President Technical &Business Improvement

OCTOBER 2014

Disclaimer

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, cash costs, cost savings and 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 of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions and dispositions, 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 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 the prospectus supplement to AngloGold Ashanti’s prospectus dated 17 July 2012 that was filed with the United States Securities and Exchange Commission (“SEC”) on 26 July 2013. 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.  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.

AngloGold Ashanti at a glance

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AngloGold Ashanti Australia

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• Regional office in Perth, Western Australia• 500+ permanent employees and approximately 600

employed by contractors• Annual Brownfields and Greenfields exploration budget of

approx. A$20 million

Sunrise Dam Gold Mine – 220 km NE of Kalgoorlie• Started production in 1997• Underground mining operation, contract mining• Fly-in, fly-out

Tropicana Gold Mine (70%) – 330 km ENE of Kalgoorlie• Joint Venture with Independence Group• Began production in Sept 2013• Open pit mining operation, contract mining• Fly-in fly-out

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The gold sector – rising costs and falling prices

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From RBC Capital Markets Research Report: Capital Punishment Part VI: “Squeezing costs from a stone”. Data Source: SNL, RBC Capital Markets Estimates

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Sunrise Dam

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• AngloGold has produced 6 Moz since start-up in 1997, total ore system has produced >8.5 Moz

• Transitioned to wholly underground mining in early 2014 with completion of the open pit at a depth of 490m

• Production in the June 2014 half of 133,000 ounces

• June quarter total cash costs of US$1,308/oz and AISC of US$1,527oz (AGA costs)

• Ore Reserve (as at December 31, 2013) containing 1.18 Moz and Mineral Resources containing 3.32 Moz*

* Please see AngloGold Ashanti Mineral Reserves and Ore Resources 2013 Report at www.anglogoldashanti.com for relevant competent persons report and JORC detail.

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Sunrise Dam – meeting the cost challenge

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• Alliance-style contract with Barminco

• Demonstrated viable bulk mining capability

• Ore zones are suitable for high-volume long-hole stoping

• RC drilling successfully introduced as a grade control tool to replace diamond drilling and face sampling

• The mine is delivering on planned grade of 3.0g/t

• Reduction in $/t mining cost by approx. 50% over past two years driven by improving productivity

• At the same time ore mined has increased by almost 100%

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Tropicana

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• Owned 70% by AngloGold Ashanti Australia Ltd and 30% by Independence Group NL

• Most significant Australian gold discovery of the past decade

• Poured first gold ahead of time and on budget in Sept 2013

• Production in June 2014 half of 253,423 ounces (100%)

• June quarter total cash costs of US$498/oz and AISC of US$689/oz (AGA reported costs)

• Ore Reserve (as at December 31, 2013) containing 3.76 Moz and Mineral Resources containing 7.72 Moz*

* Please see AngloGold Ashanti Mineral Reserves and Ore Resources 2013 Report at www.anglogoldashanti.com for relevant competent persons report and JORC detail.

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Tropicana – meeting the cost challenge

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• New gold mine can utilise economies of scale

• Technology plays a critical role at Tropicana, minimising operating costs and improving safety

• Processing plant is highly automated and mining fleet utilises high precision GPS technology

• New grade control process complemented by a fully automated on-site lab equipped with hyper-spectral and XRF technology

• 3D seismic technology – better known in the oil industry - will better identify drill targets and minimise drilling costs

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Meeting the cost challenge – energy solutions

• Agreements signed in July with APA Group to transport natural gas to Sunrise Dam and Tropicana via a 292 km pipeline

• Construction scheduled to begin in February 2015 for delivery of gas to Tropicana by January 2016

• Gas fired power will reduce operating costs by approx. $25-$30/oz

• Gas removes exposure to diesel

price volatility, reduces unit costs and ensures continuity of supply

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The future of the gold sector - community commitment

• AngloGold Ashanti’s support for the local community is deliberately multi-faceted

• Key aspects include initiatives supporting:• Youth, though Clontarf Goldfields

Football Academy, Role Models & Australia, and Kalgoorlie

• Partnerships for Success

• Local businesses through a “Think Local, Buy Local” approach

• Local employment through traineeships and FIFO flights out of Kalgoorlie as well as Perth

• Contracts structured to enable participation by Aboriginal-owned businesses

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The gold sector - outlook

• The gold sector is important to Western Australia – it was the State’s second largest export earner in 2012-13 behind iron ore*

• The State remains highly prospective for gold and other metals

• WA has a highly skilled mining workforce and service providers that are the best in the world

• The current gold price environment is challenging - improved productivity along with innovation will be critical for the sector’s survival

*Department of Mines & Petroleum, Western Australian Mineral and Petroleum Statistics Digest 2012-13

Darren Dawes – Manager Services• Services, non-material supply• Site-related work – labour only• Site-related work – supply & install

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Working with AngloGold Ashanti Australia

Centralised Kalgoorlie yard to consolidate goods for transport to both Tropicana and Sunrise Dam designed to facilitate local procurement. Expenditure in 2014 to date with Goldfields businesses = $142 million

Rob Leonard – Manager Supply• Reagents• Transport & logistics• Supply of goods

Some of our local business partners:• Caltex• Pacific Energy• Bundarra Contracting• C&A Taylor Grading• Hahn Electrical• Ativo• Goldfields Air Services• Goldfields Crane Hire• Blue Spec Mining• CPC Engineering• RUC Cementation

• Goldnet• Allcon• Goldfields Equipment• Desert Sands Cartage• Logichem• Hampton Transport Services• Triodia Mining• Specialised Engineering Services• Minex Transport• Metres Down Under

CONTACTS

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