DENVER GOLD FORUMSeptember, 2019

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 miningindustry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, productivityimprovements, growth prospects and outlook of AngloGold Ashanti Limited’s (AngloGold Ashanti or the Company) operations, individually or in the aggregate, including theachievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and thecompletion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome andconsequence of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AngloGoldAshanti’s operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and otherfactors that may cause AngloGold Ashanti’s actual results, performance or achievements to differ materially from the anticipated results, performance or achievementsexpressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements andforecasts 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 theforward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and operatinginitiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, theoutcome of pending or future litigation proceedings, and business and operational risk management. For a discussion of such risk factors, refer to AngloGold Ashanti’s annualreport on Form 20-F for the year ended 31 December 2018, which has been filed with the United States Securities and Exchange Commission (SEC). These factors are notnecessarily all of the important factors that could cause AngloGold Ashanti’s actual results to differ materially from those expressed in any forward-looking statements. Otherunknown 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 orcircumstances 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 in this document has not been reviewed or reported on by the Company’s external auditors.

Non-GAAP financial measuresThis communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing itsbusiness. 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 othermeasures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures othercompanies may use.

POSITIONED TO CREATE VALUE THROUGH THE CYCLE

3

Balance sheet flexibility and capital discipline through a clear allocation process

Consistent delivery and strong cost management, with a focus on enhancing margins

Excellence in safety, environmental stewardship, community development

Generate sustainable cash flows and shareholder returns by focusing on five key areas, namely:

These focus areas are aimed at driving our investments to deliver improving margins, extended mine lives and a pipeline for the future.

Ongoing portfolio improvements through investment and rationalisation

Maintain optionality and convert mineral resources to ore reserves to deliver value-adding growth

WORLD-CLASS GLOBAL PORTFOLIO

4*World Gold Council standardAll figures last 12 months to June 30, 2019

Operations Projects Asset sales being considered Greenfields exploration

Americas – 22% Continental Africa – 46% South Africa – 13% Australia – 19%PRODUCTION 739koz

AISC* $912/ozEBITDA $382m

PRODUCTION 1,528koz

AISC* $901/oz

EBITDA $751m

PRODUCTION 423kozAISC* $1,095/oz

EBITDA $110m

PRODUCTION 635koz

AISC* $983/oz

EBITDA $298m

USA

850

950

1,050

1,150

1,250

1,350

1,450

1,550

2013 2014 2015 2016 2017 2018 H1 2019** H1 TD

All-in Sustaining Costs vs. Gold Price Received $/oz

AISC* Avg Gold Price**

**Spot c.$1,495/oz

FY19 guidance $935 – 995/oz

IMPROVING MARGIN TREND

5*World Gold Council standard**Spot at 10 September 2019

14%margin

19%margin

21%margin

21%margin

16%margin

23%margin

23%margin

BALANCE SHEET STRATEGY TO ENFORCE CAPITAL DISCIPLINE

6

The pursuit of a more robust balance sheet will guide sound capital allocation and investment strategies

Undrawn facilities* at 30 June 2019

R4.250bnZAR Facilities

US$1,419m**RCFs

US$342mCash

Adjusted Net Debt $m

1,000

2,000

3,000

4,000

2012 2013 2014 2015 2016 2017 2018 2019_H1

-44%

Self-funded development of Tropicana, Kibali

Last-12-months Adjusted net debt to Adjusted EBITDA ratio

0.0x

1.0x

2.0x

3.0x

2013 2014 2015 2016 2017 2018 2019_H1

1.20X

Adjusted Net Debt to Adjusted EBITDA

* Total calculated with ZAR facility at R14.0733/$ (excluding DMTNP), and AUD facility at 1.3699 to A$0.73

** US$1.4bn RCF includes a capped facility of AU$500m

1.0X New Target

through the cycle

c.$2.1bn

7

VALUE GENERATION BLUEPRINT

SIGUIRI BROWNFIELDS EXPANSION

8

• Combination plant complete; built to process higher grade, hard-rock ore, displacing diminishing oxide ore

• Ramp-up challenges have been related to fine and wet material in the crushing circuit; these are being addressed

• Focus for H2 – achieve full design capacity for the crusher

BOSTON SHAKER UNDERGROUND DEVELOPMENT

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• Enables Tropicana gold production to be maintained at between 440,000 - 500,000oz per annum (100%) over the next five years

• Attractive IRR >35%; on track to deliver first gold in H2 of 2020

• First blast took place in May as planned

• Development is achieving higher advance rates than projected in Feasibility Study

OBUASI PROJECT UPDATE

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Phase 1 Construction

Structural steel work is almost complete on the crushing, milling, flotation, CIL circuits and first BIOX module

Phase 2 Construction

Phase 2 progressing well with demolition complete, engineering to be completed in Q3 2019 and procurement close to completion. SAG/Ball mills have been stripped to the shells and civils have commenced

Operational Readiness

Project remains within budget and on schedule to achieve the planned production rate of 4,000tpd at the end of 2020. Operational Readiness fully staffed and mobilised

OBUASI GOLD MINE – A LONG-LIFE, WORLD CLASS ASSET8.6M OUNCES OVER 20 YEARS

11

*Steady state

**Money terms at approvalInitial project capital of $495-545m now includes additional mining fleet of around $45m to the project capital estimate. This is expected to have a resultant favorable impact on contract rates and improve AISC by approximately $25/oz.

Annual ProductionFirst 10 years*

400KozLarge

AISC**$725/oz $825/oz

Low Cost

Initial Project Capex 3 years

$495m $545mCapital Efficient

IRR($1,240 – $1,500/oz)

23% 35%High Return

350Koz

Long-LifeQuick Payback

Initial Life & PaybackYears

0 20

Payback

6.5

Average Annual tonnage treated*

1.6mt 1.8mtMechanizedHigh Grade @8.8g/t average grade

Spot 5 years

QUEBRADONA MOVING INTO FEASIBILITY

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• Feasibility study drilling completed; engineering commenced

• Geotechnical testing and conceptual hydrogeological model completed

• Licensing process will align with the Feasibility Study

• Local consulting programs underway

Quebradona

Gramalote

La Colosa

QUEBRADONA – PREFEASIBILITY STUDY HIGHLIGHTS

13*Using AGA assumptions Cu $2.89/lb and Au $1,242/oz

Ore Reserves 2.8bn lb Cu & 2.22Moz Au

Annual Production 128M lb & 62Koz (321Koz AuEq*)

Plant feed grade Averaging 1.21% Cu & 0.66g/t Au

Low Cost AISC* $0.88/lb Cu

Return IRR 17%

Payback period 8 years

Long Life 23 years

QUEBRADONA – A HIGH MARGIN COPPER PROJECT

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Source: CRU,

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

Cost percentile

Global Copper AISC Curve$/lb

QUEBRADONA

25% 50% 75% 100%

Spot

GRAMALOTE – SHIFTING GEARS

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• Experienced partner in B2Gold

• Low cost, improving fundamentals

• Simple metallurgy/high recoveries

• Strong community support

Quebradona

Gramalote

La Colosa

STRONG EXPLORATION PROGRESS IN 2019

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CVSA

AGA Mineração

Siguiri

TropicanaSunrise Dam

Obuasi

Iduapriem KibaliGeita

Serra Grande

Quebradona

417,000m were drilled in H1 at mine sites Focused on mineral resource to ore reserve

conversion and creation of new mineral resources

Greenfield exploration programs in Australia and the United States

40,500m by air core, roto-sonic, reverse circulation and diamond drilling methods

Greenfield ExplorationMine Site Exploration

EXPLORATION GROWTH PIPELINE

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$114m budget in 2019 aimed at:• Value-added conversions by year-end

• Reserve life extension for mine sites

• Australia, Brazil and Tanzania

$30m budget for Generative Exploration in 2019• Established exploration hubs in Australia and the US

• Global targeting focussed on synergy for existing assets

• 19% more drilling metres in H1 2019 vs. H1 2018

Geita Hill UG

Siguiri Block 2

CdS I Ore Extension

Cuiaba Ore Extension

MSG Ore Extension

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 Gen Palmeiras Sul (MSG)

CdS III CdS II

Mt. Clark (QLD)

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

Aust. Target Gen SDGM Ore Extension

Tropicana District

CONTINENTAL AFRICA W. Africa Target Gen Selous (Geita)Geita Lease Area

Iduapriem Lease Area

Siguiri Lease Area

Minnesota

Silicon (NV)AMERICAS

N. Amer. Target Gen

Rhyolite (NV)

Transvaal (NV)

REGION CREATE VALUE CRYSTALLISE VALUE

Geita Ore Extension

Lagoon Creek (QLD)

-

10

20

30

40

50

60

70

80

90

100

-

10

20

30

40

50

60

70

80

90

100

AGA Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6

Gold discoveries 2003 - 2017 Moz

Operating Potential Limited Disposed

EXPLORATION SUCCESS – BACKED BY A PROVEN TRACK RECORD

18

-

2

4

6

8

10

12

14

16

18

20

2013 2014 2015 2016 2017 2018

Implied LoMyears

AGA (Ex-SA) AGA (with SA) AGA Avg. (Ex-SA) AGA Avg. (with SA)

10 years

15 years

S&P Global

Ringfencing incremental capital for brownfield drilling and associated ore reserve development…

…to improve ore-body knowledge and planning, and more reliable longer-term forecasting.

Balance sheet stabilisation and reinvestment Reserve growth

STRUCTURALLY POISED TO SHIFT DOWN THE COST CURVE

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Source: Company reports, Wood Mackenzie

0

400

800

1,200

1,600

2,000

2,400

2,800

Cost percentile

Global AISC Cost Curve $/oz

25% 50% 75% 100%

NCM ABX

AGA INTL

NEM

AGA

KGCAEMGFI

Spot

A PREMIER GOLD INVESTMENT

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Company reports, Bloomberg, 6 September 2019

• Reserve conversion priority

• Improve ore body confidence

• Improve mine lives

• Strong liquidity• Vastly improved

leverage

• Strong margin focus• 15% IRR at $1,200/oz• 1.0x ND/EBITDA target

• Asset sales• Obuasi restart• Cost improvements• Reserve growth• Balance sheet improving

• Streamlining underway• Obuasi restart in Q4• Robust pipeline

-

1,000

2,000

3,000

4,000

5,000

6,000

NEM AB

X

ANG

KGC

PLZL GFI

AEM

YRI

NC

M

NST KL

Production - FY18/19 Koz

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

NEM AB

X

NC

M

AEM

PLZL KL

ANG

KGC

NST GFI

YRI

Market Capitalization $m

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

AEM KL

NC

M

NST

ABX

NEM YR

I

PLZL

KGC

ANG

GFI

EV/EBITDA FY1

Average 8.0x

Focus on Reserve Growth

Robust Balance Sheet

Disciplined Capital Allocation CatalystsImproving

Portfolio